<SEC-DOCUMENT>0001558370-22-010098.txt : 20220617
<SEC-HEADER>0001558370-22-010098.hdr.sgml : 20220617
<ACCEPTANCE-DATETIME>20220617161544
ACCESSION NUMBER:		0001558370-22-010098
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		31
CONFORMED PERIOD OF REPORT:	20220617
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220617
DATE AS OF CHANGE:		20220617

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:		221024033

	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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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_6_17_2022_To_6_17_2022_gYWHcLyPCESg-MtkPC6KsA" name="dei:Security12bTitle" id="Tc_1B-BDkRVBkar_tPd1n8c4g_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_6_17_2022_To_6_17_2022_gYWHcLyPCESg-MtkPC6KsA" name="dei:TradingSymbol" id="Tc_Yhp6TViAwE6_HDX-ZmLIvQ_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_6_17_2022_To_6_17_2022_gYWHcLyPCESg-MtkPC6KsA" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_RiYqGTtsU0eAUSe_ocTkpQ_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="_19ff3095_cb73_4376_be51_541614edde36"></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 June 17, 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 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 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="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 style="height:1pt;"><td style="vertical-align:top;width:8.95%;margin:0pt;padding:0pt;"><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:91.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><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:0pt;"><span style="visibility:hidden;">&#8203;</span></p><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><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-20220617xex99d1.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-20220617xex99d2.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-20220617xex99d3.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)</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>June 17, 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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<TYPE>EX-99.1
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 6/17/2022 06:39:45 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:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.1</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:20pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:22pt;margin:0.25pt 0pt 0pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:30pt 0pt 6pt 0pt;"><b style="font-size:24pt;font-weight:bold;">Beijing Tongmei Xtal Technology Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><a name="_Hlk96193286"></a><font style="font-size:14pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">(No. 4, East 2nd Street, Tongzhou Industrial Development Zone, Beijing)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:20pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:20pt;margin:0pt;"><img src="axti-20220617xex99d1001.jpg" alt="Graphic" style="display:inline-block;height:62.9pt;left:0%;padding-bottom:0.1pt;position:relative;top:0pt;width:232.8pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:18pt;margin:0.55pt 0pt 0pt 0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:6pt 0pt 0pt 0pt;"><a name="1_1"></a><b style="font-size:22pt;font-weight:bold;">Reply to the Second Round 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:10.5pt;line-height:1.79;text-align:center;margin:6pt 0pt 0pt 0pt;"><font style="font-size:22pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:6pt 0pt 0pt 0pt;"><font style="font-size:22pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 6pt 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:10.5pt;text-align:center;margin:0.55pt 0pt 0pt 0pt;"><b style="font-size:13pt;font-weight:bold;"><img src="axti-20220617xex99d1002.jpg" alt="Graphic" style="display:inline-block;height:40.65pt;left:0%;padding-bottom:1.35pt;position:relative;top:0pt;width:270pt;"></b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(No. 689, Guangdong Road, Shanghai)</b></p><p style="display:none;font-size:10.5pt;line-height:0pt;text-align:justify;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:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.1</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:6pt 0pt 6pt 0pt;"><b style="font-size:14pt;font-weight:bold;">To Shanghai Stock Exchange,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><i style="font-size:12pt;font-style:italic;">The Second Round Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.</i><font style="font-size:12pt;"> (SZKS (Audit) [2022] No. 182) (the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Inquiry Letter</b><font style="font-size:12pt;">&#8221;) issued by you on April 26, 2022 has been received, and Beijing Tongmei Xtal Technology Co., Ltd. (the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Issuer</b><font style="font-size:12pt;">&#8221;, the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Company</b><font style="font-size:12pt;">&#8221; or &#8220;</font><b style="font-size:12pt;font-weight:bold;">Beijing Tongmei</b><font style="font-size:12pt;">&#8221;), Haitong Securities Co., Ltd. (&#8220;</font><b style="font-size:12pt;font-weight:bold;">Haitong Securities</b><font style="font-size:12pt;">&#8221; or the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Sponsor</b><font style="font-size:12pt;">&#8221;), King &amp; Wood Mallesons (the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Issuer&#8217;s Attorney</b><font style="font-size:12pt;">&#8221;), Ernst &amp; Young Hua Ming LLP (the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Accountant</b><font style="font-size:12pt;">&#8221; or &#8220;</font><b style="font-size:12pt;font-weight:bold;">Reporting Accountant</b><font style="font-size:12pt;">&#8221;) and other relevant parties have checked and verified the questions listed in the Inquiry Letter, and now reply as follows for your review.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Except as otherwise specially stated, all abbreviations used herein shall have the same meanings in the </font><i style="font-size:12pt;font-style:italic;">Prospectus of Beijing Tongmei in Respect of Initial Public Offering and STAR Market Listing of Shares (Declaration Draft)</i><font style="font-size:12pt;">.</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.18%;"><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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><b style="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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Boldface (in 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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Questions listed in the </b><font style="font-style:italic;font-weight:bold;">Inquiry Letter</font></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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">SimSun (not in bold)</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Reply to questions listed in the <i style="font-style:italic;">Inquiry Letter</i></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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Simkai (in 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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The contents additionally disclosed or amended in such application documents as prospectus</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">In this reply to the Inquiry Letter, any difference in mantissa between the sum and the sum of sub-items is due to rounding.</font></p><p style="display:none;font-size:10.5pt;line-height:0pt;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 7.8pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:center;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><b style="font-size:10.5pt;font-weight:bold;">8-1-</b><font style="font-size:10.5pt;">1</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><a name="_Toc102942132"></a><b style="font-size:16pt;font-weight:bold;">Table 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:95.66%;margin:0pt;padding:0pt;"><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:4.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q1. Independence</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q2. Business Reorganization</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">94</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q3. Fundraising Projects and Relocation and Construction of Production Lines</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">110</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q4. Sales Revenue and Gross Profit Margin</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">133</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q5. Inventory</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">217</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q6. R&amp;D Personnel and R&amp;D Expenses</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">251</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q7. Legality and Compliance of Source of Core Technologies</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">264</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Q8. Disclosure of Industry Related Information and Risks</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">287</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Others. Explanation About Matters Related to the Holding </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Foreign Companies Accountable Act</font></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">335</b></p></td></tr><tr><td style="vertical-align:top;width:95.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Overall Opinions of the Sponsor</b></p></td><td style="vertical-align:top;width:4.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 4pt 0pt;"><b style="font-size:12pt;font-weight:bold;">341</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">2</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 7.8pt 0pt;"><a name="_Toc105879751"></a>Q1. Independence</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc102920850"></a><a name="_Toc105879752"></a><a name="_Toc26866"></a><a name="_Toc10559"></a><a name="_Toc102942133"></a>1.1</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the reply to the Inquiry Letter, (1) the Issuer acquired AXT-Tongmei in May 2021, and AXT-Tongmei is now the Issuer&#8217;s overseas seller and purchaser. AXT, the controlling shareholder of the Issuer, established AXT-Tongmei in December 2020, and notified its customers and suppliers thereof via email or otherwise, and transferred AXT&#8217;s purchasing and selling business to AXT-Tongmei, whereupon the Issuer believes that it consummated the business transfer with AXT in March 2021; (2) The confirmation letter signed by and between AXT and its customers and suppliers clearly states that AXT will maintain the status as the controlling shareholder of the Issuer, and AXT-Tongmei Inc. is the new name adopted for AXT business, and the original address and contact information remain unchanged.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 0pt 0pt;">The Issuer is required to explain: (1) upon business transfer, whether the parties to the Company&#8217;s domestic and overseas sale and purchase contracts, goods transhippers and warehouses, sales proceeds recipients and purchasing cost payers are AXT or affiliates under its control; (2) upon the transfer of business from AXT to AXT-Tongmei, whether the Company is obligated to notify the relevant parties of change of AXT-Tongmei shareholder into the Issuer under such arrangements as original agreements, customer certifications and supply arrangements or industry practices; if yes, the impact of the Company&#8217;s performance of such obligation or acquisition of confirmation on the conduct of business; (3) the role of AXT in maintaining the status as the Company&#8217;s controlling shareholder during the process of business transfer, whether AXT&#8217;s status as the controlling shareholder of the Company constitutes a precondition or necessary requirement for the business transfer by taking into account the factors that the customer takes into account in establishing cooperation with the Company, and the method of management of its partners </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">3</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">and relevant agreement clauses; (4) new customers acquired by the Company and the amount of newly signed orders after the business transfer, and the method of acquiring new customers and newly signed orders, as well as whether the Company&#8217;s controlling shareholder and relevant personnel have actually provided any support or convenience for the Company to acquire customers; (5) the impact of the change of shareholder of AXT-Tongmei on sales and purchases by taking into account the relevant industry practices of the semiconductor industry and international trade policies; and (6) whether the Company relies upon AXT, satisfies independence requirements and has taken specified standard measures to guarantee the independence and the effectiveness thereof by taking into account the above questions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply: </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Upon business transfer, whether the parties to the Company&#8217;s domestic and overseas sale and purchase contracts, goods transhippers and warehouses, sales proceeds recipients and purchasing cost payers are AXT or affiliates under its control;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk102045485"></a><b style="font-size:12pt;font-weight:bold;">1. Business structure of AXT and the Issuer before and after reorganization and business transfer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) AXT&#8217;s business structure before and after reorganization and business transfer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Before reorganization and business transfer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Before reorganization and business transfer, the particulars of AXT and the enterprises in which AXT has a controlling interest or non-controlling interest as well as their businesses are as follows:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">4</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1004.jpg" alt="Graphic" style="display:inline-block;height:163.65pt;left:0%;padding-bottom:1.35pt;position:relative;top:0pt;width:415.3pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) After reorganization and business transfer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After reorganization and business transfer, the particulars of AXT and the enterprises in which AXT has a controlling interest or non-controlling interest as well as their businesses are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1005.jpg" alt="Graphic" style="display:inline-block;height:241.05pt;left:0%;padding-bottom:0.45pt;position:relative;top:0pt;width:415.3pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Change of personnel before and after reorganization and business transfer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In March 2021, AXT transferred to AXT-Tongmei all of its business, procurement and R&amp;D personnel and some of its financial and administrative personnel, and AXT-Tongmei entered into a new labor agreement with each of the said personnel; in May 2021, the Company completed the acquisition of AXT-Tongmei and also the transfer of relevant bodies and personnel. The particulars of the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">5</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">relevant personnel of AXT and their responsibilities are set out in the table below:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-15.807846%;width:131.61%;" align="center"><tr style="height:19.85pt;"><td rowspan="8" style="vertical-align:middle;width:13.5%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">AXT</p></td><td rowspan="2" style="vertical-align:middle;width:12.01%;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 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-weight:bold;">Position</b></p></td><td colspan="2" style="vertical-align:middle;width:36.17%;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 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-weight:bold;">Before business transfer</b></p></td><td colspan="2" style="vertical-align:middle;width:38.3%;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="font-weight:bold;">After business transfer</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.97%;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-weight:bold;">Number of personnel</b></p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;"><b style="font-weight:bold;">Key responsibilities</b></p></td><td style="vertical-align:middle;width:9.97%;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-weight:bold;">Number of personnel</b></p></td><td style="vertical-align:middle;width:28.32%;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-weight:bold;">Key responsibilities</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Management </p></td><td style="vertical-align:middle;width:9.97%;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;">2</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">Managing the daily operations of AXT</p></td><td style="vertical-align:middle;width:9.97%;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;">2</p></td><td style="vertical-align:middle;width:28.32%;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;">Managing the daily operations of AXT</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Sale </p></td><td style="vertical-align:middle;width:9.97%;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;">8</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">Sales to overseas customers</p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:28.32%;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;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Procurement </p></td><td style="vertical-align:middle;width:9.97%;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;">1</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">Overseas procurement business mainly in the United States</p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:28.32%;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;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">R&amp;D</p></td><td style="vertical-align:middle;width:9.97%;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;">7</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">Carrying out the R&amp;D of growing and other processes, conducting technical communication with overseas customers, and providing assistance in the R&amp;D of sample testing</p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:28.32%;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;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Other back office positions</p></td><td style="vertical-align:middle;width:9.97%;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;">9</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">Performing all functions relating to finance, payments and receipts, recruitment, security and other back office support</p></td><td style="vertical-align:middle;width:9.97%;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;">1</p></td><td style="vertical-align:middle;width:28.32%;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;text-indent:0pt;margin:0pt;">Preparing consolidated financial statements and conducting daily finance work</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Total </p></td><td style="vertical-align:middle;width:9.97%;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;">27</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.97%;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;">3</p></td><td style="vertical-align:middle;width:28.32%;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;">-</p></td></tr><tr style="height:19.85pt;"><td rowspan="7" style="vertical-align:middle;width:13.5%;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;">AXT-Tongmei</p></td><td rowspan="2" 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 5.15pt 0pt 5.15pt;"><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 colspan="2" style="vertical-align:middle;width:36.17%;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-weight:bold;">Before transfer</b></p></td><td colspan="2" style="vertical-align:middle;width:38.3%;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;"><b style="font-weight:bold;">After transfer</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.97%;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-weight:bold;">Number of personnel</b></p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;"><b style="font-weight:bold;">Key responsibilities</b></p></td><td style="vertical-align:middle;width:9.97%;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-weight:bold;">Number of personnel</b></p></td><td style="vertical-align:middle;width:28.32%;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-weight:bold;">Key responsibilities</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Sale </p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.97%;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;">8</p></td><td style="vertical-align:middle;width:28.32%;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;">Sales to overseas customers</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Procurement </p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.97%;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;">1</p></td><td style="vertical-align:middle;width:28.32%;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;">Overseas procurement business mainly in the United States</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">R&amp;D</p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.97%;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;">7</p></td><td style="vertical-align:middle;width:28.32%;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;">Carrying out the R&amp;D of growing and other processes, conducting technical communication with overseas customers, and providing assistance in the R&amp;D of sample testing</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Other back office positions</p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.97%;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;">8</p></td><td style="vertical-align:middle;width:28.32%;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;">Performing all functions relating to finance, payments and receipts, recruitment, security and other back office support</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.5%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Total </p></td><td style="vertical-align:middle;width:9.97%;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;">-</p></td><td style="vertical-align:middle;width:26.19%;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:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.97%;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;">24</p></td><td style="vertical-align:middle;width:28.32%;border-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;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">6</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the above table that, AXT has three (3) employees upon business transfer, among whom MORRIS SHEN-SHIN YOUNG serves as CEO, Gary L. Fisher serves as CFO and Secretary, and Alan Chan serves as Vice President of Finance and Corporate Controller.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Business structure of the Issuer before and after asset reorganization and business transfer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The business structure of AXT and the Issuer and changes thereof before and after asset reorganization and business transfer are set out in the table below:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.41%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Level </b></p></td><td style="vertical-align:middle;width:17.61%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity </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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Responsibilities at the beginning of the reporting period</b></p></td><td style="vertical-align:middle;width:22.68%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change and transfer</b></p></td><td style="vertical-align:middle;width:21.43%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Current responsibilities</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:17.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">AXT&#8217;s parent company</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Domestic sale, and procurement functions and some R&amp;D functions in the United States</p></td><td style="vertical-align:middle;width:22.68%;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:10.5pt;text-align:justify;margin:0pt;">Transferring overseas procurement, sale and R&amp;D functions, business orders and corresponding personnel to AXT-Tongmei</p></td><td style="vertical-align:middle;width:21.43%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">No actual business operations; only having three (3) employees responsible for maintaining daily operations</p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:13.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">The Issuer and companies under its control</p></td><td style="vertical-align:middle;width:17.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Beijing Tongmei, Baoding Tongmei and Chaoyang Tongmei </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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">R&amp;D, production and domestic sale of InP, GaAs and Ge substrates</p></td><td rowspan="3" style="vertical-align:middle;width:22.68%;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:10.5pt;text-align:center;margin:0pt;">No significant change</p></td><td rowspan="3" style="vertical-align:middle;width:21.43%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">Basically consistent with those at the beginning of the reporting period</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Nanjing Jinmei and Chaoyang Jinmei</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">R&amp;D, production and sale of high-purity metals and compounds</p></td><td style="display:none;vertical-align:middle;width:22.68%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.43%;border-bottom:1px solid #000000;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:10.5pt;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:top;width:13.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Beijing Boyu, Tianjin Boyu and Chaoyang Boyu</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">R&amp;D, production and sale of PBN materials</p></td><td style="display:none;vertical-align:middle;width:22.68%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.43%;border-bottom:1px solid #000000;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:10.5pt;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:top;width:13.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">AXT-Tongmei</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not established yet</p></td><td style="vertical-align:middle;width:22.68%;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:10.5pt;text-align:justify;margin:0pt;">Receiving the original overseas procurement, sale and R&amp;D functions, business </p></td><td style="vertical-align:middle;width:21.43%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">Overseas sale, and procurement functions and some applied R&amp;D functions in </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">7</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.41%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.3%;border-bottom: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;"></td><td style="vertical-align:middle;width:17.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"></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 5.02pt 0pt 5.02pt;"></td><td style="vertical-align:top;width:22.68%;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:10.5pt;text-align:justify;margin:0pt;">orders and corresponding personnel from AXT&#8217;s parent company</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">the United States </p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:13.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.61%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Chaoyang Xinmei</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not established yet</p></td><td style="vertical-align:middle;width:22.68%;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:10.5pt;text-align:justify;margin:0pt;">Newly established, to be responsible for the production and sale of high-purity gallium</p></td><td style="vertical-align:middle;width:21.43%;border-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:10.5pt;text-align:justify;margin:0pt;">No actual business operations</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Note: Tianjin Boyu and Chaoyang Boyu are subsidiaries of Beijing Boyu.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2020, AXT contributed additional capital to Beijing Tongmei in the form of equity of Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei, Chaoyang Jinmei and Beijing Boyu. In December 2020, AXT established AXT-Tongmei in the United States, which company was acquired by the Issuer in May 2021. Upon completion of the reorganization and business transfer, the Issuer established a complete industry chain for the R&amp;D, production and sale of semiconductor substrate materials, PBN crucibles, key raw materials and high-purity metals.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">8</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Transfer of customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT, as the overseas selling entity of semiconductor substrate materials, </font><b style="font-size:12pt;font-weight:bold;">established AXT-Tongmei in the United States in December 2020;</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">In March 2021, AXT notified its customers and suppliers by email that AXT would transfer its sales and procurement business and personnel to AXT-Tongmei;</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">In May 2021, the Issuer completed the acquisition of ATX-Tongmei.</b><font style="font-size:12pt;"> During the reporting period, the proportion of the amount of proceeds from the performance of selling functions by AXT and AXT-Tongmei for the Company in the operating revenue of the Issuer is set out in the table below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-2.2742615%;width:104.54%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:16.99%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:30.86%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:26.07%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:26.07%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.99%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.99%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Overseas business revenue</font></p></td><td style="vertical-align:middle;width:16.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">41,860.60</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">48.83%</p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">57.63%</p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,034.46</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">60.65%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.99%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Including: Proceeds from the performance of selling functions by AXT and AXT-Tongmei under the control of AXT</p></td><td style="vertical-align:middle;width:16.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,993.13</b></p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">15.16%</b></p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,196.51</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">48.35%</p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">22,144.98</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">47.91%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.99%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Domestic business revenue</p></td><td style="vertical-align:middle;width:16.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">43,873.92</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">51.17%</p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">24,707.37</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">42.37%</p></td><td style="vertical-align:middle;width:12.16%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">18,188.22</p></td><td style="vertical-align:middle;width:13.91%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">39.35%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.99%;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:10.5pt;text-align:center;margin:0pt;">Operating revenue</p></td><td style="vertical-align:middle;width:16.95%;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:10.5pt;text-align:right;margin:0pt;">85,734.52</p></td><td style="vertical-align:middle;width:13.91%;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:10.5pt;text-align:right;margin:0pt;">100.00%</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:10.5pt;text-align:right;margin:0pt;">58,317.04</p></td><td style="vertical-align:middle;width:13.91%;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:10.5pt;text-align:right;margin:0pt;">100.00%</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:10.5pt;text-align:right;margin:0pt;">46,222.68</p></td><td style="vertical-align:middle;width:13.91%;border-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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:10.5pt;margin:0pt 0pt 0pt 10.5pt;"><b style="font-weight:bold;">Note:</b> <b style="font-weight:bold;">In 2021, the proceeds from the performance of selling functions by AXT and AXT-Tongmei are proceeds obtained by the Company through AXT, and through AXT-Tongmei under the control of AXT prior to the end of May 2021.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:12pt;margin:0pt 0pt 0pt 10.5pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> All customers involved in the domestic business are independently developed by the Issuer and its domestic subsidiaries, and perform the corresponding </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">9</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 0pt 10.5pt;"><font style="font-size:12pt;">production, sale, receipt and other functions, which has nothing to do with AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:12pt;margin:0pt 0pt 0pt 11.95pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> The overseas business mainly involves the sale of semiconductor substrate materials, PBN crucibles and other PBN products. The customers of PBN products involved in the overseas business are independently developed by Beijing Boyu, for which the sales are also implemented by Beijing Boyu. AXT is only responsible for the sale of semiconductor substrate materials to overseas customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:12pt;margin:0pt 0pt 0pt 10.5pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> There is no overlap between domestic customers and overseas customers, instead there is an overlap between some overseas customers of Beijing Boyu and AXT customers (who became the customers of AXT-Tongmei upon transfer). During the reporting period, the percentage of proceeds from the sale of PBN products by the overlapping customers (mainly including Sumitomo) in the proceeds from PBN products and business of the Company is 19.77%, 17.24% and 13.51% respectively, demonstrating a decrease year by year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As the world-renowned telecommunication service provider and industrial manufacturer, Sumitomo is one of the Company&#8217;s competitors, and purchased semiconductor substrate materials from AXT through its subsidiary Sumika Electronic Materials, Inc., and also purchased PBN crucibles and PBN boards from Beijing Boyu through another subsidiary SUMIDEN SHOJI CO., LTD. These two customers are Sumitomo&#8217;s subsidiaries in different business segments, and make independent procurement decisions. They are not involved in any direct connection or incidental purchase.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">&#9315;</b><b style="font-size:12pt;font-weight:bold;">After transferring the business to AXT-Tongmei in March 2021, AXT will acquire no additional orders after completing orders on hand;</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">in May 2021, after completing the acquisition of AXT-Tongmei, the Issuer incorporated the overseas sales of semiconductor substrates into the Issuer.</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">In June 2021, the revenue realized through AXT by implementing orders on hand was RMB10,400.</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">From July 2021, since all previous orders of AXT have been completed, the Issuer no longer made sales through AXT.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the customers involved in the transfer are sellers of semiconductor </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">10</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">substrate materials in the overseas business, details of which are as follows:</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:39pt;margin-top:0pt;text-align:justify;text-indent:21pt;"><font style="display:inline-block;font-size:12pt;min-width:24pt;text-indent:0pt;white-space:nowrap;">(1)</font><font style="font-size:12pt;">Transfer process</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:39pt;margin-top:0pt;text-align:justify;text-indent:21pt;"><font style="display:inline-block;font-size:12pt;min-width:24pt;text-indent:0pt;white-space:nowrap;">1)</font><font style="font-size:12pt;">Basic process of customer transfer</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">AXT clearly notified its overseas customers via email and by telephone in March 2021 that given the fact Beijing Tongmei, the subsidiary in which AXT has a controlling interest, seeks to be listed on the STAR Market, Beijing Tongmei&#8217;s selling business and selling entity will be transferred from AXT to AXT-Tongmei. The Company received the confirmations from the customers via email, or the customer placed subsequent orders directly with AXT-Tongmei. In May 2021, the Company acquired AXT-Tongmei, and completed the business transfer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the process of business transfer, the letter sent by AXT to each customer states that: 1) AXT will maintain the status as the Issuer&#8217;s controlling shareholder; 2) AXT-Tongmei is a company incorporated in Delaware, and will conduct business on behalf of AXT; and 3) since AXT-Tongmei leased the original office space of AXT, and relevant sales personnel were transferred from AXT to AXT-Tongmei, the original address and contact information of the customer will remain unchanged, in order for the parties to maintain communication.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">All original customers of AXT were transferred and continued to have business dealings with the Company based on their needs. The notices sent by the Company to end customers who achieved 90.50% of the sales proceeds through AXT and confirmations thereof are set out in the table below:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.286301%;table-layout:auto;width:124.57%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:6.7%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.75%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.06%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.59%;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:10.5pt;text-align:justify;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.38%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.78%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.69%;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:10.5pt;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:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">S/N</b></p></td><td style="vertical-align:middle;width:12.75%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:middle;width:15.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Has the customer been notified of the reason for business transfer</b></p></td><td style="vertical-align:middle;width:12.59%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Has the customer made confirmation</b></p></td><td style="vertical-align:middle;width:11%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Discussion process</b></p></td><td style="vertical-align:middle;width:13.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Confirmation date</b></p></td><td style="vertical-align:middle;width:14.78%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Confirmation by the customer</b></p></td><td style="vertical-align:middle;width:13.69%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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;">Particulars of current transaction with AXT-Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td colspan="8" style="vertical-align:middle;width:100%;background:#ffffff;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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="color:#333333;font-weight:bold;">Type 1: Confirmation made by the customer via email</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;width:12.75%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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:15.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:12.59%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:11%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Email + telephone</p></td><td style="vertical-align:middle;width:13.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">2021/3/3</p></td><td style="vertical-align:middle;width:14.78%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Confirmation by email</p></td><td style="vertical-align:middle;width:13.69%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;width:12.75%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">VPEC</p></td><td style="vertical-align:middle;width:15.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:12.59%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:11%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Email + telephone</p></td><td style="vertical-align:middle;width:13.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">2021/3/15</p></td><td style="vertical-align:middle;width:14.78%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Confirmation by email</p></td><td style="vertical-align:middle;width:13.69%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">Osram</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + </p></td><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:9pt;text-align:center;margin:0pt;">2021/3/22</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">Confirmation by </p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">11</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.286301%;table-layout:auto;width:124.57%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;white-space:normal;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;"></td><td style="vertical-align:middle;width:15.06%;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;"></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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width: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:9pt;text-align:center;margin:0pt;">telephone</p></td><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;"></td><td style="vertical-align:top;width:14.78%;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:justify;margin:0pt;">email</p></td><td style="vertical-align:top;width:13.69%;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:9pt;text-align:center;margin:0pt;">placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">IQE</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/3/16</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">Confirmation by email</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">Win</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Fill in supplier evaluation score sheet, supplier change application and supplier informed consent </p></td><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:9pt;text-align:center;margin:0pt;">2021/5/17</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">Confirmation by email</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">LandMark Optoelectronics</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/3/10</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">Confirmation by email</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td colspan="8" style="vertical-align:middle;width:100%;background:#ffffff;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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="color:#333333;font-weight:bold;">Type 2: Confirmation by signing new orders with AXT-Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">Mo Sangyo Co, Ltd.</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/3/8</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">VISHAY SEMICONDUCTOR GmbH </p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/3/10</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">AVAGO TECHNOLOGIES INT&#39;L SALES</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/4/21</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">Azur Space</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/3/15</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">INTELLIGENT EPITAXY TECHNOLOGY</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/6/2</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">II-VI</p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/6/2</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">KAGA TOSHIBA ELECTRONICS CO. </p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><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:9pt;text-align:center;margin:0pt;">2021/4/7</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:normal;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:9pt;margin:0pt;">AUK </p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + </p></td><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:9pt;text-align:center;margin:0pt;">2021/3/15</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new </p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">12</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.286301%;table-layout:auto;width:124.57%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;white-space:normal;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:9pt;margin:0pt;">CORPORATION </p></td><td style="vertical-align:middle;width:15.06%;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;"></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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width: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:9pt;text-align:center;margin:0pt;">telephone</p></td><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;"></td><td style="vertical-align:top;width:14.78%;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:justify;margin:0pt;">orders with AXT-Tongmei</p></td><td style="vertical-align:top;width:13.69%;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:9pt;text-align:center;margin:0pt;">placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:6.7%;background:#ffffff;border-bottom: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;">9</font></p></td><td style="vertical-align:middle;white-space:normal;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:9pt;margin:0pt;">WAFER TECHNOLOGY </p></td><td style="vertical-align:middle;width:15.06%;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;">&#8730;</p></td><td style="vertical-align:middle;width:12.59%;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:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;width: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:9pt;text-align:center;margin:0pt;">Email + telephone</p></td><td style="vertical-align:middle;width:13.38%;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;text-align:center;margin:0pt;">2021/3/9</p></td><td style="vertical-align:middle;width:14.78%;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:justify;margin:0pt;">By signing new orders with AXT-Tongmei</p></td><td style="vertical-align:middle;width:13.69%;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:9pt;text-align:center;margin:0pt;">Consistently placing orders</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:39pt;margin-top:0pt;text-align:justify;text-indent:24pt;"><font style="display:inline-block;font-size:12pt;min-width:21pt;text-indent:0pt;white-space:nowrap;">2)</font><font style="font-size:12pt;">Contract performance before and after transfer</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt 0pt 0pt 39pt;"><font style="font-size:12pt;">The contract performance by the said customers upon business transfer is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.604622%;table-layout:auto;width:107.2%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">S/N</b></p></td><td style="vertical-align:middle;width:18.7%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">Name of major customer</b></p></td><td style="vertical-align:middle;width:14.31%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">Was there any framework agreement before transfer</b></p></td><td style="vertical-align:middle;width:17.5%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">Is the original framework agreement still being implemented </b></p></td><td style="vertical-align:middle;width:19.6%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">Is there any new framework agreement entered with AXT-Tongmei upon transfer </b></p></td><td style="vertical-align:middle;width:9.85%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">Has any order been placed with AXT-</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">Tongmei upon transfer </b></p></td><td style="vertical-align:middle;width:11.44%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><b style="color:#333333;font-weight:bold;">Has any new order been signed with AXT upon transfer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">1</font></p></td><td style="vertical-align:middle;width:18.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 0pt 0pt -3.7pt;">Customer C</p></td><td style="vertical-align:middle;width:14.31%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">2</font></p></td><td style="vertical-align:middle;width:18.7%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 0pt 0pt -3.7pt;">VPEC</p></td><td style="vertical-align:middle;width:14.31%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">3</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">Osram</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">4</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">IQE</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">5</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">Win</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">6</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">LandMark Optoelectronics</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">7</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">Mo Sangyo Co, Ltd.</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">8</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">VISHAY SEMICONDUCTOR GmbH</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">9</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">AVAGO TECHNOLOGIES INT&#39;L SALES</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">10</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">Azur Space</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">11</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">INTELLIGENT EPITAXY TECHNOLOGY</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">12</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">II-VI</p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">13</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">KAGA TOSHIBA </p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">13</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.604622%;table-layout:auto;width:107.2%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">ELECTRONICS CO.</p></td><td style="vertical-align:middle;width:14.31%;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;"></td><td style="vertical-align:middle;width:17.5%;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;"></td><td style="vertical-align:middle;width:19.6%;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;"></td><td style="vertical-align:middle;width:9.85%;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;"></td><td style="vertical-align:middle;width:11.44%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">14</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">AUK CORPORATION </p></td><td style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.55%;background:#ffffff;border-bottom: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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;"><font style="color:#333333;">15</font></p></td><td style="vertical-align:middle;white-space:normal;width:18.7%;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:10.5pt;margin:0pt 0pt 0pt -3.7pt;">WAFER TECHNOLOGY </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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:17.5%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Not involved</p></td><td style="vertical-align:middle;width:19.6%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td><td style="vertical-align:middle;width:9.85%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">Yes</p></td><td style="vertical-align:middle;width:11.44%;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:10.5pt;text-align:center;margin:0pt -3.7pt 0pt -3.7pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the industry practices, generally, all overseas customers of semiconductor substrate materials placed direct orders upon certification of the supplier&#8217;s products, without entering into a framework agreement. Osram entered into a framework agreement with AXT in April 2014, but due to the early execution of such agreement, the parties conducted the transaction as per the relevant order during the reporting period. Upon business transfer, Osram purchased goods by placing orders directly with AXT-Tongmei other than AXT. Mo Sangyo Co., Ltd. entered into a new framework agreement with AXT-Tongmei, and will not implement any agreement relating to AXT. Beyond that, the said customers have not entered into relevant framework agreements with the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon transfer, all overseas customers placed orders with AXT-Tongmei, and will not place new orders with AXT.</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:39pt;margin-top:0pt;text-align:justify;text-indent:24pt;"><font style="display:inline-block;font-size:12pt;min-width:21pt;text-indent:0pt;white-space:nowrap;">(2)</font><font style="font-size:12pt;">Completion of transfer</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The relevant situation after the completion of transfer of semiconductor substrate material business is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Domestic</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">All domestic purchases and sales, logistics and transportation, warehousing and receipts and payments have been executed by such domestic entities as Beijing Tongmei, Baoding Tongmei, Chaoyang Tongmei, Chaoyang Jinmei and Nanjing Jinmei, and remain unchanged before and after business transfer, and all domestic customers and suppliers are independently developed and acquired by the Company and its domestic subsidiaries.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Overseas</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Before the business transfer, AXT is responsible for the overseas sale of the Company&#8217;s semiconductor substrates and the purchase of raw materials in the United </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">14</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">States, and domestic entities are responsible for purchases in other overseas regions, details of which are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.0934258%;width:108.18%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.71%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Parties to contract/order</b></p></td><td style="vertical-align:middle;width:23.52%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shipper/recipient </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Product/raw materials warehouse</b></p></td><td style="vertical-align:middle;width:13.34%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Recipient</b></p></td><td style="vertical-align:middle;width:20.39%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Payer </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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Overseas sale</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">InP substrate and Germanium substrate</p></td><td style="vertical-align:middle;width:19.71%;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:10.5pt;text-align:justify;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:23.52%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and AXT</p></td><td style="vertical-align:middle;width:13.34%;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:10.5pt;text-align:justify;margin:0pt;">AXT</p></td><td rowspan="2" style="vertical-align:middle;width:20.39%;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:10.5pt;text-align:justify;margin:0pt;">N/A</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:19.71%;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:10.5pt;text-align:justify;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:23.52%;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:10.5pt;text-align:justify;margin:0pt;">Baoding Tongmei and AXT</p></td><td style="vertical-align:middle;width:13.34%;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:10.5pt;text-align:justify;margin:0pt;">AXT</p></td><td style="display:none;vertical-align:middle;width:20.39%;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:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Overseas purchase</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">InP substrate and Germanium substrate<a name="_Hlk102506777"></a></p></td><td style="vertical-align:middle;width:19.71%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and AXT</p></td><td style="vertical-align:middle;width:23.52%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and AXT</p></td><td rowspan="2" style="vertical-align:middle;width:13.34%;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:10.5pt;text-align:justify;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:20.39%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:19.71%;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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei and AXT</p></td><td style="vertical-align:middle;width:23.52%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei and AXT</p></td><td style="display:none;vertical-align:middle;width:13.34%;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:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.39%;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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei and AXT</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">Upon business transfer, AXT-Tongmei undertook the original functions of AXT, and AXT no longer undertook any functions, and the functions of other entities remain unchanged, details of which are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-8.78281%;width:117.56%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.75%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Parties to contract/order</b></p></td><td style="vertical-align:middle;width:20.8%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shipper/recipient</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Product/raw materials warehouse</b></p></td><td style="vertical-align:middle;width:15.59%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Recipient</b></p></td><td style="vertical-align:middle;width:21.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Payer</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Overseas sale</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.75%;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:10.5pt;text-align:justify;margin:0pt;">InP substrate and Germanium substrate</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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:20.8%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and <b style="font-weight:bold;">AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:15.59%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AXT-Tongmei</b></p></td><td rowspan="2" style="vertical-align:middle;width:21.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">N/A</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.75%;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:10.5pt;text-align:justify;margin:0pt;">GaAs substrate</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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:20.8%;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:10.5pt;text-align:justify;margin:0pt;">Baoding Tongmei and<b style="font-weight:bold;"> AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:15.59%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AXT-Tongmei</b></p></td><td style="display:none;vertical-align:middle;width:21.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Overseas purchase</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.75%;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:10.5pt;text-align:justify;margin:0pt;">InP substrate and Germanium substrate</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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and <b style="font-weight:bold;">AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:20.8%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and <b style="font-weight:bold;">AXT-Tongmei</b></p></td><td rowspan="2" style="vertical-align:middle;width:15.59%;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:10.5pt;text-align:justify;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:21.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei and <b style="font-weight:bold;">AXT-Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.75%;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:10.5pt;text-align:justify;margin:0pt;">GaAs substrate</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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei and <b style="font-weight:bold;">AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:20.8%;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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei and <b style="font-weight:bold;">AXT-Tongmei</b></p></td><td style="display:none;vertical-align:middle;width:15.59%;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:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:21.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei and <b style="font-weight:bold;">AXT-Tongmei</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">Upon business transfer, relevant business personnel involved in overseas purchases and sales were transferred from AXT to AXT-Tongmei, the purchaser and entity placing product sale orders of raw materials relating to semiconductor substrates in the United States, and received remuneration from AXT-Tongmei, details of which are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> Overseas sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">A. Contracts/orders have been signed by AXT-Tongmei with respect to the overseas sale of semiconductor substrates in accordance with the requirements and arrangements of the Issuer; B. Beijing Tongmei and Baoding Tongmei have </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">15</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">respectively shipped the products subject to sale in the United States to AXT-Tongmei&#8217;s warehouse, and upon short-term storage at the warehouse, AXT-Tongmei shipped such products to the place designated by the relevant customer; C. Beijing Tongmei and Baoding Tongmei have directly shipped the products subject to sale in other countries or regions from the relevant warehouse to the place designated by the relevant customer; D. All overseas sale proceeds have been directly received by AXT-Tongmei, and then used to make payments to Beijing Tongmei and Baoding Tongmei for their respective purchases, pay wages of their employees and disburse rentals and other daily expenses. No funds have flowed to AXT. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the process of business transfer, both AXT-Tongmei and AXT had accounts receivable from the same customer, and some customers remitted the amounts payable to AXT-Tongmei to AXT, which amounts were then remitted by AXT to AXT-Tongmei. As of September 2021, the total amount of accounts received by AXT on behalf of AXT-Tongmei was RMB10.2483 million, representing a small percentage in operating revenue. Upon receipt of the payment for goods of the Company, AXT promptly transferred the same to AXT-Tongmei, and does not possess any funds of the Company. The above situation does not involve the circulation of external funds. As of October 2021, the Company has never been involved in the above situation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> Overseas purchase</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Overseas purchase is quite similar to overseas sale: A. Orders have been placed by AXT-Tongmei with respect to the purchase of raw materials relating to semiconductor substrates in the United States, and orders have been directly placed by Beijing Tongmei and Chaoyang Tongmei with respect to purchases in other regions; B. The raw materials subject to purchases in the United States were shipped to Beijing Tongmei and Chaoyang Tongmei upon short-term storage at AXT-Tongmei&#8217;s warehouse, and the relevant supplier has directly shipped the products subject to sale in other countries or regions to Beijing Tongmei and Chaoyang Tongmei; C. All goods have been paid for by the entity placing orders. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, upon business transfer, the parties to the Company&#8217;s domestic and overseas sale and purchase contracts, goods transhippers and warehouses, sales proceeds recipients and purchasing cost payers are the Issuer and subsidiaries under its control, and are not AXT or the affiliates under AXT&#8217;s control. The production, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">16</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">supply and distribution system of the Issuer is independent and complete, </font><b style="font-size:12pt;font-weight:bold;">and the Issuer has taken over all end customers from AXT without losing customers</b><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Transfer of suppliers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the particulars of key raw materials and equipment purchased by the Company from related and non-related parties are as follows:</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:39pt;margin-top:0pt;text-align:justify;text-indent:24pt;"><font style="display:inline-block;font-size:12pt;min-width:21pt;text-indent:0pt;white-space:nowrap;">(1)</font><font style="font-size:12pt;">Purchase of key raw materials</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the proportion of key raw materials required for the production activities and operation of the Company from related and non-related parties respectively is set out in the table below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;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:-12.045509%;padding-left:0pt;padding-right:0pt;width:124.09%;background:#ffffff;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Supplier </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.1%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.1%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020 </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:18.15%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019 </b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Metal gallium</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">8,190.77</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">53.71%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,274.44</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">51.57%</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">367.39</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">37.59%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,059.32</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">46.29%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,075.53</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">48.43%</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">609.98</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">62.41%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">15,250.09</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">6,349.97</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">977.37</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="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:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Germanium ingots</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,149.61</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">89.84%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,989.59</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">86.38%</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,943.00</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">67.48%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">469.50</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">10.16%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">628.89</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">13.62%</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">936.19</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">32.52%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">4,619.11</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">4,618.48</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">2,879.19</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="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:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Quartz material</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,849.18</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,965.95</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,574.30</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">3,849.18</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">2,965.95</b></p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">1,574.30</b></p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="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:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">High-purity arsenic</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,112.49</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">66.41%</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">562.68</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">33.59%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,214.61</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td><td style="vertical-align:middle;white-space:nowrap;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">991.72</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">1,675.17</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">1,214.61</b></p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">991.72</b></p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="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:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">B<b style="font-size:11.5pt;font-weight:bold;">oron</b>&#160;t<b style="font-size:11.5pt;font-weight:bold;">richloride</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,009.54</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">915.83</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,042.18</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">1,009.54</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">915.83</b></p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">1,042.1</b></p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">17</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.045509%;padding-left:0pt;padding-right:0pt;width:124.09%;background:#ffffff;" align="center"><tr style="height:19.85pt;"><td rowspan="1" style="vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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;"></td><td style="vertical-align:top;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">%</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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;"></td><td style="vertical-align:top;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">%</b></p></td><td style="vertical-align:top;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">8</b></p></td><td style="vertical-align:top;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Indium phosphide&#160;polycrystalline</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,230.59</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">693.76</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,485.51</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">1,230.59</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">693.76</b></p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">1,485.51</b></p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="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:27.93%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Key raw materials</p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19,542.18</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">70.72%</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">11,839.57</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">70.65%</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,412.38</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">71.64%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">8,091.51</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">29.28%</p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,919.03</p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">29.35%</p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,537.90</p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">28.36%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:27.93%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:15.7%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">27,633.69</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.78%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">16,758.61</b></p></td><td style="vertical-align:middle;width:9.31%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:8.82%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">8,950.28</b></p></td><td style="vertical-align:middle;width:9.32%;background:#ffffff;border-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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">Note: The purchases from the said affiliates include those from companies in which AXT has a controlling interest, from companies in which the Issuer has a controlling interest, and from third parties through AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">Generally speaking, the key raw materials required for the production activities and operations of the Company are sourced from related parties, accounting for a relatively low proportion. Only metal gallium, germanium ingots and high-purity arsenic in the key raw materials are involved in the connected purchases, and the supply capacity of the non-related parties of and the quality of such three types of key raw materials may be seen in &#8220;Q1 &#8220;1.2 I. (I). 2. Analyze the role of related suppliers in the Company&#8217;s raw materials supply and its impact on supply stability according to the actual supply of upstream raw materials, the supply capacity and quality of non-related parties and other factors;&#8221; in this Reply.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the key raw materials purchased in a connected transaction through AXT are germanium ingots and high-purity arsenic, in which the purchase amount of germanium ingots is RMB1,716,200, RMB6,288,900 and RMB0 respectively, and the purchase amount of high-purity arsenic is RMB2,017,500, RMB3,080,700 and RMB970,300.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the fact that the Company has a non-controlling interest in some qualified suppliers effectively guarantees the supply stability of the raw materials. However, given small difference in the quality of products provided by the non-related supplier of the said raw materials, if its raw materials have passed the Company&#8217;s test and been accepted by downstream customers, the Company can purchase relevant products from non-related parties. In addition, upon transfer of the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">18</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">overseas suppliers in the United States, the said connected purchase between the Company and AXT has been solved.</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:39pt;margin-top:0pt;text-align:justify;text-indent:24pt;"><font style="display:inline-block;font-size:12pt;min-width:21pt;text-indent:0pt;white-space:nowrap;">(2)</font><font style="font-size:12pt;">Equipment purchase</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the proportion of equipment required for the production activities and operations of the Company from related and non-related parties respectively is set out in the table below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:24pt;margin:0pt 0pt 0pt 21pt;"><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:-0.18059158%;padding-left:0pt;padding-right:0pt;width:100%;background:#ffffff;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:20.59%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Supplier </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:28.2%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:26.71%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020 </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:24.48%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019 </b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:20.59%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.45%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.74%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.96%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:13.74%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:11.57%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:12.9%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:20.59%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Non-related party</p></td><td style="vertical-align:middle;width:14.45%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,224.48</p></td><td style="vertical-align:middle;width:13.74%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">91.53%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.96%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,929.59</p></td><td style="vertical-align:middle;width:13.74%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">76.20%</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.57%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,271.07</p></td><td style="vertical-align:middle;width:12.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">73.83%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:20.59%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Related party</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.45%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">576.05</p></td><td style="vertical-align:middle;white-space:nowrap;width:13.74%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">8.47%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.96%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">602.54</p></td><td style="vertical-align:middle;white-space:nowrap;width:13.74%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">23.80%</p></td><td style="vertical-align:middle;white-space:nowrap;width:11.57%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,159.69</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">26.17%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:20.59%;background:#ffffff;border-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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.45%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">6,800.53</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.74%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:12.96%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">2,532.13</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:13.74%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:11.57%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">4,430.76</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.9%;background:#ffffff;border-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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">Note: The purchases from the said affiliates are those from third parties through AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">At the early stage of the Company&#8217;s development, the domestic III-V compound semiconductor material industry was just starting, and the number of qualified suppliers (in particular key equipment suppliers) was very small. For the convenience of procurement, and in order to guarantee the production stability of products, the Company purchased single crystal polishing machine, single crystal furnace, vacuum furnace controller and other equipment with daily high energy consumption mainly through AXT. For the convenience of procurement, the Company continued to import the equipment with daily high energy consumption through AXT; in 2021, after AXT implemented the original equipment purchase order, the Company directly purchased equipment from suppliers or through AXT-Tongmei other than AXT. </font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:39pt;margin-top:0pt;text-align:justify;text-indent:24pt;"><font style="display:inline-block;font-size:12pt;min-width:21pt;text-indent:0pt;white-space:nowrap;">(3)</font><font style="font-size:12pt;">Process and completion of change of suppliers</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the equipment purchased by the Issuer from AXT is mainly germanium ingots, high-purity arsenic, single crystal polishing machine, single crystal furnace, vacuum furnace controller and other equipment with daily high energy consumption. There is a wide selection of domestic suppliers of germanium ingots, and the Company has completed the transfer with respect to the purchase of high-purity arsenic and single crystal polishing machine, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT clearly notified its overseas suppliers via email and by telephone in March 2021 that given the fact Beijing Tongmei, the subsidiary in which AXT has a </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">19</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">controlling interest, seeks to be listed on the STAR Market, the purchase business and purchasing entity will be transferred from AXT to AXT-Tongmei. The Company received the confirmations from the customers via email. In May 2021, the Company acquired AXT-Tongmei, and completed the transfer of the purchase business.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">During the process of business transfer, the letter sent by AXT to each supplier states that: 1) AXT will maintain the status as the Issuer&#8217;s controlling shareholder; 2) AXT-Tongmei is a company incorporated in Delaware, and will conduct purchase business on behalf of AXT; and 3) since AXT-Tongmei leased the original office space of AXT, and relevant sales personnel were transferred from AXT to AXT-Tongmei, the original address and contact information of the customer will remain unchanged, in order for the parties to maintain communication.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">As far, AXT has notified all suppliers of the matters relating to business transfer via email, and details of the transfer of top five (5) suppliers before purchase of raw materials by AXT are set out in the table below:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-16.169037%;width:132.33%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.52%;background:#ffffff;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;">S/N</b></p></td><td style="vertical-align:middle;width:37.09%;background:#ffffff;border-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;">Name of major customer</b></p></td><td style="vertical-align:middle;width:10.38%;background:#ffffff;border-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;">Has the letter of CEO been sent?</b></p></td><td style="vertical-align:middle;width:11.79%;background:#ffffff;border-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;">Has the order been issued concurrently?</b></p></td><td style="vertical-align:middle;width:13.25%;background:#ffffff;border-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;">Communication process</b></p></td><td style="vertical-align:middle;width:10.78%;background:#ffffff;border-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;">Symbol for completion of transfer</b></p></td><td style="vertical-align:middle;width:12.15%;background:#ffffff;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;">Particulars of current transaction with AXT-Tongmei</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.52%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;width:37.09%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">H-SQUARE CORPORATION</p></td><td style="vertical-align:middle;width:10.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:11.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:13.25%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Telephone </p></td><td style="vertical-align:middle;width:10.78%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Confirmation by the supplier via email</p></td><td style="vertical-align:middle;width:12.15%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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;">Still consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.52%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;width:37.09%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">KNF CLEAN ROOM PRODUCTS</p></td><td style="vertical-align:middle;width:10.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:11.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:13.25%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Telephone </p></td><td style="vertical-align:middle;width:10.78%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Confirmation by the supplier via email</p></td><td style="vertical-align:middle;width:12.15%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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;">Still consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.52%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;width:37.09%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">ENTEGRIS, Inc. </p></td><td style="vertical-align:middle;width:10.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:11.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">&#8730;</p></td><td style="vertical-align:middle;width:13.25%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Telephone </p></td><td style="vertical-align:middle;width:10.78%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">Confirmation by the supplier via email</p></td><td style="vertical-align:middle;width:12.15%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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;">Still consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.52%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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:37.09%;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:10.5pt;margin:0pt;">CONAX TECHNOLOGIES LLC</p></td><td style="vertical-align:middle;width:10.38%;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:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td 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:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Telephone </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:9pt;text-align:center;margin:0pt;">Confirmation by the supplier via email</p></td><td style="vertical-align:middle;width:12.15%;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:9pt;text-align:center;margin:0pt;">Still consistently placing orders</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.52%;background:#ffffff;border-bottom: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;">5</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:37.09%;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:10.5pt;margin:0pt;">SAINT-GOBAIN ADVANCED CERAMICS</p></td><td style="vertical-align:middle;width:10.38%;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;text-align:center;margin:0pt;">&#8730;</p></td><td 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:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">&#8730;</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Telephone </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:9pt;text-align:center;margin:0pt;">Confirmation by the supplier via email</p></td><td style="vertical-align:middle;width:12.15%;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:9pt;text-align:center;margin:0pt;">Still consistently placing orders</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Upon the transfer of business from AXT to AXT-Tongmei, whether the Company is obligated to notify the relevant parties of change of AXT-Tongmei shareholder into the Issuer under such arrangements as original agreements, </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">20</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">customer certifications and supply arrangements or industry practices; if yes, the impact of the Company&#8217;s performance of such obligation or acquisition of confirmation on the conduct of business;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The Company has no obligation to notify the relevant parties (other than Osram)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk102225826"></a><font style="font-size:12pt;">According to Osram&#8217;s supplier manual, any supplier that experiences change of control shall notify it thereof</font><font style="font-size:12pt;">; AXT clearly notified Osram via email and by telephone in March 2021, and received the confirmation from Osram via email. Currently, the Issuer and the intermediary have confirmed with Osram the change of the controlling shareholder of AXT-Tongmei into Beijing Tongmei, and </font><b style="font-size:12pt;font-weight:bold;">Osram procurement manager confirmed as follows through Osram official email:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) The change of the controlling shareholder of AXT-Tongmei into Beijing Tongmei does not affect the cooperation between Osram and AXT-Tongmei;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) Osram selects suppliers mainly relying on the production environment and other relevant quality and system certificates of suppliers;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) With the production sites, production lines, and other factors remaining unchanged, the choice of the selling entity will not affect Osram&#8217;s procurement of products produced by Beijing Tongmei; and</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(4) Generally, there is only one supplier under one group in Osram&#8217;s list of suppliers; by now, Osram has changed AXT to AXT-Tongmei in its supplier system, and will no longer retain AXT.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">21</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, in accordance with the practices of the semiconductor materials industry and the regulations of the Company, in the event of any of the following major changes, the Company needs to re-certify customers, obtain the consent from customers and re-sign the </font><i style="font-size:12pt;font-style:italic;">Process Change Notification</i><font style="font-size:12pt;"> as the case may be. Details of the changes and processing methods are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2990608%;width:102.59%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Level of change</b></p></td><td style="vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Definition</b></p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Specific change</b></p></td><td style="vertical-align:middle;width:29.91%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Processing method</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">First level</p></td><td rowspan="2" style="vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Key changes in production processes</p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Change of production site</p></td><td rowspan="2" style="vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">The <i style="font-style:italic;">Process Change Notification</i> needs to be re-signed and obtain the consent of the customer, and the customer needs to be re-certified.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Change of key raw materials</p></td><td style="display:none;vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Second level</p></td><td rowspan="5" style="vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Key changes in process or materials</p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Overall change of cleaning equipment</p></td><td rowspan="5" style="vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">The <i style="font-style:italic;">Process Change Notification</i> needs to be re-signed and obtain the consent of the customer.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Change of cleaning reagent</p></td><td style="display:none;vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Change of polishing solution</p></td><td style="display:none;vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Packaging change</p></td><td style="display:none;vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Change of testing method</p></td><td style="display:none;vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Third level</p></td><td rowspan="2" style="vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Change of product information or label</p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Revision of change level classification or standard format</p></td><td rowspan="2" style="vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">The <i style="font-style:italic;">Process Change Notification</i> needs to be re-signed.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:19.56%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Change of label information</p></td><td style="display:none;vertical-align:middle;width:29.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Fourth level</p></td><td style="vertical-align:middle;width:19.56%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Minor process changes</p></td><td style="vertical-align:middle;width:37.08%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Minor adjustment or optimization of process parameters that do not fall in the columns of first, second and third levels of change</p></td><td style="vertical-align:middle;width:29.91%;border-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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">The <i style="font-style:italic;">Process Change Notification</i> does not need to be re-signed.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As shown in the above table, the change of controlling shareholder of AXT-Tongmei from AXT to the Issuer does not involve change of production site, change of key raw materials, major changes in process or materials, change of product information or label information and minor changes of processes, and does not fall under any of the above four circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, AXT has notified Osram and obtained its confirmation based on the relevant agreements between the Company and customers and suppliers, the agreements on customer certification and supply arrangements; in addition, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">22</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Company is not obligated to notify the relevant parties of the change of the shareholder of AXT-Tongmei into the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. The Company has performed the obligation of notification</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In August 2021, AXT disclosed in the &#8220;Basic Information&#8221; section in 2021 Semi-Annual Report published on NASDAQ that: &#8220;AXT sold AXT-Tongmei to Beijing Tongmei for $1&#8221;. Upon the announcement of the Company&#8217;s acquisition of AXT-Tongmei, the composition of AXT&#8217;s subsidiaries is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;padding-left:63.7pt;text-align:center;text-indent:-63.7pt;margin:0pt 0pt 0pt -63.75pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1006.jpg" alt="Graphic" style="display:inline-block;height:168pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:519.85pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, AXT promptly announced the prospectus reviewed and disclosed on the STAR Market and the reply to questions, and also announced the business transfer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">So far, AXT-Tongmei has maintained a good partnership with overseas customers, and the relevant parties have not raised any objection to the cooperation between the parties in relation to this business transfer and the announcement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Good business conduct upon transfer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In March 2021, AXT-Tongmei completed the business transfer with AXT and started overseas procurement and sales; in May 2021, the Issuer completed the acquisition of AXT-Tongmei.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">At the end of June 2021, AXT-Tongmei had the total assets of RMB125.7014 million, mainly including the accounts receivable, monetary funds, and other assets formed after the business transfer is completed in March 2021 and subsequent overseas procurement and sales; from Marth to June 2021, AXT-Tongmei realized the revenue of RMB108.3759 million, with the closing balance </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">23</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">of RMB114.9253 million in total for accounts receivable, monetary funds, and inventories. While making sales to others, AXT-Tongmei needs to purchase semiconductor substrate materials from a domestic entity of the Issuer; therefore, AXT-Tongmei makes monthly payment to the domestic entity according to the billing cycle. As of December 31, 2021, AXT-Tongmei had the balance of monetary funds in the amount of RMB27.5767 million.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">So far, it has been nearly twelve (12) months since the Company&#8217;s acquisition of AXT-Tongmei, and the operation of AXT-Tongmei upon business transfer goes well. The changes in the amount of revenue and sales achieved by overseas customers of the Company in 2020 and 2021 are set out in the table below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000 or 0&#8217;000 units</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2990608%;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:33.11%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Name of customer</b></p></td><td colspan="2" style="vertical-align:middle;width:33.44%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2021 </b></p></td><td colspan="2" style="vertical-align:middle;width:33.44%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">2020 </b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:33.11%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Amount </b></p></td><td style="vertical-align:middle;width:15.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Sales </b></p></td><td style="vertical-align:middle;width:18.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Amount </b></p></td><td style="vertical-align:middle;width:15.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Sales </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.11%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Osram</p></td><td style="vertical-align:middle;width:18.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10,668.93</p></td><td style="vertical-align:middle;width:15.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">98.35</p></td><td style="vertical-align:middle;width:18.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9,389.14</p></td><td style="vertical-align:middle;width:15.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">87.84</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:33.11%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">LandMark Optoelectronics</p></td><td style="vertical-align:middle;width:18.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,430.77</p></td><td style="vertical-align:middle;width:15.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.14</p></td><td style="vertical-align:middle;width:18.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,804.49</p></td><td style="vertical-align:middle;width:15.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10.71</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:33.11%;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:10.5pt;margin:0pt;">Mo Sangyo Co, Ltd.</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">3,626.34</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">25.62</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">2,208.70</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">18.19</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:33.11%;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:10.5pt;margin:0pt;">IQE</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">3,973.88</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">24.81</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">2,252.91</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">16.59</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:33.11%;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:10.5pt;margin:0pt;">VPEC</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">3,471.19</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">20.68</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">1,366.78</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">3.24</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:33.11%;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:10.5pt;margin:0pt;">Customer C</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">1,015.61</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">3.22</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">813.45</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">2.36</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:33.11%;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:10.5pt;margin:0pt;">Others </p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">8,986.11</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">181.82</p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;">9,383.22</p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;">138.93</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:33.11%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">34,172.83</b></p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">255.43</b></p></td><td style="vertical-align:middle;width:18.05%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">28,218.69</b></p></td><td style="vertical-align:middle;width:15.38%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">220.04</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">Note: The revenue received in 2021 is estimated based on the sales volume and the average selling price of the products sold in 2020; the sales volume is determined based on 2-inch substrate products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the above table that, upon business transfer, there was a significant increase in the revenue obtained by major overseas customers, and that the Company can maintain a good partnership with the said customers, and has not experienced a great decline in its business performance due to business transfer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company has performed the obligation to notify Osram and obtained Osram&#8217;s confirmation in accordance with the relevant agreements signed with its </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">24</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">customers and suppliers, the agreement on customer certification and supply arrangement, but has no obligation to notify the relevant parties of the change of the shareholder of AXT-Tongmei into the Issuer; in order to avoid the misunderstanding of overseas customers and suppliers, AXT published an announcement on the NASDAQ, so that customers, suppliers and global investors can better understand relevant conditions; upon business transfer, AXT-Tongmei has maintained a good partnership with overseas customers, and the purchase quantity and orders placed by the customers have increased; the Issuer has successfully accepted the relevant overseas customers from AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The role of AXT in maintaining the status as the Company&#8217;s controlling shareholder during the process of business transfer, whether AXT&#8217;s status as the controlling shareholder of the Company constitutes a precondition or necessary requirement for the business transfer by taking into account the factors that the customer takes into account in establishing cooperation with the Company, and the method of management of its partners and relevant agreement clauses;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT&#8217;s status as the controlling shareholder of the Company has a positive impact on the successful business transfer, but does not constitute a precondition or necessary requirement for successful business transfer, nor does it constitute a precondition or necessary requirement for continuous cooperation with the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) Factors that the customer takes into account in establishing cooperation with the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">25</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on the practices in the semiconductor substrate industry and the Company&#8217;s actual situation, the factors that a downstream customer takes into account in establishing cooperation with the Company mainly include product performance, product stability and ability to continuously supply products, details of which are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.3002701%;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:normal;width:18.84%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:72.77%;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:10.5pt;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:8.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Major factor</b></p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Particular case</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Product performance</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The customer will consider whether the size and performance parameters of the products supplied by the Company can meet its requirements in establishing cooperation with the Company, and the size and performance parameters of the products are closely related to the Company&#8217;s R&amp;D and technological level.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Product stability</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The customer elects to focus on the stability of the Company&#8217;s products in establishing cooperation with the Company, and product stability is mainly reflected in the continuous production by the downstream customer using the substrates supplied by the Company, and in the stable performance and parameters of epitaxial wafers produced by the customer. There will be no major difference between batches of products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Product stability is closely associated with production lines and processes. Thus, the customer generally will verify the Company&#8217;s production lines and processes in establishing cooperation with the Company. Meanwhile, the customer will also verify with its downstream customer whether the substrate-based epitaxial wafers and chips can meet its final requirements for product performance; only upon verification will the customer place a formal order to the Company.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Ability to continuously supply products</p></td><td style="vertical-align:middle;width:72.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Since the Company&#8217;s ability to timely deliver a certain quantity of its substrate products will directly affect the customer&#8217;s production and operation rhythm, the customer needs to maintain long-term and good partnership with the Company, and to regularly inspect the production capability and level of the Company. The quantity of products supplied by the Company may be reasonably determined only after the parties establish a close and trusted partnership, thus the customer will maintain close communication with the Company&#8217;s sales personnel.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Except for the above factors, the customer will also consider the Company&#8217;s position in the industry, types of other users of the products and product positioning in the market, and subsequent ability to continuously provide services.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">26</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) Method of the customer&#8217;s management of suppliers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Customer C</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the interview with Customer C, Customer C adopts dual supplier management of &#8220;entity subject to product certification + order placement entity&#8221;, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> Management of entities subject to product certification</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">With respect to product certification, only the entity whose products have been certified by Customer C may be included in its list of eligible suppliers. The entity who has passed the product certification needs to complete and maintain the eligible supplier review procedures in accordance with its supplier management rules and regulations. According to the practices in the semiconductor materials industry, generally, the downstream customer will certify the manufacturer&#8217;s products, details of which are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.3002701%;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:normal;width:18.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main process</b></p></td><td style="vertical-align:middle;width:72.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Particular case</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Provide relevant materials</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Provide the manufacturer&#8217;s information (e.g. business license, relevant certificates and supplier questionnaire), and confirm whether such information meets the customer&#8217;s requirements.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Provide assistance in production line assessment</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Assist the customer&#8217;s quality, production, procurement and other departments to conduct an audit of the manufacturer&#8217;s production lines and processes.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Multiple delivery of samples for testing</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The manufacturer needs to deliver the products multiple times to the customer for testing purposes. After the samples so delivered pass the test, the customer will purchase a small batch of the Company&#8217;s products; after such batch of products pass the test, the Issuer will include the manufacturer in the list of eligible suppliers and officially commence the cooperation with the manufacturer.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Assist the customer to identify production problems</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The manufacturer needs to promptly respond to the customer if any production problem has been identified, and to assist the customer to determine the root cause of the problem. If the problem lies in the substandard substrate product, the customer will request replacement or return.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Assist the customer to pay regular return visits</p></td><td style="vertical-align:middle;width:72.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Due to long certification cycle and high certification costs, once the supplier passes the certification, the downstream customer usually does not easily change the supplier. During years of cooperation, most overseas customers will regularly and irregularly go to China to inspect production lines, so as to confirm whether the production process and quality management system of the Company&#8217;s products meet the customer&#8217;s standards.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: The certification process for different customers may differ. For instance, some customers with small purchases only certify product performance and parameters without assessing production lines.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">27</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> Management of contracted supplier (being seller)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the interview with Customer C, the contracted supplier needs to provide Customer C with its name, tax identification number, bank account number and other information, in order for Customer C to enter the same into Customer C&#8217;s supplier system. Upon business transfer, Customer C only maintains Beijing Tongmei and AXT-Tongmei (other than AXT) under its dual supplier management system in its supplier system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, as shown in the monthly statement sent by Osram to the Company upon business transfer, its supplier has also been changed from AXT to AXT-Tongmei, and it has changed the supplier code in its system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> Business relationship under the dual supplier management system</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon business transfer, the business relationship among Beijing Tongmei (entity subject to product certification), AXT-Tongmei (seller) and the customer (for instance, Customer C) is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1007.jpg" alt="Graphic" style="display:inline-block;height:245.85pt;left:0%;padding-bottom:0.15pt;position:relative;top:0pt;width:415.3pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Osram, IQE, Visual Photonics Epitaxy (VPEC), Landmark Optoelectronics, VISHAY SEMICONDUCTOR GmbH, Mo Sangyo Co, Ltd. and AUK CORPORATION</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">28</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the interview with Osram, IQE, VPEC, LandMark Optoelectronics, VISHAY SEMICONDUCTOR GmbH, Mo Sangyo Co, Ltd. and AUK CORPORATION, they have a supplier catalog and accept only an individual entity under the control of the same group as its supplier, and upon business transfer, such customers have deleted AXT from its supplier catalog and system, and replaced AXT with AXT-Tongmei, and entered AXT-Tongmei&#8217;s enterprise name, tax identification number, bank account number and other information in the system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) Relevant agreement clauses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Osram (the global innovation promoter in the LED field), Customer C, IQE (the world&#8217;s leading compound semiconductor epitaxial wafer designer and manufacturer) and VPEC (the world-renowned epitaxial wafer manufacturer) from top ten overseas customers of the Company are selected for analysis. In their supplier management manuals or agreements, specific agreements on process, product quality and changes are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-14.1464%;width:128.29%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:9.57%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.96%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:51.92%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:27.54%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:9.57%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Customer </b></p></td><td style="vertical-align:middle;width:10.96%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Agreed clauses</b></p></td><td style="vertical-align:middle;width:51.92%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Agreement on process and product quality</b></p></td><td style="vertical-align:middle;width:27.54%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Agreement on changes</b></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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Osram</p></td><td style="vertical-align:middle;width:10.96%;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:9pt;text-align:justify;margin:0pt;">Osram&#8217;s purchase rules</p></td><td style="vertical-align:middle;width:51.92%;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:9pt;text-align:justify;margin:0pt;">1. The supplier agrees not to change any specifications, form, coordination, functions, design, appearance, materials and technologies and manufacturing processes or facilities of deliverables, or to make any other revision to the warranties provided in GPC that affects or is likely to reasonably affect the quality, performance or compliance of the products without the prior written approval of the company;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">2. In case of any unreasonable oversupply or shortfall, or any quality deviation, the supplier shall indemnify and hold the Company harmless from all expenses incurred by the Company due to extra inspections, packaging, return or storage. In any case, returns in excess of ordered quantity or unordered quantity shall be at the supplier&#8217;s cost and risk.</p></td><td style="vertical-align:middle;width:27.54%;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:9pt;text-align:justify;margin:0pt;">In case of any change of the control of the supplier, the supplier shall immediately notify Osram. Osram reserves the right to cancel orders for such change of ownership, without bearing further obligations and responsibilities.</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">Customer C</p></td><td style="vertical-align:middle;width:10.96%;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:9pt;text-align:justify;margin:0pt;">Customer C&#8217;s supplier compliance manual</p></td><td style="vertical-align:middle;width:51.92%;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:9pt;text-align:justify;margin:0pt;">To ensure compliance with agreement clauses, reduce supply chain risks to the maximum extent, ensure quality and supply or secure the items purchased from or sold by the supplier, the supplier will conduct comprehensive cooperation with Customer C or any third party designated by Customer C, and Customer C or such third party may at any time inspect the supplier&#8217;s work, documents, property, assets, records and communication in a reasonable manner. The supplier may, upon Customer C&#8217;s written request, carry out in good faith such inspection in accordance with agreement clauses, which inspection shall not cause </p></td><td style="vertical-align:middle;width:27.54%;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:9pt;text-align:justify;margin:0pt;">N/A</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">29</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-14.1464%;width:128.29%;" align="center"><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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:10.96%;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;"></td><td style="vertical-align:top;width:51.92%;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:9pt;text-align:justify;margin:0pt;">unreasonable interference with its normal business activities or operations. Within two (2) weeks after receipt of Customer C&#8217;s written request for such inspection, the supplier will make commercially reasonable efforts to disclose, provide or obtain the request and give any necessary consent, in order for Customer C, any third party or competent government authority to carry out the inspection. In addition, if any third party discovers upon inspection the supplier&#8217;s non-compliance with agreement clauses, the supplier will reimburse Customer C for all expenses in connection with such inspection.</p></td><td style="vertical-align:middle;width:27.54%;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;"></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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">IQE</p></td><td style="vertical-align:middle;width:10.96%;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:9pt;text-align:justify;margin:0pt;">IQE&#8217;s standard supplier terms and conditions </p></td><td style="vertical-align:middle;width:51.92%;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:9pt;text-align:justify;margin:0pt;">1. The supplier warrants that, within one (1) year following IQE&#8217;s acceptance of any goods and/or services, the goods and/or services shall: (i) fit their description and conform to any IQE regulations and applicable specifications determined with the supplier (the &#8220;<b style="font-weight:bold;">Specifications</b>&#8221;); (ii) be of satisfactory quality and fit for any purpose proposed by the supplier or expressly or impliedly notified by the supplier to IQE, and be based on the supplier&#8217;s expertise and judgment; (iii) in the case of finished goods, be free from defects in design, material and workmanship; and (iv) comply with all applicable laws, regulations and regulatory requirements;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">2.1 IQE may inspect and test any goods at any time before shipment. Despite that IQE has conducted any such inspection or testing, the supplier shall also be held fully liable with respect to any goods, and any such inspection or test shall not diminish or otherwise affect the supplier&#8217;s obligations;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">2.2 If, upon such inspection or testing, IQE deems that the goods do not conform to or are unlikely to comply with the supplier&#8217;s undertakings in Clause 2.1, IQE shall notify the supplier, and the supplier shall immediately take necessary remedial measures to ensure compliance;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">2.3 After the supplier takes remedial measures, IQE may conduct further inspections and tests;</p></td><td style="vertical-align:middle;width:27.54%;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:9pt;text-align:justify;margin:0pt;">The supplier shall not assign or transfer any of its rights or obligations hereunder without the prior written consent of IQE (which shall not be unreasonably withheld or delayed). IQE may assign its rights and delegate its obligations. The supplier shall not subcontract any or all of its rights or obligations hereunder without the prior written consent of IQE;</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.57%;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:9pt;text-align:justify;margin:0pt;">VPEC</p></td><td style="vertical-align:middle;width:10.96%;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:9pt;text-align:justify;margin:0pt;">Supplier quality manual</p></td><td style="vertical-align:middle;width:51.92%;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:9pt;text-align:justify;margin:0pt;">1. The supplier is responsible for implementing all test and inspection requirements provided in the purchase documents. VPEC reserves the right to witness or carry out any such tests and inspections provided in the purchase documents, and to review the data generated during the course of the supplier carrying out such tests and inspections;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;">2. The supplier may be invited to participate in VPEC&#8217;s quality plans, including quality management system, process chart, production part approval process, failure mode and impact analysis, process control plan, rectification measures, failure analysis and continuous improvement plan.</p></td><td style="vertical-align:middle;width:27.54%;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:9pt;text-align:justify;margin:0pt;">Upon product certification, any change that requires VPEC&#8217;s comment is likely to be re-certified. The supplier shall follow the PCN process and provide support data, and shall not make any revision before VPEC&#8217;s comment.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company needs to maintain regular communication with the customer in terms of production management, product quality, process and relevant changes in </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">30</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">accordance with the supplier management manuals of Osram, Customer C, IQE, VPEC and other key overseas customers or the provisions of relevant agreements regarding the Company. According to Osram&#8217;s supplier manual, any supplier that experiences change of control shall notify it thereof. The Company has notified Osram, and received its confirmation. So far, the Company has maintained good partnership with the above customers, and relevant agreements or orders signed by such parties are in the process of being performed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(4) The role of AXT in maintaining the status as the Company&#8217;s controlling shareholder</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The role of AXT in maintaining the status as the Company&#8217;s controlling shareholder</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Through comprehensive analysis, the role of AXT in maintaining the status as the Company&#8217;s controlling shareholder is summarized as follows:</font></p><div style="margin-left:-6.15pt;" 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:15.81%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Key indicator to be taken into consideration</b></p></td><td style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Core factor</b></p></td><td style="vertical-align:middle;width:36.31%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">The role of AXT in maintaining the status as the Company&#8217;s controlling shareholder during the process of business transfer</b></p></td><td style="vertical-align:middle;width:15.26%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Whether or not customer certification is involved </b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">Factors taken into consideration in establishing cooperation</p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Product performance</p></td><td style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">Company&#8217;s R&amp;D and technological level</p></td><td style="vertical-align:middle;width:36.31%;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:10.5pt;text-align:center;margin:0pt;">No material impact; AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with the Company&#8217;s R&amp;D and technological level</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Product stability</p></td><td style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">Product production process</p></td><td style="vertical-align:middle;width:36.31%;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:10.5pt;text-align:center;margin:0pt;">No material impact; AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with the stability of the Company&#8217;s production and processes</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Ability to continuously supply products</p></td><td style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">Partnership with the Company; cooperation history; the Company&#8217;s capability for production </p></td><td style="vertical-align:middle;width:36.31%;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:10.5pt;text-align:center;margin:0pt;">AXT has maintained cooperation with overseas customers for many years, and AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with the Company&#8217;s production capacity and ability to continuously supply products</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">31</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="1" style="vertical-align:middle;width:15.81%;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;"></td><td style="vertical-align:middle;width:16.78%;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;"></td><td style="vertical-align:top;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">and prompt response</p></td><td style="vertical-align:middle;width:36.31%;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;"></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">Management method</p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Some customers have a catalog of eligible suppliers</p></td><td style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">Complete and maintain the customer&#8217;s eligibility review procedures in accordance with the customer&#8217;s supplier management mode and relevant regulations</p></td><td style="vertical-align:middle;width:36.31%;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:10.5pt;text-align:center;margin:0pt;">No material impact; AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with the Company&#8217;s ability to complete and maintain the customer&#8217;s eligibility review procedures in accordance with the customer&#8217;s supplier management rules and relevant regulations</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.81%;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:10.5pt;text-align:center;margin:0pt;">Relevant agreement clauses</p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Quality management, process requirements and change notification</p></td><td style="vertical-align:middle;width:15.81%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Comply with the customer&#8217;s supplier management manual or agreement</p></td><td style="vertical-align:middle;width:36.31%;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:10.5pt;text-align:center;margin:0pt;">No material impact; AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with whether the Company complies with the customer&#8217;s supplier management manual or agreement</p></td><td style="vertical-align:middle;width:15.26%;border-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:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on the analysis in the above table, AXT has been maintaining cooperation with key overseas customers for many years, and at the time of business transfer, maintaining its status as the Company&#8217;s controlling shareholder has reduced the costs of communication of the Company and the customer, which enables the customer to provide coordination and assistance to a greater extent. However, when it comes to customer certification, AXT&#8217;s status as the Company&#8217;s controlling shareholder will not directly affect the Company&#8217;s actual production lines or the performance and process stability of its products. Thus, despite the change of controlling shareholder, the customer does not need to re-certify the Company&#8217;s products. In addition, the Company has not made any covenant to the customer that AXT will maintain the status as its controlling shareholder in any contract or order signed by and between the Company and the customer.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">32</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Take Mo Sangyo Co, Ltd. for example</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">By taking the Company&#8217;s customer Mo Sangyo Co, Ltd. for example, according to the statement issued by Mo Sangyo Co, Ltd., as a trader in Japan, it provides semiconductor substrates mainly to Dowa Holdings Co., Ltd. (the world-renowned semiconductor materials enterprise established in 1937), ROHM (the world-renowned semiconductor enterprise established in 1958) and SONY (the world-renowned tech company established in 1946).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Mo Sangyo Co, Ltd. has executed agreements with the said customer, and has purchased relevant products from the Company. The Company does not have any direct business dealing with its downstream customers. The said end customer needs products that meet its performance and parameter requirements, and the relevant delivery obligations, risks and responsibilities are for the account of Mo Sangyo Co, Ltd., the trader in Japan. Based on the above judgment, it has relatively low requirements for sellers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(5) The Company has not obtained any business by relying on the controlling shareholder</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) AXT-Tongmei is not obligated to notify any customer (other than Osram) of any change of control</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on the management of the semiconductor substrates industry, the customer&#8217;s management of suppliers and the relevant agreements with the customer, AXT-Tongmei is not obligated to notify any customer (other than Osram) of any change of control. According to Osram&#8217;s supplier manual, any supplier that experiences change of control shall notify it thereof; AXT clearly notified Osram via email and by telephone in March 2021, and received the confirmation from Osram via email. Currently, the Issuer and the intermediary have confirmed with Osram the change of the controlling shareholder of AXT-Tongmei into Beijing Tongmei, and obtained confirmation from Osram that: the above matter will not affect the cooperation between Osram and AXT-Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company is not required to notify overseas customers (other than </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">33</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Osram) of change of control of AXT-Tongmei, and the change of control of its supplier does not affect the normal course of the transaction between the parties. Thus, it can be seen that the choice of the customer to purchase products from the supplier does not depend on the background of the customer, the supplier or the de facto controller, but mainly depends on whether its products can pass customer certification.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Confirmation of interviews with key overseas customers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The intermediary interviewed Osram, Customer C, LandMark Optoelectronics, VPEC, VISHAY SEMICONDUCTOR GmbH, Mo Sangyo Co, Ltd., IQE, WIN Semiconductors and AUK CORPORATION (the revenue of such customers in 2020 represents, in aggregate, 76.52% of the sales generated by the Company through AXT) respectively from May 3 to 8, 2022, details of which upon confirmation of such customers are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The cooperation between the customer and the Issuer mainly depends on the certification of the Issuer&#8217;s products, and the stable performance, good quality and timely supply of the products manufactured by the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> If the production site and production line of the Issuer remain unchanged, the selection of any entity to sell the products manufactured by the Issuer does not affect the cooperation between the Issuer and the customer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> The Issuer is not required to notify the customer of the change of shareholder of AXT-Tongmei. (Osram has re-confirmed and informed that such matter does not affect its cooperation with AXT-Tongmei)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9315;</font><font style="font-size:12pt;"> AXT has been replaced by AXT-Tongmei in the customer&#8217;s supplier system.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Industry particulars</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The prospectus of National Silicon Industry Group (&#8220;</font><b style="font-size:12pt;font-weight:bold;">NSIG</b><font style="font-size:12pt;">&#8221;) demonstrates that: &#8220;Semiconductor silicon wafer is the core material for chip manufacturing, and the chip manufacturer has extremely high requirements in terms of the quality of semiconductor silicon wafers and is very prudent in supplier selection. According to industry practices, a manufacturer may only be included in the supply chain after certification of the semiconductor silicon wafer products. Once the products pass the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">34</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">certification, the chip manufacturer will not easily change the supplier.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The reply to the first-round feedbacks given by SICC shows that: &#8220;During the verification of 4-inch semi-insulating silicon carbide substrates, the Company discussed with the customer with respect to specific product parameters, e.g. microtubule, warpage and bending, and used the product parameters to benchmark the testing equipment and testing standards of the parties. After the product and technical parameters of the Company met any key customer&#8217;s standards, the Company supplied a small batch of goods to the key customer, and the customer conducted internal certification of such goods, so as to verify whether its epitaxial wafer and chip tape-out meet its product performance requirements. During the certification process, the parties continued to conduct technical communication, and the customer placed orders in batch upon such verification.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Thus, it can be seen that the choice of the customer to purchase products from the supplier mainly depends on whether its products can pass customer certification.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, AXT&#8217;s status as the controlling shareholder of the Company has a positive impact on the successful business transfer, but does not constitute a precondition or necessary requirement for successful business transfer, nor does it constitute a precondition or necessary requirement for continuous cooperation with the Company. The Company has not obtained any business by relying on the controlling shareholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Supplier</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) Factors that the supplier takes into account in establishing cooperation with the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The factors that the supplier takes into account in establishing cooperation with the Company mainly include purchasing stability, the Company&#8217;s market position, purchasing price and payment cycle, details of which are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.3002701%;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:normal;width:18.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Key factor</b></p></td><td style="vertical-align:middle;width:72.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Particular case</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Purchasing stability</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The supplier will take into account the Company&#8217;s purchasing stability in choosing to cooperate with the Company. The purchasing stability involves purchase quantity and amount and is closely associated with </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">35</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.3002701%;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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;"></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">the Company&#8217;s production lines, production capacity and production yield.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company&#8217;s market position</p></td><td style="vertical-align:middle;width:72.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The supplier will take into account the Company&#8217;s market position in choosing to cooperate with the Company. Generally, the supplier&#8217;s products need to pass the verification and test by the downstream customer or ultimate brand in terms of reliability, function, resistance in harsh environment before inclusion in its supplier catalog. Thus, if the supplier can be included in the supplier catalog of well-known customers, its industry reputation will also be enhanced.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.37%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Purchasing price and payment cycle</p></td><td style="vertical-align:middle;width:72.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The supplier will consider the purchasing price of the Company in choosing to cooperate with the Company. Generally, the supplier would prefer to cooperate with price-insensitive customers. On the other hand, customers with short payment period are able to alleviate the financial pressure of the supplier to a great extent, thus the supplier will prefer to cooperate with customers with short payment period.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) Method of the customer&#8217;s management of suppliers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company implements management measures with respect to overseas suppliers, and conducts certification of the suppliers&#8217; products. The Company will coordinate global sourcing by taking into account such factors as supplier quotation, supply capacity and product quality.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) Relevant agreement clauses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The relevant agreement clauses agreed between the Company and key overseas suppliers and orders signed by and between the parties provide as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-11.442333%;width:122.88%;" align="center"><tr><td style="vertical-align:middle;width:13.02%;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 -4.2pt 0pt -4.2pt;"><b style="font-weight:bold;">Supplier</b></p></td><td style="vertical-align:middle;width:12.2%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt -4.2pt 0pt -4.2pt;"><b style="font-weight:bold;">Management clauses</b></p></td><td style="vertical-align:middle;width:18.18%;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:9pt;text-align:center;margin:0pt -4.2pt 0pt -4.2pt;"><b style="font-weight:bold;">International trade arrangements</b></p></td><td style="vertical-align:middle;width:16.54%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt -4.2pt 0pt -4.2pt;"><b style="font-weight:bold;">Supply cycle</b></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: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 -4.2pt 0pt -4.2pt;"><b style="font-weight:bold;">Quality management</b></p></td><td style="vertical-align:middle;width:13.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt -4.2pt 0pt -4.2pt;"><b style="font-weight:bold;">Obligations to be assumed by the Company</b></p></td></tr><tr style="height:47.3pt;"><td style="vertical-align:middle;width:13.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">TOKO SHOJI&amp;CO,LTD</p></td><td style="vertical-align:middle;width:12.2%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;"><i style="font-style:italic;">Supplier Management Regulations </i>and orders signed by the parties</p></td><td style="vertical-align:middle;width:18.18%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">1. Sea transport;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">2. Notification before shipment;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">3. The supplier shall deliver all products and provide all services in compliance with all applicable national and international export control, customs and foreign trade regulations (the &#8220;<b style="font-weight:bold;">Foreign Trade Regulations</b>&#8221;). The </p></td><td style="vertical-align:middle;width:16.54%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">1. If any order cannot be executed, the supplier shall notify the Company within three (3) days thereof;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">2. In case of damaged packaging of, collision against or rain damage to the imported goods and materials during transport, the Company shall </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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">1. The product packing list shall indicate the supplier&#8217;s name, material description, specifications, quantity, place of arrival, transportation method and pricing clause;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">2. Coordinate with the purchaser and IQC to confirm the quality of the products that have arrived at the place of arrival. IQC shall confirm the quality of Type A and Type B key materials in accordance with the <i style="font-style:italic;">Inspection Procedures for </i></p></td><td style="vertical-align:middle;width:13.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">The Company shall make timely payments as per the relevant order;</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">36</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-11.442333%;width:122.88%;" align="center"><tr style="height:47.3pt;"><td style="vertical-align:middle;width:13.02%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:12.2%;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;"></td><td style="vertical-align:top;width:18.18%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">supplier shall obtain all necessary export permits;</p></td><td style="vertical-align:top;width:16.54%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">coordinate with the carrier to deal with claims. In the event of delayed delivery or other transportation problems, the Company shall pursue a claim in accordance with contractual clauses based on the degree of impact caused thereby to the production schedule of the Company;</p></td><td style="vertical-align:top;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;"><i style="font-style:italic;">Incoming Materials</i>. In case the products supplied by any non-ASL supplier do not meet the quality requirements, the Company may replace or return such products or pursue a claim therefor;</p></td><td style="vertical-align:middle;width:13.8%;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 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:27.9pt;"><td style="vertical-align:middle;width:13.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">YONEDA CORPORATION</p></td><td style="vertical-align:middle;width:12.2%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;"><i style="font-style:italic;">Supplier Management Regulations</i> and orders signed by the parties</p></td><td style="vertical-align:middle;width:18.18%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">1. CIP;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">2. The supplier shall deliver all products and provide all services in compliance with all applicable national and international export control, customs and foreign trade regulations (the &#8220;<b style="font-weight:bold;">Foreign Trade Regulations</b>&#8221;). The supplier shall obtain all necessary export permits;</p></td><td style="vertical-align:middle;width:16.54%;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:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">1. If any order cannot be executed, the supplier shall notify the Company within three (3) days thereof;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">2. In case of damaged packaging of, collision against or rain damage to the imported goods and materials during transport, the Company shall coordinate with the carrier to deal with claims. In the event of delayed delivery or other transportation problems, the Company shall pursue a claim in accordance with contractual clauses based on the degree of impact caused thereby to the production schedule of the Company;</p></td><td style="vertical-align:middle;width:26.23%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">1. The product packing list shall indicate the supplier&#8217;s name, material description, specifications, quantity, date and place of arrival, transportation method and pricing clause;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">2. Coordinate with the purchaser and IQC to confirm the quality of the products that have arrived at the place of arrival. IQC shall confirm the quality of Type A and Type B key materials in accordance with the <i style="font-style:italic;">Inspection Procedures for Incoming Materials</i>. In case the products supplied by any non-ASL supplier do not meet the quality requirements, the Company may replace or return such products or pursue a claim therefor;</p></td><td style="vertical-align:middle;width:13.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">1. Payment 30 days after arrival;</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt -4.2pt 0pt -4.2pt;">2. The Company shall make timely payments as per the relevant order;</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">By taking into account the clauses of relevant agreements executed by and </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">37</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">between TOKO SHOJI&amp;CO,LTD, YONEDA CORPORATION and other key overseas suppliers and the Company, the cooperation between the Company and the supplier mainly focuses on the Foreign Trade Regulations, price, date of arrival, product quality and payment method, and the Company is not obligated to notify the supplier of the change of shareholder of AXT-Tongmei. Upon completion of the business transfer, the Company still has a global sourcing system and keeps close cooperation with overseas suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(4) The role of AXT in maintaining the status as the Company&#8217;s controlling shareholder</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Through comprehensive analysis, the role of AXT in maintaining the status as the Company&#8217;s controlling shareholder during the transfer of the supplier&#8217;s business is summarized as follows:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:middle;width:15.4%;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:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Key indicator to be taken into consideration</b></p></td><td style="vertical-align:middle;width:15.12%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Core factor</b></p></td><td style="vertical-align:middle;width:36.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">The role of AXT in maintaining the status as the Company&#8217;s controlling shareholder during the transfer of the supplier&#8217;s business</b></p></td><td style="vertical-align:top;width:15.74%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Whether or not the supplier&#8217;s core interests are involved</b></p></td></tr><tr><td rowspan="3" style="vertical-align:middle;width:15.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Factors taken into account in establishing cooperation</p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Purchasing stability</p></td><td style="vertical-align:middle;width:15.12%;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:10.5pt;text-align:center;margin:0pt;">Production lines, production capacity and production yield</p></td><td style="vertical-align:middle;width:36.93%;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:10.5pt;text-align:center;margin:0pt;">No material impact; AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with production lines, production capacity and production yield</p></td><td style="vertical-align:middle;width:15.74%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr><tr><td style="display:none;vertical-align:middle;width:15.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">The Company&#8217;s market position</p></td><td style="vertical-align:middle;width:15.12%;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:10.5pt;text-align:center;margin:0pt;">The Customer&#8217;s industry reputation</p></td><td style="vertical-align:middle;width:36.93%;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:10.5pt;text-align:center;margin:0pt;">The capacity as a qualified supplier of AXT, a company listed on NASDAQ, can enhance the industry reputation of the supplier.</p></td><td style="vertical-align:middle;width:15.74%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr><td style="display:none;vertical-align:middle;width:15.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Purchasing price and payment cycle</p></td><td style="vertical-align:middle;width:15.12%;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:10.5pt;text-align:center;margin:0pt;">The Company&#8217;s willingness and ability to make payments</p></td><td style="vertical-align:middle;width:36.93%;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:10.5pt;text-align:center;margin:0pt;">No material impact; AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with the Company&#8217;s willingness and ability to make payments</p></td><td style="vertical-align:middle;width:15.74%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr><tr><td style="vertical-align:middle;width:15.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Management method</p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">The supplier does not have any </p></td><td style="vertical-align:middle;width:15.12%;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:10.5pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:36.93%;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:10.5pt;text-align:center;margin:0pt;">No material impact; the Company has coordinated global sourcing and provided alternative solutions </p></td><td style="vertical-align:middle;width:15.74%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">38</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:middle;width:15.4%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">management requirements for the Company</p></td><td style="vertical-align:middle;width:15.12%;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;"></td><td style="vertical-align:top;width:36.93%;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:10.5pt;text-align:center;margin:0pt;">by taking into account purchasing price, exchange rate impact, supply cycle and other factors, and has cooperated with overseas suppliers in the purchaser&#8217;s market</p></td><td style="vertical-align:middle;width:15.74%;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 5.15pt;"></td></tr><tr><td style="vertical-align:middle;width:15.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Relevant agreement clauses</p></td><td style="vertical-align:middle;width:16.78%;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:10.5pt;text-align:center;margin:0pt;">Agreement clauses regarding the Company&#8217;s management of the supplier</p></td><td style="vertical-align:middle;width:15.12%;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:10.5pt;text-align:center;margin:0pt;">Whether or not the supplier complies with the Company&#8217;s supplier management regulations</p></td><td style="vertical-align:middle;width:36.93%;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:10.5pt;text-align:center;margin:0pt;">No material impact; AXT&#8217;s status as the Company&#8217;s controlling shareholder is not directly associated with whether the supplier complies with the Company&#8217;s supplier management regulations</p></td><td style="vertical-align:middle;width:15.74%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on the analysis in the above table, the status of AXT (a company listed on NASDAQ) as the controlling shareholder of the Company can enhance the supplier&#8217;s industry reputation. During the process of business transfer, the supplier will give full consideration to AXT&#8217;s market positioning and brand effect, and the costs of communication between the parties will be reduced. In addition, AXT&#8217;s status as the controlling shareholder of the Company will not affect the business transfer between the Company and the supplier.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(5) US-based suppliers do not have special requirements for the background of shareholders of their customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon business transfer, the Company arranges for its subsidiary AXT-Tongmei to purchase products in the United States, and domestic purchases and purchases in other overseas regions are for the account of the Company and domestic subsidiaries. The Company&#8217;s suppliers in the United States are relatively dispersed. The raw materials supplied by such suppliers are mainly auxiliary materials for production lines, and the suppliers do not have special requirements for the background of shareholders of their customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Toc102920852"></a><a name="_Toc32537"></a><a name="_Toc102942135"></a><a name="_Toc444"></a><b style="font-size:12pt;font-weight:bold;">(IV) New customers acquired by the Company and the amount of newly signed orders after the business transfer, and the method of acquiring new customers and newly signed orders, as well as whether the Company&#8217;s </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">39</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">controlling shareholder and relevant personnel have actually provided any support or convenience for the Company to acquire customers;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. New customers acquired by the Company and the amount of newly signed orders after the business transfer, and the method of acquiring new customers and newly signed orders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the business transfer, AXT-Tongmei signed new contracts or orders with all overseas customers to continue the cooperative relationships. In 2021, the Company achieved revenues of RMB341.7283 million with its overseas semiconductor substrate material business (calculated based on the current sales volume as well as the annual average export selling price of substrate materials of various sizes in 2020), a YoY growth of 21.10%. The acquisition of new orders came from the continuation of the cooperative relationships.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the business transfer, the Company also acquired some new customers both at home and abroad. However, as the Company is the world&#8217;s mainstream III-V compound semiconductor substrate supplier, most of the downstream manufacturers with a certain scale around the world have become the Company&#8217;s customers, details of which are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-9.726704%;width:119.45%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.38%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main downstream application sectors</b></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Name of customer</b></p></td><td style="vertical-align:middle;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">Position in the industry</b></p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Some of its major downstream customers</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">5G, data centers, and optical fiber communications</p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">LandMark Optoelectronics</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">The world&#8217;s largest III-V compound semiconductor epitaxy manufacturer</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Lumentum and Apple</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Win Semiconductors</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">The world&#8217;s largest GaAs wafer foundry</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Apple, Broadcom</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">IQE</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A listed British company, and the world&#8217;s second largest III-V compound semiconductor epitaxy manufacturer</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Apple</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Broadcom</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A world-renowned supplier of semiconductor and infrastructure products in the sectors of RF, communications and LED</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Apple</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Qorvo</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A world-renowned communications and RF chip company</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Apple </p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Skyworks</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A world-renowned communications and RF chip company</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Apple, Samsung, Xiaomi, OPPO and </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">40</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-9.726704%;width:119.45%;" align="center"><tr style="height:19.85pt;"><td rowspan="1" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:20.05%;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;"></td><td style="vertical-align:top;width:40.51%;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;"></td><td style="vertical-align:top;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">VIVO</p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">New-generation displays (including Mini LED and Micro LED)</p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Osram</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">One of the world&#8217;s top two optoelectronic semiconductor manufacturers, with outstanding products in the LED sector</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Volkswagen Group, BMW Group, Daimler Group, GM Group and Toyota Group</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Broadcom</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A world-renowned supplier of semiconductor and infrastructure products in the sectors of RF, communications and LED</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Siemens</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Epistar</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A world-renowned LED fab</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Apple</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">San&#8217;an Optoelectronics</p></td><td style="vertical-align:top;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A world-renowned LED company</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">TCL and CSOT</p></td></tr><tr style="height:55.35pt;"><td rowspan="4" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">AI and unmanned driving</p></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">LandMark Optoelectronics</p></td><td style="vertical-align:middle;width:40.51%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">The world&#8217;s largest III-V compound semiconductor epitaxy manufacturer</p></td><td style="vertical-align:middle;width:23.04%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Apple and Broadcom</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New 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style="vertical-align:middle;width:16.38%;border-bottom: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:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:122.38%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Excelitas</p></td><td style="vertical-align:top;width:247.23%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A world-renowned laser sensor chip company</p></td><td style="vertical-align:middle;width:140.59%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Tesla</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom: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:10.5pt;line-height:1.79;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:122.38%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Everbright Photonics</p></td><td style="vertical-align:top;width:247.23%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">A renowned Chinese semiconductor laser chip, device and module manufacturer</p></td><td style="vertical-align:middle;width:140.59%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Max Phonics, Feibo Laser and Raycus</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">Note: Sorted out according to public information</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the current purchase amount of new customers is still small, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;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;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><a name="_Hlk102204929"></a><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">Customer name</b></p></td><td style="vertical-align:middle;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main sales contents</b></p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country</b></p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Starting time of cooperation</b></p></td><td style="vertical-align:middle;width:15.79%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Realized revenues since transfer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">1</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Gusu Lab</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">InP and GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">China</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">July 21, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">188.24</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">2</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Shanghai Advanced Microsemi Co., Ltd.</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">InP and GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">China</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">July 27, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">95.76</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">3</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">AREA51-ESG, INC.</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">USA</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">April 19, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">73.21</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">4</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Zhongke Nano Zhangjiagang Institute of Compound Semiconductors</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">China</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">March 17, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">53.32</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">5</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Xiamen AiErFa Technology Co., Ltd.</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">InP and GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">China</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">June 17, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">47.25</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">6</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Suzhou Jiagang Semiconductor CO., LTD.</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">China</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">March 18, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">46.24</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">7</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">ASTRUM LT</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Czech Republic</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">March 2, 2022</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">18.22</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">8</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Zhejiang Lab</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">GaAs and Germanium substrates</p></td><td style="vertical-align:top;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">China</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">June 22, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">12.63</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">9</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Wuxi Zhongke Dexin Perception Technology Co., Ltd.</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">InP and GaAs substrates</p></td><td style="vertical-align:top;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">China</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">November 14, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">11.50</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">42</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">10</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">UNIVERSITY OF ADELAIDE</p></td><td style="vertical-align:top;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">GaAs substrates</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Australia</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">September 9, 2021</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">10.16</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:7.9%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">11</p></td><td style="vertical-align:middle;width:30.35%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Other</p></td><td style="vertical-align:middle;width:15.81%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.78%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;">-</p></td><td style="vertical-align:middle;width:18.34%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">-</p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;">82.75</p></td></tr><tr style="height:19.85pt;"><td colspan="5" style="vertical-align:middle;width:84.2%;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:10.5pt;line-height:1.79;text-align:center;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.79%;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:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">639.29</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:7.8pt 0pt 0pt 0pt;"><font style="font-size:12pt;">Up to now, the total amount of backlog orders from the foregoing customers is RMB1.949 million, which is relatively small. The foregoing customer development is mainly for domestic customers. The main reason is that with the rapid development of the domestic compound semiconductor industry in recent years, the Company has gradually shifted its strategic focus of business to China; during the reporting period, the Company&#8217;s revenues from domestic business accounted for 39.35%, 42.37% and 51.17% of the business revenue respectively, and the proportion of domestic business has been increasing year by year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:7.8pt 0pt 0pt 0pt;"><font style="font-size:12pt;">The ways the Company acquires the foregoing new customers include: 1) The Company has a high reputation in the global III-V compound semiconductor sector, and some customers take the initiative to contact the Company to establish cooperative relationships; 2) the Company&#8217;s domestic and foreign sales teams have been developing new customers independently by participating in expos, taking initiative to visit new customers and other means.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether the Company&#8217;s controlling shareholder and relevant personnel have actually provided any support or convenience for the Company to acquire customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the business transfer, AXT terminated the labor relationships with its purchase, sales, R&amp;D and other relevant personnel, and AXT-Tongmei re-signed labor agreements with the foregoing personnel. Pursuant to the legal opinion on AXT issued by </font><b style="font-size:12pt;font-weight:bold;">Burks Johansson LLP, a U.S. law firm</b><font style="font-size:12pt;">, and the explanation of AXT, AXT has three employees for the time being. Wherein, MORRIS SHEN-SHIH YOUNG serves as the CEO, Gary L. Fischer serves as the CFO and Secretary, and Alan Chan serves as the Vice President of Finance and Corporate Controller. Except MORRIS SHEN-SHIH YOUNG, the Chairman of AXT, the other two employees are mainly responsible for financial management and information disclosure, and have nothing to do with marketing and sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, after the business transfer, the Company developed some new </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">43</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">customers. During the process of new customer development, AXT and its relevant personnel did not actually provide any support or convenience for the Company to acquire customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Explain the impact of the change of shareholder of AXT-Tongmei on sales and purchases by taking into account the relevant industry practices of the semiconductor industry and international trade policies;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Relevant industry practices of the semiconductor industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Sales business</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The prospectus of NSIG demonstrates that: &#8220;Semiconductor silicon wafer is the core material for chip manufacturing, and the chip manufacturer has extremely high requirements in terms of the quality of semiconductor silicon wafers and is very prudent in supplier selection. According to industry practices, a manufacturer may only be included in the supply chain after certification of the semiconductor silicon wafer products. Once the products pass the certification, the chip manufacturer will not easily change the supplier.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The reply to the first-round feedbacks given by SICC shows that: &#8220;During the verification of 4-inch semi-insulating silicon carbide substrates, the Company discussed with the customer with respect to specific product parameters, e.g. microtubule, warpage and bending, and used the product parameters to benchmark the testing equipment and testing standards of the parties. After the product and technical parameters of the Company met any key customer&#8217;s standards, the Company supplied a small batch of goods to the key customer, and the customer conducted internal certification of such goods, so as to verify whether its epitaxial wafer and chip tape-out meet its product performance requirements. During the certification process, the parties continued to conduct technical communication, and the customer placed orders in batch upon such verification.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the above that in the semiconductor material industry, the certification by customers for semiconductor substrate materials is mainly based on the certification of the performance and parameters of substrate products. It is mainly the production line that needs to be inspected on site, while the change in the shareholder will not affect the effectiveness of customer certification.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">44</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, as shown by the case of the acquisition of companies in the semiconductor industry by Wingtech and Secote, there have been no material adverse impact on the business of their acquisition targets just because the shareholders were changed into Chinese companies. Details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Wingtech&#8217;s acquisition of Nexperia Group</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to an announcement of Wingtech (600745.SH), in July 2020, it completed the acquisition of 100% equity of Nexperia Group. Headquartered in Nijmegen, the Netherlands, Nexperia Group is a world&#8217;s leading standard device semiconductor IDM company, focusing on the design, production and sale of discrete devices, logic devices and MOSFET devices, with its products widely used in automobiles, industry and energy, mobile and wearable devices, consumer products, computers and other sectors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to public information of Wingtech, from 2019 to 2021, the sales revenue of Nexperia Group was RMB10.307 billion, RMB9.953 billion and RMB13.914 billion respectively, and its customers are distributed all over the world. It can be seen that after it was acquired by the Chinese company Wingtech in July 2020, its sales revenue in 2021 grew significantly, and there was no material adverse impact on its sales revenues just because its shareholder is changed into a Chinese company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Secote&#8217;s acquisition of Optima</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to an announcement of Secote (600745.SH), in June 2019, it completed the acquisition of 67.53% equity of Optima, a Japanese company. Optima is mainly engaged in the development, manufacture, sale and service business of semiconductor inspection equipment and exposure equipment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to public information of Secote, before the acquisition, from January to March 2019, the unaudited operating revenue of Optima was RMB48.1624 million. After the acquisition, from August to December 2019, Optima achieved an operating revenue of RMB85.8231 million, and there was no material adverse impact on its business and revenue just because its shareholder is changed into a Chinese company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. International trade policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the WTO Rules of Origin, before and after the business transfer, regardless of whether the Company&#8217;s export products are sold overseas through AXT or through AXT-Tongmei and whether the shareholders of AXT-Tongmei have </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">45</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">changed, the &#8220;origin&#8221; of the products sold by the Company remains China, and overseas customers that need to inspect the production line should go to the Chinese factory for field inspection. Similarly, the raw materials purchased by the Company in the United States, whether purchased by AXT or AXT-Tongmei, need to be re-exported to China by it, and the origin of such raw materials is also not affected by the purchaser.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In recent years, as the international trade situation has been complicated, the U.S. government has promulgated a series of import and export control policies against China in the semiconductor sector, mainly including: Investigating China&#8217;s trade practices in accordance with Section 301 of the </font><i style="font-size:12pt;font-style:italic;">Trade Act of 1974</i><font style="font-size:12pt;">. In terms of import, additional tariffs have been imposed on importing Chinese goods since then, including semiconductors; in terms of export, the U.S. Department of Commerce has included several Chinese companies, on the &#8220;Entity List&#8221;, to control and restrict the export of relevant semiconductor products to them; the U.S. Department of Commerce has released the latest version of the </font><i style="font-size:12pt;font-style:italic;">Export Administration Regulations </i><font style="font-size:12pt;">and revised the direct product rules therein, further restricting the sale of products, equipment, raw materials, </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;"> produced in the United States or containing U.S. semiconductor technologies to some Chinese semiconductor companies. In terms of import, the Chinese government, as stipulated in the </font><i style="font-size:12pt;font-style:italic;">Catalogue of Technologies and Products Whose Import Is Encouraged (2016 Edition)</i><font style="font-size:12pt;">, provides that semiconductor-related materials and technologies are categorized as relevant products and technologies that China encourages to import; in terms of export, except for those that are explicitly banned or restricted by laws and regulations as they endanger national security, China has not yet issued any relevant regulations to ban or restrict the export of semiconductor products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Thus, when the Company exports its products to the United States, except for being subject to additional tariffs imposed by the United States, it is not subject to any other restrictions imposed by either the Chinese government or the US government. Similarly, the Company&#8217;s import of relevant equipment and raw materials from the United States is not subject to relevant restrictions by both governments either. In the event that the U.S. government takes any other import control measures against products originating in China in the semiconductor sector in the future, or further restricts the export of relevant equipment and materials required by the Company to </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">46</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">China, or the Chinese government issues relevant bans or restrictions on the export of semiconductor products to the United States in the future, the Company&#8217;s overseas sales and purchase business will be affected.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, AXT-Tongmei is a company registered in the United States, and the change in its shareholders will neither change the origin of the Company&#8217;s products it sells or the raw materials it purchases, nor have any extra impact on the Company&#8217;s purchase and sales in terms of international trade policies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(VI) Whether the Company relies upon AXT, satisfies independence requirements and has taken specified standard measures to guarantee the independence and the effectiveness thereof by taking into account the above questions.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on the foregoing arguments:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. After the business transfer, the Issuer&#8217;s production, supply and sales system has become independent and complete.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. In accordance with industry practices, agreements with customers and suppliers, customer certification procedures and other requirements, regarding the change of the shareholder of AXT-Tongmei into the Issuer, except Osram, the Company is not obliged to notify relevant parties, and the Company has already fulfilled the obligation of notification to Osram and has obtained its reply as confirmation. The change of the shareholder of AXT-Tongmei will not have a substantial impact on agreement clauses, product production, delivery and shipment, products and customer certification, </font><i style="font-size:12pt;font-style:italic;">etc.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. To avoid any misunderstanding of overseas customers and suppliers, AXT has issued an announcement on NASDAQ on the Company&#8217;s acquisition of AXT-Tongmei. So far, AXT-Tongmei has maintained a good partnership with overseas customers, and the relevant parties have not raised any objection to the cooperation between the parties in relation to this business transfer and the announcement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. Factors taken into account by customers and suppliers in establishing cooperation with the Company are mainly the performance and stability of products produced by the Company, the Company&#8217;s ability to continuously supply products, purchasing stability, market position, purchasing price, payment cycle and other factors. AXT&#8217;s status as the controlling shareholder of the Company has a positive impact on the business transfer, but does not constitute a precondition or necessary </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">47</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">requirement for successful business transfer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. After the business transfer, the Company developed some new customers on the premise of satisfying the orders and deliveries for the main original customers. In the process of new customer development, AXT and its relevant personnel did not provide any actual support or convenience for the Company to acquire customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. According to industry practices in the sector of semiconductor materials, the certification by customers for semiconductor substrate materials is mainly based on the certification of the performance and parameters of substrate products. It is mainly the production line that needs to be inspected on site, while the change in the shareholder will not affect the effectiveness of customer certification. As long as the other conditions remain unchanged, the change of the shareholder will not have any material adverse impact on the Company&#8217;s business.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7. The change of the shareholder of AXT-Tongmei will neither change the origin of the Company&#8217;s products it sells, nor change the origin of the goods it purchases in the United States. Thus, it will not have any extra impact on the purchase and sale of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company does not rely on AXT and meets the requirements for independence.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT has taken the following measures to guarantee the Company&#8217;s business independence:</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:24pt;"><font style="font-size:12pt;font-weight:bold;white-space:nowrap;">1.&#160;</font><b style="font-size:12pt;font-weight:bold;">Only retained personnel related to the listing status without engaging in any specific business</b></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the business transfer, AXT terminated the labor relationships with its purchase, sales, R&amp;D and other relevant personnel, and AXT-Tongmei re-signed labor agreements with the foregoing personnel. AXT only retained the necessary personnel to be responsible for information disclosure, investor relations, financial affairs, </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;"> in the U.S. capital market. And AXT also only retained its listing status on NASDAQ, and no longer engaged in specific business operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Transferred the overseas sales and purchase business to AXT-Tongmei</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the business transfer, the overseas sales business and purchase business in the United States were undertaken by AXT-Tongmei, who would directly sign orders and cooperate with overseas end customers and suppliers, and the cooperation between AXT and the foregoing customers was also terminated after relevant orders </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">48</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">were completed. The Issuer has established and improved a complete production, supply and marketing system, operates independently, and has no competition with the controlling shareholder and other peer companies controlled by the controlling shareholder.</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:24.1pt;"><font style="font-size:12pt;font-weight:bold;white-space:nowrap;">3.&#160;</font><b style="font-size:12pt;font-weight:bold;">Granted the Company patents, technologies, trademarks and other intellectual property rights necessary for production and operation</b></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of May 31, 2022, the Issuer had 60 invention patents in total, including 51 domestic invention patents and 9 overseas invention patents. The Issuer&#8217;s relevant core technologies and the foregoing patents were all formed by independent research and development. The granted patents, pending patents and intellectual property rights granted by AXT to the Issuers were mainly formed before 2010, which was quite early and does not have any critical impact on the current production and operation of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, on April 16, 2020, AXT and M entered into a </font><i style="font-size:12pt;font-style:italic;">Cross-licensing and Non-prosecution Agreement</i><font style="font-size:12pt;">, under which: M and AXT grant a cross license to each other and the entities under their respective control for patents filed prior to December 31, 2029 (inclusive). This agreement is intended to avoid patent infringement and litigation, hence preventing lawsuits initiated by the parties. We have not used relevant patents licensed by M in our actual production and operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The patented technologies licensed by AXT to the Issuer are mainly related to gallium arsenide substrates and germanium substrates, but are not related to indium phosphide substrates, PBN materials, and other high-purity materials. Armanino LLP valued the fair value of such patents by using the income approach. According to the </font><i style="font-size:12pt;font-style:italic;">Intangible Assets Evaluation Report</i><font style="font-size:12pt;"> issued by Armanino LLP, in 2021, the technology commission rate is 15% (that is, the proportion of incomes from the patents licensed by AXT in the Issuer&#8217;s revenue realized by selling gallium arsenide substrates and germanium substrates), and it is reasonably predicted that this proportion will decrease at an annual rate of 1.5% over the next ten years. Based on the foregoing technology commission rate and the sales revenues from relevant products of the Company, the revenue of the Company from selling products manufactured with the patents granted by AXT accounted for a small proportion of 6.04% in the operating revenue of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For semiconductor substrate materials, the Issuer uses the AXT&#8217;s authorized </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">49</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">trademarks; for PBN crucibles and relevant materials, high-purity metals and compounds, the Issuer uses its own trademarks. AXT has already granted the Issuer its trademarks permanently; meanwhile, due to the low significance of trademarks in the semiconductor material sector, the type of trademark used does not have a significant impact on the Company&#8217;s business. Beijing Tongmei has successively obtained some registered trademarks since November 2021. Subsequently, the Company will also use its own registered trademarks for replacement on semiconductor substrate products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On November 4, 2021, AXT and the Company signed the </font><i style="font-size:12pt;font-style:italic;">Technology License Agreement</i><font style="font-size:12pt;">, stipulating that: AXT shall grant the Issuer and its controlled subsidiaries all the authorized patents and patents in application, intellectual property rights (</font><i style="font-size:12pt;font-style:italic;">i.e.</i><font style="font-size:12pt;"> technical trade secrets, contracting rights and licensing rights and other existing and/or future technical property rights, as updated and extended) owned by AXT for use; the scope of licensing shall cover the manufacturing, use, sale, display, reproduction and distribution of GaAs, InP and germanium crystals and substrate products worldwide, and the licensing period shall be effective from January 1, 2021 and be valid in perpetuity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On November 4, 2021, the Company signed the </font><i style="font-size:12pt;font-style:italic;">Trademark License Agreement</i><font style="font-size:12pt;"> with AXT, stipulating that: AXT shall grant the Company and its subsidiaries the foregoing trademarks for free, as an integral part of the Company&#8217;s corporate name, for the production, marketing and sales of products. The licensing period shall be effective from March 1, 2021 and be valid in perpetuity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">At present, AXT uses its trademark mainly in its annual reports and other relevant disclosure documents, but does not use its trademark in specific business operation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">AXT has issued the following Letter of Undertaking concerning patents, trademarks, and other intellectual property rights:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> Except for M, without the consent of the Issuer, we will not use or authorize other third parties to use the relevant patents and other intellectual property rights licensed to the Issuer under the </font><i style="font-size:12pt;font-style:italic;">Technology License Agreement.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> Except for using relevant trademarks in external publicity and information disclosure, without the consent of the Issuer, we will not authorize other third parties to use the relevant trademarks licensed to the Issuer under the </font><i style="font-size:12pt;font-style:italic;">Trademark License Agreement</i><font style="font-size:12pt;">, and will not use such trademarks for business operation or other operating </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">50</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">purposes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> We will not unilaterally terminate the license of the technologies and trademarks above with the Issuer, so that the Issuer may use such patented technologies and trademarks on a long-lasting and stable basis.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9315;</font><font style="font-size:12pt;"> We will not use our patents, intellectual property rights, trademarks, or other resources for businesses or activities in competition with the main business of the Issuer, and will not authorize other third parties except for the Issuer and M for operating relevant businesses or activities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of assets, AXT has already granted the Company and controlled subsidiaries thereof its intellectual properties, authorized patents, pending patents and trademarks permanently. The asset property rights between the Issuer and the controlling shareholder and other companies controlled by it are clearly defined. The Issuer has the legal ownership or use right to the land, buildings, equipment, trademarks, patents and other intellectual property rights related to production and operation, and the Issuer&#8217;s assets are independent and complete.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Trademarks used by the Issuer&#8217;s products</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For semiconductor substrate materials, the Issuer uses AXT&#8217;s authorized trademark; for PBN crucibles and relevant materials, high-purity metals and compounds, the Issuer uses its own trademarks.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The specific use of the relevant assets and their significance to the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Patents</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To avoid horizontal competition, AXT has granted the Issuer its authorized patents, pending patents and other intellectual property rights under the premise of meeting the requirements of the US government. However, as the foregoing patented technologies were invented early, most of which were invented before 2010, they are no longer the Company&#8217;s core patents and technologies now; on the other hand, the foregoing patents mainly involve gallium arsenide and germanium substrate materials, without involving indium phosphide lining substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of May 31, 2022, the Issuer had 60 invention patents in total, including </font><b style="font-size:12pt;font-weight:bold;">51</b><font style="font-size:12pt;"> domestic invention patents and 9 overseas invention patents. The Issuer mainly relies on the technologies formed by its own research and development in production, and applies for relevant patents or forms technical secrets.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Trademarks</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">51</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On the one hand, Beijing Tongmei&#8217;s did not register its trademarks until November 2021 and even later; on the other hand, to ensure the continuity of the use of AXT&#8217;s trademarks, as a controlled subsidiary of AXT, the Company uses relevant trademark patterns mainly in daily management, in-factory signs, product packages, label cards, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of February 28, 2022, the Issuer and its controlled subsidiaries had obtained 23 registered trademarks in China; AXT had obtained 19 registered trademarks, and has granted the Company such registered trademarks for free use.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the semiconductor material sector, the Company&#8217;s customers are all production and manufacturing enterprises, who are mainly concerned about the performance, quality stability, etc. of products when purchasing them. The trademarks used by the Company for sales does not have any significant impact on its business, and the foregoing authorized trademarks are not necessary trademarks for the Company&#8217;s production and operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For instance, as publicly disclosed by Zecheng Electronics, a company in the semiconductor industry, &#8220;The Issuer is located in the middle of the electronic information manufacturing industry chain, and its products are modules and printed circuit boards, both of which are not terminal electronic products. Its downstream customers are mainly concerned about the Issuer&#8217;s R&amp;D, design and process capabilities as well as the performance, quality, etc. of its products, while the trademarks and brands of the Issuer&#8217;s products are less important.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, as disclosed by Wafer Works, a company in the semiconductor industry, &#8220;This trademark shared with Wafer Works is mainly used for the daily management of the company, in-factory signs, product packaging, etc. The Issuer and its subsidiaries are in the semiconductor material sector, and the Issuer does not reply on trademarks when carrying out its business. It is not a trademark necessary for the Issuer to produce and sell its main products.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Reasons for not investing in the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Regarding technology licensing, due to the cross-licensing agreement between AXT and M, there are restrictions on the transfer of patents by AXT. Besides, AXT&#8217;s patents cover countries and regions including Europe, the United States, Japan, South Korea, Taiwan, etc. Since 2021, various countries and regions have launched acts to strengthen the support for the semiconductor industry. Under this background, there </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">52</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">are a lot of restrictions on the cross-border transfer of relevant patents in the semiconductor area and there is great uncertainty in policies. Due to the above reasons, although AXT no longer has any actual business, the Issuer and AXT still undertake the patent use rights related to AXT by means of licensing rather than transfer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Regarding trademark licensing, since AXT itself is still a NASDAQ-listed company, relevant trademarks will still be used for public relations and information disclosure. To facilitate the integration of the Issuer&#8217;s sales business and meet the needs of AXT&#8217;s daily publicity and disclosure, AXT will grant the Issuer the trademark for free use. The licensing starts from March 1, 2021 and is permanently valid.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) Fairness of lease fee or royalty</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Patents</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The royalty for the technology that AXT grants to the Issuers include the intellectual property rights, authorized patents and pending patents owned by AXT. Such royalty is determined by both parties through negotiation in accordance with the </font><i style="font-size:12pt;font-style:italic;">Intangible Assets Appraisal Report</i><font style="font-size:12pt;"> issued by Armanino LLP, an overseas appraisal agency, where the appraisal value is USD1,228,000, the appraisal method is the income method, and the appraisal base date is January 1, 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to an appraisal report issued by Armanino LLP, an American appraisal agency, Armanino LLP has assessed the fair value of the right to use the patented technology by the income method. Main parameters of the fair value appraisal of the right to use the patented technology 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: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main parameters</b></p></td><td style="vertical-align:middle;width:64.2%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Note</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:10.5pt;text-align:center;margin:0pt;">Purpose of appraisal</p></td><td style="vertical-align:middle;width:64.2%;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:10.5pt;text-align:center;margin:0pt;">Fair value of the right to use granted patents and intellectual property rights</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:10.5pt;text-align:center;margin:0pt;">Appraisal base date</p></td><td style="vertical-align:middle;width:64.2%;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:10.5pt;text-align:center;margin:0pt;">January 1, 2021</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:10.5pt;text-align:center;margin:0pt;">Operating forecast period</p></td><td style="vertical-align:middle;width:64.2%;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:10.5pt;text-align:center;margin:0pt;">10 years</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:10.5pt;text-align:center;margin:0pt;">Appraisal method</p></td><td style="vertical-align:middle;width:64.2%;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:10.5pt;text-align:center;margin:0pt;">Income method</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:10.5pt;text-align:center;margin:0pt;">Contribution rate of the right to use the patented technology</p></td><td style="vertical-align:middle;width:64.2%;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:10.5pt;text-align:center;margin:0pt;">In 2021, the technology commission rate is 15%, and it is reasonably predicted that this proportion will decrease at an annual rate of 1.5% over the next ten years.</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:10.5pt;text-align:center;margin:0pt;">Discount rate</p></td><td style="vertical-align:middle;width:64.2%;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:10.5pt;text-align:center;margin:0pt;">13%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">Armanino LLP has predicted and calculated the Company&#8217;s sales revenues of relevant products from 2021 to 2030, and also considered the technical commission </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">53</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">rate of AXT&#8217;s patented technologies during the licensing period. In addition, Armanino LLP has selected the royalty rates of 12 US-listed company for comparative analysis, and concluded that the pricing of AXT&#8217;s royalty is reasonable. The present value of each annual technology royalty is determined as USD1,228,000 upon discount based on the foregoing factors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the foregoing technology royalty is based on the appraisal under the </font><i style="font-size:12pt;font-style:italic;">Intangible Assets Appraisal Report</i><font style="font-size:12pt;"> issued by the overseas appraisal agency Armanino LLP, and as agreed by the Issuer and AXT through negotiation, the pricing of the royalty is fair.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">2) Trademark</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">As AXT is still using the trademarks, it grants the Issuer the trademarks in a permanent and royalty-free manner, and the trademarks are used jointly by both parties.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">(5) Whether it can ensure the Issuer&#8217;s long-term use and the future plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">In accordance with the </font><i style="font-size:12pt;font-style:italic;">Technology License Agreement</i><font style="font-size:12pt;"> by and between AXT and the Company, the licensing period of the relevant patents and other intellectual property rights became effective on January 1, 2021 and will remain valid permanently.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">In accordance with the </font><i style="font-size:12pt;font-style:italic;">Trademark License Agreement</i><font style="font-size:12pt;"> by and between AXT and the Company, the licensing period of the trademarks that AXT grants to the Company became effective on March 1, 2021 and will remain valid permanently.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">As stated and confirmed by AXT, except the relevant patents granted to M, AXT will not use on its own or authorize any other third parties to use the relevant licensed patents; AXT will not authorize any other third parties to use the relevant registered trademarks except the use by AXT in public relations and information disclosure, etc. In addition, AXT will not unilaterally terminate the foregoing technology and trademark licenses with the Company, so as to ensure that the Company can use such patented technologies and trademarks in a long-term and stable manner.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">As of February 28, 2022, the Issuer and its controlled subsidiaries had obtained </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">54</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">23 registered trademarks in China. In the future, the Company will also continue to use its own registered trademarks on semiconductor substrate products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. Ensured the independence of the Company&#8217;s management and other personnel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, AXT paid RMB2.4354 million, RMB3.8350 million and RMB0.7361 million respectively to Liu Wensen, general manager of the Company, which were advanced compensation. As stated by AXT, AXT does not require the Company to pay this part of the compensation anymore, and the Company has conducted corresponding accounting treatment. After March 2021, the foregoing issues did not occur again, and there was no other payment in advance except the foregoing issue.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To actively promote the Company&#8217;s R&amp;D work, AXT has dispatched its R&amp;D personnel to assist the Company in the R&amp;D work. During the reporting period, the Company paid allowances of RMB1.0705 million, RMB1.0499 million and RMB0.4156 million respectively to the foregoing personnel. All the relevant R&amp;D personnel worked in AXT and did not work in the Company. Thus, there is no cross-service or part-time job in the Company. The Company has paid relevant allowances according to the service hours of the relevant personnel, which should not be recognized as advanced compensation. Since March 2021, the foregoing R&amp;D personnel have already joined AXT-Tongmei and become employees of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company has an independent personnel management system, and its directors, supervisors and senior officers are all elected and appointed in strict accordance with relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Company Law</i><font style="font-size:12pt;"> and </font><i style="font-size:12pt;font-style:italic;">Articles of Association</i><font style="font-size:12pt;">. The Company&#8217;s management personnel and core technical team all work in the Company with full-time jobs and receive compensations from the Company, and do not hold any positions other than directors and supervisors in the controlling shareholder and other companies controlled by it, nor do they hold any positions in any other companies that are engaged in the same or similar businesses as the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">5. Issued the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Letter of Commitment on Avoiding Horizontal Competition</font><b style="font-size:12pt;font-weight:bold;"> and disclosed it on NASDAQ</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To avoid horizontal competition or potential horizontal competition, safeguard interests of the Company, and ensure the normal operation of the Company, AXT, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">55</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">controlling shareholder of the Company, has issued a </font><i style="font-size:12pt;font-style:italic;">Letter of Commitment on Avoiding Horizontal Competition</i><font style="font-size:12pt;">, undertaking that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#8220;1. The Firm (including other companies controlled by the Firm except the Issuer and its holding companies, the same below) is currently not engaged in any form in any business or activity that competes with the main business of the Issuer (including companies directly or indirectly controlled by the Issuer, the same below); the assets of the Issuer are complete, and its assets, businesses, personnel, finance and organization are independent of the Firm, and the Firm will continue to maintain such independence of the Issuer without surpassing the board of directors of the Issuer to exercise the power of operation and management through its management or directly doing so.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. The Firm has already transferred all its purchase, sales, R&amp;D and other businesses and relevant personnel to AXT-Tongmei, Inc., a subsidiary of the Issuer. Currently, the Firm only retains its listing status on NASDAQ in the United States. It will no longer provide any actual business support and convenience in relation to operating activities for relevant businesses of the Issuer and its subsidiaries in terms of aforesaid businesses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. From the date of issuance hereof, the Firm will not engage in any business or activity that competes with the Issuer&#8217;s main business in any form, or support any company other than the Issuer for its engagement in any business or activity that competes with the main business of the Issuer in any form.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. From the date of issuance hereof, if the Firm inevitably engages in any business or activity that competes with the Issuer in the future, the Firm will take the initiative to transfer or terminate or after the Issuer raises the objection, transfer or terminate the foregoing business or activity in a timely manner, and the Issuer shall have the right of first refusal for such business.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. The foregoing commitments will continue to be valid during the period when the Firm is the controlling shareholder of the Issuer.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, MORRIS SHEN-SHIH YOUNG, president of the Issuer, who has been engaged in the business of compound semiconductor materials for more than 35 years, is focusing on his work in factories in Beijing, and seldom participates in any social activities, without any improper speech. He issued the </font><i style="font-size:12pt;font-style:italic;">Letter of Commitment on </i></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">56</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Avoiding Horizontal Competition</i><font style="font-size:12pt;"> as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#8220;I and enterprises under my control are currently not engaged in any form in any business or activity that competes with the main business of the Issuer (including companies directly or indirectly controlled by the Issuer, the same below), and will not support any company other than the Issuer for its engagement in any business or activity that competes with the main business of the Issuer in any form, including but not limited to making investment or holding positions in an enterprise engaging in such business or activity. &#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The relevant commitment of AXT involved in this Offering has gone through the review procedure at AXT&#8217;s board of directors. Meanwhile, AXT has released such commitment on Nasdaq in January 2022, and released the whole text of such commitment in its 2021 annual report.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the legal opinions issued by Burks Johansson LLP, a US law firm, unless otherwise provided in relevant laws, AXT&#8217;s board of directors has all decision-making authorities of AXT, and the board of directors may participate in and determine operating decisions and daily management of AXT. Generally, if a shareholder of AXT is unsatisfied with a decision made by the board of directors in line with governance practices, in practice, the shareholder may seek relief only by selling his/her stocks, or has to prove that there are improper or illegal acts for any other remedies. In addition, since the directors of AXT have the duties of care and fiduciary duties to shareholders, a shareholder may initiate a lawsuit if the shareholder has a reason to hold that the directors have violated the fiduciary duties and caused damages to the shareholder. Therefore, once AXT&#8217;s board of directors reviewed and passed the relevant commitment concerning the listing, such commitment is legally binding on AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the event that AXT violates any of its commitments in the future, on the one hand, domestic investors may freeze the Issuer&#8217;s equity held by it through judicial channels for subsequent compensation accordingly; on the other hand, AXT, as a NASDAQ-listed company, is simultaneously subject to the supervision of US investors and regulatory agencies, and investors in NASDAQ can also protect their </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">57</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">legitimate rights in accordance with relevant laws, regulations and judicial precedents of the United States.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, AXT has taken relevant measures and made relevant commitments to guarantee the independence of the Issuer. The implementation of relevant regulatory measures is effective, and the relevant commitments have binding force in both China and the United States. In the event that it violates any of the foregoing commitments, the right protection measures taken by investors are feasible.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:7.8pt 0pt 7.8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc102942134"></a><a name="_Toc26041"></a><a name="_Toc102920851"></a><a name="_Toc105879753"></a><a name="_Toc18393"></a>1.2</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">According to the reply to the inquiry, (1) In each phase of the reporting period, a greater portion of some of the main raw materials and production equipment of the Issuer were purchased from related parties (including purchases from AXT and its shareholding companies and purchases from third parties through AXT). Wherein, all high-purity arsenic came from related-party purchases, with Dongfang Hi-purity as the largest supplier of high-purity arsenic; and the proportions of metal gallium purchased from related parties were respectively 62.41%, 48.73% and 41.75%; (2) Dongfang Hi-purity has not obtained a safety production license and cannot produce and provide the Company with raw materials.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the reason why the high-purity arsenic and metal gallium were mainly purchased from related parties. Analyze the role of related suppliers in the Company&#8217;s raw materials supply and its impact on supply stability according to the actual supply of upstream raw materials, the supply capacity and quality of non-related parties and other factors. (2) impact of and alternative measures against the termination of purchases from Dongfang Hi-purity on the Company&#8217;s production and operation. (3) specific information about production equipment purchased from related parties, the comparison with non-related purchases, and whether there is dependence on related parties.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Reply:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The reason why the high-purity arsenic and metal gallium were mainly purchased from related parties. Analyze the role of related suppliers in the </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">58</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Company&#8217;s raw materials supply and its impact on supply stability according to the actual supply of upstream raw materials, the supply capacity and quality of non-related parties and other factors.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The reason why the high-purity arsenic, metal gallium and germanium ingots were mainly purchased from related parties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s purchases of high-purity arsenic, metal gallium and germanium ingots from related parties and non-related parties are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">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:0pt;padding-right:0pt;width:84.01%;background:#ffffff;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" rowspan="2" style="vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Supplier</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:20.32%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.3%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.3%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="display:none;vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.41%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">High-purity arsenic</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;">Non-related parties</p></td><td style="vertical-align:middle;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,112.49</p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">66.41%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.4%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;">Related parties</p></td><td style="vertical-align:top;width:10.56%;background:#ffffff;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 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Purchased via AXT from third-party suppliers</p></td><td style="vertical-align:middle;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">97.03 </p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5.79%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">308.07 </p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25.36%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">201.75 </p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">20.34%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.4%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.56%;background:#ffffff;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 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Purchased from AXT&#8217;s shareholding companies</p></td><td style="vertical-align:middle;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">465.66</p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">27.80%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">906.54 </p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">74.64%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">789.97 </p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">79.66%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:10.41%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1,675.17</b></p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1,214.61</b></p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">991.72</b></p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Metal gallium</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Non-related parties</p></td><td style="vertical-align:middle;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">8,190.77</p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">53.71%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,274.44</p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">51.57%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">367.39</p></td><td style="vertical-align:middle;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">37.59%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.4%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Related parties</p></td><td style="vertical-align:top;width:10.56%;background:#ffffff;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 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Purchased from AXT&#8217;s shareholding companies</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">692.57</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4.54%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.4%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.56%;background:#ffffff;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 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Purchased from the Issuer&#8217;s </p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,366.75</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">41.75%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,075.53</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">48.43%</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">609.98</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">62.41%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">59</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:84.01%;background:#ffffff;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:14.4%;background:#ffffff;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;"></td><td style="vertical-align:top;width:10.56%;background:#ffffff;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 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">shareholding companies</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.39%;background:#ffffff;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;"></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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;"></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">15,250.09</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">6,349.97</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">977.37</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;">Germanium ingots</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Non-related parties</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,149.61 </p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">89.84%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,989.59 </p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">86.38%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,943.00 </p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">67.48%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-weight:bold;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.4%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Related parties</p></td><td style="vertical-align:top;width:10.56%;background:#ffffff;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 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Purchased via AXT from third-party suppliers</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">628.89</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">13.62%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">171.62</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5.96%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-weight:bold;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.4%;background:#ffffff;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.56%;background:#ffffff;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 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Purchased from AXT&#8217;s shareholding companies</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">469.50</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">10.16%</p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">-   </font></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">764.57</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">26.56%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.09%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-weight:bold;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:24.97%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.41%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">4,619.11</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">4,618.48</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:9.39%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">2,879.19</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.9%;background:#ffffff;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">100.00%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">Note: In the purchase amount from AXT&#8217;s shareholding companies, except the purchase of RMB886,500 from Jiamei High-Purity in 2021, all purchases were from Dongfang High-purity during the reporting period. Dongfang High-purity was originally a shareholding company of the Issuer. In November 2021, the Issuer transferred its equity to Chaoyang Limei.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As for the purchases by the Company from third parties via AXT, it has been handed over through AXT-Tongmei, and no such related-party transactions will occur subsequently. For purchases from AXT&#8217;s shareholding companies and Issuer&#8217;s shareholding companies, the volume supply from non-related parties in the market can also meet the Issuer&#8217;s needs. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The reason why high-purity arsenic, metal gallium and germanium ingots of the Company were mainly purchased from related parties:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) There are relatively few qualified suppliers for high-purity arsenic, metal gallium and germanium ingots</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of high-purity arsenic, it is difficult to obtain arsenic production </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">60</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">qualifications in China. The manufacturer has to pass the environmental impact assessment first, and then obtain the approval from the competent authorities at the municipal, provincial and other levels. Thus, it will take quite a long time and the manufacturer has to meet strict requirements. As a result, it is difficult to enter the industry. High-purity arsenic suppliers in the domestic market mainly include YONEDA CORPORATION, AMALGAMET CANADA LP, PPM&#8194;Pure&#8194;Metals&#8194;GmbH, Jiamei Hi-purity, Luoning Zhongtianli New Materials Co., Ltd., </font><i style="font-size:12pt;font-style:italic;">etc.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of metal gallium, a large number of large and medium-sized aluminum mining companies have not extracted any associated gallium resources under the impact of investment, output and other factors. Main metal gallium manufacturers include Guangxi Tiandong Jinxin Rare Metal Materials Co., Ltd., Aluminum Corporation of China, Xiaoyi Xing&#8217;an Gallium Industry Co., Ltd., Beijing Jiya Semiconductor Material Co., Ltd., East Hope Jinzhong Aluminum Co., Ltd., East Hope Mianchi Gallium Industry Co., Ltd. and other professional metal gallium extraction companies affiliated to aluminum plants.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of germanium ingots, there are few manufacturers and suppliers of germanium ingots. On the one hand, the germanium resources are highly concentrated, which builds a strong resource barrier in the industry. Most of the germanium ore resources discovered at present have been owned by the existing germanium manufacturers; on the other hand, to ensure stable quality of germanium ingots and meet the special requirements of different users, germanium ingot manufacturers have to get strong technical R&amp;D, process design, experience accumulation and management capabilities, which can only be formed in a long-term production and operation process. Main germanium ingot suppliers in the domestic market include CNGE, Tongli Germanium, Yunnan Germanium, Shenzhen Zhongjin Lingnan Nonfemet Company Limited, Hengyang Hengrong High Purity Semiconductor Material Co., Ltd., Nanjing Zhemai Metal Trade Co., Ltd. </font><i style="font-size:12pt;font-style:italic;">etc.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In order to ensure the stability of products, the Company has high quality requirements for high-purity arsenic, metal gallium, indium phosphide polycrystalline, germanium ingots and other key raw materials, has established strict testing standards, and needs to carry out quality inspection in accordance with the</font><i style="font-size:12pt;font-style:italic;"> Inspection Procedures for Incoming Materials</i><font style="font-size:12pt;">. Meanwhile, any change involving the main raw material source needs to be reported to the customer in a timely manner, and the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">61</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">relevant test report shall be provided.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of high-purity arsenic purchase, YONEDA CORPORATION, AMALGAMET CANADA LP and Jiamei Hi-purity are qualified suppliers of the Company. Wherein, Jiamei Hi-purity is an important supplier of high-purity materials in China, backed by its original shareholder Emei Semiconductor Research Institute. On the other hand, in terms of metal gallium purchase, Guangxi Tiandong Jinxin Rare Metal Materials Co., Ltd., Chinalco Rare EARTH &amp; METALS International Trade Co., Ltd., Xing&#8217;an Gallium Industry, Beijing Jiya, East Hope Jinzhong Aluminum Co., Ltd., East Hope Mianchi Gallium Industry Co., Ltd. and some other companies are qualified suppliers of the Company. Wherein, Xing&#8217;an Gallium Industry is a sub-subsidiary company held by Coalmine Aluminium (Sanmenxia) Company Limited, which ranks first in metal gallium production capacity in China, while Beijing Jiya&#8217;s metal gallium production capacity ranks fifth in China. In terms of germanium ingot purchases, Hengyang Hengrong High Purity Semiconductor Material Co., Ltd., Nanjing Zhemai Metal Trade Co., Ltd., Tongli Germanium, </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;"> are qualified suppliers of the Company. Wherein, Tongli Germanium is a subsidiary held by Ulan Tug Coal Company; Tongli Germanium has an annual output of 30 tons of zone-melting germanium ingots, and Ulan Tug Coal Company has abundant germanium concentrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) To deepen the cooperative relationship with suppliers and ensure the supply of raw materials, the Company or AXT has held some shares in some qualified suppliers. Thus, the transactions between the Company and such suppliers have become related-party transactions</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As there are relatively few qualified suppliers of high-purity arsenic and metal gallium in China, in order to deepen the cooperative relationship with suppliers and ensure the supply of raw materials, the Company or AXT has successively held shares in a number of suppliers in the past 20 years. Such suppliers have thus become related parties of the Company, and the Company&#8217;s purchases of high-purity arsenic, metal gallium, and germanium ingots from such suppliers have thus become related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Analyze the role of related suppliers in the Company&#8217;s raw materials supply and its impact on supply stability according to the actual supply of upstream raw materials, the supply capacity and quality of non-related parties </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">62</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">and other factors;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Actual supply of metal gallium, high-purity arsenic and germanium ingots, and supply capacity and quality of non-related parties</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Overall supply of metal gallium, high-purity arsenic and germanium ingots</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> Metal gallium</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As disclosed in the </font><i style="font-size:12pt;font-style:italic;">Report on Major Assets Replacement, Issuance of Shares to Purchase Assets, Supporting-Fund-Raising and Related-Party Transactions of Fuda Alloy Materials Co., Ltd. (Draft)</i><font style="font-size:12pt;">, at present, there are few domestic alumina factories with metal gallium production business, most of which are leading companies. Such domestic companies mainly include Coalmine Aluminium (Sanmenxia) Company Limited, Aluminum Corporation of China, EAST HOPE Group Co., Ltd., </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;"> According to statistics of Aladdin (Aladdiny.com, Inc., a renowned data research company in the aluminum sector), the gallium production capacity of major domestic manufacturers in 2021 is as follows:</font></p><div style="margin-left:-6.15pt;" 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:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of company</b></p></td><td style="vertical-align:middle;width:31.71%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium output in 2021 (ton)</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Coalmine Aluminium (Sanmenxia) Company Limited</p></td><td style="vertical-align:middle;width:31.71%;border-bottom:1px solid #000000;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">153</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Aluminum Corporation of China</p></td><td style="vertical-align:middle;width:31.71%;border-bottom:1px solid #000000;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">132</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">EAST HOPE Group Co., Ltd.</p></td><td style="vertical-align:middle;width:31.71%;border-bottom:1px solid #000000;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">65</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Zhuhai SEZ Fangyuan Inc.</p></td><td style="vertical-align:middle;width:31.71%;border-bottom:1px solid #000000;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">60</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Beijing Jiya Semiconductor Materials Co., Ltd.</p></td><td style="vertical-align:middle;width:31.71%;border-bottom:1px solid #000000;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">35</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Liulin County Senze Fangyuan Gallium Industry Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:31.71%;border-bottom:1px solid #000000;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">20</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Guangxi Debao Gallium Industry Co., Ltd.</p></td><td style="vertical-align:middle;width:31.71%;border-bottom:1px solid #000000;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">16</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:68.28%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Zhongjin Lingnan Nonfemet Company Limited Danxia Refinery</p></td><td style="vertical-align:middle;width:31.71%;border-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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">16</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Xing&#8217;an Gallium Industry, a related party of the Company, is a sub-subsidiary held by Coalmine Aluminium (Sanmenxia) Company Limited.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the above table that there are few domestic metal gallium manufacturers. The main ones with certain mass production capacity include Aluminum Corporation of China, Coalmine Aluminium (Sanmenxia) Company Limited, EAST HOPE Group Co., Ltd.</font>,<font style="font-size:12pt;"> Beijing Jiya Semiconductor Materials Co., Ltd., Zhuhai SEZ Fangyuan Inc., </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;"> Aluminum Corporation of China mainly adopts the resin adsorption acid method, while EAST HOPE Group Co., Ltd., Beijing Jiya </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">63</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Semiconductor Materials Co., Ltd. and Zhuhai SEZ Fangyuan Inc. mainly adopt the resin adsorption alkali method. The two technologies have their own advantages. Coalmine Aluminium (Sanmenxia) Company Limited adopts a different metal gallium production technology according to different alumina production process conditions. In addition to the Company&#8217;s related parties, i.e. Beijing Jiya Semiconductor Materials Co., Ltd. and Xing&#8217;an Gallium Industry, the Company also purchases from Aluminum Corporation of China, EAST HOPE Group Co., Ltd. and other suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company may purchase gallium metal of the same or similar quality from non-related parties.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> High-purity arsenic</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic is an important semiconductor material. The main usage of high-purity arsenic with a purity of 99.9999% (6N) and 99.99999% (7N) is to prepare gallium arsenide (GaAs) and other semiconductor materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It is difficult to obtain arsenic production qualifications in China. The manufacturer has to pass the environmental impact assessment first, and then obtain the approval from the competent authorities at the municipal, provincial and other levels. Thus, it will take quite a long time and the manufacturer has to meet strict requirements. As a result, it is difficult to enter the industry. High-purity arsenic suppliers in the domestic market mainly include YONEDA CORPORATION, AMALGAMET CANADA LP, PPM Pure Metals GmbH, Emeishan Jiamei High-Purity Materials Co., Ltd., Luoning Zhongtianli New Materials Co., Ltd., </font><i style="font-size:12pt;font-style:italic;">etc.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Some other companies have invested in the high-purity arsenic sector. For instance, Guangdong Vital Advanced Materials Co., Ltd., a peer company in the industry, plans to carry out an expansion project with an annual output of 100 tons of high-purity arsenic, and Humon, a listed company, has built a 10-ton/year high-purity arsenic production line. In addition to the Company&#8217;s related party Emeishan Jiamei High-Purity Materials Co., Ltd., the Company also purchases high-purity arsenic from YONEDA CORPORATION, AMALGAMET CANADA LP, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company may purchase high-purity arsenic of the same or similar quality from the above non-related parties. Besides, the Company has also accelerated the investment in and construction of the high-purity arsenic production line of its subsidiary Chaoyang Xinmei, and has already obtained the &#8220;Liao (2022) </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">64</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Kazuo County Real Estate Property Right No. 20220000228&#8221; real estate certificate and the </font><i style="font-size:12pt;font-style:italic;">Reply about the Environmental Impact Report of the High-Purity Arsenic Project with An Annual Output of 100 Tons of Chaoyang Xinmei High-Purity Semiconductor Materials</i><font style="font-size:12pt;"> Co., </font><i style="font-size:12pt;font-style:italic;">Ltd.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> Germanium ingots</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The germanium metal sector is not large and the number of companies is small. After years of development, domestic germanium manufacturers have approached or reached the world&#8217;s advanced level in the technology of extracting germanium concentrates from various minerals, the technology of recycling germanium from germanium waste, the wet purification technology, </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;"> Major domestic germanium manufacturers continue to increase the investment in R&amp;D of germanium deep-processing products, which, however, compared to foreign manufacturers, still have a long way to go in terms of the level of technical equipment and product innovation capabilities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to CITIC Securities&#8217;</font><i style="font-size:12pt;font-style:italic;">Research Report on Upstream Raw Materials in the Electronics and Semiconductor Industry Chain 1 - Germanium: Calmness Before the Next Demand Outlet</i><font style="font-size:12pt;">, the production capacity of the world&#8217;s major germanium suppliers is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:83.41%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company&#8217;s name</b></p></td><td style="vertical-align:middle;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overview</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Teck Cominco (a Canadian company)</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium concentrate manufacturer with a capacity of 40 tons (metal germanium content)</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Fuse (a Russian company)</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium concentrate manufacturer with a capacity of 6 tons in 2009 (metal germanium content)</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">GEAPP (a Russian company)</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium concentrate manufacturer with a capacity of 5 tons in 2009 (metal germanium content)</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Yunnan Germanium</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Zone-melting germanium ingots of 40 tons and, fiber germanium tetrachloride of 30 tons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">CNGE</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium dioxide of 30 tons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Yunnan Chihong Zn &amp; Ge</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium concentrate capacity of 30 tons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Zhongjin Lingnan</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium concentrates of 10 tons, and germanium ingots of 10 tons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Ulan Tug Coal Company</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium concentrates of 30-50 tons, and high-</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">65</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:83.41%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">purity germanium ingots of 20 tons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:43.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Luoping Zinc &amp; Electricity</p></td><td style="vertical-align:top;width:56.85%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium concentrate capacity of 14.5 tons</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s related party, Tongli Germanium, is a subsidiary held by Ulan Tug Coal Company. Tongli Germanium has an annual production capacity of 30 tons of zone-melting germanium ingots. In addition to the Company&#8217;s related party Tongli Germanium, the Company also purchases germanium ingots from Hengyang Hengrong High Purity Semiconductor Material Co., Ltd., Nanjing Zhemai Metal Trade Co., Ltd., etc. Thus, the Company may purchase germanium ingots of the same or similar quality from the above non-related parties.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, it is assumed that if the Company purchased all metal gallium, high-purity arsenic and germanium ingots from non-related parties in 2021, the market supply can also meet the Company&#8217;s needs.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Supply capacity and quality of non-related parties</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The overall supply and quality of metal gallium, high-purity arsenic and germanium ingots</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Assuming that the Company purchased all metal gallium, high-purity arsenic and germanium ingots from non-related parties in 2021, the market supply can also meet the demand of the Company. Details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">A. Metal gallium</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, the Company purchased 83.65 tons of metal gallium. According to the above table, in 2021, the total shipment of metal gallium of 6 major domestic suppliers, including Aluminum Corporation of China, (excluding Coalmine Aluminium (Sanmenxia) Company Limited and Beijing Jiya Semiconductor Material Co., Ltd.) was 309 tons, which was enough to meet the demand of the Company. Besides, there are other small manufacturers that were also engaged in the production of metal gallium available to the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">B. High-purity arsenic</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, the Company purchased 20.05 tons of high-purity arsenic, and the purchase amount was RMB16.7517 million. According to the statement issued by YONEDA CORPORATION and AMALGAMET CANADA LP, the Company&#8217;s non-related suppliers, in 2021, their revenues were RMB47.72 million in total. In addition, as shown by public information, Guangdong Vital Advanced Materials Co., Ltd., a peer company in the industry, plans to carry out an expansion project with an </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">66</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">annual output of 100 tons of high-purity arsenic, and Humon, a listed company, has built a 10-ton/year high-purity arsenic production line. Besides, the Company&#8217;s subsidiary Chaoyang Xinmei has also accelerated the investment in and construction of its high-purity arsenic production line.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">C. Germanium ingots</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, the Company purchased 6.59 tons of germanium ingots. According to the germanium ingot production capacity of the non-related parties Yunnan Germanium, CNGE, and Zhongjin Lingnan shown in the above table, the total annual supply was 80 tons, which was enough to meet the demand of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> The Company has a number of non-related suppliers that can ensure stable supply of metal gallium, high-purity arsenic and germanium ingots</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company or AXT effectively guaranteed the stability of the supply of raw materials by holding shares in some qualified suppliers. However, there are also other qualified suppliers of the foregoing relevant raw materials, whose quality and supply capacity can also meet the demand of the Company. At present, details of the suppliers of the foregoing three raw materials are as follows:</font></p><div style="margin-left:-1.5pt;" 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:19.9%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></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:1.5pt solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Qualified supplier</b></p></td><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:36.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Supply capacity, quality and price</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:19.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relationship</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:23.47%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Supplier</b></p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:36.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:19.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">High-purity arsenic</p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Non-related parties</p></td><td style="vertical-align:middle;width:23.47%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">YONEDA CORPORATION and AMALGAMET CANADA LP</p></td><td rowspan="2" style="vertical-align:middle;width:36.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Can meet the demand of the Company; the price is basically the same; upon the Company&#8217;s testing, there are only minor differences in product quality</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:19.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Related parties</p></td><td style="vertical-align:middle;width:23.47%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Jiamei Hi-purity</p></td><td style="display:none;vertical-align:middle;width:36.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:19.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Metal gallium</p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Non-related parties</p></td><td style="vertical-align:middle;width:23.47%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Guangxi Tiandong Jinxin Rare Metal Materials Co., Ltd., Chinalco Rare EARTH &amp; METALS International Trade Co., Ltd., East Hope Jinzhong Aluminum Co., Ltd., East Hope Mianchi Gallium Co., </p></td><td rowspan="2" style="vertical-align:middle;width:36.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Can meet the demand of the Company; the price is basically the same; upon the Company&#8217;s testing, there are only minor differences in product quality</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">67</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-1.5pt;" 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:19.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"></td><td style="vertical-align:top;width:23.47%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Ltd., Pinglu Youying Gallium Industry Co., Ltd., <i style="font-style:italic;">etc.</i></p></td><td rowspan="2" style="vertical-align:middle;width:36.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:19.9%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Related parties</p></td><td style="vertical-align:middle;width:23.47%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Xing&#8217;an Gallium and Beijing Jiya</p></td><td style="display:none;vertical-align:middle;width:36.99%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:19.9%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Germanium ingot</p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Non-related parties</p></td><td style="vertical-align:middle;width:23.47%;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:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Hengyang Hengrong High Purity Semiconductor Material Co., Ltd., Nanjing Zhemai Metal Trade Co., Ltd., <i style="font-style:italic;">etc.</i></p></td><td rowspan="2" style="vertical-align:middle;width:36.99%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Can meet the demand of the Company; the price is basically the same; upon the Company&#8217;s testing, there are only minor differences in product quality</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:19.9%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Related parties</p></td><td style="vertical-align:middle;width:23.47%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Tongli Germanium</p></td><td style="display:none;vertical-align:middle;width:36.99%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, some other companies have invested in the high-purity arsenic sector. For instance, Guangdong Vital Advanced Materials Co., Ltd., a peer company in the industry, plans to carry out an expansion project with an annual output of 100 tons of high-purity arsenic, and Humon, a listed company, has built a 10-ton/year high-purity arsenic production line. Besides, the Company has also accelerated the investment in and construction of the high-purity arsenic production line of its subsidiary Chaoyang Xinmei, and has already obtained the &#8220;Liao (2022) Kazuo County Real Estate Property Right No. 20220000228&#8221; real estate certificate and the </font><i style="font-size:12pt;font-style:italic;">Reply about the Environmental Impact Report of the High-Purity Arsenic Project with An Annual Output of 100 Tons of Chaoyang Xinmei High-Purity Semiconductor Materials Co., Ltd</i><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) The role of related suppliers in the Company&#8217;s raw materials supply and its impact on supply stability</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As the Company no longer purchases raw materials via AXT, the raw materials purchased by the Company from related parties are mainly metal gallium, high-purity arsenic and germanium ingots. Wherein, related parties Xing&#8217;an Gallium Industry and Beijing Jiya supply metal gallium; Jiamei Hi-purity and Dongfang Hi-purity supply high-purity arsenic; and Tongli Germanium supplies germanium ingots. All the foregoing related parties are manufacturers of relevant products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">With the continuous expansion of the Company&#8217;s sales scale and the gradual release of its new production capacity, the volume of high-purity arsenic, metal gallium and germanium ingots purchased by the Company during the reporting period </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">68</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">also showed an increasing trend. In 2021, the volumes of the foregoing raw materials purchased were respectively 20,052.50 kg, 83,652.52 kg and 6,590.89 kg.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company has established a global sourcing system, and has been coordinating domestic and overseas purchase according to factors such as the price (considering the exchange rate) and the supply cycle based on the principle of marketization. Besides, in the past 20 years, the Company or AXT has deepened the cooperative relationship with suppliers by investing and holding shares in some qualified suppliers, which has played a supportive role in guaranteeing the Company&#8217;s purchase of raw materials, and can also act as a yardstick for comparing quality and price in cooperation with other suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, although the volume of main raw materials purchased by the Company continued to increase, the Company never experienced a shortage of raw material supply, and its production was conducted smoothly. Thus, the Company has effectively guaranteed a stable supply of raw materials by holding shares in some qualified suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, during the reporting period, the Company&#8217;s purchases from related parties had little impact on its gross profits, gross profit margin and net profits. The specific calculations are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:0pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-1.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:84.42%;"><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;white-space:normal;width:55.54%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;white-space:normal;width:15.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:normal;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:18.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Impact of related-party purchase price differences on gross profits</p></td><td style="vertical-align:top;white-space:normal;width:36.55%;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:10.5pt;line-height:1.79;margin:0pt;">Gross profits</p></td><td style="vertical-align:middle;width:15.05%;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">29,605.26</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">14,977.61</p></td><td style="vertical-align:middle;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">8,982.29</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:normal;width:36.55%;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:10.5pt;line-height:1.79;margin:0pt;">Gross profits after price differences are deducted</p></td><td style="vertical-align:middle;white-space:normal;width:15.05%;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 29,541.41 </font></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 14,778.07 </font></p></td><td style="vertical-align:middle;white-space:normal;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 8,920.62 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:normal;width:36.55%;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:10.5pt;line-height:1.79;margin:0pt;">Impact degree</p></td><td style="vertical-align:middle;white-space:normal;width:15.05%;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">0.22%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">1.33%</p></td><td style="vertical-align:middle;white-space:normal;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">0.69%</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:18.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Impact of related-party purchase price differences on the gross profit margin</p></td><td style="vertical-align:top;white-space:normal;width:36.55%;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:10.5pt;line-height:1.79;margin:0pt;">Gross profit margin</p></td><td style="vertical-align:middle;width:15.05%;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">34.53%</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">25.68%</p></td><td style="vertical-align:middle;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">19.43%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:normal;width:36.55%;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:10.5pt;line-height:1.79;margin:0pt;">Gross profit margin after price differences are deducted</p></td><td style="vertical-align:middle;white-space:normal;width:15.05%;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">34.46%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">25.34%</p></td><td style="vertical-align:middle;white-space:normal;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">19.30%</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:normal;width:36.55%;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:10.5pt;line-height:1.79;margin:0pt;">Impact degree</p></td><td style="vertical-align:middle;white-space:normal;width:15.05%;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">0.21%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">1.32%</p></td><td style="vertical-align:middle;white-space:normal;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">0.67%</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:18.98%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Impact of related-party purchase price differences on net profits attributable to </p></td><td style="vertical-align:top;width:36.55%;background:#ffffff;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:10.5pt;line-height:1.79;text-align:justify;margin:0pt;">Net profits attributable to shareholders of the parent company</p></td><td style="vertical-align:middle;width:15.05%;background:#ffffff;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">9,458.76</p></td><td style="vertical-align:middle;width:15.93%;background:#ffffff;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">4,822.19</p></td><td style="vertical-align:middle;width:13.46%;background:#ffffff;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;">-3,338.90</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">69</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-1.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:84.42%;"><tr><td rowspan="3" style="vertical-align:top;width:18.98%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">shareholders of the parent company</p></td><td style="vertical-align:top;width:36.55%;background:#ffffff;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;"></td><td style="vertical-align:middle;width:15.05%;background:#ffffff;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;"></td><td style="vertical-align:middle;width:15.93%;background:#ffffff;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;"></td><td style="vertical-align:middle;width:13.46%;background:#ffffff;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;"></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.98%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:normal;width:36.55%;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:10.5pt;line-height:1.79;margin:0pt;">Net profits attributable to shareholders of the parent company after price differences are deducted</p></td><td style="vertical-align:middle;white-space:normal;width:15.05%;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:10.5pt;line-height:1.79;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 9,394.91 </font></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 4,622.65 </font></p></td><td style="vertical-align:middle;white-space:normal;width:13.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> -3,400.57 </font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:18.98%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:36.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:0pt;">Impact degree</p></td><td style="vertical-align:middle;white-space:normal;width:15.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">0.68%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">4.14%</p></td><td style="vertical-align:middle;white-space:normal;width:13.46%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt;">-1.85%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">Note: The related purchase price difference is the price difference between related purchases and non-related purchases; the above impact on net profits is calculated without the consideration of the impact of income tax.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Impact of and alternative measures against the termination of purchases from Dongfang Hi-purity on the Company&#8217;s production and operation;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As Dongfang Hi-purity&#8217;s production qualification has expired and the new certificate is in the process of handling, since June 2021, the Company has not purchased any high-purity arsenic from it. After the Company stopped purchasing from Dongfang Hi-purity, it increased the purchases from YONEDA CORPORATION, AMALGAMET CANADA LP and Jiamei Hi-purity, which had little impact on its production and operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The alternative measures after the Company stopped purchasing from Dongfang Hi-purity mainly include:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Increased the purchase cooperation with YONEDA CORPORATION and AMALGAMET CANADA LP, and reserved a safety stock.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. The related party Jiamei Hi-purity resumed production and operation in 2021, with a production capacity of 20 tons/year of high-purity arsenic. Although Jiamei Hi-purity did not have adequate production capacity due to technical reasons and as it was at the initial stage of production resumption, it can well ensure the stability of the supply of high-purity arsenic.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Accelerated the investment in and construction of the high-purity arsenic production line of its subsidiary Chaoyang Xinmei, and has already obtained the &#8220;Liao (2022) Kazuo County Real Estate Property Right No. 20220000228&#8221; real estate certificate and the </font><i style="font-size:12pt;font-style:italic;">Reply about the Environmental Impact Report of the High-Purity Arsenic Project with An Annual Output of 100 Tons of Chaoyang Xinmei High-Purity Semiconductor Materials Co., Ltd</i><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Specific information about production equipment purchased from related parties, the comparison with non-related purchases, and whether there is dependence on related parties.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company purchased professional equipment for </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">70</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the production of compound semiconductor substrates from AXT at an amount of RMB11.5969 million, RMB6.0254 million and RMB5.7605 million respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:2.85pt;padding-right:2.85pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.43%;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 2.59pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Related party</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 2.59pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">Transaction content</b></p></td><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:1.5pt solid #000000;margin:0pt;padding:0pt 2.59pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:19.38%;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 2.59pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.34%;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 2.09pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:22.43%;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 2.59pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">AXT</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 2.59pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;">Special equipment</p></td><td style="vertical-align:middle;width:19.44%;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 2.59pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">576.05</p></td><td style="vertical-align:middle;width:19.38%;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 2.59pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">602.54</p></td><td style="vertical-align:middle;width:20.34%;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 2.09pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,159.69</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT does not produce production equipment such as single crystal furnaces and vacuum furnace controllers. The production equipment purchased by the Company from AXT is what AXT purchases from equipment suppliers. The prices of the equipment purchased by the Company from AXT is the same as those of the equipment purchased by AXT from other equipment suppliers. Thus, there are no unfair prices in related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, after AXT completed the original equipment purchase orders, the Company no longer purchased any equipment via AXT, and the equipment originally purchased via AXT was purchased directly by the Company or purchased via AXT-Tongmei. Besides, the single crystal furnace equipment will be produced by Beijing Boyu in the future, to achieve localization.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:7.8pt 0pt 7.8pt 0pt;"><font style="font-size:12pt;">As AXT-Tongmei mainly purchases 6-inch single crystal furnaces and dual-side polishing machines, which are different from the 4-inch single crystal furnaces and single-side polishing machines originally purchased by the Company via AXT, the prices are not comparable. </font><a name="_Toc105879754"></a><font style="font-size:12pt;">For the same equipment, the prices of the equipment purchased by the Company via AXT are basically the same as those of the equipment purchased directly by AXT-Tongmei from other suppliers. What&#8217;s more, AXT-Tongmei has already established good cooperative relationships with the equipment suppliers, and directly signed orders with the suppliers to purchase relevant production equipment. After AXT completed the original equipment purchase orders, it no longer purchased any relevant equipment. In terms of equipment purchase, the Company does not rely on equipment purchases via AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">1.3</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 0pt 0pt;">According to the submissions, the Issuer&#8217;s listing is actually the asset division of AXT and all of its businesses so as to list on the STAR Market. For </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">71</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">the purpose of this listing, the Issuer acquired the 5 companies originally controlled by the Controlling Shareholder AXT in 2020 for asset restructuring. Before and after the asset restructuring, the board directors of the Issuer varied significantly.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) after the asset restructuring, the setting and operation of the Company&#8217;s management, the way in which the Controlling Shareholder participates in the Company&#8217;s management, and the existence of institutional confusion with the Controlling Shareholder, and whether the management personnel of the Company work concurrently for or get paid from the Controlling Shareholder, and whether the Controlling Shareholder has exercised the business management right by virtue of the Management or in a direct manner by bypassing the Board of Directors; (2) after the asset restructuring, the way in which the Company controls the holding subsidiaries, the changes of the holding subsidiaries&#8217; privilege on business and financial system, directors and Management before and after asset restructuring, and in the eyes of the Company, on what basis can it control over subsidiaries, and whether the Controlling Shareholder has the critical authority such as retaining capital, human resources; (3) before and after asset restructuring, the reason and influence of the major changes in the board composition of the Company, and whether the leaving directors constituted a major adverse change in the Company&#8217;s operation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) After the asset restructuring, the setting and operation of the Company&#8217;s management, the way in which the Controlling Shareholder participates in the Company&#8217;s management, and the existence of institutional confusion with the Controlling Shareholder, and whether the management personnel of the Company work concurrently for or get paid from the Controlling Shareholder, and whether the Controlling Shareholder has exercised the business </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">72</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">management right by virtue of the Management or in a direct manner by bypassing the Board of Directors;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The setting and operation of the Company&#8217;s management after the asset restructuring</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company was a wholly foreign-owned enterprise before the completion of asset restructuring with AXT as the sole shareholder, and the Board of Directors was taken as the High Authority. Among them, the Company&#8217;s Board of Directors had 5 directors, namely MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LIU, Gary L. Fischer, and Hao Ze. The Company did not have a supervisor, but had a general manager (Liu Wensen).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In December 2020, the asset restructuring of the Company completed the formalities of industrial and commercial change registration, and the Board of Shareholders was incorporated under law as the high authority. The Board of Shareholders had 8 shareholders, without change in the directors and senior executives, buy a supervisor was added. The setting and operation of the Company&#8217;s management after the asset restructuring are shown as below:</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:21.77%;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 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-weight:bold;">High Authority</b></p></td><td style="vertical-align:middle;width:37.99%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Director(s)</b></p></td><td 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 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-weight:bold;">Supervisor(s)</b></p></td><td style="vertical-align:middle;width:21.39%;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 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-weight:bold;">Management</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.77%;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;">The Board of Shareholders consisting of eight shareholders</p></td><td style="vertical-align:middle;width:37.99%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LIU, Gary L. Fischer, Hao Ze</p></td><td style="vertical-align:middle;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">He Jianwu</p></td><td style="vertical-align:middle;width:21.39%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Liu Wensen (General Manager)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the period after asset restructuring to April 2021 when the Company was changed to joint-stock company as a whole, the Company held 3 general meeting of shareholders, 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:8.69%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:33.95%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Major Issues under Deliberation</b></p></td><td style="vertical-align:middle;width:29.71%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Meeting Date</b></p></td><td style="vertical-align:middle;width:27.63%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Resolutions</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.69%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Capital increase, equity transfer, and additional election of directors</p></td><td style="vertical-align:middle;width:29.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">January 21, 2021</p></td><td style="vertical-align:middle;width:27.63%;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:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.69%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Appointment of an agency for stock reform audit and evaluation </p></td><td style="vertical-align:middle;width:29.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">March 3, 2021</p></td><td style="vertical-align:middle;width:27.63%;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:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.69%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.95%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Resolved that the Company could be changed to a joint-stock company as a whole</p></td><td style="vertical-align:middle;width:29.71%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">April 1, 2021</p></td><td style="vertical-align:middle;width:27.63%;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:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">73</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In April 2021, the Company was changed to a joint-stock company as a whole. Pursuant to the </font><i style="font-size:12pt;font-style:italic;">Company Law</i><font style="font-size:12pt;"> and other relevant laws, regulations, normative documents and the Articles of Association thereof, the Company has established the General Meeting of Shareholders, the Board of Directors, and the Board of Supervisors (BOD). The BOD is composed of a Strategic Committee, an Audit Committee, a Nomination Committee, and a Remuneration and Appraisal Committee. Directors (including independent directors) and supervisor (including employee supervisor) have been elected. Moreover, the Company has engaged General Manager, Deputy General Manager, Financial superintendent, Board Secretary and other senior executives have been appointed as well. It has set corresponding functional departments. In the Company, the General Meeting of Shareholders serves as the High Authority, the Board of Directors is the business decision-making body, the Management is the executive body, and the Board of Supervisors acts as the supervisory body.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Rules of Procedures for Shareholders&#8217; Meetings, Rules of Procedures for Board of Directors, Rules of Procedures for Board of Supervisors, Working Rules for General Manager, Working Rules for Independent Directors, Working Rules for Board Secretary, Administrative Measures for Related-party Transactions, Management Rules for External Guarantees, External Investment Management System, Internal Audit System</i><font style="font-size:12pt;">, etc. have been formulated by the Company, defining the approval procedures and decision-making authority for external investment, related-party transactions, external guarantees and other issues.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the Company has all kinds of standardized internal functional departments covering business operation, financial management, internal audit and human resource management in combination with its own operating characteristics. All the internal functional departments have clear division of work, responsibilities and authority. Accordingly, these evidenced itself a high-efficient and reliable operating management organization. As a result, the legal operation management and the efficiency of operation of the Company can be guaranteed.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">74</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The settings of specific operation and management organization the Company as a joint-stock company as a whole 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:21.77%;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 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-weight:bold;">High Authority</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 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-weight:bold;">Director(s)</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: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-weight:bold;">Supervisor(s)</b></p></td><td style="vertical-align:middle;width:33.37%;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-weight:bold;">Management</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.77%;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;">The Board of Shareholders consisting of 22 shareholders</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, Wang Yuxin, Guo Tao, Hao Ze, Wang Huan, Zhao Lun, Pang Fengzheng, and Liu Yanfeng</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">He Jianwu, Chang Xiuxia, and Liu Zhiyang</p></td><td style="vertical-align:middle;width:33.37%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Liu Wensen (General Manager), Hao Ze (Financial Administrator), Wang Yuxin (Deputy General Manager), Guo Tao (Deputy General Manager), and Song Jing (Board Secretary)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Totally </font><b style="font-size:12pt;font-weight:bold;">5</b><font style="font-size:12pt;"> general meetings of shareholders were held by the Company from the date when it was changed to a joint-stock company as a whole until this reply was issued, 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:8.57%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:33.45%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Meeting Name</b></p></td><td style="vertical-align:middle;width:29.27%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Meeting Date</b></p></td><td colspan="2" style="vertical-align:middle;width:28.69%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Resolutions</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.57%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">The Founding Assembly and the First General Meeting of Shareholders</p></td><td style="vertical-align:middle;width:29.27%;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:10.5pt;text-align:center;margin:0pt;">April 16, 2021</p></td><td colspan="2" style="vertical-align:middle;width:28.69%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.57%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">The First Extraordinary General Meeting in 2021</p></td><td style="vertical-align:middle;width:29.27%;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:10.5pt;text-align:center;margin:0pt;">November 1, 2021</p></td><td colspan="2" style="vertical-align:middle;width:28.69%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.57%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">The Second Extraordinary General Meeting in 2021</p></td><td style="vertical-align:middle;width:29.27%;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:10.5pt;text-align:center;margin:0pt;">December 15, 2021</p></td><td colspan="2" style="vertical-align:middle;width:28.69%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.57%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.45%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">The First Extraordinary General Meeting in 2022</p></td><td style="vertical-align:middle;width:29.27%;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:10.5pt;text-align:center;margin:0pt;">April 11, <b style="font-weight:bold;">2022</b></p></td><td colspan="2" style="vertical-align:middle;width:28.69%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.57%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.45%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">The Second Extraordinary General Meeting in 2022</p></td><td style="vertical-align:middle;width:29.27%;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:10.5pt;text-align:center;margin:0pt;">May 27, 2022</p></td><td style="vertical-align:middle;width:27.22%;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:10.5pt;text-align:center;margin:0pt;">All shareholders voted in favor</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Totally 17 general meetings of shareholders were held by the Company from the date when it was changed to a joint-stock company as a whole until this reply was issued, as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:84.7%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width: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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Meeting Name</b></p></td><td style="vertical-align:middle;width:27.41%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Meeting Date</b></p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Resolutions</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The First Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">April 16, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Second Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">May 6, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Third Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">September 22, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Fourth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">October 15, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">75</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:84.7%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Fifth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">November 4, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Six Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">November 11, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Seventh Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">November 29, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Eighth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">December 3, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Ninth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">December 31, 2021</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Tenth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">February 28, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Eleventh Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">March 15, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Twelfth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">March 24, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">13</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Thirteenth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">April 28, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Fourteenth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">May 12, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">15</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Fifteenth Meeting of the First Board of Directors</p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">May 23, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">16</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">The Sixteenth Meeting of the First Board of Directors </p></td><td style="vertical-align:middle;width:27.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">June 6, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.56%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">17</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;"><font style="white-space:pre-wrap;"> The Seventeenth Meeting of the First Board of Directors</font></p></td><td style="vertical-align:middle;width:27.41%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">June 9, 2022</p></td><td style="vertical-align:middle;width:30.01%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">All directors voted in favor</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, the Company has established operation and management organizations in accordance with the law after the asset restructuring, all of which are operating well.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. The way in which the Controlling Shareholder participates in the Company&#8217;s management, and the existence of institutional confusion with the Controlling Shareholder, and whether the management personnel of the Company work concurrently for or get paid from the Controlling Shareholder, and whether the Controlling Shareholder has exercised the business management right by virtue of the Management or in a direct manner by bypassing the Board of Directors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The way in which the Controlling Shareholder participates in the Company&#8217;s </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">76</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">management, and whether the Controlling Shareholder has exercised the business management right by virtue of the Management or in a direct manner by bypassing the Board of Directors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the asset restructuring, the Controlling Shareholder AXT did not participate in operation and management of the Company. In fact, AXT exercises relevant shareholder rights by exercising voting rights and nominating directors at the shareholder meeting/the General Meeting of Shareholders of the Company, without by virtue of the Management or in a direct manner by bypassing the Board of Directors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the asset restructuring, the details of such meetings as the shareholder meeting/the General Meeting of Shareholders of the Company are described hereto, i.e. &#8220;1. setting and operation of the Company&#8217;s management after the asset restructuring&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The existence of institutional confusion with the Controlling Shareholder</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to the legal opinion on AXT issued by Burks Johansson LLP, a US law firm, and the explanation of AXT, AXT has three employees for the time being. Among them, MORRIS SHEN-SHIH YOUNG takes the office of CEO, Gary L. Fischer acts as CFO and Secretary, and Alan Chan serves as Vice President of Finance and Corporate Controller.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to the</font><i style="font-size:12pt;font-style:italic;"> Company Law</i><font style="font-size:12pt;"> and laws, regulations, and normative documents, the Company has, in addition to the General Meeting of Shareholders, the Board of Directors, the Board of Supervisors, and the Management and other organizations, all kinds of internal functional departments covering business operation, financial management, internal audit and human resource management in combination with its own operating characteristics. As a result, it does not have institution confusion with the Controlling Shareholder.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Whether the management personnel of the Company work concurrently for or get paid from the Controlling Shareholder</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this reply, the concurrent positions of the Company&#8217;s </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">77</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">management personnel in the Controlling Shareholder AXT and its subsidiaries, as well as shareholding companies, 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: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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:middle;width:18.64%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position Held in the Company</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Concurrent Working Unit</b></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position Held Concurrent Working Unit</b></p></td><td style="vertical-align:middle;width:21.14%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relationship with AXT</b></p></td><td style="vertical-align:middle;width:14.53%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Get Paid?</b></p></td></tr><tr style="height:19.85pt;"><td 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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Hao Ze</p></td><td style="vertical-align:middle;width:18.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Deputy General Manager and Financial Superintendent</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Beijing JiYa</p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:center;margin:0pt;">Director</p></td><td style="vertical-align:middle;width:21.14%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">AXT&#8217;s shareholding company</p></td><td style="vertical-align:middle;width:14.53%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td 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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Guo Tao</p></td><td style="vertical-align:middle;width:18.64%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Deputy General Manager</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><a name="OLE_LINK2"></a>Jiamei <a name="OLE_LINK1"></a>High Purity</p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:center;margin:0pt;">Supervisor</p></td><td style="vertical-align:middle;width:21.14%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">AXT&#8217;s shareholding company</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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In accordance with the </font><i style="font-size:12pt;font-style:italic;">Code of Corporate Governance for Listed Companies in China</i><font style="font-size:12pt;">, &#8220;the personnel of a listed company shall be independent from the Controlling Shareholder. The senior executives of a listed company shall not hold other administrative positions other than directors and supervisors in the Controlling Shareholder&#8221;. In view of the above, the said concurrent positions do not go against the provisions of relevant laws and regulations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the report period, AXT advanced RMB2,435,400, RMB3,835,000 and RMB736,100 of remuneration for Liu Wensen, General Manager of the Company, respectively, which can be defined as advance compensation. As explained by AXT, AXT did not request the Company to provide this part of the payment, and the Company has made corresponding accounting treatment for this purpose. After March 2021, the situation above did not occur again, nor was there other advance payment except for those above.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Except for the circumstances above, the Management does not have any concurrent positions in the Controlling Shareholder AXT and its subsidiaries and holding companies. The Management does not have any economic transactions such as getting paid from the Controlling Shareholder AXT, its subsidiaries and holding companies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) After the asset restructuring, the way in which the Company controls </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">78</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">over the holding subsidiaries, the changes of the holding subsidiaries&#8217; privilege on business and financial system, directors and Management before and after asset restructuring, and in the eyes of the Company, on what basis can it control over subsidiaries, and whether the Controlling Shareholder has the critical authority such as retaining capital, human resources;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. After the asset restructuring, the way in which the Company controls over the holding subsidiaries</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the asset restructuring, the subsidiaries have adopted a new </font><i style="font-size:12pt;font-style:italic;">Articles of Association</i><font style="font-size:12pt;"> and adjusted the setting of the management organization for enhancing the management of holding subsidiaries, as shown in the section that &#8220;3. In the eyes of the Company, on what basis can it control over subsidiaries, and whether the Controlling Shareholder has the critical authority such as retaining capital, and human resources&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company has formulated the </font><i style="font-size:12pt;font-style:italic;">Subsidiary Management System</i><font style="font-size:12pt;"> to protect the legitimate rights and interests of the Company and ensure the standardized, orderly and healthy development of each holding subsidiary. Doing so is to implement internal control and management of holding subsidiaries from business management, human resources and remuneration, financial management, reporting and deliberation of major events, auditing and supervision, etc. The </font><i style="font-size:12pt;font-style:italic;">Subsidiary Management System</i><font style="font-size:12pt;"> are mainly detailed 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:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chapters or Sections</b></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Major Terms</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">General Provisions</p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company&#8212;shareholder of its subsidiaries&#8212;shall have the right to asset revenue, to decision-making on major issues, to appoint and remove important personnel (including directors, supervisors, general managers, and financial superintendents), and to audit and supervise the finance of the subsidiary in accordance with the proportion of capital that it has invested in the subsidiary.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company adopts the management principle integrating centralization and decentralization of power for its subsidiary. The Company fully exercises management and voting rights over the appointment and removal of important personnel, major investment decisions (including equity investment, investment of creditor&#8217;s right, major fixed asset investment, </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">79</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:19.85pt;"><td rowspan="1" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">and major project investment), annual operating budget and assessment, etc. Moreover, it will also endow the operators of its subsidiaries full autonomy in the daily operation and management, thus ensuring the orderly, standardized and benign development of the subsidiaries.</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Operation and Management</p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company guides and procures its subsidiaries to develop annual business plans and budgets based on the overall strategic planning. Any changes and adjustment in annual business plans and budgets of subsidiaries shall be reported to the board of directors and the shareholder meeting (the General Meeting of Shareholders) for approval.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Article 8. In case where a subsidiary needs to increase capital, external investment, investment in self-operated project development, and in major fixed assets for business activities due to the need of business activities, relevant issue shall be reported to the Company for in accordance with Chapter V.</p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Human Resources and Remuneration Management</p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company delegates a corresponding number of directors and supervisors subject to its shareholding ratio in the subsidiary and pursuant to relevant investment agreements.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Managers and deputy general managers of the subsidiaries are nominated by the Company and submitted to their board of directors (or executive directors) for appointment and dismissal.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The financial superintendents of the subsidiaries are delegated by the Company.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">With respect to the managers of subsidiaries, the Company adopts general manager reporting system. The managers of subsidiaries specifically implement the business plans of the Company in subsidiaries respectively.</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Financial Management</p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">No subsidiary is permitted to borrow funds from other enterprises and individuals and provide any form of guarantee (including but not limited to mortgages, pledges, guarantees, etc.) without the approval of the Company. The financial staff of subsidiaries shall be entitled to stop the violation, if any, failing which the financial staff can report the same directly to the Company.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Subsidiaries shall prepare accounting statements on a monthly basis, and prepare financial reports (including accounting statements and notes thereto) on a quarterly basis, and then submit the same to Financial Department of the Company.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Financial Department of the Company is responsible for planning and controlling both capital income and expenditure of the Company. Subsidiaries shall prepare forecasts of capital income and expenditure thereof as required by the Company, which shall be reported to the Financial Department of the Company then. To optimize the efficiency of capital use of the Company, the Financial Department of the Company shall be entitled to allocate and adjust the funds of the subsidiaries, with which the subsidiaries shall cooperate, provided that this shall not go </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">80</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:19.85pt;"><td rowspan="1" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">against laws and regulations, and nor shall this jeopardize the normal operation of subsidiaries.</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Reporting and Deliberation of Major Matters</p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Subsidiaries shall adopt the major event reporting system, which means that any major business matters and major financial matters shall be reported to the General Manager of the Company without delay; in addition, subsidiaries shall promptly submit resolutions of its BOD (or decisions of executive directors) and its shareholders&#39; meetings and other important documents.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">In the case a major event occurs or is about to occur in a subsidiary, it is necessary to complete the feasibility analysis and demonstration in advance, and then report the same to the Company for review after being reviewed by the Management of the Company.</p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Audit and Supervision</p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">All subsidiaries shall be subject to the supervision of Internal Audit Department of the Company, and actively cooperate it to complete the audit work instructed by the Company.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company will comprehensively audit its subsidiaries on a quarterly basis, facilitating that it can make a comprehensive assessment with respect to the operating conditions of the subsidiaries and the performance of the operators.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company will, from time to time, arrange temporary special audits with respect to major matters in the operation and management of subsidiaries.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Company will implement an internal control evaluation on the subsidiaries once a year to monitor and facilitate the effectiveness of both design and execution of their internal control.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.94%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Supplementary Provisions</p></td><td style="vertical-align:middle;width:77.05%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">All subsidiaries shall earnestly fulfill the provisions and requirements with respect to relevant matters building on this system and the relevant rules of the Company, improve their operation and management in an effective manner, and be subject to the supervision and inspection of the Company.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, such internal control and management systems of the Company as </font><i style="font-size:12pt;font-style:italic;">Management Rules for External Guarantees, External Investment Management System, Measures for Related-party Transactions, Internal Audit System, Management System on Preventing Controlling Shareholders and Related Parties from Occupying the Company&#8217;s Funds</i><font style="font-size:12pt;">, and </font><i style="font-size:12pt;font-style:italic;">Internal Reporting System on Material Information</i><font style="font-size:12pt;">, are all applicable to holding subsidiaries, and impose strict control and supervision on their business activities such as operating decisions and capital flows.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Changes of the holding subsidiaries&#8217; privilege on business and financial system, directors and the Management before and after asset restructuring</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">81</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Before the asset restructuring, AXT had the privilege to access to both finance and financial systems of subsidiaries. However, the Company could not access to the same as its brother company. After the asset restructuring, AXT was disentitled to access to relevant business and financial system, while resetting and opening the access right of the parent company, Beijing Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Changes of the holding subsidiaries&#8217; directors and the Management before and after asset restructuring are shown 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 rowspan="2" style="vertical-align:middle;width:12.05%;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 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-weight:bold;">Subject Name</b></p></td><td colspan="3" style="vertical-align:middle;width:66.08%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Organizational Structure before Restructuring</b></p></td><td rowspan="2" style="vertical-align:middle;width:21.86%;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-weight:bold;">Changes after Restructuring</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:12.05%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:27.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Director(s)</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:1px solid #000000;margin:0pt;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-weight:bold;">Supervisor(s)</b></p></td><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Management</b></p></td><td style="display:none;vertical-align:middle;width:21.86%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:58.7pt;"><td style="vertical-align:middle;width:12.05%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Baoding Tongmei</p></td><td style="vertical-align:middle;width:27.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LI</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Hao Ze</p></td><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Liu Wensen (General Manager), WEIGUO LIU (Deputy General Manager)</p></td><td style="vertical-align:middle;width:21.86%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">No change</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.05%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Chaoyang Tongmei</p></td><td style="vertical-align:middle;width:27.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LI</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Hao Ze</p></td><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Liu Wensen (General Manager), WEIGUO LIU (Deputy General Manager)</p></td><td style="vertical-align:middle;width:21.86%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">No change</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.05%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nanjing Jinmei</p></td><td style="vertical-align:middle;width:27.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, Gary L.Fischer</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Hao Ze</p></td><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Xing Zhiguo (General Manager)</p></td><td style="vertical-align:middle;width:21.86%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">No change</p></td></tr><tr style="height:61pt;"><td style="vertical-align:middle;width:12.05%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Chaoyang Jinmei</p></td><td style="vertical-align:middle;width:27.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, Hao Ze</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Gary L.Fischer</p></td><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Guo Tao (General Manager)</p></td><td style="vertical-align:middle;width:21.86%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">General Manager of Chaoyang Jinmei was chagned from Guo Tao to Xing Zhiguo in July 2021 due to the fact that Guo Tao was transferred to act as the deputy general manager of the Issuer.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:12.05%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Beijing Boyu</p></td><td style="vertical-align:middle;width:27.58%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, He Junfang, and Gary L.Fischer</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Hao Ze</p></td><td style="vertical-align:middle;width:22.52%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">He Junfang (General Manager)</p></td><td style="vertical-align:middle;width:21.86%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">No change</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. In the eyes of the Company, on what basis can it control over the subsidiaries, and whether the Controlling Shareholder has the critical authority </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">82</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">such as retaining capital, and human resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) In the eyes of the Company, on what basis can it control over the subsidiaries</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the asset restructuring, the five restructured subjects involved in the restructuring were all changed to the wholly-owned subsidiaries of the Issuer, and adopted the new </font><i style="font-size:12pt;font-style:italic;">Articles of Association</i><font style="font-size:12pt;">. The specific operation and management organizations 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:13.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subject Name</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 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-weight:bold;">High Authority</b></p></td><td style="vertical-align:middle;width:20.61%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Board Composition</b></p></td><td style="vertical-align:middle;width:17.07%;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-weight:bold;">Supervisor(s)</b></p></td><td style="vertical-align:middle;width:28.23%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Management</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Baoding Tongmei</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shareholder (Issuer)</p></td><td style="vertical-align:middle;width:20.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3 directors who are appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:17.07%;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;">1 supervisor who is appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:28.23%;border-bottom:1px solid #000000;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;">1 General Manager and 1 Deputy General Manager, who are appointed or dismissed by the Board of Directors</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Chaoyang Tongmei</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shareholder (Issuer)</p></td><td style="vertical-align:middle;width:20.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3 directors who are appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:17.07%;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;">1 supervisor who is appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:28.23%;border-bottom:1px solid #000000;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;">1 General Manager and 1 Deputy General Manager, who are appointed or dismissed by the Board of Directors</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nanjing Jinmei</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shareholder (Issuer)</p></td><td style="vertical-align:middle;width:20.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3 directors who are appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:17.07%;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;">1 supervisor who is appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:28.23%;border-bottom:1px solid #000000;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;">1 General Manager, who is appointed or dismissed by the Board of Directors</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Chaoyang Jinmei</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shareholder (Issuer)</p></td><td style="vertical-align:middle;width:20.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3 directors who are appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:17.07%;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;">1 supervisor who is appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:28.23%;border-bottom:1px solid #000000;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;">1 General Manager, who is appointed or dismissed by the Board of Directors</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:13.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Beijing Boyu</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shareholder (Issuer)</p></td><td style="vertical-align:middle;width:20.61%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3 directors who are appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:17.07%;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;">1 supervisor who is appointed or dismissed by shareholders</p></td><td style="vertical-align:middle;width:28.23%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1 General Manager, who is appointed or dismissed by the Board of Directors</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the table above that after the asset restructuring, the five restructured subjects involved in the restructuring were changed from foreign-invested companies to domestic companies. Further, their high authorities were changed to shareholder (Issuer), and their director(s) and supervisor(s) were all </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">83</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">appointed and removed by the shareholders. In terms of authority, the Company, as the authority of its subsidiaries, can make shareholder decisions. With respect to decision-making body, the Company can decide the candidates for directors of the subsidiaries, thereby resolving the resolutions of BOD. As to business and management, the Company can, through the BOD, decide on the manager candidates of its subsidiaries. In respect of supervision, the Company can finalize supervisor candidates of the subsidiaries.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company has further formulated the </font><i style="font-size:12pt;font-style:italic;">Subsidiary Management System</i><font style="font-size:12pt;"> to implement internal control and management of holding subsidiaries from business management, human resources and remuneration, financial management, reporting and deliberation of major events, auditing and supervision, etc. In the process of daily operation and management, the Company has implemented the systems pertaining to the management of subsidiaries in a strict manner. Of these, the Tenth Meeting of the First Board of Directors was held on February 28, 2022, at which the </font><i style="font-size:12pt;font-style:italic;">Proposal on the Investment and Expansion of PBN Product Projects by the Holding Subsidiaries</i><font style="font-size:12pt;"> was deliberated and passed, and the investment of Chaoyang Boyu in PBN product expansion project was approved. On March 24, 2022, the Twelfth Meeting of the First Board of Directors was held, at which the </font><i style="font-size:12pt;font-style:italic;">Proposal on Baoding Tongmei (Wholly-owned Subsidiary) Applying for Counter-guarantee for Beijing Boyu (Wholly-owned Subsidiary) for the Bank Loan</i><font style="font-size:12pt;"> was deliberated and passed, and the external guarantee of Baoding Tongmei was approved as well. The subsidiary management system of the Company has been effectively implemented.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company can control over its subsidiaries with sufficient basis in this respect.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Whether the Controlling Shareholder has the critical authority such as retaining capital, and human resources</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of funds, such internal control and management systems of the Company as </font><i style="font-size:12pt;font-style:italic;">Management Rules for External Guarantees, External Investment Management System, Measures for Related-party Transactions, and Management </i></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">84</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><i style="font-size:12pt;font-style:italic;">System on Preventing Controlling Shareholders and Related Parties from Occupying the Company&#39;s Funds</i><font style="font-size:12pt;"> should be earnestly implemented by the subsidiaries. Also, any major matters shall be subject to the approval of the Company&#8217;s BOD. Besides, the Financial Department of the Company shall be entitled to allocate and adjust the funds of the subsidiaries, with which the subsidiaries shall cooperate. The Financial Department also inspects, at regular intervals, the subsidiaries and reports the review of non-operating capital transactions with the Controlling Shareholder and related parties. These systems can completely eradicate the occupation of non-operating capital by the Controlling Shareholder and related parties.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of human resources, the directors, supervisors and financial superintendents of subsidiaries are delegated by the Company; general managers and deputy general managers of the subsidiaries are nominated by the Company and submitted to their board of directors (or executive directors) for appointment and dismissal. With respect to the managers of subsidiaries, the Company adopts general manager reporting system. The managers of subsidiaries specifically implement the business plans of the Company in subsidiaries respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the Controlling Shareholder does not retain any critical authority such as retaining capital, human resources, financial, and institutional authorities of subsidiaries, and these rights are still controlled by the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) Before and after asset restructuring, the reason and influence of the major changes in the board composition of the Company, and whether the leaving directors constituted a major adverse change in the Company&#8217;s operation.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Before and after asset restructuring, the changes in board composition of the Company and the reasons are as follows:</font></p><div style="margin-left:-42.35pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:93.98%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.09%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Board Composition before Change</b></p></td><td style="vertical-align:middle;width:12.97%;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 5.02pt 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;">Changing Date</b></p></td><td style="vertical-align:middle;width:23.07%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Board Composition after Change</b></p></td><td style="vertical-align:middle;width:20.19%;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 5.02pt 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;">Change Description</b></p></td><td style="vertical-align:middle;width:20.66%;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 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;">Causes</b></p></td></tr><tr style="height:59.1pt;"><td style="vertical-align:middle;width:23.09%;border-bottom: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;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LIU, Gary L. Fischer, DAVIS SHANXIANG ZHANG</p></td><td style="vertical-align:middle;width:12.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">November 26, 2020</p></td><td style="vertical-align:middle;width:23.07%;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:9pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LIU, Gary L. Fischer, Hao Ze</p></td><td style="vertical-align:middle;width:20.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">DAVIS SHANXIANG ZHANG left office</p></td><td style="vertical-align:middle;width:20.66%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Personal reasons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.09%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.07%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Hao Ze newly participated in the BOD</p></td><td style="vertical-align:middle;width:20.66%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Delegated by shareholder AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.09%;border-bottom: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;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LIU, Gary L. Fischer, Hao Ze</p></td><td style="vertical-align:middle;width:12.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">January 21, 2021</p></td><td style="vertical-align:middle;width:23.07%;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:9pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LIU, Gary L. Fischer, Hao Ze, and Wang Huan</p></td><td style="vertical-align:middle;width:20.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Wang Huan newly participated in the BOD</p></td><td style="vertical-align:middle;width:20.66%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Delegated by shareholders Haitong New Energy Sources and Haitong New Energy</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">85</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-42.35pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:93.98%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.09%;border-bottom: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;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, WEI GUO LIU, Gary L. Fischer, Hao Ze, and Wang Huan</p></td><td style="vertical-align:middle;width:12.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">April 16, 2021</p></td><td style="vertical-align:middle;width:23.07%;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:9pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG, Liu Wensen, Wang Yuxin, Guo Tao, Hao Ze, Wang Huan, Zhao Lun, Pang Fengzheng, and Liu Yanfeng</p></td><td style="vertical-align:middle;width:20.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">WEI GUO LIU left office</p></td><td style="vertical-align:middle;width:20.66%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Shareholder AXT suspended its delegation</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.09%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.07%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Gary L. Fischer left office</p></td><td style="vertical-align:middle;width:20.66%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Personal reasons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.09%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.07%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.19%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Wang Yuxin and Guo Tao newly participated in the BOD</p></td><td style="vertical-align:middle;width:20.66%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Delegated by shareholder AXT</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.09%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.97%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:23.07%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:20.19%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Zhao Lun, Pang Fengzheng, and Liu Yanfeng newly participated in the BOD</p></td><td style="vertical-align:middle;width:20.66%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Independent Directors were newly added</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">86</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Among the directors that have resigned from the Company, DAVIS SHANXIANG ZHANG resigned from the Company due to getting on in years, and had never participated in the operation and management of the Company after leaving office. Gary L. Fischer was the CFO and Secretary of the Controlling Shareholder AXT, and only served as a director in the Issuer, rather than other positions. Gary L. Fischer had never participated in the operation and management of the Company after leaving office. WEI GUO LIU, after leaving office, still serves as Vice President of Crystal Technology in AXT-Tongmei, a holding subsidiary of the Company, and Deputy General Manager of Baoding Tongmei and Chaoyang Tongmei, being engaged in related research and development work of the Company. Accordingly, the resignation of these directors does not constitute a material adverse change.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Among the new directors above, Wang Huan was appointed by shareholders Haitong New Energy Sources and Haitong New Energy of the Company. Hao Ze, Wang Yuxin and Guo Tao, who have worked for the Company for more than 15 years, were generated from the internal training of the Issuer. Zhao Lun, Pang Fengzheng, and Liu Yanfeng are the independent directors newly delegated when the Company was changed to a joint-stock company as a whole. The delegation of new directors do not constitute a material adverse change.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the changes in directors of the Company before and after the asset restructuring can be considered as an addition or adjustment as per the Company Law, the Articles of Association, and the actual demand of perfecting the governance structure of the Company. Those added or adjusted are directors delegated by shareholders, or external independent directors newly added through internal training of the Issuer. The business development goals, operating principles and policies of the Issuer have not undergone major changes therefore. In this sense, the changes in these human resources do not constitute major adverse changes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verifying the influence of the issues concerning restructuring of the Issuer on primary business, management team and core technicians, the Sponsor deems that: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The restructuring issues of the Issuer are carried out based on the industrial chain </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">87</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">related to its semi-conductor substrate materials, supplementing and improving the composition of primary business of the Issuer. After restructuring, no material change happens on the management team of the Issuer, and core technicians have been working in the Issuer without change. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, after this restructuring is completed, the primary business of the Issuer is improved, and no material change happens on the management team and core technicians of the Issuer. In recent two years, no material adverse change happened on the primary business, directors and senior managerial staff of the Issuer. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc102920853"></a><a name="_Toc102942136"></a><a name="_Toc17040"></a><a name="_Toc2286"></a><a name="_Toc105879755"></a>1.4</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor and lawyers of the Issuer are advised to propose clear and definite verification opinions on whether the Issuer meets relevant requirements on independence as set out in Article 12 of the <font style="font-style:italic;">Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation)</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In accordance with Article 12, </font><i style="font-size:12pt;font-style:italic;">Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation)</i><font style="font-size:12pt;">, requirements for independence to be met by the Issuer shall, specifically, include that &#8220;the Issuer has complete assets, independent business and personnel, finance and institution, has no horizontal competition with the controlling shareholder, the actual controller and other enterprises controlled by it, which has material adverse effects on the issuer, and has no affiliated transaction which seriously affects its independence or is evidently unfair.&#8221; The Issuer meets these requirements for independence, which specific analysis is shown as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of assets, in November 2021, the Controlling Shareholder license its intellectual property rights, patents and relevant trademarks authorized and in application to the Company and its holding subsidiaries for permanent use. These authorized patented technologies do not have a critical influence on the current </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">88</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">production and operation of the Company, being that its relevant core technologies and patents were derived from its independent research and development; moreover, the relevant trademarks licensed are not necessary for its production and operation for the time being. As of the date of this reply, the property rights of assets among the Issuer, the Controlling Shareholder and other companies controlled by it are clearly defined. Moreover, the Controlling Shareholder has transferred or licensed patents and technologies that are necessary for both production and operation to the Company. The Issuer legally owns the ownership or right to use of such intellectual property rights as land, houses, equipment, trademarks, and patents pertaining to its production and operation. It is evident that Issuer&#8217;s assets are independent and complete.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of business, ATX-Tongmei transformed relevant business with AXT in respect to semiconductor substrates in March 2021. In May 2021, the Issuer completed its M&amp;A of ATX-Tongmei and incorporated relevant business systems such as overseas sales into its own system. Before the business transformation, the overseas sales of the Issuer with respect to semiconductor substrate products were undertaken by its Controlling Shareholder AXT based on the internal arrangement of the group before business transformation between the Issuer and AXT, while the Company purchased some major raw materials overseas through AXT. After the business transformation, AXT-Tongmei, the Company&#8217;s subsidiary, was independently responsible for overseas procurement and sales. AXT would no longer engage in specific business after completing subsequent orders. As of the date of this reply, the Issuer carries out business independently according to law. Moreover, all its businesses are independent of its Controlling Shareholder, and other companies it controls. It is evident that the production, supply and sales system of the Issuer is independent and complete with benign business development.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of human resources, AXT only retained some necessary personnel to be responsible for information disclosure, investor relations, and financial affairs in the U.S. capital market after the business transformation; meanwhile, its human resources such as sales, procurement, R&amp;D, as well as part of financial and administrative personnel, have been under the name of AXT-Tongmei. As of December 31, 2021, the Company has a total of 1,396 employees to independently assume all kinds of functions as procurement, sales, R&amp;D, and management. As of the date of this reply, no senior executives of the Issuer such as General Manager, Deputy General Manager, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">89</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Financial Superintendent, and Board Secretary hold any positions other than directors and supervisors in the Controlling Shareholder of the Issuer and other enterprises controlled by it. Nor do they get paid from the Controlling Shareholder of the Issuer and other companies it controls.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of finance, the Issuer has, as of the date of this reply, an independent Financial Department with specialized financial personnel and an independent financial accounting system. Therefore, it can make financial decisions independently. Also, it has a standardized financial accounting system and a financial management system for its subsidiaries. The Issuer does not share bank accounts with the Controlling Shareholder of the Issuer and other companies it controls as it has established independent accounts for this purpose. No financial staff of the Issuer have concurrently hold offices in or get paid from the Controlling Shareholder and other companies it controls.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of organization, the Issuer has, as of the date of this reply, organized the General Meeting of Shareholders, the Board of Directors, the Board of Supervisors and other corporate governance structures in accordance with the </font><i style="font-size:12pt;font-style:italic;">Companies Law</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Articles of Association</i><font style="font-size:12pt;">. What&#8217;s more, it has sound internal operation and management organizations and independent decision-making and execution organizations, facilitating that it can independently exercise the power of operation and management. In this case, there is no institutional confusion with the Controlling Shareholder of the Issuer and other companies it controls. As mentioned in Question 1.3 of this reply, the Controlling Shareholder did not participate in operation and management of the Company after the asset restructuring. In fact, AXT exercises relevant shareholder rights by exercising voting rights and nominating directors at the shareholder meeting/the General Meeting of Shareholders of the Company, without by virtue of the Management or in a direct manner by bypassing the Board of Directors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of horizontal competition, AXT increased capital to Beijing Tongmei at the equity of Baoding Tongmei, Chaoyang Tongmei, Nanjing Tongmei, Chaoyang Jinmei, and Beijing Boyu in December 2020; the Issuer acquired AXT-Tongmei in May 2021. Upon such restructuring and business transformation, a complete industrial chain integrating R&amp;D, production and sales of semiconductor substrate materials, consumable PBN crucibles, and high pure metals (a significant raw material) was </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">90</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">formed. As of the date of this reply, AXT and the companies it controls do not have any substantive business operations, nor do they have any horizontal competition with the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of related-party transactions, AXT-Tongmei, subsidiary of the Company, is independently responsible for overseas procurement and sales, while AXT will no longer engage in specific business after completing the follow-up orders. In addition, the related-party transactions during the report period between the Company and related parties have all followed the principles of fairness, voluntariness and reasonableness. All these related-party transactions are at fair price without jeopardizing the benefits of the Company and non-related shareholders. As of the date of this reply, there are no related-party transactions that may seriously affect the Issuer&#8217;s independence or lack of fairness.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the Issuer has complete assets, independent business and personnel, finance and institution, has no horizontal competition with the controlling shareholder, the actual controller and other enterprises controlled by it, which has material adverse effects on the issuer, and has no affiliated transaction which seriously affects its independence or is evidently unfair. Therefore, these comply with relevant requirements for independence in Article 12 of the</font><i style="font-size:12pt;font-style:italic;"> Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification Procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The verification procedures performed by the Sponsor and lawyers of the Issuer are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. The Issuer provided </font><i style="font-size:12pt;font-style:italic;">Audit Report</i><font style="font-size:12pt;">, sales and procurement details, documents of R&amp;D input, equipment procurement details, fixed assets list, procurement contracts and invoices of important fixed assets, real estate certificates, lists and certificates of intellectual property rights, other asset ownership certificates, staff register, remuneration payment records, organizational chart, and responsibilities description, job standards and systems of departments, cash flow in bank accounts. Further, the setting of sales and procurement, finance, R&amp;D, together with staffing, was checked to get hold of asset ownership and usage status. Moreover, the Issuer was inspected </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">91</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">for any dispute over the ownership of the important assets produced and operated by the Issuer, and whether its assets were occupied or used by related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Legal opinions issued by Burks Johansson LLP, a US law firm, on the Controlling Shareholder AXT, AXT&#8217;s information disclosure documents, audit reports or financial statements, details and contracts of procurement and sales, list of fixed assets, list of intellectual property rights, staff register, and cash flow in bank accounts were obtained. Further, the development history, industry, main business, products, raw materials, production process, assets, and staffing of AXT and the companies it controls were inspected. AXT and the companies it controls were further investigated for any horizontal competition that may have significant adverse effects on the Issuer, and whether related sales, procurement, assets, personnel, and technologies of the Issuer are confused with those of its Controlling Shareholder and the companies it controls or participates in;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. During the report period, details of related-party sales and procurement transactions, related-party transaction contracts and transaction vouchers, trademarks and technology licensing contracts of the Issuer were inspected. The explanations of the Issuer&#8217;s related parties in terms of the related-party transactions and interview transcripts were obtained. The reasons for purchasing from related parties, the impact of stopping purchasing from Dongfang High Purity Materials on the production and operation of the Company, and alternative measures taken with respect thereto, and the procurement of production equipment from related parties, were investigated. The amount and proportion of related-party transactions between the Issuer and related parties, changing trends, background and authenticity of the related party transactions were further investigated. Also, the Issuer was examined for any related-party transactions that seriously affect its independence;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. Trademark, technology license agreements, capital lending contract and certificates signed by AXT and the Issuer were obtained. The Issuer was inspected for whether it has obtained necessary authorizations for using the trademarks and technologies of related parties, and whether the Issuer&#8217;s production and operation constitute a major reliance on the authorized trademarks and technologies;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. Real estate, land, patents, trademarks, software copyrights and other assets through public channels, and the inventory of stock, fixed assets, construction in progress and intangible assets at the end of the period, and the accuracy and integrity </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">92</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">of the assets, of the Issuer, were checked;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. AXT issued the </font><i style="font-size:12pt;font-style:italic;">Letter of Commitment on Avoiding Horizontal Competition</i><font style="font-size:12pt;">;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7. Production sites and R&amp;D sites of the Issuer and its subsidiaries were investigated on the spot. Production process, project initiation of R&amp;D projects, R&amp;D records, of the Issuer were inspected. Interviews were conducted with the superintendents responsible for management, procurement, marketing, finance, and R&amp;D of the Issuer, with a view to determining 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8. After the explanations of the Issuer were obtained, interview were conducted with main customers and suppliers during the report period, as well as those after asset restructuring with AXT, for the purpose of confirming the major customers after restructuring with AXT, understanding the transaction contents, terms, and actual implementation with these customers and suppliers, and their cooperation history, customers&#8217; recognition of product quality of the Company, and determining whether there is a related-party relationship with the Issuer and financial disintermediation; doing so is to have a better understanding of the business transformation;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">9. Main customers and suppliers, as well as those after asset restructuring with AXT during the report period, of the Issuer were executed the external confirmation procedure;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">10. The Issuer, its Controlling Shareholder AXT and its key management personnel, directors, supervisors, senior executives, sales and procurement superintendents, key financial personnel, key sales and procurement personnel, etc. were inspected for the cash flow in bank accounts during the report period, so as to determine whether they have financial disintermediation and advance payment, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">11. After the explanations of the Issuer were obtained, the industrial and commercial files of the Issuer and its holding subsidiaries, and its internal governance-related systems were consulted. In addition, interviews were conducted with some resigning directors to get hold of the setting and operation of the management organization, the methods of management and control against its holding subsidiaries, as well as the reasons and effects of changes in directors before and after the asset restructuring.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and Issuer&#8217;s Attorney believe, upon verification, that the Issuer has </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">93</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">complete assets, independent business and personnel, finance and institution, has no horizontal competition with the controlling shareholder, the actual controller and other enterprises controlled by it, which has material adverse effects on the issuer, and has no affiliated transaction which seriously affects its independence or is evidently unfair. Therefore, these comply with relevant requirements for independence in Article 12 of the</font><i style="font-size:12pt;font-style:italic;"> Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc26090"></a><a name="_Toc105879756"></a>Q2. Business Reorganization</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the reply to the inquiry, (1) the Issuer considers that it has completed the asset reorganization on December 9, 2020 on the ground that the original shareholders of the reorganized entities have acquired the newly increased shares (consideration of reorganization) of Tongmei Limited, but the industrial and commercial change registration of Baoding Tongmei, one of the reorganized entities, was completed on January 12, 2021; (2) in May 2021, the Issuer acquired AXT-Tongmei from AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) the transaction process of the acquisition of Baoding Tongmei, the reasons why the Company considers that it acquired the control over Baoding Tongmei on December 9, 2020; (2) the reasons why the acquisition of AXT-Tongmei is not included in the scope of reorganization and the rationality thereof; (3) recalculation and comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020 after AXT-Tongmei is included in the scope of reorganization; (4) Details and relevant reasons of offsetting transactions among the reorganizing parties in 2019 and 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor, the Issuer&#8217;s Attorney and the Reporting Accountant are requested to conduct verifications and issue explicit opinions thereon.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Response:</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">94</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk102764586"></a><b style="font-size:12pt;font-weight:bold;">(I) Transaction process of the acquisition of Baoding Tongmei, the reasons why the Company considers that it acquired the control over Baoding Tongmei on December 29, 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Transaction process of the acquisition of Baoding Tongmei</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The transaction process of the Issuer&#8217;s acquisition of Baoding Tongmei is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:83.41%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Time</b></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Transaction Process</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">December 9, 2020</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Zhongfeng Assets Appraisal Co., Ltd. issued the Asset Apprisal Report on the Total Equity Value of Baoding Tongmei Crystal Manufacturing Co., Ltd. involved in the Shareholders&#8217; Proposed Transfer of Equity Interest in Baoding Tongmei Crystal Manufacturing Co., Ltd. (Zhong Feng Ping Bao Zi (2020) No. 01234).</p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">The shareholders of Baoding Tongmei made a shareholders&#8217; decision, agreeing that AXT would transfer all its 100% equity interest in Baoding Tongmei to Tongmei Limited; after the equity transfer, Baoding Tongmei would become a wholly owned subsidiary of Tongmei Limited; the nature of the company would be changed from a limited liability company (sole proprietorship by a foreign legal person) to a limited liability company (sole proprietorship by a legal person).</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">AXT and Tongmei Limited entered into the Equity Transfer Agreement, pursuant to which AXT agreed to transfer its 100% equity interest in Baoding Tongmei and the corresponding shareholder rights and obligations represented by such equity interest to Tongmei Limited, and Tongmei Limited agreed to accept the transfer of AXT&#8217;s 100% equity interest in Baoding Tongmei and the corresponding shareholder rights and obligations represented by such equity interest.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Tongmei Limited held a shareholders&#8217; meeting, agreeing that AXT would use its 100% equity interest in Baoding Tongmei as a consideration to subscribe for the newly increased registered capital of the Company; AXT and Tongmei Limited entered into the Capital Increase Agreement, providing that AXT would use its 100% equity interest in Baoding Tongmei as a consideration to subscribe for the newly increased registered capital of the Company.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Tongmei Limited executed the new articles of association of Baoding Tongmei Crystal Manufacturing Co., Ltd.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">December 29, 2020</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Tongmei Limited completed the industrial and commercial change registration and obtained the business license issued by the Beijing Tongzhou District Administration for Market Regulation. AXT, the </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">95</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:83.41%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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;"></td><td style="vertical-align:top;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">original shareholder of Baoding Tongmei, obtained the newly increased shares of Tongmei Limited (consideration of reorganization), that is, Tongmei Limited has paid all the consideration of reorganization.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">January 12, 2021</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Baoding Tongmei completed the industrial and commercial change registration and obtained the business license issued by the Dingxing County Administrative Review and Approval Bureau.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Reasons why the Company considers that it acquired the control over Baoding Tongmei on December 29, 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In combination with the provisions of the application guide of the Accounting Standards for Business Enterprises No. 20 - Business Mergers, the determination standards and actual circumstances in relation to the Company&#8217;s completion of its control over Baoding Tongmei are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The contract or agreement on the business merger has been approved by the shareholders&#8217; meeting, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On December 25, 2020, AXT and Tongmei Limited entered into the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:12pt;"> which has been deliberated and approved by the shareholders of Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) If the business merger is required to be approved by the relevant competent authorities of the state, such approval has been obtained.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to applicable laws and regulations, the Company&#8217;s acquisition of 100% equity interest in Baoding Tongmei is not required to be approved by the relevant competent authorities of the state.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) The parties involved in the merger have gone through such procedures as necessary for the transfer of property rights</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On December 25, 2020, AXT and Tongmei Limited entered into the Equity Transfer Agreement, agreeing that AXT would transfer its 100% equity interest in Baoding Tongmei to Tongmei Limited. The Agreement took effect on December 25, 2020, the parties thereto have confirmed that the relevant equity transfer has been completed on the same day, Tongmei Limited has become the sole shareholder of Baoding Tongmei on December 25, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) The merging party or the purchasing party has paid most of the merger price </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">96</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">(generally more than 50%), and has the ability and plan to pay the remaining amount</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Equity Transfer Agreement and the Capital Increase Agreement entered into by and between Tongmei Limited and AXT, the consideration for Tongmei Limited&#8217;s acquisition of 100% equity interest in Baoding Tongmei is new shares issued by Tongmei Limited to AXT, and the acquisition of newly increased shares in Tongmei Limited by the original shareholders of Baoding Tongmei is subject to the consummation of the capital increase, the industrial and commercial change registration and the acquisition of the business license.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On December 29, 2020, Tongmei Limited completed the industrial and commercial change registration with respect to the reorganization matters and obtained a new business license, that is, the original shareholders of Baoding Tongmei have obtained the newly increased shares in Tongmei Limited (consideration of reorganization). Accordingly, Tongmei Limited has paid the consideration for the equity transfer as agreed in the Equity Transfer Agreement on December 29, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) The merging party or the purchasing party has controlled the financial and operational policies of the merged party or the purchased party, and owns the corresponding benefits and bears the corresponding risks</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the articles of association of Baoding Tongmei Crystal Manufacturing Co., Ltd. which was executed and entered into force on December 25, 2020, upon the completion of the reorganization, the body with the highest authority of Baoding Tongmei remains to be shareholders. Therefore, after Tongmei Limited becomes the sole shareholder of Baoding Tongmei, Tongmei Limited shall have the right to exercise relevant authorities as a shareholder in accordance with the Company Law and the articles of association of Baoding Tongmei, appoint and remove members of the board of directors of Baoding Tongmei, and thereby appoint and remove the management of Baoding Tongmei through the board of directors to exercise the control over Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer, Baoding Tongmei and AXT, the original shareholder of Baoding Tongmei, jointly issued the </font><i style="font-size:12pt;font-style:italic;">Confirmation Letter on the Asset Reorganization</i><font style="font-size:12pt;">, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">97</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">confirming that the transfer of equity interest in Baoding Tongmei has been completed on the date of signing the Equity Transfer Agreement; as of the date of the completion of such equity transfer, Tongmei Limited holds 100% equity interest in Baoding Tongmei, controls the financial and operational policies of Baoding Tongmei, has the rights and obligations as a shareholder of Baoding Tongmei, and owns corresponding benefits and bears corresponding risks.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, as confirmed through the interviews with the persons of Baoding Tongmei handling the industrial and commercial change registration and the officials of the industrial and commercial authorities, Baoding Tongmei submitted the application materials for the relevant change registration to them at the end of December 2020, but due to the government&#8217;s processing time and procedures, the industrial and commercial change registration was completed on January 12, 2021. In consideration of the fact that the </font><i style="font-size:12pt;font-style:italic;">Company Law</i><font style="font-size:12pt;">, the </font><i style="font-size:12pt;font-style:italic;">Regulations on the Administration of Registration of Market Entities</i><font style="font-size:12pt;"> and other laws and regulations have no provision that the industrial and commercial change registration is a condition to the effectiveness of equity transfer, the industrial and commercial change registration of equity interest is only an administrative act, and such change is aimed at making the relevant registration matters of a company public and become effective against a bona fide third party, and the Equity Transfer Agreement does not list the industrial and commercial change registration as a precondition to the equity transfer. Therefore, regardless of whether the industrial and commercial change registration of Baoding Tongmei is completed, the effectiveness of the Equity Transfer Agreement and the equity transfer shall not be affected, nor does the time of completing such industrial and commercial change registration affect the time of completing the equity transfer. Tongmei Limited obtained 100% equity interest in Baoding Tongmei on December 25, 2020, becoming the sole shareholder of Baoding Tongmei, owning relevant rights as a shareholder in accordance with the law, and controlling the financial and operational policies of Baoding Tongmei, it has obtained the control over Baoding Tongmei. The fact that the relevant industrial and commercial change registration of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">98</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Baoding Tongmei was completed on January 12, 2021 has no effect on Tongmei Limited&#8217;s control over Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, as of December 29, 2020, Tongmei Limited has obtained the control over Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Reasons why the acquisition of AXT-Tongmei is not included in the scope of reorganization and the rationality thereof;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The asset reorganization in December 2020 and the acquisition of AXT-Tongmei are two separate reorganizations implemented by the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To solve horizontal competition and integrate business resources, the Company implemented the asset reorganization in December 2020, upon the completion of such reorganization, the Company holds 100% equity interest in Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei. </font><b style="font-size:12pt;font-weight:bold;">This reorganization is for production resources; after </b><font style="font-size:12pt;">the completion of the said reorganization, the Company has integrated the supply of PBN crucibles, indium phosphide polycrystalline, high-purity gallium and other raw materials in the upstream of semiconductor substrate materials, and their main business covers the R&amp;D, production and sale of semiconductor substrate materials, PBN materials and other high-purity materials.</font> <font style="font-size:12pt;">Before and after the reorganization, the Company fails to achieve the independent sale of overseas substrate materials. In this reorganization, the Company and the original shareholders of the reorganized parties entered into the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Capital Increase Agreement</i><font style="font-size:12pt;"> in December 2020, which have gone through the review procedure by the board of directors, the shareholders&#8217; meeting or any other competent authority</font><b style="font-size:12pt;font-weight:bold;">, and completed the payment of relevant amounts and the closing of assets in the same month.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s acquisition of AXT-Tongmei is to make the Issuer directly face customers in the overseas substrate material market and further reduce related party transactions and horizontal competition, which is a further extension after the Company&#8217;s domestic reorganization, </font><b style="font-size:12pt;font-weight:bold;">mainly intending to reorganize the channels for overseas procurement and the sales of semiconductor substrate materials</b><font style="font-size:12pt;">. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">99</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">After the acquisition of AXT-Tongmei, the Issuer owns a full independent marketing ability in the overseas market. On May 6, 2021, the Company held a board meeting to review and approve the Company&#8217;s acquisition of 100% equity interest in AXT-Tongmei from AXT in cash. On the same day, Beijing Tongmei entered into the </font><i style="font-size:12pt;font-style:italic;">Share Transfer Agreement </i><font style="font-size:12pt;">with AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As the Company&#8217;s overseas investment is subject to the pre-approval procedures such as overseas investment filing, and the time of completion of such procedures is uncertain, the acquisition of AXT-Tongmei was not deliberated by the Company in its board meeting held in December 2020. The acquisition of AXT-Tongmei was deliberated and approved by the Company&#8217;s board of directors in May 2021 separately, such acquisition and the reorganization in December 2020 are not conditional on each other.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In addition, the agreements signed by the related parties above did not require that the two organizations shall be preconditioned on each other.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the Company&#8217;s asset reorganization in December 2020 and the acquisition of AXT-Tongmei in May 2021 are two separate reorganizations that were implemented in the fiscal year or period immediately before the Issuer submitted its IPO application documents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Non-existence of circumvention of the Opinions on the Application of the Securities and Futures Law No. 3 in relation to the acquisition of AXT-Tongmei being not included in the scope of reorganization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Relevant provisions of the Answers to Certain Questions on the IPO Business (Revised in June 2020)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the relevant provisions of &#8220;Question 36, Business Reorganization and Major Changes in Main Business&#8221; in the Answers to Certain Questions on the IPO Business (Revised in June 2020):</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#8220;The business reorganization of an issuer occurred during the reporting period shall be determined separately based on whether the reorganized business and the issuer are under the same control. If the business reorganization is under the same </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">100</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">control, it shall be determined and handled in accordance with the relevant requirements of the Opinions on the Application of the Securities and Futures Law No. 3; if the business reorganization is not under the same control, it usually includes the acquisition of the equity interest or operating assets of the reorganized party, increasing the capital of the issuer, merging the reorganized party or otherwise with the equity interest or operating assets of the reorganized party. The issuer and intermediaries may pay attention to the following factors:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#8230;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">If multiple reorganizations occur within 12 months, the impact of the reorganization on the issuer&#8217;s total assets, net assets, operating income or total profit shall be calculated on a cumulative basis.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, both the Company&#8217;s asset reorganization in December 2020 and the acquisition of AXT-Tongmei in May 2021 are business reorganizations under the same control, they shall be determined and handled in accordance with the relevant requirements of the Opinions on the Application of the Securities and Futures Laws No. 3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Relevant provisions of the Opinions on the Application of the Securities and Futures Law No. 3</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Opinions on the Application of &#8220;No Major Change in the Issuer&#8217;s Main Business in the Last Three Years&#8221; under Article 12 of the Administrative Measures on the Initial Public Offering and Listing of Stocks - the Opinions on the Application of the Securities and Futures Law No. 3 (hereinafter referred to as the &#8220;Opinions on the Application of the Securities and Futures Law No. 3&#8221;), if an issuer has undergone multiple reorganizations in the fiscal year or period immediately before its submission of the IPO application documents, the impact of such reorganizations on the issuer&#8217;s total assets, operating income or total profit shall be calculated on a cumulative basis.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Opinions on the Application of the Securities and Futures Law No. 3, the Issuer submitted its IPO application documents in December 2021, as </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">101</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">required by the above provisions, the Issuer shall consolidate the reorganization (i.e., the reorganization of five entities, including Beijing Boyu) in the fiscal year immediately before its submission of IPO application documents; and the reorganization in the period immediately before its submission of IPO application documents (i.e., the acquisition of AXT-Tongmei) will be calculated. After separately calculating the impact of the two reorganizations on the Issuer&#8217;s total assets, operating income or total profit, and then adding up them. As AXT-Tongmei had not actually operated and did not open any bank account, the amount of paid-in capital and related financial indicators are all zero, and the proportion of the total assets, operating income or total profit of AXT-Tongmei to the relevant financial indicators of the Issuer in 2020 is also zero. Therefore, the acquisition of AXT-Tongmei will not affect the comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020, without circumvention of the Opinions on the Application of the Securities and Futures Law No. 3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Recalculation and comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020 after AXT-Tongmei is included in the scope of reorganization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Calculation based on the indicators of 2019</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In December 2020, the Issuer completed the acquisition of 5 entities including Beijing Boyu. The table below shows the comparison of relevant indicators of 2019:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">In RMB0&#8217;000</b></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:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total assets as at the end of 2019</b></p></td><td style="vertical-align:middle;width:16.88%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Operating income in 2019</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total profit in 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Beijing Tongmei A</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">80,072.95</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">35,728.47</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1,507.98</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Baoding Tongmei B</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">28,635.15</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1,953.43</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-2,902.24</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Chaoyang Tongmei C</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">24,219.28</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,470.16</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-1,457.28</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Chaoyang Jinmei D</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">7,005.23</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1,095.62</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">360.31</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Nanjing Jinmei E</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">9,340.66</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5,781.28</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">942.58</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Beijing Boyu F</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,659.92</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">9,492.30</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">1,541.82</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">102</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:19.85pt;"><td style="vertical-align:middle;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Offsetting transactions against the reorganizing parties G</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-8,238.45</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-8,856.82</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-881.63</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total amount of the acquired parties H=B+C+D+E+F+G</b></p></td><td style="vertical-align:middle;white-space:normal;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">73,621.79</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11,935.97</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-2,396.44</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:37.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Proportion (H/A)</b></p></td><td style="vertical-align:middle;width:33.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">91.94%</b></p></td><td style="vertical-align:middle;width:16.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">33.41%</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">158.92%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) The reorganization above is intended to integrate the industry chain, and the Company has been in operation for over one complete accounting year after the reorganization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The reorganized party Beijing Boyu is mainly responsible for the production and sales of PBN crucibles and other PBN materials, so as to provide PBN crucible consumables for the Issuer&#8217;s semiconductor substrate materials; the reorganized parties Nanjing Jinmei and Chaoyang Jinmei are responsible for the production and sales of high-purity gallium and other high-purity compounds, in which high-purity gallium is one of the main raw materials for the Issuer to produce gallium arsenide substrates; the reorganized parties Chaoyang Tongmei and Baoding Tongmei are mainly responsible for the production and sales of gallium arsenide, and its business and production line come from the Issuer&#8217;s production line that has been relocated.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In summary, the reorganization above is integration implemented focusing on the semiconductor substrate material business of the Issuer. The assets reorganization above did not lead to a change in the main business of the Issuer; instead, after the reorganization, related-party transactions are reduced and horizontal competition is avoided, which further enhanced the independence of the Issuer.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) Relevant indicators are in compliance with the relevant provisions of the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of the Securities and Futures Law No. 3</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">According to the above, neither the total assets as of the end of 2019 nor the indicators related to the operating revenue of the year exceeded 100%, but the calculation result of the total profits exceeded 100% because the profits of both parties are negative. However, with reference to relevant cases and practices on the market at present, such conditions are not included for the scope of indicator </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">103</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">calculation. For details, refer to the explanation below.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In summary, with December 2020 as the completion time, the relevant indicators of 2019 are not subject to the circumstance provided in the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of the Securities and Futures Law No. 3</font><b style="font-size:12pt;font-weight:bold;"> that the offering may be requested only after operation for a complete accounting year.</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">Moreover, by now, the Company has been in operation for over a complete accounting year from the completion time of the reorganization.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) Relevant cases on the market</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1) Shenzhen Pacific Union Precision Manufacturing Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">During the reporting period, Shenzhen Pacific Union Precision Manufacturing Co., Ltd. established Put Tech (Hong Kong), and Put Tech (Hong Kong) acquired 100% equity interests in Pacific Union (Hong Kong). The total profit of the reorganized party is negative, and the Issuer did not include such total profits into the scope of calculation when explaining whether it was in compliance with the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of the Securities and Futures Law No. 3</font><b style="font-size:12pt;font-weight:bold;">.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">In RMB0&#8217;000</b></p><div style="margin-left:-6.15pt;" 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:44.52%;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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">End of 2018/2018</b></p></td><td style="vertical-align:middle;width:15.38%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total assets</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.52%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Book value of the reorganizing party </b><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:15.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">16,020.73</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">12,694.33</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">1,081.66</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.52%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Book value of the reorganized party </b><b style="color:#333333;font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;width:15.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">3,750.72</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">7,997.49</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-288.53</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.52%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Proportion=</b><b style="color:#333333;font-weight:bold;">&#9313;</b><b style="color:#333333;font-weight:bold;">/</b><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:15.38%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">23.41%</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">63.00%</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2) SICC Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">When SICC Co., Ltd. determined whether its acquisition of the equity interests in and assets of Tianyue Crystal in 2020 constituted major assets reorganization, given that the total profits of both the acquired entity and the acquiring entity in the previous year were negative, the impact on the total profits were not calculated.</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">The information disclosed is as follows:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">In RMB0&#8217;000</b></p><div style="margin-left:-6.15pt;" 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:44.53%;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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">End of 2019/2019</b></p></td><td style="vertical-align:middle;width:15.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:22.85%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.53%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Book value of the reorganizing party </b><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:15.39%;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:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">115,032.01</b></p></td><td style="vertical-align:middle;width:22.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">26,567.32</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-16,531.68</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">104</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" 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:44.53%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Book value of the reorganized party </b><b style="color:#333333;font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;width:15.39%;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:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">42,413.92</b></p></td><td style="vertical-align:middle;width:22.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">122.56</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-2,690.50</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.53%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Proportion=</b><b style="color:#333333;font-weight:bold;">&#9313;</b><b style="color:#333333;font-weight:bold;">/</b><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:15.39%;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:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">36.87%</b></p></td><td style="vertical-align:middle;width:22.85%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">0.46%</b></p></td><td style="vertical-align:middle;width:17.21%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3) Beijing Qilin Hesheng Network Technology Co., Ltd.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In 2016, Beijing Qilin Hesheng Network Technology Co., Ltd. acquired the overseas entities APEX and Cybertron under common control with Beijing Qilin Hesheng Network Technology Co., Ltd. Given that the total profits of the reorganizing party and the reorganized parties in the previous year were negative, the Company did not include such total profits in the scope of calculation when explaining whether it is in compliance with the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of the Securities and Futures Law No. 3</font><b style="font-size:12pt;font-weight:bold;">. The information disclosed is as follows:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">In RMB0&#8217;000</b></p><div style="margin-left:-6.15pt;" 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:42.85%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">End of 2015/2015</b></p></td><td style="vertical-align:middle;width:16.63%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:23.3%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:17.2%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.85%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Book value of the reorganizing party </b><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">5,366.64</b></p></td><td style="vertical-align:middle;width:23.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:17.2%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-3,341.33</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.85%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Book value of the reorganized party </b><b style="color:#333333;font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">3,670.03</b></p></td><td style="vertical-align:middle;width:23.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">5,516.54</b></p></td><td style="vertical-align:middle;width:17.2%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-13,994.18</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.85%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Proportion=</b><b style="color:#333333;font-weight:bold;">&#9313;</b><b style="color:#333333;font-weight:bold;">/</b><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:16.63%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">68.39%</b></p></td><td style="vertical-align:middle;width:23.3%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">&gt;100%</b></p></td><td style="vertical-align:middle;width:17.2%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In summary, given that the total profits of both the Issuer and the reorganized party (excluding the related-party transaction with Tongmei Limited) were negative in 2019, and the loss of the reorganized party was greater than Tongmei Limited, this reorganization did not improve the total profits of Tongmei Limited in 2019; therefore, Tongmei Limited is not subject to the circumstance of making up profits, hence not subject to the circumstance provided in the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of the Securities and Futures Law No. 3</font><b style="font-size:12pt;font-weight:bold;"> that the offering may be requested only after operation for a complete accounting year.</b><font style="font-size:12pt;"> </font><b style="font-size:12pt;font-weight:bold;">Moreover, by now, the Company has been in operation for over a complete accounting year from the completion time of the reorganization.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Calculation based on the indicators of 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">If AXT-Tongmei is included in the scope of reorganization, the process of recalculating and comparing indicators such as total assets of the reorganizing parties </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">105</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">as at the end of 2020, operating income and total profit of the reorganizing parties in 2020 is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;white-space:nowrap;width:31.41%;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:10.5pt;text-align:center;margin:0pt;">Entity/Item</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:center;margin:0pt;">Total assets as at the end of 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></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:10.5pt;text-align:center;margin:0pt;">Operating income in 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:center;margin:0pt;">Total profit in 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei A</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">168,634.49</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:10.5pt;text-align:right;margin:0pt;">40,800.67</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">2,149.40</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Baoding Tongmei B</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">32,811.80</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:10.5pt;text-align:right;margin:0pt;">7,159.40</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">-2,383.11</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei C</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">29,939.56</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:10.5pt;text-align:right;margin:0pt;">6,018.06</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">-522.43</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Jinmei D</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">10,828.24</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:10.5pt;text-align:right;margin:0pt;">3,890.71</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">1,559.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Nanjing Jinmei E</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">12,407.95</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:10.5pt;text-align:right;margin:0pt;">8,538.73</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">886.41</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Boyu F</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">17,030.67</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:10.5pt;text-align:right;margin:0pt;">11,149.72</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">3,361.01</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">AXT-Tongmei G</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">-</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Offsetting transactions against the reorganizing parties H</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">-6,642.24</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:10.5pt;text-align:right;margin:0pt;">-8,840.99</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">-2,064.60</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Total amount of the acquired parties I=B+C+D+E+F+G+H</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">96,375.98</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:10.5pt;text-align:right;margin:0pt;">27,915.63</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">837.18</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;">Offset against the long-term equity investment held by the reorganizing parties in the reorganized parties J</p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;">-55,782.07</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Excluding financing amount from an external investment institution of the reorganizing party K</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:44.2%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-31,447.38</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Percentage (I/(A+J))</b></p></td><td style="vertical-align:middle;width:44.2%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">85.40%</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">68.42%</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38.95%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.41%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Proportion (I/(A+J+K))</b></p></td><td style="vertical-align:middle;width:44.2%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">118.39%</b></p></td><td style="vertical-align:middle;width:12.4%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">68.42%</b></p></td><td style="vertical-align:middle;width:11.98%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38.95%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the table above, if AXT-Tongmei is included into the scope of reorganization, in 2020, the total assets, operating income, and total profit of the acquired entities excluding related-party transactions did not reach or exceed 100% of the relevant indicators of Tongmei Limited; therefore, it is not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the offering may be requested only after operation for a complete accounting year. </font><b style="font-size:12pt;font-weight:bold;">The indicator of total assets may exceed 100% only if May 2021 is taken as the completion time of the reorganization, the calculation is </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">106</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">made based on the relevant indicators of 2020, and the additional capital contribution received by the Issuer from external investment institutions in 2020 are excluded.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">From November to December 2020, 10 external institutions including Haitong New Energy entered into capital increase agreements and supplementary agreements with the Company, and such external institutions paid the additional capital contribution to the Issuer successively from November to December 2020 in the total of RMB314 million, including RMB149 million paid in November 2020 and RMB166 million paid in December 2020. The Issuer has made corresponding accounting treatment of the additional capital contributions received in November and December 2020. Such events are external financing acts occurred during the operation of the Issuer according to its needs.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">In summary, in 2020, the total assets, operating income, and total profit of the acquired entities excluding related-party transactions did not reach or exceed 100% of the relevant indicators of Tongmei Limited; therefore, it is not subject to the circumstance provided in the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of the Securities and Futures Law No. 3</font><b style="font-size:12pt;font-weight:bold;"> that the offering may be requested only after operation for a complete accounting year.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Details and relevant reasons of offsetting transactions among the reorganizing parties in 2019 and 2020.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">, if an issuer reorganizes any identical, similar or related business under the same controller as a company during the reporting period, if the total assets of the reorganized party at the end of the fiscal year immediately before the reorganization or its total operating income or total profit in the last fiscal year reaches or exceeds 100% of the issuer&#8217;s corresponding item before the reorganization, in order to facilitate investors&#8217; understanding of the overall operation after the reorganization, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">107</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">issuer shall not apply for offering until it has operated for a full fiscal year. If the reorganized party has any related party transaction with the issuer before the reorganization in the fiscal year immediately before the reorganization, the total assets, operating income or total profit shall be calculated after deducting such transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the above provisions, the reorganizing party has deducted the total assets, operating income or total profit of Beijing Tongmei. The details of the offsetting transactions in 2019 and 2020 are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0pt;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;table-layout:auto;width:100%;" align="center"><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:12.96%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;">Notes receivable of the reorganized Party to Beijing Tongmei A</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">303.22</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">497.05</p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;">Accounts receivable of the reorganized party to Beijing Tongmei B</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">2,430.45</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">4,070.00</p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;">Receivable financing of the reorganized party to Beijing Tongmei C</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">691.47</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">594.30</p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;">Other receivables of the reorganized party to Beijing Tongmei D</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">3,217.10</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">3,077.10</p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total amount offset against total assets E=A+B+C+D</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,642.24</b></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,238.45</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total revenue and profit</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Operating income that should be offset by the reorganized party against Beijing Tongmei F</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,840.99</b></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,856.82</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;">Operating costs of the reorganized party to Beijing Tongmei G</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">6,756.98</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">7,975.19</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;">Interest expenses of the reorganized party to Beijing Tongmei H</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">19.41</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">-</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.12%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total amount offset against total profit I=F-G-H</b></p></td><td style="vertical-align:middle;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,064.60</b></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">881.63</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor, the Issuer&#8217;s Attorney and the Reporting Accountant mainly performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Inspecting the resolutions of the shareholders&#8217; meeting, the resolutions of the board of directors, the articles of association, the Equity Transfer Agreement, the Capital Increase Agreement, the industrial and commercial registration materials, the new business license issued after the change, and other documents and materials involved in the asset reorganization, and the latest articles of association of Baoding Tongmei after the asset reorganization, the Company&#8217;s explanation and confirmation, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">108</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">inspecting the relevant provisions of the application guidance of the Accounting Standards for Business Enterprises No. 20 - Business Mergers, and verifying the transaction process of Tongmei Limited&#8217;s acquisition of Baoding Tongmei;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Inspecting the latest business license obtained by Tongmei Limited after the asset reorganization, the </font><font style="font-size:12pt;">Confirmation Letter on the Asset Reorganization</font><font style="font-size:12pt;"> issued by the Issuer, Baoding Tongmei and AXT, interviewing persons of Baoding Tongmei handling the industrial and commercial change registration and officers of the competent industrial and commercial authorities, interviewing MORRIS SHEN-SHIH YOUNG, Chairman of Baoding Tongmei, and LIU Wensen, General Manager of Baoding Tongmei, and verifying the reasons for the Company to have the control over Baoding Tongmei on December 29, 2020;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Inspecting the financial statements of the reorganizing party (Tongmei Limited) and the reorganized party (the acquired entity) provided by the Issuer for the reporting period, calculating the total assets at the end of the fiscal year immediately before the reorganization or the percentage of the operating income or total profit in the fiscal year immediately before the reorganization to the corresponding item of the Issuer before the reorganization, and verifying whether it complies with the relevant laws and regulations such as the Opinions on Application No. 3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Issuer&#8217;s Attorney consider that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. As of December 29, 2020, Tongmei Limited has obtained the control over Baoding Tongmei, and the relevant reasons therefor are sufficient;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. The asset reorganization in December 2020 and the acquisition of AXT-Tongmei are two separate reorganizations implemented by the Company, the relevant indicators in relation to the acquisition of AXT-Tongmei will not affect the indicators of the reorganized party in the Issuer&#8217;s asset reorganization in December 2020 accounting for the Issuer&#8217;s total assets, operating income, or total profit. The fact that the acquisition of AXT-Tongmei is not included in the scope of reorganization does not circumvent the Opinions on the Application of the Securities and Futures Law No. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">109</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. The total assets of the reorganized party as at the end of 2019 and 2020, and the operating income and total profit of the reorganized party for 2019 and 2020 are lower than the corresponding items of the Issuer, which is not the situation under which an entity shall not apply for offering until it has operated for a full fiscal year in accordance with the Opinions on Application of the Securities and Futures Law No.3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon verification, the Reporting Accountant considers that as of December 29, 2020, Tongmei Limited has obtained the control over Baoding Tongmei, and the relevant reasons therefor are sufficient.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc102942138"></a><a name="_Toc105879757"></a>Q3. Fundraising Projects and Relocation and Construction of Production Lines</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc23550"></a><a name="_Toc105879758"></a><a name="_Toc102920856"></a><a name="_Toc19461"></a><a name="_Toc102942139"></a>3.1</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the reply to the inquiry, (1) the Issuer intends to raise about RMB1.16 billion, of which about RMB360 million will be invested in the gallium arsenide semiconductor materials project and RMB800 million will be used to replenish working capital; (2) the gallium arsenide project will help the Issuer achieve the mass production of 8-inch GaAs substrates and it is expected that about RMB1.12 billion will be invested. Among them, the crystal sub-project intends to use the raised funds in the amount of RMB360 million and the wafer sub-project intends to use the self-owned funds. At the end of the reporting period, the Issuer&#8217;s cash and bank balances amounted to RMB170 million; (3) a company&#8217;s production capacity of large-size substrates can, to a certain extent, reflect its technical strength. At present, the Issuer&#8217;s main products include 3-inch indium phosphide and 6-inch gallium arsenide, and its main competitors have the mass production capacity of 6-inch InP substrates and 8-inch GaAs substrates. The Issuer&#8217;s current market shares and ranking are behind its main competitors, and its capacity scale is insufficient. </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">110</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) production line construction status and mass production progress of the large-size InP substrates and GaAs substrates, as well as the capital demands and sources; (2) necessity and scale rationality for using the raised funds to replenish working capital in conjunction with the production line construction demand, cash and bank balances and usage arrangements, as well as the specific arrangements for the investment of the majority of the raised funds in the field of scientific and technological innovation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) Production line construction status and mass production progress of the large-size InP substrates and GaAs substrates, as well as the capital demands and sources; </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Production line construction status and mass production progress of the large-size InP substrates and GaAs substrates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s production line construction status and mass production progress of the large-size InP substrates and GaAs substrates are as follows: </font></p><div style="margin-left:-6.15pt;" 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:18.65%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Project</b></p></td><td style="vertical-align:middle;width:54.82%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Production line construction status</b></p></td><td style="vertical-align:middle;width:26.51%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Current mass production progress</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.65%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Large-size InP substrates</p></td><td style="vertical-align:middle;width:54.82%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Have not planned to build a separate production line for large-size InP substrates </p></td><td style="vertical-align:middle;width:26.51%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Have small mass production capacity</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.65%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Large-size GaAs substrates</p></td><td style="vertical-align:middle;width:54.82%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Plan to invest in the gallium arsenide semiconductor materials project and build a production line with an annual production capacity of 500,000 pieces of 8-inch GaAs substrates</p></td><td style="vertical-align:middle;width:26.51%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Have small mass production capacity</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At present, the processing technology of 8-inch gallium and 6-inch indium phosphide single-crystal growth and wafer has been developed basically, with small batch production capacity. The construction progress of the special production line for large-size InP substrates and GaAs substrates mainly depends on the demands of downstream markets. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the future development trend of the industry that at present, the diameter of the global GaAs substrates is 4-6 inches generally; with the gradual </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">111</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">maturity of Mini LED and Micro LED technology, the demand for LED chips registers the geometric growth, and the GaAs substrates have also trended to be 8-inch ones; and from the perspective of competition, Sumitomo and Freiberger, the main global competitors of the Company, have the capacity to produce 8-inch GaAs substrates, so it&#8217;s necessary for the Company to speed up the layout and gain market opportunities in the new round of industrial cycle; meanwhile, Osram, a downstream customer, has made the request for purchasing 8-inch GaAs substrates for next three years to the Company and IQE has also purchased 8-inch wafer samples for testing. Therefore, the Company plans to build a production line with an annual production capacity of 500,000 pieces of 8-inch GaAs substrates to meet the demands of downstream customers as soon as possible. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At present, 2-inch and 3-inch InP substrates are mainly used to produce optical modules and are ultimately applied in the data centers, 5G communications and other fields that have begun commercial promotion on a large scale. Due to the large demand in the field of data centers and 5G communications, and the extra demand for 2-inch and 3-inch InP substrates generated by the national computing network approved by the State, the Company is planning to expand the production capacity of 2-inch and 3-inch InP substrates. Further, 4-inch and 6-inch InP substrates of the Company are mainly used in high-end sensors, silicon optical chips and other devices, and at this stage, they are mainly provided to overseas customers to be used in cutting-edge fields such as vehicle lidar, VR/AR glasses, and have not been commercialized on a large scale. Therefore, the Company does not plan to build a separate production line for large-size InP substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:0pt;"><b style="font-weight:bold;">2. Capital demands and sources </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The production line construction project of large-size GaAs substrates, i.e., the gallium arsenide semiconductor materials project to be invested by the Company using the raised funds, with a total investment amount of RMB1,120,536,300, is divided into two sub-projects including gallium arsenide (crystal) semiconductor materials project and gallium arsenide (wafer) semiconductor materials project. The </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">112</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">gallium arsenide (crystal) semiconductor materials project, with an investment of RMB366,887,300, intends to use the raised funds in the amount of RMB366,887,300, and the gallium arsenide (wafer) semiconductor materials project intends to use the self-owned funds, with the funds sources being as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Profits over the years</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Issuer achieved the net profit of RMB-28,063,500, RMB60,274,200 and RMB94,034,500, respectively, with the profitability soaring. As the project construction needs a certain period, the Company will invest in the construction of wafer projects by instalment out of the profit achieved over the past years.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Bank loans</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the Company&#8217;s short-term loans amounted to RMB77,824,700, mainly being mortgage loans and credit loans from banks. The Company&#8217;s asset-liability ratio was 27.85%, relatively low as a whole; in 2021, the Company&#8217;s interest coverage ratio was 30.18, a good solvency ability.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the carrying amount of the Company&#8217;s fixed assets was RMB647,253,800 and the carrying amount of accounts receivable was RMB218,634,500. The majority of the Company&#8217;s customers are global well-known and have large scale and good reputation, so there is no large risk of receipt of payments. In the future, the Company may apply for loans with banks based on the capital demand and arrangements, or raise funds by pledge of accounts receivable and factoring. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Necessity and scale rationality for using the raised funds to replenish working capital in conjunction with the production line construction demand, cash and bank balances and usage arrangements, as well as 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s original fundraising projects include the gallium arsenide (crystal) semiconductor materials project and replenishment of working capital, and </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">113</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">intend to use the raised funds in the amount of RMB1,166,887,300. In order to consolidate the Company&#8217;s leading position in the field of InP substrates and further clarify the usage of the funds, the Company plans to add indium phosphide (wafer) semiconductor materials project and semiconductor materials R&amp;D project, without change in the total fundraising amount. The investment directions of the raised funds before and after change are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Before change</b></p></td><td style="vertical-align:middle;width:21.77%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount of the raised funds to be used</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">After change</b></p></td><td style="vertical-align:middle;width:21.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount of the raised funds to be used</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.22%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Gallium arsenide (crystal) semiconductor materials project </p></td><td style="vertical-align:middle;width:21.77%;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:10.5pt;text-align:center;margin:0pt;">36,688.73</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:10.5pt;text-align:center;margin:0pt;">Gallium arsenide (crystal) semiconductor materials project </p></td><td style="vertical-align:middle;width:21.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">36,688.73</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:28.22%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Replenishment of working capital</p></td><td rowspan="3" style="vertical-align:middle;width:21.77%;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:10.5pt;text-align:center;margin:0pt;">80,000.00</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:10.5pt;text-align:center;margin:0pt;">Indium phosphide (wafer) semiconductor materials project</p></td><td style="vertical-align:middle;width:21.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">18,118.98</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:28.22%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.77%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;">Semiconductor materials R&amp;D project</p></td><td style="vertical-align:middle;width:21.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">17,560.14</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:28.22%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.77%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;">Replenishment of working capital</p></td><td style="vertical-align:middle;width:21.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">44,320.88</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b></p></td><td style="vertical-align:middle;width:21.77%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">116,688.73</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b></p></td><td style="vertical-align:middle;width:21.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">116,688.73</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">The specific information regarding the changed fundraising projects is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:91.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.21%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Project</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium arsenide (crystal) semiconductor materials project</b></p></td><td style="vertical-align:middle;width:26.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Indium phosphide (wafer) semiconductor materials project </b></p></td><td style="vertical-align:middle;width:24.97%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Semiconductor materials project</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.21%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Specific product size involved</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:10.5pt;text-align:center;margin:0pt;">8-inch GaAs single crystal ingot </p></td><td style="vertical-align:middle;width:26.73%;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:10.5pt;text-align:center;margin:0pt;">2-inch and 3-inch InP substrate</p></td><td style="vertical-align:top;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Research of related processes of 8-inch GaAs and 6-inch InP substrates</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.21%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Production capacity </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:10.5pt;text-align:center;margin:0pt;">96.25 tons</p></td><td style="vertical-align:middle;width:26.73%;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:10.5pt;text-align:center;margin:0pt;">810,000 pieces (converted into 2 inches) </p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not involved </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.21%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="white-space:pre-wrap;">Corresponding substrate production capacity  </font></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:10.5pt;text-align:center;margin:0pt;">500,000 pieces </p></td><td style="vertical-align:middle;width:26.73%;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:10.5pt;text-align:center;margin:0pt;">810,000 pieces (converted into 2 inches) </p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not involved </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.21%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Whether to not apply for </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:10.5pt;text-align:justify;margin:0pt;">According to the <i style="font-style:italic;">Explanations on GaAs Crystal </i></p></td><td style="vertical-align:middle;width:26.73%;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:10.5pt;text-align:justify;margin:0pt;">Not involve &#8220;window guidance&#8221;</p></td><td style="vertical-align:middle;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Non-production projects do not involve </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">114</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:91.04%;" align="center"><tr><td style="vertical-align:top;width:16.21%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#8220;window guidance&#8221;</p></td><td style="vertical-align:top;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:10.5pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Semiconductor Materials Project of Chaoyang Tongmei Xtal Technology Co., Ltd.</i> issued by the Development and Reform Commission of Chaoyang City, Liaoning Province, <b style="font-weight:bold;">and according to the query made by the Issuer to the Development and Reform Commission of Chaoyang,</b> it is confirmed that the construction projects such as integrated circuit chips and large silicon wafer production lines need to apply for the national &#8220;window guidance&#8221;, while the GaAs (crystal) semiconductor materials project does not need to apply for &#8220;window guidance&#8221; because it does not fall within the scope of &#8220;window guidance&#8221; in accordance with the requirements of the national and provincial documents on &#8220;window guidance&#8221;, <b style="font-weight:bold;">and it is in compliance with the guidelines of the State Development and Reform Commission and Liaoning Provincial Development and Reform Commission.</b></p></td><td style="vertical-align:middle;width:26.73%;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;"></td><td style="vertical-align:top;width:24.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">&#8220;window guidance&#8221;</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.21%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Filing status</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:10.5pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Project Filing Certificate on GaAs (Crystal) Semiconductor Materials Project of Chaoyang Tongmei Xtal Technology Co., Ltd.</i> (Chao Ka Kai Shen Fa Gai Bei [2021] No. 22)</p></td><td style="vertical-align:middle;width:26.73%;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:10.5pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Project Filing Certificate on InP (Wafer) Semiconductor Materials Project of Chaoyang Tongmei Xtal Technology Co., Ltd.</i> (Chao Ka Kai Shen Fa Gai Bei [2021] No. 24)</p></td><td style="vertical-align:middle;width:24.97%;border-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:10.5pt;text-align:justify;margin:0pt;">Project Filing Certificate on Semiconductor Substrate Materials R&amp;D Project of Chaoyang Tongmei Xtal Technology Co., Ltd. (Chao Ka Kai Shen Fa Gai Bei [2022] No. 20)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">To sum up, except the projects for replenishment of working capital, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">115</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">changed fundraising projects have undergone project filing and obtained certificate on project filing; the above-mentioned fundraising projects do not fall within the scope of &#8220;window guidance&#8221;, the &#8220;window guidance&#8221; is not required, but the environmental assessment formalities will be undergone subsequently pursuant to the relevant provisions, and there is no substantive obstacle to undergo the relevant procedures.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">Regarding the change of fundraising projects, the Company held the 14th meeting of the first session of the board of directors and the 14th meeting of the first session of board of supervisors for review on May 12, 2022, at which independent directors issued independent opinions. After that, the Company held a general meeting of shareholders for review</font><b style="font-size:12pt;font-weight:bold;"> on May 27, 2022, at which the event was passed.</b><a name="_Hlk103592975"></a><font style="font-size:12pt;"> Among the changed fundraising projects, except that the projects for replenishment of working capital do not need to undergo the filing and environmental assessment formalities, other projects have undergone the project filing and obtained the filing certificate, and will undergo the environmental assessment formalities subsequently pursuant to the relevant provisions. Besides, the changed fundraising projects do not go through other approval or review formalities. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Production line construction status</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Current production line building status</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">116</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the Company&#8217;s main production lines under construction are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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;width:85.56%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Project </b></p></td><td style="vertical-align:middle;width:31.71%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Intended purpose </b></p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Budget </b></p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount already invested</b></p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Construction progress at the end of 2021 </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">InP crystal growth and wafer processing and production expansion project</p></td><td style="vertical-align:middle;white-space:nowrap;width:31.71%;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:10.5pt;text-align:justify;margin:0pt;">Expansion of 2~4-inch InP crystal and substrate production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:12.43%;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:10.5pt;text-align:right;margin:0pt;">6,968.14</p></td><td style="vertical-align:middle;width:13.3%;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:10.5pt;text-align:right;margin:0pt;">5,488.80</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">78.77%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Single-crystal wafer and related semiconductor materials production project</p></td><td style="vertical-align:middle;width:31.71%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">2~4-inch GaAs substrate production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">24,232.45</p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,546.72</p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">72.41%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">PBN product project II</p></td><td style="vertical-align:middle;width:31.71%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Production workshop and supporting facilities of Tianjin Boyu for PBN crucible and other materials</p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,233.00</p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">4,835.26</p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">66.85%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">GaAs crystal semiconductor materials production project</p></td><td style="vertical-align:middle;width:31.71%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">2~6-inch GaAs crystal production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">19,263.18</p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">15,410.54</p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">80.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">InP single-crystal wafer production project</p></td><td style="vertical-align:middle;width:31.71%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">2~4-inch InP substrate production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,475.71</p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,992.93</p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">86.11%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-purity semiconductor preliminary materials production project</p></td><td style="vertical-align:middle;width:31.71%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Production workshop and supporting facilities for high-purity gallium and other materials </p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,692.70</p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,138.06</p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">92.79%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.86%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-purity arsenic project</p></td><td style="vertical-align:middle;width:31.71%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-purity arsenic production workshop, supporting facilities and administrative building</p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9,242.83</p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">5,429.24</p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">58.74%</p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:56.58%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b></p></td><td style="vertical-align:middle;width:12.43%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">78,108.01</b></p></td><td style="vertical-align:middle;width:13.3%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">58,841.55</b></p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td colspan="4" style="vertical-align:middle;width:82.33%;background:#ffffff;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Fund gap</b></p></td><td style="vertical-align:middle;width:17.66%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">19,266.46</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The table above shows that as of the end of 2021, the estimated capital gap for the Company&#8217;s main production line construction projects was about RMB192,664,600. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">117</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Future construction status of production lines</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of GaAs substrates, the GaAs substrates with a size of 6 inches or below have achieved the mass production around the world, while 8-inch GaAs substrates will become the focus of the market. The Company&#8217;s strategic policy is to seize the market share of the large-size GaAs substrates on the basis of consolidating current market position and improving the production capacity of GaAs substrates with a size of 6 inches or below. Therefore, the Company plans to build a production line with an annual production capacity of 500,000 pieces of 8-inch GaAs substrates and with an annual production capacity of 4,000,000 pieces of GaAs substrates (converted into 2 inches), with a total investment of RMB1,120,536,300. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of InP substrates, after many years of operation and development, the Company wins high recognition from customers and the market by capitalizing on its excellent performance and high technical advancement, and enjoys strong industry influence and brand effect. Thus, the Company&#8217;s strategic policy is to deepen the development of main business, expand the production and sale scale of InP substrates, with a view to further improving the scale efficiency and cost advantage and boost the leading position in the industry. Therefore, the Company plans to build a production line with an annual output of 810,000 pieces of InP substrates (converted into 2 inches), with a total investment of RMB181,189,800. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company has planned and will plan to carry out a series of production expansion plans with the focus on the semiconductor substrate materials, which, in turn, needs to raise funds to meet the Company&#8217;s needs of rapid growth. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Cash and bank balances and usage arrangements </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of each period of the reporting period, the Company&#8217;s cash and bank balances amounted to RMB107,376,700, RMB388,755,600 and RMB173,268,400, respectively. The sharp decline in 2021 was primarily due to the large increase of inventories and accounts receivable with the growth of business on one hand and the heavy investment by the Company in fixed assets and other long-term assets in that year on the other hand. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">118</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the Company&#8217;s cash and bank balances amounted to RMB173,268,400, which will continue to be used for procurement of raw materials and personnel expenses related to the Company&#8217;s daily operation and will be properly invested in the production line construction. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company mainly introduced external investors to alleviate the growing demand for working capital generated by the expansion of production and operation scale. With the growing demand in the downstream 5G, new generation display, data center and other markets, the Company urgently needs to replenish working capital by implementing this fundraising project, broaden the Company&#8217;s external financing channels and guarantee the working capital necessary to conduct the daily business activities of the Company. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Necessity and scale rationality for using the raised funds to replenish working capital </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Necessity for replenishment of working capital</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In this Offering, RMB442,893,800 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 </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">119</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">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 business scale, the demand for working capital is further increasing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Scale rationality for replenishment of working capital</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Calculation process and principle </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">120</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company has forecast the operating current assets and operating current liabilities and calculated the amount of working capital to be occupied (i.e., the difference between the operating current assets and operating current liabilities), respectively at the end of 2022, 2023 and 2024. The proportion of operating current assets (accounts receivable, notes receivable, receivables financing, prepayments, and inventory) and operating current liabilities (accounts payable, and contract liabilities) to 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s new working capital gap in the next three years is calculated as per the following formula:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Assumption of income growth rate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The operating income and growth from 2019 to 2021 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:0pt;padding-right:0pt;width:84.71%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.37%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item </b></p></td><td style="vertical-align:middle;width:22.2%;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 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></p></td><td style="vertical-align:middle;width:20.2%;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 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:22.22%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:35.37%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Operating income (in RMB0&#8217;000)</p></td><td style="vertical-align:middle;width:22.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">85,734.52</p></td><td style="vertical-align:middle;width:20.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">58,317.04</p></td><td style="vertical-align:middle;width:22.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">46,222.68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:35.37%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Compound growth rate of income </p></td><td colspan="3" style="vertical-align:middle;width:64.62%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">36.19%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s compound growth rate of operating income from 2019 to 2021 is 36.19% and based on this, it is assumed that the Company&#8217;s growth rate of operating income is 36.19% from 2022 to 2024, and the corresponding expected amount of operating income is RMB1,167,618,400, RMB1,590,179,500 and RMB2,165,665,500, respectively. (This calculation does not represent the Company&#8217;s or AXT&#8217;s income and profit forecast for the next three years or constitute the Company&#8217;s or AXT&#8217;s commitment to performance.)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Calculation of the Company&#8217;s new working capital gap in the future</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Company&#8217;s audited financial statements for 2021, the proportion of the operating current assets and operating current liabilities for the Company&#8217;s main business to the operating income for the current period is as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000 </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">121</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item </b></p></td><td style="vertical-align:middle;width:24.35%;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 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average proportion for the past three years</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Accounts receivable</p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">22,195.99</p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">26.88%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Notes receivable</p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,489.15</p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3.16%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Receivables financing</p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,188.39</p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5.21%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Prepayments</p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">779.51</p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">0.84%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Inventories </p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">40,103.45</p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">52.11%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total operating current assets</b></p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">70,756.49</b></p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">88.20%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Accounts payable</p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">12,251.26</p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">20.92%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Contract liabilities </p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">515.39</p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">0.37%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total operating current liabilities</b></p></td><td style="vertical-align:middle;width:24.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">12,766.65</b></p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">21.19%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.28%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount occupied by working capital</b></p></td><td style="vertical-align:middle;width:24.35%;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 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">57,989.84</b></p></td><td style="vertical-align:middle;width:33.36%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">67.01%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">By assuming that there is no material change in the Company&#8217;s overall operating environment, international trade policies, market demand and external conditions, the calculation process of the Company&#8217;s demand for replenishing working capital from 2022 to 2024 is as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item </b></p></td><td style="vertical-align:middle;width:23.35%;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 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022 (Forecast)</b></p></td><td style="vertical-align:middle;width:24.03%;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 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023 (Forecast)</b></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024 (Forecast)</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Operating income</b></p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">116,761.84</b></p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;white-space:pre-wrap;">  159,017.95 </b></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;white-space:pre-wrap;">  216,566.55 </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Accounts receivable</p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">31,379.86</p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">    42,736.23 </font></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">    58,202.47 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Notes receivable</p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,690.16</p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">      5,025.63 </font></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">      6,844.41 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Receivables financing</p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,083.56</p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">      8,285.20 </font></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">    11,283.62 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Prepayments</p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">976.16</p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">      1,329.43 </font></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">      1,810.55 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Inventories </p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">60,849.06</p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">    82,870.33 </font></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">  112,861.11 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total operating current assets</b></p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">102,978.80</b></p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;white-space:pre-wrap;">   140,246.82 </b></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;white-space:pre-wrap;">   191,002.16 </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Accounts payable</p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">24,428.44</p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">     33,269.09 </font></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">     45,309.18 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Contract liabilities </p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">429.42</p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">584.83</p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">796.48</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total operating current liabilities</b></p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">24,857.86</b></p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">33,853.92</b></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">46,105.66</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount occupied by working capital</b></p></td><td style="vertical-align:middle;width:23.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">78,120.94</b></p></td><td style="vertical-align:middle;width:24.03%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 2.42pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">106,392.90</b></p></td><td style="vertical-align:middle;width:24.03%;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 1.79pt 0pt 2.42pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">144,896.50</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.56%;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 2.42pt 0pt 1.79pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">New working capital demand </b></p></td><td colspan="3" style="vertical-align:middle;width:71.43%;border-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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">86,906.66</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the above calculation, the Company&#8217;s new working capital demand </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">122</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">in the next three years amounts to RMB869,066,600. It is reasonable for the Company to use the raised funds of RMB442,893,800 to replenish the working capital.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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 RMB442,893,800 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the </font><i style="font-size:12pt;font-style:italic;">Guidelines for the Industry Classification of Listed Companies (2012 Revision)</i><font style="font-size:12pt;"> 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 </font><i style="font-size:12pt;font-style:italic;">Industrial Classification for National Economic Activities </i><font style="font-size:12pt;">(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><i style="font-size:12pt;font-style:italic;">Tentative Provisions for Application for and Recommendation of Listing of Enterprises on the Sci-tech Innovation Board of the Shanghai Stock Exchange</i><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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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 of the indium phosphide semiconductor materials project with an annual production capacity of 810,000 pieces of 2-inch InP substrates, and addition of new production lines to expand production capacity, speed up the response to customers&#8217; orders, improve the supply capacity, consolidate the Company&#8217;s </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">123</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company will carry out the semiconductor material R&amp;D projects based on its own business layout, the development trend of III-V compound semiconductor material industry and the changes of end-customer demand. The Company plans to conduct the research and development of such technologies as high-quality 8-inch gallium arsenide polishing wafer process, characterization technology of gallium arsenide and indium phosphide semiconductor wafer, high-quality indium phosphide wafer with low surface defects, improvement and upgrading of 6-inch indium phosphide crystal growth process, and 8-inch gallium arsenide crystal growth process. The implementation of the R&amp;D projects of semiconductor materials will help the Company take the initiative in the continuous launch of technologies and products on the market and obtain competitive advantages, and will provide a solid guarantee for the Company&#8217;s future profit growth. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">With the growth of its business scale, the Company&#8217;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 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></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">124</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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, which will not result in horizontal competition between the Company, on one hand, and the AXT as the controlling shareholders and other enterprises controlled by them, on the other hand, or adversely affect the Company&#8217;s asset integrity and independence. 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><i style="font-size:12pt;font-style:italic;">Tentative Provisions for Application for and Recommendation of Listing of Enterprises on the Sci-tech Innovation Board of the Shanghai Stock Exchange</i><font style="font-size:12pt;">, which has the property of scientific and technological innovation. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc105879759"></a><a name="_Toc4006"></a><a name="_Toc23112"></a><a name="_Toc102920857"></a><a name="_Toc102942140"></a>3.2</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the submissions, (1) the Issuer relocated several production lines during the reporting period, for example, the production line for GaAs substrates was relocated from Beijing to Chaoyang City, Liaoning Province and Baoding City, Hebei Province, Nanjing Jinmei relocated its production line to Chaoyang Jinmei, and Beijing Boyu successively relocated its production equipment to Chaoyang Boyu and other factories; (2) according to the industry practice, if material changes happen on the production equipment, production location and production process, product certification is required again, with the cycle taking 3 months to 1 year generally; (3) the fixed assets of the Issuer were comprised, primarily, of production equipment and properties and buildings, and the construction in progress of the Issuer was mainly for production line expansion. At the end of the reporting period, the carrying amount of fixed assets was RMB647,253,800, and the carrying amount of the construction in progress was RMB218,832,100.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 0pt 0pt;">The Issuer is required to explain: (1) the reasons for relocation of the Issuer&#8217;s production lines and the progress, as well as the effects of relocation on </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">125</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">the Company&#8217;s production and operation; (2) the production capacity of semiconductor substrate products of different categories and sizes, and the main production links, equipment and resources for limiting production capacity; the matching between the capacity growth and the scale of machinery and equipment as fixed assets during the reporting period; (3) whether the progress of the construction in progress is line with the original plan, if no, explain the reasons for delay of construction progress and whether there are any substantial obstacles. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The reasons for relocation of the Issuer&#8217;s production lines and the progress, as well as the effects of relocation on the Company&#8217;s production and operation; </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer relocated several production lines during the reporting period, for example, the production line for GaAs substrates was relocated from Beijing to Chaoyang City, Liaoning Province and Baoding City, Hebei Province, Nanjing Jinmei relocated its production line to Chaoyang Jinmei, and Beijing Boyu successively relocated its production equipment to Chaoyang Boyu and other factories. </font><b style="font-size:12pt;font-weight:bold;">The specific information</b><font style="font-size:12pt;"> is as follows:</font></p><div style="margin-left:-6.15pt;" 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:24.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity prior to relocation of production line</b></p></td><td style="vertical-align:middle;width:27.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity after relocation of production line</b></p></td><td style="vertical-align:middle;width:33.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Content of relocation</b></p></td><td style="vertical-align:middle;width:15.81%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Time of relocation</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:24.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Beijing Tongmei</b></p></td><td style="vertical-align:middle;width:27.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chaoyang Tongmei</b></p></td><td style="vertical-align:middle;width:33.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium arsenide production line</b></p></td><td rowspan="4" style="vertical-align:middle;width:15.81%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:24.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:27.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Baoding Tongmei</b></p></td><td style="vertical-align:middle;width:33.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium arsenide wafer production line</b></p></td><td style="display:none;vertical-align:middle;width:15.81%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:24.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Nanjing Jinmei</b></p></td><td style="vertical-align:middle;width:27.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chaoyang Jinmei</b></p></td><td style="vertical-align:middle;width:33.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">High-purity metal and compound production line</b></p></td><td style="display:none;vertical-align:middle;width:15.81%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:24.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Beijing Boyu</b></p></td><td style="vertical-align:middle;width:27.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chaoyang Boyu</b></p></td><td style="vertical-align:middle;width:33.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main equipment for producing PBN products</b></p></td><td style="display:none;vertical-align:middle;width:15.81%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The reasons for relocating the production lines above are as follows:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Beijing Tongmei is located in Tongzhou District, Beijing, and Tongzhou District has become the sub center of Beijing. The industrial policies have been adjusted greatly and there are major changes in urban planning, so the room for further growth of the manufacturing industry will be limited. Meanwhile, Beijing </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">126</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Boyu received a notice from the Housing Expropriation Office of the People&#8217;s Government of Tongzhou District, Beijing in the second half of 2018 that the leased plant would be expropriated, so Beijing Boyu can no longer use the relevant leased property.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. The policies concerning investment promotion in Chaoyang City, Baoding City and other regions, especially in Chaoyang City, Liaoning Province, have advantages. A new semiconductor material industrial park is established in Kazuo Economic Development Zone, Chaoyang City, and Chaoyang City is committed to realizing the industrial chain layout from high-purity materials of compound semiconductor to substrates of compound semiconductor, and strives to build China&#8217;s &#8220;Northern Silicon Valley&#8221;, which has strong policy advantages and industrial agglomeration effect. Further, the costs for land, plant construction, labor services, water and electricity and other fuel expenses are relatively low in Chaoyang City, Baoding City and other regions, which help the Company reduce costs, increase efficiency and further enhance profitability. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. The Company&#8217;s main business focuses on the compound semiconductor substrate materials. Beijing Boyu is mainly engaged in the production and sales of PBN crucibles, and Nanjing Jinmei is mainly engaged in the production and sales of high-purity gallium and other relevant high-purity materials. These products are important consumables and raw materials of the Company&#8217;s compound semiconductor substrate materials. Therefore, the relocation of the production lines to Chaoyang City, Liaoning Province is conducive to further improving the geographical closeness of the Company&#8217;s upstream and downstream industrial chains, reducing transportation costs, forming industrial agglomeration and enhancing synergy.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Such relocation started in 2019 and basically completed in the same year, and the customer certification and production were conducted anew in Chaoyang City and Baoding City. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company achieved the revenue of RMB490,280,000, RMB462,226,800, RMB583,170,400 and RMB857,345,200, respectively in 2018, 2019, 2020 and 2021. In 2019, as affected by the relocation, the Company&#8217;s revenue declined slightly, while in 2020 and 2021, the Company&#8217;s revenue increased by 26.17% and 47.01% year-on-year, respectively, showing a rapid growth trend. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the relocation of production lines by the Company is caused by </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">127</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">changes in Beijing urban planning policies, enterprise cost reduction and efficiency increase, industry agglomeration and other factors. At present, the relocation has completed basically, and the customer certification for new production lines has also completed basically. The Company operation is in good condition, and the revenue during the reporting period showed a rapid growth trend. There is no material adverse impact of the relocation on the Company&#8217;s future production and operation. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The production capacity of semiconductor substrate products of different categories and sizes, and the main production links, equipment and resources for limiting production capacity; the matching between the capacity growth and the scale of machinery and equipment as fixed assets during the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The production capacity of semiconductor substrate products of different categories and sizes, and the main production links, equipment and resources for limiting production capacity; </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The production of compound semiconductor substrates covers processes including, among others, poly-crystal synthesis (indium phosphide and gallium arsenide), single-crystal growth, cutting, edging, grinding, polishing, cleaning and packaging. The main production links and the relevant main equipment required are as follows: </font></p><div style="margin-left:-6.15pt;" 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:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Step</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main production process </b></p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main equipment required </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#9312;</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Poly-crystal synthesis (indium phosphide and gallium arsenide)</p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;">Poly-crystal synthesis furnace </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-style:italic;font-weight:bold;">&#9313;</font></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Single-crystal growth </p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Single crystal furnace </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#9314;</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Cutting </p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;">Cutting machine, engraving and milling machine</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#9315;</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Edging</p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;">Edge trimming machine</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#9316;</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Grinding </p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;">Grinding machine </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#9317;</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Polishing </p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;">Polishing machine and spinning machine </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#9318;</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Cleaning </p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;">Cleaner, drying machine and acid mist tower </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.07%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">&#9319;</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:justify;margin:0pt;">Packaging </p></td><td style="vertical-align:middle;width:46.58%;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:10.5pt;text-align:justify;margin:0pt;">Packaging machine, detector and marking machine </p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">In the back-end process of single crystal ingots (generated by single crystal production process) as one of the above-mentioned production processes, e.g., cutting, grinding and polishing, the relevant equipment may be commonly used, but it&#8217;s </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">128</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">necessary to replace the corresponding suction cups and other molds for products of different sizes and carry out process commissioning. Therefore, the Company&#8217;s production capacity is flexible to a certain degree, which depends on the relevant equipment and processes in the single-crystal growth link of the front-end process. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The main equipment used in the single-crystal growth link is the single crystal furnace. The crystal growth needs a closed environment, and the supporting equipment such as the single crystal furnace and controller needs to occupy relatively large area of production premises, so the category and number of the single crystal furnace are the main factors that determine the bottleneck capacity and thus affect the overall capacity of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The single crystal furnace of the Company is mainly divided into the small-size single crystal furnace (2, 3 and 4 inches) and the large-size single crystal furnace (6 and 8 inches), both of which have the ability to produce smaller-size single crystals in a compatible manner, but the furnace core needs to be replaced and the relevant process needs to be adjusted. At the end of each of reporting periods, the production capacity of the Company&#8217;s semiconductor substrates of different categories and similar sizes is as follows: </font></p><div style="margin-left:-6.15pt;" 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:23.64%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Category of semiconductor substrates </b></p></td><td rowspan="2" style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Size</b></p></td><td colspan="3" style="vertical-align:middle;width:49.69%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Production capacity (10,000 pieces)</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></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:10.5pt;text-align:center;margin:0pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">InP substrate</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">(converted into 2 inches)</p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;">4 inches or below</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:10.5pt;text-align:right;margin:0pt;">40.60</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:10.5pt;text-align:right;margin:0pt;">30.70</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">26.70</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;">6 inches </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:10.5pt;text-align:right;margin:0pt;">0.18</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:10.5pt;text-align:right;margin:0pt;">-</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">40.78</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">30.70</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">26.70</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">(converted into 2 inches)</p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;">4 inches or below</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:10.5pt;text-align:right;margin:0pt;">115.00</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:10.5pt;text-align:right;margin:0pt;">97.25</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">82.50</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;">6 inches or above</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:10.5pt;text-align:right;margin:0pt;">198.64</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:10.5pt;text-align:right;margin:0pt;">135.00</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">108.00</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">313.64</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">232.25</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">190.50</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Germanium substrate materials</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">(converted into 2 inches)</p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;">4 inches or below</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:10.5pt;text-align:right;margin:0pt;">121.70</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:10.5pt;text-align:right;margin:0pt;">100.80</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">113.00</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;">6 inches </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:10.5pt;text-align:right;margin:0pt;">21.60</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:10.5pt;text-align:right;margin:0pt;">21.20</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.00</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:23.64%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:26.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">143.30</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">122.00</b></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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">122.00</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. The matching between the capacity growth and the scale of machinery and equipment as fixed assets during the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the production capacity (converted into 2 inches) of the Company&#8217;s small-size semiconductor substrates (2, 3 and 4 inches) and large-size semiconductor substrates (6 and 8 inches) for various years, and the specific </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">129</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">information regarding the size of single crystal furnaces in the machinery and equipment as fixed assets are as follows: </font></p><div style="margin-left:-6.15pt;" 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: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Category</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Size</b></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item </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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">InP substrate</p></td><td rowspan="3" style="vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;">Small size </p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity (piece)</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:10.5pt;text-align:right;margin:0pt;">406,000</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:10.5pt;text-align:right;margin:0pt;">307,000</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">267,000</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Index of number of single crystal furnaces </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:10.5pt;text-align:right;margin:0pt;">1,544</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:10.5pt;text-align:right;margin:0pt;">1,160</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,000</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity index per set of equipment</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:10.5pt;text-align:right;margin:0pt;">263</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:10.5pt;text-align:right;margin:0pt;">265</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">267</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td rowspan="3" style="vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;">Large size</p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity (piece)</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:10.5pt;text-align:right;margin:0pt;">1,800</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Index of number of single crystal furnaces</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:10.5pt;text-align:right;margin:0pt;">1,000 </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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity index per set of equipment</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:10.5pt;text-align:right;margin:0pt;">1.80 </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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td><td rowspan="3" style="vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;">Small size </p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity (piece)</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:10.5pt;text-align:right;margin:0pt;">1,150,000</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:10.5pt;text-align:right;margin:0pt;">972,500</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">825,000</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Index of number of single crystal furnaces</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:10.5pt;text-align:right;margin:0pt;">1,444</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:10.5pt;text-align:right;margin:0pt;">1,190</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,000</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity index per set of equipment</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:10.5pt;text-align:right;margin:0pt;">796</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:10.5pt;text-align:right;margin:0pt;">817</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">825</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td rowspan="3" style="vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;">Large size</p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity (piece)</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:10.5pt;text-align:right;margin:0pt;">1,986,400</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:10.5pt;text-align:right;margin:0pt;">1,350,000</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,080,000</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Index of number of single crystal furnaces</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:10.5pt;text-align:right;margin:0pt;">1,866</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:10.5pt;text-align:right;margin:0pt;">1,255</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,000</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity index per set of equipment</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:10.5pt;text-align:right;margin:0pt;">1,065</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:10.5pt;text-align:right;margin:0pt;">1,076</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,080</p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:14.31%;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:10.5pt;text-align:center;margin:0pt;">Germanium substrate</p></td><td rowspan="3" style="vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;">Small size </p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity (piece)</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:10.5pt;text-align:right;margin:0pt;">1,217,000</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:10.5pt;text-align:right;margin:0pt;">1,008,000</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,130,000</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Index of number of single crystal furnaces</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:10.5pt;text-align:right;margin:0pt;">1,071</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:10.5pt;text-align:right;margin:0pt;">893</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,000</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity index per set of equipment</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:10.5pt;text-align:right;margin:0pt;">1,136</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:10.5pt;text-align:right;margin:0pt;">1,129</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,130</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td rowspan="3" style="vertical-align:middle;width:11.85%;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:10.5pt;text-align:center;margin:0pt;">Large size</p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity (piece)</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:10.5pt;text-align:right;margin:0pt;">216,000</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:10.5pt;text-align:right;margin:0pt;">210,000</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">90,000</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Index of number of single crystal furnaces</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:10.5pt;text-align:right;margin:0pt;">2,143</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:10.5pt;text-align:right;margin:0pt;">2,143</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">1,000</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:14.31%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:11.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:34.27%;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:10.5pt;text-align:justify;margin:0pt;">Production capacity index per set of equipment</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:10.5pt;text-align:right;margin:0pt;">101</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:10.5pt;text-align:right;margin:0pt;">98</p></td><td style="vertical-align:middle;width:13.2%;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:10.5pt;text-align:right;margin:0pt;">90</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">Note: The index of number of single crystal furnaces is converted based on 2019. Production capacity index per set of equipment = production capacity / index of number of single crystal furnaces.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">During the reporting period, the growth in the index of number of single crystal furnaces was basically in line with the growth trend of the Company&#8217;s overall production capacity and growth rate. Regarding product category, the substrate products of different categories have a big difference in the production capacity index per set of equipment as affected by production characteristics, differences in single crystal furnaces used, different crystal growth processes and other factors; </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">130</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) InP substrates </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">During the reporting period, the production capacity index per set of equipment for small-size InP substrates was relatively stable, and the overall production capacity increased with the rise in the index of number of single crystal furnaces. In 2021, with the advancement of research and development of the Company&#8217;s 6-inch indium phosphide products, the Company added 6-inch InP single crystal furnaces. However, the production capacity index was relatively low because large-size single crystal growth had a relatively high difficulty and 6-inch crystal growth process had not yet completely matured.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.25pt;margin:0pt;"><font style="font-size:12pt;">(2) Gallium arsenide and germanium substrates</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.25pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the average production capacity of gallium arsenide and germanium substrates was relatively stable as a whole. Among them, the production capacity index per set of equipment for large-size germanium substrates in 2019 was relatively low. During the reporting period, the Company applied the silicon-boron-gallium co-doping technology to the production of large-size germanium crystals, gradually improving the axial doping uniformity of germanium crystals, increasing the unit production capacity of large-size germanium substrates, and improving the production capacity index per set of equipment year by year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.25pt;margin:0pt;"><font style="font-size:12pt;">To sum up, during the reporting period, the increase in the Company&#8217;s production capacity of semiconductor substrate materials of various categories was basically in line with the index scale of number of single crystal furnaces.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Whether the progress of the construction in progress is line with the original plan, if no, explain the reasons for delay of construction progress and whether there are any substantial obstacles. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the carrying amount of the Company&#8217;s construction in progress was RMB218,832,100, and the progress thereof is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-8.03886%;table-layout:auto;width:116.07%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.03%;background:#ffffff;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 style="vertical-align:middle;width:19.05%;background:#ffffff;border-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;">Intended purpose </b></p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-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;">Budget </b></p></td><td style="vertical-align:middle;width:10.14%;background:#ffffff;border-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;">Balance at the end of 2021</b></p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-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;">Amount already invested</b></p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-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;">Construction cycle </b></p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-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;">Estimated completion date</b></p></td><td style="vertical-align:middle;width:8.89%;background:#ffffff;border-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;">Originally planned completion date</b></p></td><td style="vertical-align:middle;width:11.38%;background:#ffffff;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;">Construction progress at the end of 2021 </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">InP crystal growth and wafer </p></td><td style="vertical-align:middle;white-space:normal;width:19.05%;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;margin:0pt;">Expansion of 2~4-inch InP crystal and substrate </p></td><td style="vertical-align:middle;width:8.85%;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:9pt;text-align:right;margin:0pt;">6,968.14</p></td><td style="vertical-align:middle;width:10.14%;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;">781.85</p></td><td style="vertical-align:middle;width:8.88%;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:9pt;text-align:right;margin:0pt;">5,488.80</p></td><td style="vertical-align:middle;white-space:normal;width:8.88%;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:9pt;text-align:center;margin:0pt;">51 months </p></td><td style="vertical-align:middle;white-space:normal;width:8.85%;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:9pt;text-align:center;margin:0pt;">2022.12</p></td><td style="vertical-align:middle;width:8.89%;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:9pt;text-align:center;margin:0pt;">2022.12</p></td><td style="vertical-align:middle;width:11.38%;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></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">131</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-8.03886%;table-layout:auto;width:116.07%;" align="center"><tr><td style="vertical-align:top;width:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">processing and production expansion project</p></td><td style="vertical-align:top;white-space:normal;width:19.05%;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;margin:0pt;">production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:8.85%;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;"></td><td style="vertical-align:middle;width:10.14%;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;"></td><td style="vertical-align:middle;width:8.88%;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;"></td><td style="vertical-align:middle;white-space:normal;width:8.88%;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;"></td><td style="vertical-align:middle;white-space:normal;width:8.85%;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;"></td><td style="vertical-align:middle;width:8.89%;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;"></td><td style="vertical-align:middle;width:11.38%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">Single crystal wafer and related semiconductor material production project</p></td><td style="vertical-align:middle;width:19.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">2~4-inch GaAs substrate production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">17,546.72</p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">2021.12</p></td><td style="vertical-align:middle;width:11.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">PBN product project II</p></td><td style="vertical-align:middle;width:19.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">Production workshop and supporting facilities of Tianjin Boyu for PBN crucible and other materials</p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">4,835.26</p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:11.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">GaAs crystal semiconductor materials production project</p></td><td style="vertical-align:middle;width:19.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">2~6-inch GaAs crystal production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">15,410.54</p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:11.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">InP single crystal wafer production project</p></td><td style="vertical-align:middle;width:19.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">2~4-inch InP substrate production workshop and supporting facilities</p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">2,992.93</p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">2022.9</p></td><td style="vertical-align:middle;width:11.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">High-purity semiconductor preliminary materials production project</p></td><td style="vertical-align:middle;width:19.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">Production workshop and supporting facilities for high-purity gallium and other materials </p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,138.06</p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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;">2021.9</p></td><td style="vertical-align:middle;width:11.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">High-purity arsenic project</p></td><td style="vertical-align:middle;width:19.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">High-purity arsenic production workshop, supporting facilities and administrative building</p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">5,429.24</p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:11.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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:15.03%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-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;">Others</p></td><td style="vertical-align:middle;width:19.05%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">-</p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.88%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-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:15.03%;background:#ffffff;border-bottom: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;width:19.05%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top: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;">-</p></td><td style="vertical-align:middle;width:8.85%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:10.14%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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:8.88%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">58,841.55</b></p></td><td style="vertical-align:middle;width:8.88%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.85%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #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:8.89%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.38%;background:#ffffff;border-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:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:6pt 0pt 0pt 0pt;">It can be seen that the overall progress of the construction in progress is basically in line with the original schedule, and the slight delay of some projects is mainly caused by changes in some designs and the COVID-19 epidemic. <b style="font-weight:bold;">Specifically</b>:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">1. For the single crystal wafer and related semiconductor material production project, it was originally planned that the construction shall be completed in December 2021; it&#8217;s expected that this project may be completed in May 2022. The main reason of the delay is that during the preliminary completion inspection and acceptance of this project in 2021 by relevant authorities, the experts raised rectification comments, which lead to certain postponement of subsequent inspection and acceptance. By now, the inspection and acceptance for this project has been completed.</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">132</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">2. For the InP single crystal wafer production project, it was originally planned that the construction shall be completed in September 2022; it&#8217;s expected that this project may be completed in December 2022. The main reasons of the delay are the change in the designing due to adjustment of the construction process, and the delay in the supply of light-gauge steel materials, hydrogen and oxygen manifolds, elevator equipment, etc. by relevant suppliers due to the epidemic.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">3. For the high-purity semiconductor preliminary materials production project, it was originally planned that the construction shall be completed in September 2021; it&#8217;s expected that this project may be completed in May 2022. The main reason is that, given the many outsourced customized products for this project, relevant manufacturers failed to deliver such products as scheduled due to the epidemic.</b> <b style="font-weight:bold;">By now, such equipment has been successively delivered and installed, and the construction of this project is basically completed.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">Since the filing and environment assessment formalities for all the projects above have been completed, there is no substantial obstacle to subsequent construction and relevant progress.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:22pt;margin:0.25pt 0pt 0pt 0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc19937"></a><a name="_Toc102942141"></a><a name="_Toc105879760"></a>Q4. Sales Revenue and Gross Profit Margin</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc105879761"></a><a name="_Toc102920859"></a><a name="_Toc102942142"></a><a name="_Toc19225"></a><a name="_Toc1992"></a><a name="_Toc12297"></a><a name="_Toc18927"></a>4.1</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the Prospectus and the replies to the first round of inquiries, (1) the Issuer provided AXT with processing supplied materials, with the revenue recognized using the net method. Since August 2018, the above-mentioned business has changed from entrusted processing to general trade, with the revenue recognized using the gross method; (2) the intermediaries verified the operating revenue during the reporting period by means of seeking confirmation, video or field interview, and sampling inspection, but failed to distinguish the domestic revenue from overseas revenue, and specify the verification procedures and conclusion regarding the sales revenue from AXT and AXT-Tongmei.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 0pt 0pt;">The Issuer is required to explain: the changes in business cooperation modes and the specific situations between the Company and AXT around August 2018, the basis for the transfer of the nature of business from entrusted processing to </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">133</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">general trade, and the matter whether the recognition of revenue by using the gross method during the reporting period complies with the <font style="font-style:italic;">Accounting Standard for Business Enterprises</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor and the Reporting Accountant are required to explain: (1) the verification results of seeking confirmation and interview or video inquiry by domestic and overseas sales revenue; (2) the results of interview or video inquiry regarding the overseas sales revenue, the verification of identity of the interviewees during video inquiry, video inquiry contents and confirmation of subsequent alternative procedures, the additional measures taken in view of the limitations of video interview, and whether the relevant external evidence has been obtained; (3) the adequacy of the proportion of verification of substantive procedures such as the test of details; (4) the verification method, proportion and conclusion of terminal sales with sales revenue through AXT, and whether a third-party basis has been obtained; (5) the verification method, proportion and conclusion of terminal sales with sales revenue through AXT-Tongmei, and whether a third-party basis has been obtained.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The changes in business cooperation modes and specific situations between the Company and AXT around August 2018</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the beginning of its establishment, the Company had only a few domestic qualified suppliers, and mainly focused on overseas customers. Therefore, for a long period of time, the Company had mainly provided its controlling shareholder AXT with the processing and production services of crystals and wafers, and also signed the </font><i style="font-size:12pt;font-style:italic;">Sales Contract for Processing with Supplied Materials</i><font style="font-size:12pt;"> with AXT. With the development of domestic semiconductor industry, the Company has attracted more domestic customers, and with the gradual improvement of the production level of domestic raw material suppliers, the proportion of domestic procurement of raw materials has been increasing. Since August 2018, the Company has adjusted the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">134</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">trading mode with AXT, and turned it into the general trade mode so that the processing with supplied materials had been basically stopped, and signed a </font><i style="font-size:12pt;font-style:italic;">General Trade Sales Contract</i><font style="font-size:12pt;"> with AXT. The changes in the cooperation modes and specific situations between the Company and AXT around August 2018 are shown below:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:82.39%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:30.75%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Before August 2018</b></p></td><td style="vertical-align:middle;width:52.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">After August 2018</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Type of sales</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Processing with supplied materials</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">General trade</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Business mode</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">AXT, as the entity making sales and purchasing raw materials overseas, provided the Company with main raw materials for the production of crystals and wafers, took delivery of semiconductor substrate products from the Company after processing by the Company, and sold them to overseas customers.</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">The Issuer is required to purchase the main raw materials and auxiliary materials for production from the suppliers such as AXT and other third-party suppliers, determines the quality, specifications and other items of the raw materials, and then sells the products to AXT. Specifically, the Company independently arranges the purchase of raw materials from AXT, without a physical correspondence with product sales; price of raw materials purchased by the Company from AXT refers to the price of materials purchased by AXT from its suppliers, without an unfair transaction price.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sources of main raw materials</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">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.</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">According to the agreement on the product quantity and standard between the Issuer and AXT, the suppliers of raw materials, and their specifications are independently determined by the Issuer; AXT does not specify the specific suppliers, nor restrict the price, quantity or production of the raw materials purchased by the Issuer from the suppliers.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Whether the the Issuer bears inventory risks in relation to the goods before or after the transfer thereof</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">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.</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">For the purchased raw materials, the ownership and control of their inventories remain with the Issuer bearing the risk of damage to and loss of such inventories and price fluctuation. In addition, the Issuer should track the whole process of product quality control, and take charge of the arrangement of shipment and export of products.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Whether the the Issuer has the right to independently </p></td><td style="vertical-align:middle;width:30.75%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The price of the products does not include the cost of the raw materials supplied by AXT, but includes the </p></td><td style="vertical-align:middle;width:52.22%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">With the independent pricing power, covering self-purchased main and auxiliary materials, labor, depreciation, amortization, etc. The purchase price of raw materials and the sales </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">135</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:82.39%;"><tr><td style="vertical-align:top;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">decide on the price of the traded goods</p></td><td style="vertical-align:top;width:30.75%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">processing cost and other costs (the costs of self-purchased main and auxiliary materials, labor, depreciation, amortization, etc.); the the Issuer has no full right to decide on the sales price of the final products.</p></td><td style="vertical-align:top;width:52.22%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">price of finished products are negotiated by the Issuer with the suppliers and AXT respectively in accordance with the market business principles; the Issuer has the right to independently decide on the sales price of the final products.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The basis for the transfer of the nature of business from entrusted processing to general trade, and the matter whether the recognition of revenue by using the gross method during the reporting period complies with the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Accounting Standard for Business Enterprises</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The basis for the transfer of the nature of business from entrusted processing to general trade</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The basis for the transfer of the nature of business from entrusted processing to general trade is that when the Company sells GaAs substrate, InP substrate, and germanium substrate to AXT, such goods are controlled by the Company prior to the transfer to AXT, and the Company dominates the use of the goods and gains almost all economic benefits therefrom, assumes the primary responsibility for customers, bears the inventory risks and has the pricing power.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, under the mode of processing trade, the Company shall handle the Manual for Supplied Material Processing with the Customs for the quantity of imported materials and corresponding exported finished products. The Company shall submit the case closing application to the customs and after verification and review, write off the Customs Manual and issues the Case Closing Notice after executing the Manual. The Company shall no longer apply for the new Customs Manual for Supplied Material Processing after the business mode is changed to general trade.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether the recognition of revenue by using the gross method during the reporting period complies with the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Accounting Standard for Business Enterprises</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company implemented the </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 14 - Revenue</i><font style="font-size:12pt;"> (Cai Kuai [2006] No. 3) issued by the Ministry of Finance in 2006 from January 1, 2019 to December 31, 2019, and </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 14 - Revenue</i><font style="font-size:12pt;"> (Cai Kuai [2017] No. 22) revised by the Ministry of Finance in 2017 after January 1, 2020. According to the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">136</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">provisions in the old and new revenue standards and combining with the trade between the Company and AXT, the Company was the principal responsible person for the trade with AXT during the reporting period, therefore the operating revenue was calculated by the gross method, which complies with the </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises</i><font style="font-size:12pt;">. Relevant standards and specific analysis are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Relevant standards</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Pursuant to Article 34 of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises No. 14 - Revenue (2017 Revision)</i><font style="font-size:12pt;">, an enterprise shall judge whether it acts as the principal responsible 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 responsible 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The cases that the enterprise is able to control the goods before transferring them to the customer include: </font><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> the enterprise transfers the control of commodities or other assets to the customer after obtaining the control right from a third party; </font><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> the enterprise can guide a third party to provide services for customers on behalf of the enterprise; </font><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> after obtaining the control over commodities from a third party, the enterprise integrates such commodities with other products into a portfolio and transfers it to the customer by providing significant services.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For determining whether it has the right to control the goods before transferring them to the customer, the enterprise should not limit itself to the legal form under the contract, but take into account all the relevant facts and circumstances, including: </font><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> the enterprise bears the main responsibility for transferring goods to the customers; </font><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> the enterprise bears the inventory risk before or after the transfer; </font><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> the enterprise has the right to independently determine the price of the goods; </font><font style="font-size:12pt;">&#9315;</font><font style="font-size:12pt;"> other relevant facts and circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The principles of judgment of the principal responsible person or agent in the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">137</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises No. 14 - Revenue (Application Guide 2018)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When determining the principal responsible person or agent, the enterprise shall determine its role of a principal responsible person or agent in a certain transaction according to the nature of its undertaking, namely the nature of performance obligation. If the enterprise undertakes to provide specific goods to the customer by itself, it is a principal responsible person; and if it undertakes to arrange others to provide such goods, namely it provides assistance for others, the enterprise can be deemed as an agent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The enterprise shall first identify the specific goods provided for the customers, and then evaluate whether it controls the goods prior to the transfer to the customer. If the enterprise is able to control the goods prior to the transfer, it is a principal responsible person; on the contrary, if it fails to control prior to the transfer, it is an agent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Guidance on recognition of revenue according to gross or net value in the </font><i style="font-size:12pt;font-style:italic;">Guidelines for the Application of Regulatory Rules - Accounting No. 1</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the relevant provisions in the revenue standard, when the sales of goods or the rendering of services involves other parties, the enterprise shall determine whether it is a principal responsible person or an agent according to the terms of the contract and the nature of transaction. If an enterprise controls the specific goods or service before transferring the same to the customer, namely, the enterprise is able to dominate the use of such goods or service, and obtain almost all the economic benefits therefrom, it is the principal responsible person; otherwise it is an agent. When determining whether it is a principal responsible person, the enterprise shall comprehensively consider whether it bears the main liability to the customer, whether it bears the inventory risk, whether it has the pricing power, and other relevant facts and circumstances. The enterprise shall determine the transaction price according to the amount of consideration collected from its customer, and measure the revenue. The principal responsible person shall recognize the revenue according to the total consideration received or receivable and the agent shall do so according to the commission or handling charge (net) that is expected to be collected</font><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Specific analysis</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the above accounting standard</font><font style="font-size:12pt;">, when the Company purchases raw </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">138</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">materials from AXT and sells the products such as </font><font style="font-size:12pt;">GaAs substrate, InP substrate, and germanium substrate</font><font style="font-size:12pt;"> to AXT, such products are controlled by the Company prior to the transfer to AXT, therefore the Company is the principal responsible person, which complies with the requirements for the recognition of revenue by using the gross method; the specific analysis is shown below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The Company is able to control the goods prior to the transfer to the customer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The Company has obtained the right to control the raw materials purchased from AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When the Company purchases the relevant raw materials from AXT, it can arrange the production of </font><font style="font-size:12pt;">GaAs substrate, InP substrate, and germanium substrate</font><font style="font-size:12pt;"> for other customers according to the order, and they can also be used for producing AXT-related products, rather than products specifically sold to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company can guide the use of raw materials purchased from AXT, and obtain the economic benefits from the sales of the products manufactured from the above raw materials, namely, the Company has obtained the right to control the above raw materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> The Company produces substrate products with the raw materials purchased from AXT and the main raw materials, for selling to AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The raw materials purchased from AXT mainly include high-purity arsenic, crucible materials, germanium ingot, cutting, grinding and polishing materials, and packaging materials; the products sold to AXT mainly include GaAs substrate, InP substrate, and germanium substrate. After purchasing raw materials from AXT, the Company shall match them with other main raw materials, to produce GaAs substrate, InP substrate, and germanium substrate through complex production processes including poly-crystal synthesis, crystal growth, cutting, grinding, polishing, cleaning and testing, and finally sell such products to AXT. Therefore, the element composition of relevant materials and the use of products have significantly changed after production.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, after obtaining the right to control the raw materials purchased from AXT, the Company produces GaAs substrate, InP substrate, and germanium substrate combined with other main raw materials, for selling to AXT. Therefore, the Company is able to control the goods prior to the transfer to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The Company is primarily responsible for transferring goods to the customer</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">139</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The products provided by the Company shall comply with the agreed quality standard. If the customer finds that any product is unqualified in the production process, the Company shall replace or replenish the product and bear the expenses incurred; the Company shall also provide quality assurance and after-sales service. Therefore, the Company serves as the principal responsible person in the transaction with AXT, and assumes the primary responsibility for the transfer of goods to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) The Company bears the risks of inventory</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The risks of inventory mainly include the risk of fair value change, the risk of sluggish overstock, and the risk of damage and loss. The Company undertakes such risks of inventory, and the specific analysis is shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The relevant risks after delivery of the raw materials/products are transferred to the Company/AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> When the Company and AXT sign a purchase order of raw materials, it is uncertain whether the products manufactured from the raw materials are sold for getting return; the Company bears the risk of sluggish overstock of the raw materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> The price of the raw materials purchased by the Company from AXT is determined based on the price of the purchase by AXT from its suppliers; the Company bears the risk of change in the fair value of raw materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9315;</font><font style="font-size:12pt;"> The Company arranges the use of raw materials purchased from AXT, and there is no physical correspondence with the sales of the products; the Company bears the risk of change in the fair value of the finished products;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company bears the risks of inventory caused by the purchase of raw materials from AXT and the sales of the products to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4) The Company has the right to determine the sales price</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company sells products to AXT on the price determined by the cost-plus method. The discrepancy between the sales price of the products sold to AXT and the average sales price is mainly reflected in the different performance requirements for substrate products, and it is determined by the product dimensions, technical parameters, thickness and angle of the edge. In general, the prices of GaAs substrate, InP substrate, and germanium substrate sold by the Company to AXT are reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company has the full right to determine the sales price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5) The Company undertakes the credit risk of payment regarding the sales to AXT</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">140</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> There is a certain credit period for settlement between the Company and AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> The procurement and sales between the Company and AXT are separately settled, without the case of discrepancy settlement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company undertakes the credit risk of payment regarding the sales to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, as for the sales of GaAs substrate, InP substrate, and germanium substrate from the Company to AXT in the mode of general trade, the goods are controlled by the Company prior to the transfer to AXT, and the Company dominates the use of the goods and gains almost all economic benefits therefrom, assumes the primary responsibility for customers, bears the inventory risks and has the pricing power, which complies with the relevant provisions on the principal responsible person. According to the accounting standard mentioned above, the principal responsible person shall recognize the revenue based on the total consideration received or receivable during the reporting period, which is consistent with the sales revenue of GaAs substrate, InP substrate, and germanium substrate through general trade recognized by the Company by using the gross method.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Concerning sales mode of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">The Company sells products mainly by way of direct sale; of which, its domestic sale mainly adopts direct sale mode, and overseas sale mainly adopts the modes of direct sale, agents, traders and consignment. The specific circumstances of overseasl sale are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;width:86.64%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" 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:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Sales mode</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:27.76%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:28.63%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:15.15%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Direct sale </p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">16,193.18</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">38.68%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">30,474.37</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">90.67%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">24,050.97</p></td><td style="vertical-align:middle;width:15.15%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">85.79%</p></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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Agents</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14,563.58</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">34.79%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,135.30</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.33%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,983.49</p></td><td style="vertical-align:middle;width:15.15%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14.21%</p></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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Consignment</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,219.57</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17.25%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:15.15%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Trader</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,884.27</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.28%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:14.28%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:15.15%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 41,860.60 </font></p></td><td style="vertical-align:middle;width:14.28%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 33,609.67 </font></p></td><td style="vertical-align:middle;width:14.28%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 28,034.46 </font></p></td><td style="vertical-align:middle;width:15.15%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">1. Aforesaid sales modes comply with industrial common practice </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">According to information disclosed by listed companies in the semiconductor industry, the industry usually adopts similar sales mode; the </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">141</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">specific circumstances are as follows: </b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:91.93%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:16.81%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:16.38%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;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:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Company</font></p></td><td style="vertical-align:top;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Sales mode</font></p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Introduction</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Grinm Advanced Materials</font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its subsidiary Grirem Optoelectronics adopts direct sale and agency: domestic sale adopts direct sale channels, and overseas sale adopts agency mode. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its subsidiary Grirem Advanced Materials adopts direct sale for its domestic sale: rare earth and alloy products, accounting for about 90% of its domestic sales amount, adopt direct sale, and phosphor products, accounting for about 10% of its domestic sales amount, adopt agency sale. Its overseas sale mainly adopts agency sale. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its subsidiary GRIKIN adopts direct sale or agency based on different products and customers. Direct sale is usually adopted for domestic sale, and agency mode is usually adopted for international market, exploiting market through agents. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">KFMI</font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its sales modes include direct sale and agency by trading firm. Under direct sale, after the company and its products passing customer certification, customers will issue monthly or quarterly orders to the company, and the company will deliver goods to the customers according to agreed time limit. Agency by trading firm means the Japanese end customers of the company purchase products from the company through famous trading firms such as comprehensive trading firm under Mitsubishi Chemical. &#160;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Nata Opto-electronic</font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">1. Direct sale</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">2. Consignment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">3. Distribution </p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its sales modes include direct sale and distribution. For domestic customers, the company mainly adopts direct sale mode, that is, products are sold to end customers directly, including partial sale made by consignment. Its overseas sale usually adopts distribution mode based on the agency (distribution) agreements signed with customers and common practices. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Thinkon Semiconductor</font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its main sales mode is direct sale; its main customers include Mitsubishi Materials, SK Chemicals, CoorsTek, Hana, Silfex, Trinity, Wakatec and WDX; except for Trinity, which is the agent designated by Mitsubishi Materials, Mitsubishi Materials, SK Chemicals, Hana, CoorsTek, Silfex, Wakatec and WDX are direct downstream customers of the company, and all products of the company realize final sale. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">MTCN</font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale 2. Distribution</font></p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">It adopts the sales mode of &#8220;focusing on direct sale and supplemented by distribution&#8221;. Products are included in qualified supplier systems of customers after sending samples for trial use, small batch stability argumentation, production site assessment and enlarged purchase from qualified suppliers. Afterwards, mass production starts and products are sold to customers. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Yoke </font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale </font></p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">It adopts direct sale and distribution, and certain subsidiaries may sell </font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">142</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:91.93%;" align="center"><tr><td style="vertical-align:top;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Technology</font></p></td><td style="vertical-align:top;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Distribution 3. Agency</font></p></td><td style="vertical-align:top;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">by agency occasionally. After customers issuing orders or purchase contracts, the company will arrange procurement, production and delivery based on customers&#8217; requirements, and customers will pay after receiving and inspecting goods. Its subsidiary Chengdu Kemeite also sells by agency, that is, products are firstly sold to agents, which sell to end customers in the brand of Kemeite. &#160;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">GrandiT</font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">1. Direct sale</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">2. Consignment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3. Distribution</p></td><td style="vertical-align:middle;width:66.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">It mainly adopts the direct sale mode (selling to customers directly), and sells through distributors occasionally. The direct sale mode can be further divided into consignment mode and non-consignment mode; the latter includes common direct sale and agency. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.81%;background:#ffffff;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">National Silicon Industry Group</font></p></td><td style="vertical-align:middle;width:16.38%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.79%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">All its products are sold through direct sale. Since high barrier exists in semiconductor wafer industry, with concentrated manufacturers and downstream customers, the company usually acquires orders through actively searching potential customers and negotiating with customers directly. In addition, the company also contacts small and medium-size customers through some agents. </font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Note: the company data in the industry originate from annual reports or prospectus. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The sales mode of the Issuer is adopted based on its business characteristics, customers&#8217; needs and regional trade custom, similar with other listed companies in the semiconductor industry. The aforesaid sales mode comply with industrial common practice and are commercially reasonable. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">2. Main customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) Domestic direct sale</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the type and sales amounts of products sold to top five customers of the Company under domestic direct sale are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</b></p></td><td style="vertical-align:middle;width:15.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products 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:10.5pt;text-align:center;margin:0pt;">2021</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:10.5pt;text-align:center;margin:0pt;">1</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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:15.24%;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:10.5pt;text-align:right;margin:0pt;">3,487.18</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</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:10.5pt;text-align:center;margin:0pt;"><font style="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:10.5pt;text-align:center;margin:0pt;">2</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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:15.24%;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:10.5pt;text-align:right;margin:0pt;">3,137.32</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</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:10.5pt;text-align:center;margin:0pt;"><font style="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:10.5pt;text-align:center;margin:0pt;">3</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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics </p></td><td style="vertical-align:middle;width:15.24%;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:10.5pt;text-align:right;margin:0pt;">2,789.80</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</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:10.5pt;text-align:center;margin:0pt;"><font style="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:10.5pt;text-align:center;margin:0pt;">4</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:10.5pt;text-align:center;margin:0pt;">Customer A</p></td><td style="vertical-align:middle;width:15.24%;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:10.5pt;text-align:right;margin:0pt;">2,751.24</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</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:10.5pt;text-align:center;margin:0pt;"><font style="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:10.5pt;text-align:center;margin:0pt;">5</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:10.5pt;text-align:center;margin:0pt;">Customer B</p></td><td style="vertical-align:middle;width:15.24%;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:10.5pt;text-align:right;margin:0pt;">2,663.40</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate; High Purity Gallium</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">143</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="1" 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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:368.4%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">14,828.94</b></p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">3,027.45</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Customer B</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">2,938.71</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">1,981.64</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">1,620.88</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Customer A</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">1,308.82</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:368.4%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">10,877.50</b></p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:100%;border-bottom: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:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Customer A</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">4,755.70</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">2,280.93</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">1,825.25</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Customer B</p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">1,681.73</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate&#65307;High Purity Gallium</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:74.22%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:294.18%;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:10.5pt;text-align:center;margin:0pt;">Yunnan Germanium </p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;">1,258.46</p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide polycrystal; PBN crucible; High Purity Gallium</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:368.4%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:130.29%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11,802.07</b></p></td><td style="vertical-align:middle;width:256.06%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">The basic information of aforesaid customers is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.4923744%;width:114.98%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:5.36%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.45%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.82%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:30.45%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.08%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.89%;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:10.5pt;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:5.36%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:12.45%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</b></p></td><td style="vertical-align:middle;width:14.82%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</b></p></td><td style="vertical-align:middle;width:12.91%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:30.45%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Introduction to the enterprise and its status in the industry</b></p></td><td style="vertical-align:middle;width:13.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:10.89%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Affiliated with the Issuer?</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.36%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:12.45%;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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:14.82%;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:10.5pt;text-align:center;margin:0pt;">2015</p></td><td style="vertical-align:middle;width:12.91%;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:10.5pt;text-align:center;margin:0pt;">RMB 114,015,000 </p></td><td style="vertical-align:middle;width:30.45%;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:10.5pt;text-align:justify;margin:0pt;">It is engaged in R&amp;D, production and sale of quaternary LED epitaxial wafers, chips and high-efficiency gallium arsenide solar cell epitaxial wafers. The germanium substrates purchased by Nanchang Kingsoon from the Company are processed into epitaxial wafers, which are applied to solar cells used in more than 50% of satellite </p></td><td style="vertical-align:middle;width:13.08%;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:10.5pt;text-align:center;margin:0pt;">Xiangwu Wang</p></td><td style="vertical-align:middle;width:10.89%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">144</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.4923744%;width:114.98%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.36%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:12.45%;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;"></td><td style="vertical-align:middle;width:14.82%;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;"></td><td style="vertical-align:middle;width:12.91%;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;"></td><td style="vertical-align:top;width:30.45%;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:10.5pt;text-align:justify;margin:0pt;">spacecrafts in China, and relevant products have been used in aerospace equipment such as Chang&#39;e 4 and Tianwen-1. </p></td><td style="vertical-align:middle;width:13.08%;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;"></td><td style="vertical-align:middle;width:10.89%;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 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.36%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:12.45%;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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:14.82%;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:10.5pt;text-align:center;margin:0pt;">2011</p></td><td style="vertical-align:middle;width:12.91%;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:10.5pt;text-align:center;margin:0pt;">RMB 60,000,000</p></td><td style="vertical-align:middle;width:30.45%;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:10.5pt;text-align:justify;margin:0pt;">As a leading enterprise in the gallium arsenide MBE epitaxy field in China, EPI supplies high-quality epitaxial wafers with MBE to global markets of compound semiconductor. &#160; </p></td><td style="vertical-align:middle;width:13.08%;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:10.5pt;text-align:center;margin:0pt;">Dima Technology</p></td><td style="vertical-align:middle;width:10.89%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.36%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:12.45%;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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics</p></td><td style="vertical-align:middle;width:14.82%;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:10.5pt;text-align:center;margin:0pt;">2012</p></td><td style="vertical-align:middle;width:12.91%;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:10.5pt;text-align:center;margin:0pt;">RMB 101,700,000 </p></td><td style="vertical-align:middle;width:30.45%;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:10.5pt;text-align:justify;margin:0pt;">As a manufacturer of core components in laser industry in China such as semiconductor laser chips, devices and modules, Everbright Photonics has the largest market share in China in the field of high power semiconductor laser chip. </p></td><td style="vertical-align:middle;width:13.08%;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:10.5pt;text-align:center;margin:0pt;">No</p></td><td style="vertical-align:middle;width:10.89%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.36%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:12.45%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yunnan Germanium</p></td><td style="vertical-align:middle;width:14.82%;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:10.5pt;text-align:center;margin:0pt;">1998</p></td><td style="vertical-align:middle;width:12.91%;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:10.5pt;text-align:center;margin:0pt;">RMB 653,120,000</p></td><td style="vertical-align:middle;width:30.45%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Germanium products and other metallurgy products; production, smelting and marketing of mineral products. As a famous company listed in China, it has a complete industrial chain in the germanium industry, and rich and excellent germanium ore resources, ranking No. 1 in China in terms of sales volume of germanium products; it is the largest manufacturer and supplier of germanium products in China. &#160;</p></td><td style="vertical-align:middle;width:13.08%;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:10.5pt;text-align:center;margin:0pt;">Kaihui Wu, Wendong Bao</p></td><td style="vertical-align:middle;width:10.89%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) Overseas direct sale (excluding traders and consignment customers)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the type and sales amounts of products sold to top five customers of the Company under overseas direct sale are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AXT</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:10.5pt;text-align:right;margin:0pt;">5,979.70</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">145</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:9.03%;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;"></td><td style="vertical-align:middle;width:33.33%;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;"></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;"></td><td style="vertical-align:top;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">3,060.02</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Customer C</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:10.5pt;text-align:right;margin:0pt;">1,921.83</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PROWTECH, INC.</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">863.84</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">GaAs substrate, polycrystal and crystal bar</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">853.94</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PBN crucible</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,679.33</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AXT</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:10.5pt;text-align:right;margin:0pt;">28,196.51</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,233.81</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">415.87</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</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:10.5pt;text-align:right;margin:0pt;">214.22</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Veeco Instruments Inc.</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:10.5pt;text-align:right;margin:0pt;">188.70</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">30,249.11</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AXT</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:10.5pt;text-align:right;margin:0pt;">22,144.98</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,304.47</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">241.32</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Veeco Instruments Inc.</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:10.5pt;text-align:right;margin:0pt;">171.91</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</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:10.5pt;text-align:right;margin:0pt;">102.76</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">23,965.44</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Prior to March 2021, as arranged by the Group, AXT had been selling semiconductor substrate materials to overseas customers as the principal part of overseas sale. Therefore, in years of 2019 and 2020, except for AXT, other major customers of the Company under overseas direct sale purchased PBN crucible, PBN plate and other products from Beijing Boyu. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">After looking through AXT, during the reporting period, the type and sales amounts of products sold to top five customers of the Company under overseas direct sale are as follows:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">146</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">3,751.44</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Customer C</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:10.5pt;text-align:right;margin:0pt;">2,281.34</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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:10.5pt;text-align:right;margin:0pt;">863.84</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate, polycrystal and crystal bar</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">853.94</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR GmbH</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:10.5pt;text-align:right;margin:0pt;">771.44</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,522.00</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">1,634.70</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,233.81</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Customer C</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:10.5pt;text-align:right;margin:0pt;">813.45</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</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:10.5pt;text-align:right;margin:0pt;">687.65</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">415.87</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">4,785.48</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">1,678.48</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</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:10.5pt;text-align:right;margin:0pt;">1,471.69</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,304.47</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR GmbH</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:10.5pt;text-align:right;margin:0pt;">385.58</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SHIN-ETSU HANDOUTAI CO., LTD.</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:10.5pt;text-align:right;margin:0pt;">289.11</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5,129.33</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">The basic information of aforesaid customers is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-13.289131%;width:126.57%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:19.79%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Introduction to the enterprise and its status in the industry</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Affiliated with the Issuer?</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">AXT</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:10.5pt;text-align:center;margin:0pt;">1986</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:10.5pt;text-align:center;margin:0pt;">USD 42,700</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">Listed in NASDAQ (AXTI), controlling shareholder of the Issuer, not dealing in specific business. &#160;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">Mo Sangyo Co, Ltd.</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:10.5pt;text-align:center;margin:0pt;">1998</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:10.5pt;text-align:center;margin:0pt;">JPY 10 million</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">Japan trader of semiconductor materials, downstream customers are famous enterprises such as </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yukitoshi Ozaki</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">147</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-13.289131%;width:126.57%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:19.79%;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;"></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;"></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;"></td><td style="vertical-align:top;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">Sony. Renowned trader in Japan, serving as trader for several semiconductor enterprises.</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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:middle;width:9.9%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:center;margin:0pt;">1988</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:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">Listed in &#160;London Stock Exchange (IQE.L), &#160;III-V epitaxy manufacturer, leading compound semiconductor wafer designer and manufacturer in the world. The second largest III-V compound semiconductor epitaxy manufacturer in the world.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Invesco</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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:10.5pt;text-align:center;margin:0pt;">2004</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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">A South Korea manufacturer dealing in gallium arsenide materials and infrared LED epitaxial wafer</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:center;margin:0pt;">1936</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:10.5pt;text-align:center;margin:0pt;">JPY 930 million</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">A company under Sumitomo (listed in Japan Exchange Group (5802.T)), which is famous communication provider and manufacturer in the world.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sumitomo Electric Industries, Ltd</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:center;margin:0pt;">1949</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:10.5pt;text-align:center;margin:0pt;">EUR 512,000</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">One of major competitors of the Issuer, dealing in GaAs substrate. Renowned material enterprise in Germany, with largest market share of GaAs substrate in the world in 2019</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Federmann Enterprises Ltd</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</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:10.5pt;text-align:center;margin:0pt;">1980</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:10.5pt;text-align:center;margin:0pt;">EUR 140,000</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">High performance ceramics manufacturer in Germany</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CVT </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Verwaltungs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">GmbH</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">Veeco Instruments Inc.</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:10.5pt;text-align:center;margin:0pt;">1945</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:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">Listed in NASDAQ (VECO), leading precision measuring instruments and process equipment manufacturer in the world, and globally leading MOCVD enterprise</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR </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:10.5pt;text-align:center;margin:0pt;">1998</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:10.5pt;text-align:center;margin:0pt;">EUR 7.15 million</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">Vishay offers a variety of products, from discrete </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Vishay Intertechnology, </p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">148</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-13.289131%;width:126.57%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">GmbH</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;"></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;"></td><td style="vertical-align:top;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">semiconductors to passive components, from the smallest diodes to the most powerful capacitors, which serve as the basis of modern technology and life of the people.</p></td><td style="vertical-align:top;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Inc</p></td><td style="vertical-align:middle;width:9.9%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</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:10.5pt;text-align:center;margin:0pt;">1964</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:10.5pt;text-align:center;margin:0pt;">EUR 100,000</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">A German enterprise, developing and producing solar cells applied to space PV and ground CPV.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;width:19.79%;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:10.5pt;text-align:center;margin:0pt;">SHIN-ETSU HANDOUTAI CO., LTD.</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:10.5pt;text-align:justify;margin:0pt;">1967</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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:25.03%;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:10.5pt;text-align:justify;margin:0pt;">A branch of ShinEtsu Group (Japan), engaged in production and sale of semiconductor wafers, with the largest market share of semiconductor wafer in the world.</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Shin-Etsu Group</p></td><td style="vertical-align:middle;width:9.9%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the type and sales amounts of products sold to top five customers of the Company under overseas agency are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">LandMark Optoelectronics</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:10.5pt;text-align:right;margin:0pt;">4,731.71</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">VPEC</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:10.5pt;text-align:right;margin:0pt;">3,100.29</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</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:10.5pt;text-align:right;margin:0pt;">1,775.26</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">WIN Semiconductors</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:10.5pt;text-align:right;margin:0pt;">1,090.65</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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:10.5pt;text-align:right;margin:0pt;">863.84</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate, gallium arsenide polycrystal, gallium arsenide crystal bar</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11,561.75</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</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:10.5pt;text-align:right;margin:0pt;">1,758.69</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</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:10.5pt;text-align:right;margin:0pt;">1,294.25</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SFA ENGINEERING CORPORATION</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:10.5pt;text-align:right;margin:0pt;">33.73</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SVMTECH CO., LTD.</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:10.5pt;text-align:right;margin:0pt;">13.97</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">ZENITH TECH</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:10.5pt;text-align:right;margin:0pt;">12.07</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">149</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="1" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:373.42%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:125.12%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">3,112.71</b></p></td><td style="vertical-align:middle;width:282.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:100%;border-bottom: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:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:79.62%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:293.79%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</p></td><td style="vertical-align:middle;width:125.12%;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:10.5pt;text-align:right;margin:0pt;">2,277.28</p></td><td style="vertical-align:middle;width:282.73%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:79.62%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:293.79%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</p></td><td style="vertical-align:middle;width:125.12%;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:10.5pt;text-align:right;margin:0pt;">1,445.72</p></td><td style="vertical-align:middle;width:282.73%;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:10.5pt;text-align:center;margin:0pt;">PBN PLATE</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:79.62%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:293.79%;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:10.5pt;text-align:center;margin:0pt;">SVMTECH CO., LTD.</p></td><td style="vertical-align:middle;width:125.12%;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:10.5pt;text-align:right;margin:0pt;">114.79</p></td><td style="vertical-align:middle;width:282.73%;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:10.5pt;text-align:center;margin:0pt;">PBN PLATE</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:79.62%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:293.79%;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:10.5pt;text-align:center;margin:0pt;">SFA ENGINEERING CORPORATION</p></td><td style="vertical-align:middle;width:125.12%;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:10.5pt;text-align:right;margin:0pt;">93.56</p></td><td style="vertical-align:middle;width:282.73%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:79.62%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:293.79%;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:10.5pt;text-align:center;margin:0pt;">KPM</p></td><td style="vertical-align:middle;width:125.12%;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:10.5pt;text-align:right;margin:0pt;">10.39</p></td><td style="vertical-align:middle;width:282.73%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:373.42%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:125.12%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">3,941.74</b></p></td><td style="vertical-align:middle;width:282.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Prior to March 2021, as arranged by the Group, AXT had been selling semiconductor substrate materials to overseas customers as the principal part of overseas sale. Since March 2021, the Issuer has been selling products to customers in Taiwan and South Korea such as </font>LandMark Optoelectronics, and has signed agency agreements with agents. Information about aforesaid customers is as follows: </p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521999%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">P</b><b style="font-weight:bold;">rofile</b></p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Whether affiliated with the Issuer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">LandMark Optoelectronics</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1997</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NTD 913,692,000 </p></td><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">Listed in Taiwan, China (3081.TWO), a global III-V semiconductor material epitaxy enterprise, and the largest III-V compound semiconductor epitaxy manufacturer in the world</p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">Jingyi Zhang</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">VPEC</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1996</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NTD 2600 million</p></td><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">Listed in Taiwan, China (2455.TW), a global III-V semiconductor material epitaxy enterprise, Top 3 gallium arsenide foundry in the world</p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">Chen</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2012</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:top;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">Formed after combination of Louwers Glastechniek (established in 1961) and Pulles &amp; Hanique (established in 1950) in 2012, headquartered in Netherlands, it is a precision glass and ceramic producer, supplying parts </p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">Muon. B.V.</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">150</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521999%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:21.14%;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;"></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 5.15pt 0pt 5.15pt;"></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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">and components of Mask Aligner to ASML</p></td><td style="vertical-align:middle;width:12.67%;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;"></td><td style="vertical-align:middle;width:10.32%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">WIN Semiconductors</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1999</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NTD 1,000,000 </p></td><td style="vertical-align:top;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">An OEM of global III-V semiconductor material, listed in Taiwan, China (3105.TWO), the largest gallium arsenide foundry in the world</p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">Tien Ho Industrial Co., Ltd.</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2004</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:top;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">A South Korea manufacturer dealing in gallium arsenide materials and infrared LED epitaxial wafer </p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2000</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 10,000 million</p></td><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">Manufacturer of vacuum accessories and vacuum evaporation equipment, supplying products to major OLED manufacturers in South Korea</p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">CEP ATHENS HOLDINGS LIMITED</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">SFA ENGINEERING CORPORATION</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1998</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 75,000 million</p></td><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">An automation and logistics system manufacturer listed in South Korea (056190); its products include manufacturing system used to produce kinescope, and it also produces stacker, sorter, conveyor and loader systems for automated distribution center. </p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">DY Holdings Co., Ltd.</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">SVMTECH CO., LTD.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2006</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 4,000 million</p></td><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">A professional company with welding technologies and equipment in semiconductors, displays, aerospace, defense industry, nuclear energy and other application fields on the basis of design and manufacturing technologies in special bonding field. </p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">KIM, KI-SOO</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">ZENITH TECH</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2014</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 50 million</p></td><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">Manufacturing electronic information products and optical products, diodes, transistors and similar </p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">151</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521999%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:21.14%;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;"></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 5.15pt 0pt 5.15pt;"></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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:24.48%;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:10.5pt;text-align:justify;margin:0pt;">semiconductor devices</p></td><td style="vertical-align:middle;width:12.67%;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;"></td><td style="vertical-align:middle;width:10.32%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.09%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">KPM</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2010</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 200 million</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Manufacture and sale of electronic tubes, interface cards and other electronic components</p></td><td style="vertical-align:middle;width:12.67%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.32%;border-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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since overseas semiconductor industry developed earlier, overseas customers have huge demands for III-V compound semiconductor materials. In order to understand specific needs of overseas customers, get in on the ground floor of market, and respect usages of trade and operation of different regions, the Company also sells products through agents in Europe, America, South Korea, Taiwan (China) and other regions according to business practice. Under the circumstance of entrusting agents to promote, the Company concludes sales agency agreements with agents, which are responsible for promotion of relevant products in specific regions; the Company will conclude sale contracts with relevant customers and deliver goods to customers directly, and pay commissions to the agents according to type of products sold on commission and agreed commission percentage. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Sale by agent is common in semiconductor industry; listed companies such as ACM Shanghai, National Silicon Industry and Montage Technology have entrusted agents to sell. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, using agency mode for sale by the Company in foreign countries is based on actual conditions of the Company and the common practice of semiconductor industry; the agents are not affiliated with the Company or relevant parties, and there is no commercial bribe or tunneling.</font><b style="font-size:12pt;font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">(4) Trader</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, Mo Sangyo Co, Ltd. is the sole trader customer before and after business switch of the Company and AXT; the Company and AXT have no other trader customer. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the course of development, Japanese IC enterprises form the industrial tradition of purchasing raw materials through agents. Based on the commercial custom of Japanese enterprises, the semiconductor enterprises in Japan usually </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">152</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">purchase products from foreign enterprises through traders or agents. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In order to understand specific needs of Japanese customers, get in on the ground floor of market, and respect local usages of trade and operation, the Company has entrusted Mo Sangyo Co, Ltd as the trader in Japan to exploit Japanese market since 2005. Mo Sangyo Co, Ltd is not engaged in any production; it is responsible for sale of products in Japan as the trader. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Prior to March 2021, the Issuer&#8217;s overseas sale of semiconductor substrate materials was carried out by AXT according to the arrangement of the Group; therefore, in 2019 and 2020, the Company had no trader customers; except for Mo Sangyo Co, Ltd., AXT had no other trader customers. In 2021, the Company sold to Japan trader customer Mo Sangyo Co, Ltd. directly after completing business switch.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Mo Sangyo Co, Ltd is mainly responsible for promoting and selling the Company&#8217;s products to customers in Japan, settles with the Company monthly based on the sale to end customers, and pay for corresponding goods. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The cooperation agreements between Mo Sangyo Co, Ltd and the Company stipulate the rights and obligations of both parties, and have following main terms: </font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.58%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.46%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Items</b></p></td><td style="vertical-align:middle;width:80.53%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Specific provisions</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.46%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sales region</p></td><td style="vertical-align:middle;width:80.53%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Mo Sangyo Co, Ltd is only responsible for promoting and selling products of AXT-Tongmei in Japan; customers in Japan shall own business sites and place orders in the territory, and deliver products to the sites within the territory. &#160;</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.46%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Price and settlement</p></td><td style="vertical-align:middle;width:80.53%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Mo Sangyo Co, Ltd can obtain corresponding profits based on the product sale services offered by it according to provisions hereof, and specific amount of profits is subject to separate agreement. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Based on the fact and circumstance of license from AXT-Tongmei, Mo Sangyo Co, Ltd shall purchase products and sell them to end customers. Based on the business mode of &#8220;purchase-resale&#8221;, AXT-Tongmei issues invoices to Mo Sangyo Co, Ltd. Mo Sangyo Co, Ltd issues invoices to end customers and pays to AXT-Tongmei for relevant goods according to agreement. </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.46%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Responsibility of performance </p></td><td style="vertical-align:middle;width:80.53%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">AXT-Tongmei is solely responsible for product design, development, supply, production and performance. AXT-Tongmei shall indemnify and defend Mo Sangyo Co, Ltd against any losses and claims incurred by it arising from any patent infringement of the products of AXT-Tongmei. </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.46%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Product standard</p></td><td style="vertical-align:middle;width:80.53%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Mo Sangyo Co, Ltd does not have any express or implicit rights of making any direct or indirect modification, supplement or limitation on updated written warranty of corresponding products offered by AXT-Tongmei or warranties or </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">153</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.58%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:19.46%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:80.53%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">representations expressly included in product specifications. AXT-Tongmei may, at its own discretion, revise product warranty or specifications from time to time, and the revised product warranty or specifications only become effective when Mo Sangyo Co, Ltd receives information on revision. </p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to agreements between Mo Sangyo Co, Ltd and AXT-Tongmei, Mo Sangyo Co, Ltd is responsible for the sale of products of AXT-Tongmei in Japan, and shall use its utmost efforts to promote and sell products of AXT-Tongmei to customers in Japan, provided that Mo Sangyo Co, Ltd is not entitled to confirm, revise or guarantee the product standards, parameters such as quality or normative documents of AXT-Tongmei to its customers. Therefore, Mo Sangyo Co, Ltd only assists the Company in exploiting Japan market as the trader of the Company in Japan, and does not play a role in key information involving production line certification such as place of origin, production standard and selection of raw materials. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Mo Sangyo Co, Ltd. began to cooperate with AXT since 2005; in 2021, the Company generated revenue of RMB38,842,700 from Mo Sangyo Co, Ltd., which mainly purchases Indium Phosphide and GaAs substrates from the Company. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on the explanations given by Mo Sangyo Co, Ltd., during the reporting period, its top 5 downstream customers are Dowa Holdings Co., Ltd., ROHM, SONY, SCIOCS, SHOWA DENKO, NEOPHOTONICS SEMICONDUCTOR GK and SEI YOKOHAMA RESEARCH LAB; the aforesaid customers are famous semiconductor enterprises in Japan. &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on the explanations given by Mo Sangyo Co, Ltd., it has been purchasing semiconductor products from suppliers such as Epi Solution Technology, Opto Solution Technology, MONOCRYSTAL PLC and Silicon Technology since 2003, except for Beijing Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">(5) Consignment </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Prior to business switch, Osram, Broadcom and Sumika Electronic Materials, Inc were consignment customers of AXT and had cooperated with AXT for many years; in March 2021, due to switch of sales business and customers to AXT-Tongmei, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">154</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Issuer obtained aforesaid three consignment customers. In 2021, its subsidiary Beijing Boyu changed the sales mode into the mode of consignment after negotiating with customer Freiberger in consideration of its needs. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">In 2021, the type and sales amounts of products sold to top five customers of the Company under the mode of consignment are as follows</font><b style="font-size:12pt;font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Osram</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:10.5pt;text-align:right;margin:0pt;">5,506.52</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Sumika Electronic Materials, Inc</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:10.5pt;text-align:right;margin:0pt;">572.38</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Broadcom</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:10.5pt;text-align:right;margin:0pt;">571.43</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">569.24</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, other PBN materials</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;">Total</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:10.5pt;text-align:right;margin:0pt;">7,219.57</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The basic information of aforesaid customers is as follows: </b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521999%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:19.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</b></p></td><td style="vertical-align:middle;width:10.97%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:27.2%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">P</b><b style="font-weight:bold;">rofile</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:10.21%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Affiliated with the Issuer?</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:19.57%;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:10.5pt;text-align:center;margin:0pt;">Osram</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:10.5pt;text-align:center;margin:0pt;">1906</p></td><td style="vertical-align:middle;width:10.97%;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:10.5pt;text-align:center;margin:0pt;">EUR 5 million</p></td><td style="vertical-align:middle;width:27.2%;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:10.5pt;text-align:justify;margin:0pt;">Listed in Frankfurt Stock Exchange (OSR.DF), dealing in optical semiconductors, auto parts and digital technology. Top 2 Opto Semiconductor manufacturer, especially in the field of LED. </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:10.5pt;text-align:center;margin:0pt;">Osram GmbH</p></td><td style="vertical-align:middle;width:10.21%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:19.57%;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:10.5pt;text-align:center;margin:0pt;">Sumika Electronic Materials, Inc</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:10.5pt;text-align:center;margin:0pt;">2003</p></td><td style="vertical-align:middle;width:10.97%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:27.2%;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:10.5pt;text-align:justify;margin:0pt;">It mainly products and sells optical film, projector optical accessories, etc.</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:10.5pt;text-align:center;margin:0pt;">Sumitomo</p></td><td style="vertical-align:middle;width:10.21%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:19.57%;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:10.5pt;text-align:center;margin:0pt;">Broadcom</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:10.5pt;text-align:center;margin:0pt;">1961</p></td><td style="vertical-align:middle;width:10.97%;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:10.5pt;text-align:center;margin:0pt;">USD 289 million</p></td><td style="vertical-align:top;width:27.2%;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:10.5pt;text-align:justify;margin:0pt;">Broadcom (NASDAQ: AVGO), a leading semiconductor enterprise in the world, acquired Avago Technologies in 2016, designing, developing and manufacturing wide range of semiconductor and facility software products. </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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.21%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">155</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521999%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:4.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:19.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:center;margin:0pt;">1949</p></td><td style="vertical-align:middle;width:10.97%;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:10.5pt;text-align:center;margin:0pt;">EUR 512,000</p></td><td style="vertical-align:middle;width:27.2%;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:10.5pt;text-align:justify;margin:0pt;">One of major competitors of the Issuer, dealing in GaAs substrate. Renowned material enterprise in Germany, with largest market share of GaAs substrate in the world in 2019</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:10.5pt;text-align:center;margin:0pt;">Federmann Enterprises Ltd</p></td><td style="vertical-align:middle;width:10.21%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, the main customers of the Company under modes of direct sale, agency and consignment are renowned customers with high fame, influence and status in the industry; under the mode of trader, the Company only has one customer, i.e., Mo Sangyo Co, Ltd., whose downstream customers are renowned enterprises in Japan, such as Dowa Holdings Co., Ltd., ROHM and SONY; it is commercially reasonable to sell products through it since it complies with the common practice in the semiconductor industry in Japan. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-family:'SimHei';font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">(IV) Increase of incomes during reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk106265188"></a><font style="font-size:12pt;">During reporting period, the incomes of the Company from its primary business are as follows (based on product category): </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.44004822%;width:100.88%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:27.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:27.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:27.98%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.8%;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:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.8%;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:10.5pt;margin:0pt;">Semiconductor substrate materials</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:10.5pt;text-align:right;margin:0pt;">62,675.18 </p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">73.39%</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:10.5pt;text-align:right;margin:0pt;">44,346.06</p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">76.05%</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:10.5pt;text-align:right;margin:0pt;">35,771.29</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:10.5pt;text-align:right;margin:0pt;">77.39%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.8%;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:10.5pt;margin:0pt;">PBN crucible</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:10.5pt;text-align:right;margin:0pt;">5,502.47</p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">6.44%</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:10.5pt;text-align:right;margin:0pt;">5,186.24</p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">8.89%</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:10.5pt;text-align:right;margin:0pt;">4,729.22</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:10.5pt;text-align:right;margin:0pt;">10.23%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.8%;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:10.5pt;margin:0pt;">High-purity metals and compounds</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:10.5pt;text-align:right;margin:0pt;">12,201.00</p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">14.29%</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:10.5pt;text-align:right;margin:0pt;">5,501.42</p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">9.43%</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:10.5pt;text-align:right;margin:0pt;">2,531.92</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:10.5pt;text-align:right;margin:0pt;">5.48%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.8%;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:10.5pt;margin:0pt;">Other </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:10.5pt;text-align:right;margin:0pt;">5,025.79 </p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">5.88%</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:10.5pt;text-align:right;margin:0pt;">3,275.00</p></td><td style="vertical-align:middle;width:14.45%;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:10.5pt;text-align:right;margin:0pt;">5.62%</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:10.5pt;text-align:right;margin:0pt;">3,188.36</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:10.5pt;text-align:right;margin:0pt;">6.90%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">85,404.44</b></p></td><td style="vertical-align:middle;width:14.45%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">58,308.72</b></p></td><td style="vertical-align:middle;width:14.45%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">46,220.79</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:10.5pt;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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The income increase during reporting period was realized due to following factors: </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Switch of business between the Company and AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In March 2021, AXT-Tongmei assumed overseas sale business and relevant customers of AXT; in May 2021, the Company acquired AXT-Tongmei. From 2019 to </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">156</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">March 2021, overseas sale of semiconductor substrate materials of the Company were completed through AXT, which assumed overseas sale and personnel costs, and obtained certain profits; after business switch is completed, the Company assumed original overseas sales team of AXT and directly sold products to overseas end customers; the incomes from Indium Phosphide substrates increased fast due to increase of product prices, driving the increase of overall incomes for 2021. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Obvious increase of market demand</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Among main products of the Company, Indium Phosphide substrate is mainly used in fields of optical communication and data center, GaAs substrate is mainly used in fields of radio frequency devices and new generation display, and germanium substrate is mainly used in the field of solar cells. During the reporting period, the aforesaid markets developed fast, and the demands increased rapidly, with details as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The fields of optical communication and data center</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of optical communication, the usage of optical modules in 5G base stations is significantly higher than that in 4G base station, and large-scale deployment of 5G base stations will greatly drive the increase of the demands for optical modules. According to Yole statistics, global sales volume of the optical module Indium Phosphide substrates (converted into 2 inches) is expected to exceed one million by 2026, with a compound growth rate of 13.94% from 2019 to 2026. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of data center, along with the popularity of mobile Internet in recent years, data traffic increases fast, driving the fast development of cloud computing industry, stimulating the demands for construction of data centers, and also bringing more demands for optical modules of data centers. According to Yole statistics, global market size of optical modules of data center will increase from USD 4 billion in 2019 to USD 12.1 billion in 2025, with a compound growth rate of 20% from 2019 to 2025.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The fields of radio frequency devices and LED display</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of RF, 5G smartphone PA (power amplifier) market will still be </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">157</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">dominated by gallium arsenide. According to Yole statistics, in 2021, the market of RF devices accounted for 30.15% of the market of gallium arsenide semiconductor and contributed 32.50% of the output value. According to statistics of Orient Securities Research Institute, in the era of 4G, each mobile phone used 7 PA on average. Since 5G increases the frequency, and will increase high frequency in future, and for purpose of being compatible with 4G, 3G and 2G standards, so 5G smartphone requires more PA, with maximum of 16, or 10 on average; the RF devices made on basis of gallium arsenide are expected to have higher rate of penetrating mobile terminals in the era of 5G. &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of LED display, the new generation of displays adopt Mini LED and Micro LED chips of sub-millimeter and micron scale, raising high technical requirements on GaAs substrate; therefore, the popularity of Mini LED and Micro LED will bring new opportunity for the application of gallium arsenide. As forecasted by Yole, the demands for GaAs substrates in Mini LED and Micro LED increase fast; global sales volume of GaAs substrates (converted into 2 inches) in Mini LED and Micro LED is expected to increase from 2,079,000 pieces in 2019 to 6,138,000 pieces in 2025, with an annual compound growth rate of 19.77%. &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> </font><font style="font-size:12pt;">(3) Field of solar cells</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As disclosed by </font><i style="font-size:12pt;font-style:italic;">2020 Blue Book of China Aerospace Science and Technology Activities</i><font style="font-size:12pt;">, in 2020, launch vehicles were launched 114 times around the world, and 1,260 satellites were launched. According to SIA statistics, the size of market of global satellite industry reached USD 371 billion in 2020, and the number of satellites in orbit increased from 958 in 2010 to 3,371 in 2020. In recent years, China and USA accelerated the frequency of launching satellites; in 2020, the two countries totally launched 1,101 communication satellites, remote sensing satellites and navigation satellites. The competition among countries in the aerospace field focus on communication satellites and remote sensing satellites, and low earth orbit can contain about 60,000 satellites. In current phase, the solar cells used in the satellites launched by China are produced by Chinese enterprises and scientific research institutions. In </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">158</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">future, it is expected that enterprises will have access to the market of space solar cells, driving the increase of demands for germanium substrates in relevant fields. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Policies greatly support development of the industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In recent years, relevant authorities of China promulgated a series of policies to encourage the development of compound semiconductor substrate materials. For example, </font><i style="font-size:12pt;font-style:italic;">The 14th Five-Year Plan for National Informatization</i><font style="font-size:12pt;"> issued by The&#160;Central&#160;Commission&#160;for&#160;Cybersecurity and&#160;Informatization in Dec. 2021 encourages strategic research layout and technology accommodation &amp; innovation in key frontier fields such as Non-Silicon-Based Semiconductors; In </font><i style="font-size:12pt;font-style:italic;">Catalog of Key New Materials for First Application Demonstration and Guidance (Version 2021)</i><font style="font-size:12pt;">, MIIT lists low dislocation germanium single crystals of 4-6 inches in Catalog of Advanced Semiconductor Materials and New Display Materials; In </font><i style="font-size:12pt;font-style:italic;">Catalog for Industrial Structure Adjustment Guidance (Version 2019)</i><font style="font-size:12pt;"> issued by NDRC, Czochralski compound semiconductor materials with diameters more than 125mm (5-inch), materials for electronic products such as semiconductors, semiconductor lighting materials and semiconductor lighting substrates are listed as encouraged categories. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On Feb. 17, 2022 NDRC, The&#160;Central&#160;Commission&#160;for&#160;Cybersecurity and&#160;Informatization, MIIT and National Energy Administration jointly issued a circular, agreeing to construct national computing hub nodes in eight regions such as Jingjinji, Yangtze River Delta, the Greater Bay Area, Chengyu, Inner Mongolia, Guizhou, Gansu and Ningxia, and planning ten national data center clusters; overall layout design was completed for national integrated big data center system, indicating a strategy is in full swing to channel more computing resources from the eastern areas to the less developed western regions. As the basic raw material of such infrastructure project, Indium Phosphide will usher in new space of market growth. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. New demands produced by new applications, bringing new opportunities </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">III-V compound semiconductor substrate material has excellent performance, but its market scale is far less than that of silicon substrate due to small market of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">159</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">downstream application field and high cost. However, in recent years, several new application fields occur in III-V compound semiconductor, bringing incremental market for substrate enterprises, such as Mini LED, Micro LED, Wearable Device Sensor, Vehicle LiDAR and Biometric Laser. Such demands are in the process of industrialization; due to low scale base of III-V compound substrate market, scaling up of each aforesaid market will significantly improve the overall III-V semiconductor substrate market. In addition, in the inherent application fields of III-V compound semiconductor, such as optical modules for base stations and data centers, smartphones and base station RF devices, the fast development of 5G Communication, Big Data and Cloud Computing brings the opportunities of construction of 5G base stations and data centers as well as 5G smartphone replacement, indicating large growth potential in the III-V semiconductor substrate market. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">5. Substrate products drive relevant raw materials and consumables </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Along with the increased demand for semiconductor substrate products in the world, relevant factories enlarged the production lines of III-V compound semiconductor substrate materials, increasing the demands for PBN crucible (as the consumables in the growth sector of semiconductor substrate monocrystal) and High Purity Gallium (as raw material of GaAs substrate); in addition, the prices of gallium metal (as the raw material of High Purity Gallium and gallium compound) have been increasing due to domestic economic environment and influence of COVID-19 epidemic, and the purchase unit price of gallium metal surged during the reporting period, improving the pricing of the Company and driving the fast increase of incomes from high-purity metals and compound products. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verifying the product substitution risk and market prospect of the Issuer, the Sponsor deems that: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Product substitution risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Different semiconductor materials have different characteristics of materials. Currently, the downstream application fields of silicon, germanium, gallium arsenide, Indium Phosphide, Silicon Carbide and Gallium Nitride do not overlap to a high </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">160</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">degree, therefore, there is no iteration relationship among different semiconductor materials. III-V compound semiconductor materials are mainly applied to 5G, next-generation displays, data centers, driverless and wearables, and there is no risk of being replaced by other semiconductor material; in future, along with occurrence of new materials, new products and new applications, there may be risk that III-V compound semiconductor materials will be replaced by other materials, but such risk is low. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Market prospect</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Currently, the direct downstream markets of products of the Company, such as optical communications, data centers, RF devices and LED, have high degree of prosperity; continuous promulgation of industry supporting policies, constant emerging of new products and applications, and prosperous market will greatly enhance the demands in relevant fields for semiconductor substrate materials of the Company. In addition, the Company has rich experience in the field of III-V compound semiconductor substrate, has completed integration of assets under AXT and accumulated lots of technologies, achieving leading status in global market through competition; the rising demand for substrate products will drive fast increase of the Company&#8217;s incomes from PBN products, high-purity metals and compound products. In future, the Company will increase its efforts in R&amp;D, enlarge production scale, strengthen development of products, customers and market, and improve its market share based on its current technologies, product advantages and market status. As a whole, the Company&#8217;s market presents brighter prospects. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Pricing fairness for transactions between the Issuer and AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company sold GaAs substrate, InP substrate, germanium substrate, and other products to AXT with the amounts of RMB 221.4498 million, RMB 281.9651 million, and RMB 59.7970 million, respectively. During the reporting period, the products sold by the Company to AXT were mainly sold to Osram, Landmark Optoelectronics, Win Semiconductor, and other overseas customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Pricing mechanism for main products</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">161</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The selling prices at which the Company sold compound semiconductor substrates to AXT were determined according to the production costs of the Issuer with the addition at a certain profit margin. The profit margin is corresponding to the positions of the Company and AXT in the transaction chain and the roles played by the Company and AXT. Given the status of the Company as a wholly-owned subsidiary of AXT and the weak industry chain in China at the early stage, previous transactions between the Company and AXT were completed in the manner of services for processing materials supplied by AXT; from August 2018, the Company basically no longer provided such services for processing materials supplied by AXT, transferring the transactions to general trading. In 2019, 2020, and 2021, the transactions between the Company and AXT were priced with reference to the profit margin of the previous mode of processing materials supplied by customers in combination with the range of profit margins of comparable companies engaging in similar businesses in the </font><i style="font-size:12pt;font-style:italic;">Analysis Report for Transfer Price</i><font style="font-size:12pt;"> issued by a transfer price consulting institution. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) In 2019 and 2020, the Issuer adopted the pricing method of full production markup</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In transactions with AXT, the Company carried out production tasks according to overseas orders placed by AXT, mainly including the implementation of routine functions such as procurement, production, quality control, sales, and after-sales services; moreover, the Company assumed quality warranty and product liability risks but no overseas market risks.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT, as the entity for overseas sales, assumed the functions of developing overseas customers and providing research on the performance matching for epitaxy processing. For selling compound semiconductor substrates, especially InP substrates, to overseas customers, AXT had to communicate closely with overseas customers about the downstream production process, and provide reasonable suggestions for epitaxy production for overseas customers. In 2019 and 2020, AXT made investment in sales and R&amp;D in the amount of USD 4.5084 million and USD 4.9676 million, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">162</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">respectively, and invested much expenses for the overseas sales, customer maintenance, and performance matching of compound semiconductor substrates, especially InP substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Article 39 in the </font><i style="font-size:12pt;font-style:italic;">Notice of the State Administration of Taxation Concerning Issuing the &#8220;Implementation Measures for Special Tax Adjustment (For Trial Implementation)&#8221;</i><font style="font-size:12pt;"> provided that &#8220;Enterprises that engage in processing and manufacturing according to orders of an affiliate without assuming functions of operation decision-making, product research and development, sales, etc., hence not assuming the risks and losses from errors in decision-making, insufficient production, unmarketable products, etc., generally shall maintain a certain profit margin&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company adopted the method of full production markup to determine the selling prices of products sold to AXT. That is, all the compound semiconductor substrates sold were taken into consideration together to determine a rate for markup on the basis of costs, so as to implement markup based on the overall costs of compound semiconductor substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) In 2021, transactions were priced according to the fixed operating profit margin of AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On November 4, 2021, AXT and the Company entered into a </font><i style="font-size:12pt;font-style:italic;">Technology License Agreement</i><font style="font-size:12pt;">, under which: AXT licenses its intellectual property rights, granted patents, and pending patents to the Company and the Company&#8217;s controlled subsidiaries, where the intellectual property rights are licensed on an exclusive, non-transferrable, royalty, and irrevocable basis; the patents are granted on a non-exclusive, non-transferrable, royalty, and irrevocable basis; AXT undertakes that, except for M, AXT will not license the patents under the agreement to other third parties without the consent of the Company; the license covers the manufacturing, use, sales, presentation, duplicate, and distribution of gallium arsenide, indium phosphide, germanium crystals and substrate products; the term of license is perpetual from January 1, 2021;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In other words, from January 1, 2021, having acquired the license for intellectual property rights, patents, etc., the Company is capable of using such intellectual </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">163</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">property rights, patents, etc. for production and sales at its own discretion. As a result, in 2021, AXT no longer assumed core R&amp;D risks and market risks, and the intangible assets owned by AXT have been licensed to the Issuer, so that AXT assumed limited risks and functions in related-party transactions; therefore, AXT shall maintain a certain profit margin. On the other hand, given the significant activities and risks assumed by the Issuer in such related-party transactions, the Issuer was entitled to all the remaining profits after deducting profits at a certain rate for AXT. Therefore, the Issuer determined the selling price for AXT according to market prices and the operating profit margin of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The table below lists the gross profit and gross profit margin for sales made by the domestic entity to AXT-Tongmei in 2021:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.0011749268%;width:100%;" align="center"><tr style="height:19.35pt;"><td rowspan="2" style="vertical-align:middle;width:30.67%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:69.32%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.35pt;"><td style="display:none;vertical-align:middle;width:30.67%;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:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit</b></p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:20.55%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td></tr><tr style="height:19.35pt;"><td style="vertical-align:middle;width:30.67%;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:10.5pt;margin:0pt;">Semiconductor substrate</p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:right;margin:0pt;">5,511.94</p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:right;margin:0pt;">99.95%</p></td><td style="vertical-align:middle;width:20.55%;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:10.5pt;text-align:right;margin:0pt;">20.22%</p></td></tr><tr style="height:19.35pt;"><td style="vertical-align:middle;width:30.67%;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:10.5pt;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:right;margin:0pt;">2.55</p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:right;margin:0pt;">0.05%</p></td><td style="vertical-align:middle;width:20.55%;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:10.5pt;text-align:right;margin:0pt;">36.01%</p></td></tr><tr style="height:19.35pt;"><td style="vertical-align:middle;width:30.67%;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:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:right;margin:0pt;">5,514.49</p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:20.55%;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:10.5pt;text-align:right;margin:0pt;">20.22%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Given that the intellectual property rights were created from the sales and R&amp;D functions of AXT, after acquiring the license of such intellectual property rights, the Issuer realized the gross profit margin of 22.24% for sales to AXT in 2021, which is basically equivalent to the gross profit margin for sales made by domestic entities to AXT-Tongmei in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, generally speaking, the pricing mechanism for substrate products sold by the Company to AXT is in compliance with the actual conditions of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Determination of the range of gross profit margins and reasons for changes in the actual gross profit margins</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">164</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the gross profit margin for transactions between the Company and AXT were -5.67%, 6.59%, and 22.24%, respectively. The table below lists specific changes:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB 0&#8217;000</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:98.37%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:17.55%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:26.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:27.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:27.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:17.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td></tr><tr style="height:21.2pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">InP substrate</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,960.76</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">8.85%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,166.79</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">13.59%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,815.89</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-1.63%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,501.74</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">32.87%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">17,621.86</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2.52%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">14,008.88</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-14.76%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Germanium substrate</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">500.79</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">0.37%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,389.34</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">12.63%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,320.21</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">26.82%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.55%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">16.14</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19.15%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">18.52</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">55.78%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.55%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.29%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5,979.43</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">22.24%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">28,196.51</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6.59%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.3%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">22,144.98</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.51%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-5.67%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the gross profit margin at which the Company sold GaAs substrate, InP substrate, germanium substrate, and other products to AXT changed mainly due to changes in the demands for products of various specifications by Osram, Landmark Optoelectronics, Win Semiconductor, and other customers, changes in the prices of raw materials, factory relocation, and decrease in production costs.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) From 2019 to 2020</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From 2019 to 2020, when determining the rate of full cost markup, the Company referred to the range of profit margins of uncontrolled comparable companies engaging in similar businesses, which were 1.36% to 7.85% in 2019, and 0.52% to 7.45% in 2020. The Company determined the unit selling prices of products to maintain the full cost markup rate of the Company with respect to AXT close to such ranges.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to historical experience of the Company, in the full cost markup rate, except for the gross profit, other operating expenses accounted for about 10% of the operating revenue. Therefore, the Company determined the range of gross profit </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">165</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">margin from 11.36% to 17.45% for 2019, and from 10.52% to 17.45% for 2020. (The data is taken from the </font><i style="font-size:12pt;font-style:italic;">Analysis Report for Transfer Price</i><font style="font-size:12pt;"> issued by a transfer price consulting institution)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2019 and 2020, the gross profit margins for sales made by the Issuer to AXT were -5.67% and 6.59%, respectively, which were lower than the ranges of gross profit margins above mainly because:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-family:'SimSun';font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The Company relocated the GaAs substrate production line from Beijing to Chaoyang, Liaoning and Baoding, Hebei, and recruited new production staff; since the production line was in the process of commissioning and the production staff were in the process of getting familiar with the production, there were much loss of raw materials, resulting in a low yield rate of GaAs substrates and higher operating costs;</font> In 2020 and 2021, the improvement in the operation proficiency of employees and the optimization of machine and equipment processes lead to improvement in productivity and reduction in operating costs; therefore, the gross profit margin at which the Company made sales to AXT improved. Because the factory relocation and trial production are production and operation arrangement made by the Company, which are not related to AXT, such factors were not considered for determining the unit prices for sales to AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-family:'SimSun';font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> For a long period of time, the InP substrate products of the Company were mainly marketed and sold by AXT on overseas markets. In 2019, the quantity of overseas sales accounted for 79.88%. The large-scale production of the Company&#8217;s InP substrates are still greatly dependent on overseas orders. Given the small domestic market size for InP substrates, and in consideration of the significant role played and the high costs and expenses paid by AXT in market development, customer maintenance, and application R&amp;D for InP substrates, the Company discounted the prices of InP substrates sold to AXT to a certain extent, which resulted in the negative gross profit margin of InP substrates in 2019. Given the small sales amount, the InP substrates sold by the Company to AXT has little impact on the gross profit margin of the products sold by the Company to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On the background of the development of optical modules and other industries in </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">166</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">China, the domestic sales team of the Company made great achievements in market development, and the proportion of domestic sales of InP substrate products has been increasing rapidly. Therefore, the Company gradually resumed the prices of InP substrates sold to AXT, which improved the gross profit margin of InP substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the gross profit margin at which the Company sold germanium substrates to AXT decreased year on year mainly because Yunnan Germanium and other competitors have started the production and sales of germanium substrates, and the more intense market competition resulted in obvious decrease in the average unit prices of germanium substrates. Moreover, the rapid increase in demands for device products, such as solar cells and high-performance light emitting diodes in the aerospace field lead to rapid increase of orders from downstream customers, so that the Company offered certain discount in product pricing. Despite the foregoing, generally speaking, there is little variation between the prices at which the Company sold germanium substrates to AXT and the average selling prices for photovoltaic germanium products charged by Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. (002428.SZ). The prices at which the Company sold germanium substrates to AXT were reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, when determining the unit prices for sales to AXT, the Issuer referred to the range of operating profit margins from 2.88% to 5.20% of the IT and technology industry in North America (the data is taken from the </font><i style="font-size:12pt;font-style:italic;">Analysis Report for Transfer Price</i><font style="font-size:12pt;"> issued by a transfer price consulting institution), and determined the prices so that the operating profit margin of AXT was maintained close to such range of operating profit margins.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The process of verifying the range of gross profit margins is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Let the unit price of the final product sold be R0, the unit price of sales made by the Company to AXT be R1, the unit production cost of the Company be C, and the operating profit margin of AXT be A. According to historical experience of the Company, other operating expenses accounted for about 10% of the operating revenue. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">167</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">The gross profit margin of 34.93% of semiconductor substrates of the Issuer in 2021 is taken as the gross profit margin of the final product.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The simultaneous equations are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-family:'SimSun';font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> (R0-C)/R0=34.93%</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-family:'SimSun';font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> (R0-R1-10%*R0)/R0=A</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-family:'SimSun';font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> 2.88%&lt;=A&lt;=5.20%</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The range of the calculated gross profit margin (R1-C)/R1 at which the Company made sales to AXT is from 23.27% to 25.31%, which is close to the gross profit margin of 22.24% at which the Issuer made sales to AXT in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. The transactions between the Company and AXT are reasonable without obviously unfair related-party transactions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the products sold by the Company to AXT were mainly sold to Osram, Landmark Optoelectronics, Win Semiconductor, and other overseas customers. The Company sold products to AXT by pricing in the manner of cost markup. The table below lists the prices at which the Company sold products to AXT and the comparison of average selling prices:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB/piece</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-9.793705%;padding-left:0pt;padding-right:0pt;table-layout:auto;width:119.58%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:normal;width:13.76%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:27.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:29.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:29.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:13.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average selling price</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average selling price</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average selling price</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:13.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">GaAs substrate</p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">347.36   </font></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">431.1</p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-19.42%</p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">439.92</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">466.33</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-5.66%</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">352.88   </font></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">378.5</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-6.77%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:13.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">InP substrate</p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">662.39</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">964.88</p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-31.35%</p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">500.58</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">683.54</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-26.77%</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">415.8</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">751.87</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-44.70%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:13.76%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Germanium substrate</p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">389.15</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">300.6</p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">29.46%</p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">438.06</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">336.81</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">30.06%</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">427.3</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">351.05</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">21.72%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: Since the Company made sales to AXT from January to June 2021, the average selling prices of the Company for January to June 2021 are compared for analysis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) From the perspective of products, the variation between the prices at which the Company sold products to AXT and the average selling prices is mainly caused by different performance requirements of customers for substrate products; the variation in product prices is dependent on product sizes, technical parameters, thicknesses, and edges.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">168</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) From the perspective of the pricing mechanism of the Issuer for sales to AXT, in 2019 and 2020, the Company carried out production tasks according to overseas orders placed by AXT, mainly including the implementation of routine functions such as procurement, production, quality control, sales, and after-sales services; moreover, the Company assumed quality warranty and product liability risks but no overseas market risks. Therefore, the Company adopted the pricing method of full production markup to maintain a certain space of gross profit margin. In 2021, AXT no longer assumed core R&amp;D risks and market risks, and the non-common intangible assets owned by AXT have been licensed to the Issuer, so that AXT assumed limited risks and functions in related-party transactions; therefore, AXT shall maintain a certain profit margin. Therefore, the transactions were priced according to the fixed operating profit margin of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Analysis of specific products:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) During the reporting period, the average unit prices at which the Company made sales to AXT are lower than the average selling prices mainly because: </font><font style="font-family:'SimSun';font-size:12pt;">&#9312;</font> some GaAs substrates purchased by overseas customers are used in common LEDs, and the prices of such GaAs substrates are lower than the prices of GaAs substrates intended for radio frequency devices and lasers; <font style="font-family:'SimSun';font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> given the lower ranking of the Company for GaAs substrates compared with </font>Freiberger<font style="font-size:12pt;"> and </font>Sumitomo<font style="font-size:12pt;">, and the intense competition on the international market, in order to develop the international market for GaAs substrates, the Company adopted a more radical market policy, which resulted in the lower prices of sales to AXT; </font><font style="font-family:'SimSun';font-size:12pt;">&#9314;</font> the GaAs substrate products purchased by domestic customers from the Company are mostly used for smartphones, artificial intelligence, unmanned driving, and other fields with higher technical requirements on GaAs substrates, which leads to higher added value, hence higher selling prices for products sold by the Company on the domestic market.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The average unit prices at which the Company sold InP substrates to AXT are lower than the average selling prices mainly because: </font><font style="font-family:'SimSun';font-size:12pt;">&#9312;</font> Since AXT<font style="font-size:12pt;"> played a significant role and paid high costs and expenses in market development, customer maintenance, and application R&amp;D for InP substrates, AXT made high markup on the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">169</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">basis of the selling prices of Beijing Tongmei; </font><font style="font-family:'SimSun';font-size:12pt;">&#9313;</font> the Company made sales at average selling prices higher than AXT for customers developed by the domestic sales team of the Company; <font style="font-size:12pt;">except for the market development and R&amp;D expenses borne by the Company, the InP substrates sold by the Company to Customer A and Customer B are subject to extremely high requirements on performance parameters because such customers are purchasing InP substrates for cutting-edge fields, hence having higher requirements on the dopant concentration, conductivity performance, dislocation density, and other performance indicators than overseas customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) The Company sold germanium substrates to AXT at prices higher than the average selling prices, mainly because the place of raw materials for germanium substrates are mainly located in China and there are less overseas manufacturers of germanium substrates; germanium substrates purchased by overseas customers are mostly used for high-end solar cells, which lead to higher prices of sales to AXT; and the intense competition on the domestic market leads to relatively low selling prices on the domestic market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">There is little variation between the prices at which the Company sold germanium substrates to AXT and the average selling prices for photovoltaic germanium products charged by Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. (002428.SZ). The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB/piece</p><div style="margin-left:-18.4pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:105.62%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:normal;width:14.01%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:28.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:29.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:27.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:14.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Selling price of </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Yunnan Germanium</b></p></td><td style="vertical-align:middle;white-space:normal;width:7.55%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Selling price of Yunnan Germanium</b></p></td><td style="vertical-align:middle;white-space:normal;width:8.44%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.21%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Selling price of </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Yunnan Germanium</b></p></td><td style="vertical-align:middle;white-space:normal;width:7.45%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:14.01%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Germanium substrate (converted into 2 inch)</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">337.96</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">283.70</p></td><td style="vertical-align:middle;white-space:normal;width:7.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19%</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">346.64</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">390.06</p></td><td style="vertical-align:middle;white-space:normal;width:8.44%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-11%</p></td><td style="vertical-align:middle;white-space:normal;width:10.21%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">392.78</p></td><td style="vertical-align:middle;white-space:normal;width:10.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">380.07</p></td><td style="vertical-align:middle;white-space:normal;width:7.45%;border-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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Generally, the prices at which the Company sold germanium substrates to AXT were reasonable.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">170</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, the transactions between the Company and AXT are reasonable without obviously unfair related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. Transfer pricing and tax risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.25pt;margin:0pt;"><font style="font-size:12pt;">The gross profit margin of AXT semiconductor substrates for the Issuer in 2019 and 2020 was lower than the above range of gross profit margin, which was mainly caused by the relocation of the plants in Chaoyang, Liaoning and Baoding, Hebei, as well as the trial production.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.25pt;margin:0pt;"><font style="font-size:12pt;">The cost of sales under normal operation and production conditions was simulated and calculated based on the average unit cost of the less affected gallium arsenide substrates in 2018 and the sales volume of gallium arsenide substrates in 2019 and 2020. In the case of the simulation, the gross profit and gross profit margin of the semiconductor substrates sold to AXT were:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0,000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.0011749268%;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.96%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:40.14%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;width:36.89%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.96%;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:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion </b></p></td><td style="vertical-align:middle;width:13.68%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td><td style="vertical-align:middle;width:11.6%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion </b></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.96%;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:10.5pt;margin:0pt;">Compound semiconductor substrate</p></td><td style="vertical-align:middle;width:12.33%;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:10.5pt;text-align:right;margin:0pt;">5,179.33</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:10.5pt;text-align:right;margin:0pt;">99.80%</p></td><td style="vertical-align:middle;width:13.68%;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:10.5pt;text-align:right;margin:0pt;">18.38%</p></td><td style="vertical-align:middle;width:11.6%;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:10.5pt;text-align:right;margin:0pt;">2,282.26</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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">10.31%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.96%;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:10.5pt;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:12.33%;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:10.5pt;text-align:right;margin:0pt;">10.33</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:10.5pt;text-align:right;margin:0pt;">0.20%</p></td><td style="vertical-align:middle;width:13.68%;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:10.5pt;text-align:right;margin:0pt;">55.78%</p></td><td style="vertical-align:middle;width:11.6%;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:10.5pt;text-align:right;margin:0pt;">-</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.96%;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:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:12.33%;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:10.5pt;text-align:right;margin:0pt;">5,189.66</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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:13.68%;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:10.5pt;text-align:right;margin:0pt;">18.41%</p></td><td style="vertical-align:middle;width:11.6%;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:10.5pt;text-align:right;margin:0pt;">2,282.26</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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">10.31%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">After removing the impact of plant relocation and trial production, the simulated gross margin of the compound semiconductor substrates was 10.31% and 18.41% in 2019 and 2020, being close to the range of gross margin. Therefore, there was no problem of transfer pricing. In 2021, the gross margin of the compound semiconductor substrates sold by the Company to AXT was close to the above range of gross margin, indicating the absence of transfer pricing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">In addition, the average unit price of the indium phosphide substrates sold to AXT was lower than the average selling price, for AXT was considered to play an important role in the market development, customer maintenance and application </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">171</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">research and development of indium phosphide substrates, and also bear high costs and expenses, with the rationality of operation and without the problem of transfer pricing for evading tax. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">The transaction mode and transaction price between the Company and AXT were determined by AXT&#8217;s organizational structure and long-term business development model. AXT, founded in California, USA in December 1986, initially had a complete R&amp;D and production system, and directly performed market exploitation. In 1998, AXT determined to start business in Mainland China; later, it gradually transferred its R&amp;D and production system to Mainland China, and established AXT-Tongmei. AXT terminated its manufacturing operations in the United States and only retained overseas sales, overseas procurement and part of application research and development. The products sold by the company to AXT were priced by a cost plus manner, which fixed the sales price; while AXT may enjoy certain price difference through selling the products to overseas customers, so as to ensure the normal operation of AXT and support its application development.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">(1) The Company was originally a wholly owned subsidiary of AXT. For a long time, due to the weak foundation of the domestic compound semiconductor industry, and the location of the main customers and suppliers in foreign countries, AXT and the Company have engaged in transactions in a pattern of processing on giving materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">(2) With the rapid development of the semiconductor industry in China, the proportion of domestic sales and procurement has been increasing. In August 2018, the transaction between AXT and the Company was turned to general trade, but the cost-plus method was continued for pricing, which was also determined according to the requirements of the tax authorities of China and the United States;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">(3) In March 2021, the conversion was completed. AXT in the United States undertook the overseas sales business of AXT. After the execution of the existing orders, the Company would not engage in any new transaction with AXT, but the pricing would remain the original mode, which means that it would be implemented </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">172</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">according to the requirements of the tax authorities of China and the United States. Considering the role of AXT as a wholly owned subsidiary of the Company, the original pricing mode with AXT would not have a lasting impact on the gross margin as stated in the Consolidated Financial Statement of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">Local tax authorities of the Company and its domestic subsidiaries have issued the &#8220;Compliance Certificate&#8221; or &#8220;Notification of Tax-related Information Inquiry Results&#8221;, which proved that &#8220;the Company declared and paid taxes in accordance with the relevant tax laws, regulations and normative documents during the reporting period; and there were no tax arrears or administrative penalties due to tax violations&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">The Sponsor examined the related transactions between the Company and AXT, and believed that such related transactions were determined by AXT&#8217;s organizational structure and its long-term business development mode, and they were reasonable, without unfair transaction pricing. There was neither benefit transfer involved in the transactions between the Company and AXT nor the adjustment of the Issuer&#8217;s profit through the above related transactions. In March 2021, the Company started selling products to overseas customers through AXT, which, after completing the sales contract signed before March 2021, would not engage in the sales business; the related sales between the Company and AXT have been completely terminated.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">II. Explanations from the Sponsor and the Reporting Accountant</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The verification results of seeking confirmation and interview or video inquiry by domestic and overseas sales revenue;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Results of seeking confirmation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant perform the procedures of seeking confirmation for the Issuer&#8217;s customers, and the verification results obtained by domestic and overseas sales revenue are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-15.971985%;width:131.94%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.82%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:25.73%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;width:25.74%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" 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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</b></p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><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:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</b></p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><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:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</b></p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Operating revenue<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">43,873.92</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">41,860.60</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">85,734.52</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">24,707.37</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">33,609.67</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">58,317.04</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18,183.98</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">28,038.70</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">46,222.68</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">173</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-15.971985%;width:131.94%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Amount covered by confirmation request letter<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">39,861.55</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">37,573.88</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">77,435.43</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">21,876.09</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,358.48</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">52,234.57</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,677.38</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">26,836.65</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">43,514.03</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion covered by confirmation request letter<font style="font-family:'SimSun';">&#9314;</font>=<font style="font-family:'SimSun';">&#9313;</font>/<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">90.85%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">89.76%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">90.32%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">88.54%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">90.33%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">89.57%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">91.71%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">95.71%</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">94.14%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Amount corresponding to the reply and after discrepancy adjustment<font style="font-family:'SimSun';">&#9315;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,500.45</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,392.60</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">62,893.05</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">21,643.88</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,181.22</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">51,825.10</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,158.50</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">26,745.26</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">42,903.76</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion of amount corresponding to the reply<font style="font-family:'SimSun';">&#9316;</font>=<font style="font-family:'SimSun';">&#9315;</font>/<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">81.53%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">80.89%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">81.22%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">98.94%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">99.42%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">99.22%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">96.89%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">99.66%</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">98.60%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Amount for implementing the alternative procedures<font style="font-family:'SimSun';">&#9317;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,361.10</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,181.28</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">14,542.38</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">232.21</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">177.26</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">409.47</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">518.88</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">91.39</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">610.27</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion of implementing the alternative procedures<font style="font-family:'SimSun';">&#9318;</font>=<font style="font-family:'SimSun';">&#9317;</font>/<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18.47%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">19.11%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18.78%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1.06%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">0.58%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">0.78%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">3.11%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">0.34%</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">1.40%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Confirmable amount<font style="font-family:'SimSun';">&#9319;</font>=<font style="font-family:'SimSun';">&#9315;</font>+<font style="font-family:'SimSun';">&#9317;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">39,861.55</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">37,573.88</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">77,435.43</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">21,876.09</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,358.48</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">52,234.57</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,677.38</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">26,836.65</p></td><td style="vertical-align:middle;width:8.52%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">43,514.03</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.82%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion of identifiable amount<font style="font-family:'SimSun';">&#9320;</font>=<font style="font-family:'SimSun';">&#9319;</font>/<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:8.57%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.52%;border-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:9pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Results of interview or video inquiry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant perform the procedures of interview or video inquiry for the Issuer&#8217;s customers, and the verification results obtained by domestic and overseas sales revenue are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-11.319202%;width:122.63%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:16.99%;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 5.27pt 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="3" style="vertical-align:middle;width:27.66%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;width:27.67%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;width:27.67%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.99%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</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 5.27pt 0pt 5.27pt;"><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: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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</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 5.27pt 0pt 5.27pt;"><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: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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.99%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Revenue of the interviewed customers</p></td><td style="vertical-align:middle;width:9.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,646.14</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,770.75</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">65,416.89</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18,135.01</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,703.81</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">50,838.82</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">11,141.48</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">27,280.03</p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">38,421.51</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.99%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Operating revenue</p></td><td style="vertical-align:middle;width:9.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">43,873.92</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">41,860.60</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">85,734.52</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">24,707.37</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">33,609.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">58,317.04</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18,183.98</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">28,038.70</p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">46,222.68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.99%;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 5.27pt 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;">Proportion of revenue of the interviewed customers</b></p></td><td style="vertical-align:middle;width:9.21%;border-bottom: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:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">74.41%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">78.29%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">76.30%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">73.40%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">97.30%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">87.18%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">61.27%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">97.29%</b></p></td><td style="vertical-align:middle;width:9.22%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The results of interview or video inquiry regarding the overseas sales revenue, the verification of identity of the interviewees during video inquiry, video inquiry contents and confirmation of subsequent alternative procedures, the additional measures taken in view of the limitations of video interview, and whether the relevant external evidence has been obtained;</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">174</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The results of field and video interview</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As affected by the epidemic overseas, the intermediary conducted video interviews with 15 overseas customers. For the controlling shareholder AXT, the intermediary performed field interview in Beijing; for the overseas customer SUMIDEN SHOJI CO., LTD, the intermediary went to its office in Shanghai for interview, as detailed below:</font></p><div style="margin-left:-1.5pt;" 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:8.21%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Customer name</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview method</b></p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interviewee</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Field</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CEO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Field</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">Landmark Optoelectronics</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Director of Production Management Purchasing Department</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">Visual Photonics Epitaxy</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">Osram</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">IQE</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Global Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CEO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">Sumika Electronic Materials, Inc</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">WAFER TECHNOLOGY LIMITED</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Chief Financial Officer</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR GmbH</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Supplier Quality Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">AUK CORPORATION</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">13</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">Customer C</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">Mo Sangyo Co, Ltd.</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CEO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">15</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">Alta Devices</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CFO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">16</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;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:10.5pt;text-align:center;margin:0pt;">II-VI</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Advanced Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:8.21%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">17</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.34%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.64%;border-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 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. The verification of identity of the interviewees during video inquiry, video inquiry contents and confirmation of subsequent alternative procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">(1) Verification of identity of the interviewees</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">During video inquiry and verification, the intermediary mainly verifies the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">175</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">identity of the interviewee in the following procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">1) Prior to video inquiry, obtain the basic identity information of the interviewee, including the name and position;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">2) The Issuer&#8217;s business personnel invite the customers for video inquiry and make an appointment for inquiry through daily contact methods, such as email, phone and WeChat. As for email, it shall be copied to the address of the interview personnel, who shall verify whether the email used by the customer is the one for daily business communication; at the same time, check the emails of daily communication between the Company&#8217;s business personnel and the interviewee, to confirm whether the interviewee is an employee of the customer;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">3) Implement video connection with the interviewees through Tencent conference or Zoom, and start video recording;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">4) Take screenshots and videos of the video inquiry process, and save the pictures and videos;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">5) Prior to inquiry, ask the interviewee to present the identification documents such as the business card or work card, to verify the identity and position of the interviewee; and compare such information with what collected before the inquiry;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">6) Through asking the information such as the basic information of the customer, and the contents of transaction with the Issuer and the development status of the industry, check whether the interviewee knows the transaction between his/her employer with the Issuer, to further verify the identity of the interviewee;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">7) After the inquiry, the interview record made by the intermediary shall be directly sent to the enterprise mailbox of the interviewee for confirming by signing or sealing, and then the interview record, business card or other identification documents shall be directly sent to the intermediary by mail, email or other means;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">8) After receiving the relevant documents, the intermediary shall check the name, email information, business card information and mailing address of the interviewee again; at the same time, the signature or seal of the interview record shall be checked, to determine whether it is consistent with the customer&#8217;s signature or seal on the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">176</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">documents regarding daily transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">(2) Video inquiry contents</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">The video interview mainly involves the customer&#8217;s basic information, the transactions between the Company and the customer, product quality, compliance and correlation, as detailed below: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-2.7822723%;table-layout:auto;width:105.56%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:70.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relevant content</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;">Customer&#8217;s basic information</p></td><td style="vertical-align:middle;width:70.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Confirm the interviewee&#8217;s name and position;</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;">Company-customer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">transaction</p></td><td style="vertical-align:middle;width:70.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">1. Cooperation between the Company and its customers: Confirm the time, content and method of the cooperation between the Company and its customers;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">2. Pricing for the transaction between the Company and its customers: Confirm the pricing mechanism for transaction;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">3. Settlement between the Company and its customers: Confirm the transaction settlement method, whether there is cash settlement, and whether there is agent payment by a third party;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">4. Transaction fluctuation between the Company and its customers: Confirm the trend and reasons of transaction fluctuation, and whether the transaction is seasonal;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">5. Nature of the customer and destination of the final products: Confirm whether the customer is a trader or manufacturer, and confirm the final users and sales areas of the products;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">6. Customers&#8217; requirements for the origin of products: Confirm whether the customers have such requirements, and confirm the origin of products purchased from the Company;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">7. Channel inventory of the customers: Confirm the on hand inventory of the customers at the end of the year, and confirm whether the Company has conducted sudden sales or intentional extension of the term of payment at the end of the year;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">8. Certification of new suppliers or new products of customers: Confirm certification process and cycle of new suppliers or new products of customers, and certification of their downstream customers;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">9. Competitive advantages of the Company: Confirm the reason for the customer to select the Company as the supplier and the competitive advantages of the products.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;">Product quality and compliance</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:70.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">1. Product quality: Confirm the return and exchange of goods, and confirm whether there are disputes or potential disputes due to quality problems;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">2. Contract performance: Confirm whether the Company can abide by the contract;</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">177</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-2.7822723%;table-layout:auto;width:105.56%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:20.93%;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;"></td><td style="vertical-align:top;width:70.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">3. Benefit transfer, commercial bribery, and unfair competition: Confirm whether there is private interest exchange between the customers and the Company, and whether there is benefit transfer, commercial bribery or unfair competition;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">4. Litigation: Confirm whether there is litigation between the customers and the Company.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;">Correlation</p></td><td style="vertical-align:middle;width:70.22%;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:10.5pt;margin:0pt;">Confirm whether there is any correlation between the Company and its customers, as well as their major shareholders, actual controllers, directors, supervisors and executives in terms of equity, investment, special interest arrangement, etc.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">(3) Confirmation of subsequent alternative procedures</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">Subsequent alternative procedures taken by the intermediaries include:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">1) Obtain the relevant system documents of the Company with respect to the management of the customers, and check the sound and effective implementation of internal controls, including customer selection criteria, daily management, pricing mechanism, logistics, return and exchange mechanism, sales inventory information system;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">2) Interview with the Company&#8217;s management layer, sales personnel and financial personnel, to understand the credit policies and rationality of various customers, and the sales accounting process;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">3) Implement substantive analysis for foreign sales revenue by regions, products, and customers, etc., identify significant or unusual fluctuations, and their causes; view the publicly available information of comparable companies in the industry, to understand the information of sales model and proportion, sales regions, and gross profit, etc.;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">4) Obtain the revenue cost schedule of the Issuer during the reporting period, and analyze the changes and rationality of sales revenue of the Company;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">5) Understand the sales process of the overseas business, specify the time when the customers obtain the control of goods under various modes, to confirm whether the revenue recognition method is accurate, and whether it complies with the provisions in the accounting standards for business enterprises; and perform the revenue cycle test, to check the supporting documents of major overseas customers, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">178</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">such as the sales contracts, outbound delivery orders, customs declaration forms, packing lists, bills of lading, and invoices;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">6) Conduct a test of details on the sales of major overseas customers, and check the original contracts, invoices, customs declaration forms, and logistics records, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue covered by sampling</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">20,194.11</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">19,589.41</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">15,424.88</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Overseas operating revenue</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">41,860.60</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Coverage ratio</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">48.24%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">58.29%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">55.01%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">7) Conduct a cut-off test on the sales situation before and after the balance sheet date, check the outbound delivery orders, customs declaration forms, packing lists, bills of lading, invoices and other documents, and check whether the revenue is intertemporal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">8) Implement analytical procedures, check the fluctuations of major overseas customers during the reporting period, and learn from the Issuer about the business cooperation background of new major overseas customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">9) Obtain the bank statements and collection details of the Company during the reporting period, check the account statement corresponding to the sales receipts, and inspect the authenticity of sales receipts. As for overseas bank accounts, due to the impact of COVID-19, the staff cannot go to the overseas bank, but supervise the process of handling by the Company&#8217;s staff from logging in the official website of the bank to download electronic version of the statement during the reporting period, to the sending of it to the intermediary; the comparison between the foreign sales revenue and actual collection of the Company during the reporting period is shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:7.76%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.46%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Foreign sales revenue</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Actual amount collected</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:51.18%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion of actual amount collected in foreign sales revenue</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.76%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">41,860.60</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">37,097.36</p></td><td style="vertical-align:middle;white-space:nowrap;width:51.18%;border-bottom:1px solid #000000;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:10.5pt;text-align:right;margin:0pt;">88.62%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">179</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" 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:7.76%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">34,369.20</p></td><td style="vertical-align:middle;white-space:nowrap;width:51.18%;border-bottom:1px solid #000000;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:10.5pt;text-align:right;margin:0pt;">102.26%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.76%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,679.29</p></td><td style="vertical-align:middle;white-space:nowrap;width:51.18%;border-bottom:1px solid #000000;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:10.5pt;text-align:right;margin:0pt;">102.28%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:7.76%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.46%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">103,508.97</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100,145.85</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:51.18%;border-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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">96.75%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the proportion of actual amount collected in foreign sales revenue is 96.75%, indicating the satisfactory collection of funds; and the foreign sales revenue basically matches with the actual amount collected.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">10) Obtain the Issuer&#8217;s E-port data, check the electronic port data with the Company&#8217;s book export revenue, and analyze the reasons for the discrepancy. The specific results of verification of foreign sales revenue are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.5%;"><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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">E-port data<font style="font-family:'SimSun';">&#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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">11,805.39</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,536.69</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">27,965.77</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Issuer&#8217;s overseas sales revenue<font style="font-family:'SimSun';">&#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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10,506.71</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Discrepancy<font style="font-family:'SimSun';">&#9314;</font>=<font style="font-family:'SimSun';">&#9313;</font>-<font style="font-family:'SimSun';">&#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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-1,298.68</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">72.98</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">72.93</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Effect on consignment customers<font style="font-family:'SimSun';">&#9315;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,298.68</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Discrepancy ratio<font style="font-family:'SimSun';">&#9316;</font>=(<font style="font-family:'SimSun';">&#9314;</font>+<font style="font-family:'SimSun';">&#9315;</font>)/<font style="font-family:'SimSun';">&#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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.22%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.26%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin: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 foreign 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;Section VII, 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; of the Prospectus. After excluding the above factors, there was no discrepancy between the Company&#8217;s E-port data and foreign revenue data in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">11) Obtain the list of the Issuer&#8217;s export tax rebate declaration, and compare with the foreign sales revenue of the Company during the reporting period, as detailed </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">180</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:center;margin:0pt;"><a name="_Hlk57472371"></a><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Sales revenue for declaration of export tax rebate<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">38,161.80</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,038.74</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">27,930.28</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Declaration of the current period after the expiration<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,047.01</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,198.87</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,617.83</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Declaration of the previous period in the current period<font style="font-family:'SimSun';">&#9314;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,198.87</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,617.83</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,583.10</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Amount of overseas sales revenue<font style="font-family:'SimSun';">&#9315;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">41,860.60</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Sales revenue that may declare export tax rebate<font style="font-family:'SimSun';">&#9316;</font>=<font style="font-family:'SimSun';">&#9312;</font>+<font style="font-family:'SimSun';">&#9313;</font>-<font style="font-family:'SimSun';">&#9314;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">37,009.94</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,619.79</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">27,965.01</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Discrepancy<font style="font-family:'SimSun';">&#9317;</font>=<font style="font-family:'SimSun';">&#9315;</font>-<font style="font-family:'SimSun';">&#9316;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">4,850.67</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-10.12</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">73.69</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Where:</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Discrepancy between the revenue of domestic entities from ATX-Tongmei and foreign sales revenue of ATX-Tongmei<font style="font-family:'SimSun';">&#9318;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,789.27</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Revenue without declaring tax rebates after the expiration<font style="font-family:'SimSun';">&#9319;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,607.57</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Non-refundable revenue<font style="font-family:'SimSun';">&#9320;</font></p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">409.09</p></td><td style="vertical-align:middle;width:14.93%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">54.49</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">24.17</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.18%;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:10.5pt;text-align:justify;margin:0pt;">Others<font style="font-family:'SimSun';">&#9321;</font>=<font style="font-family:'SimSun';">&#9317;</font>-<font style="font-family:'SimSun';">&#9318;</font>-<font style="font-family:'SimSun';">&#9319;</font>-<font style="font-family:'SimSun';">&#9320;</font></p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">44.73</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-64.61</p></td><td style="vertical-align:middle;width:14.93%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">49.52</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note 1: According to the <i style="font-style:italic;">Announcement of the State Administration of Taxation on Issuing Administrative Measures for Value-added Tax and Consumption Tax on Export Goods and Labor Services</i> (Announcement of the State Administration of Taxation No. 24, 2012), enterprises shall collect all relevant receipts within the VAT declaration periods between the next month after the goods departs upon customs declaration (depending on the date of export indicated on the declaration form (used for export tax rebate only) for export goods, the same below) and April 30 of the next year, and apply to the competent tax authorities for the exemption, offset or rebate of VAT on export goods. The amount of VAT export tax qualifying for rebate of the Company shall be limited to the VAT retained at the end of each month; the applicant shall declare the VAT export tax rebate based on the VAT retained at the end of each month, and complete the declaration before April 30 of the following year;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note 2: The amount of export tax rebate that can be declared is the amount after adjusting the time discrepancy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">As shown in the table above, during the reporting period, the difference between the export tax rebate after adjusting the time discrepancy and foreign sales revenue is mainly caused by the difference between the Company&#8217;s revenue from AXT-Tongmei and foreign sales revenue of AXT-Tongmei, the revenue without declaring tax rebate after the expiration and the non-refundable revenue from the overseas sales of single </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">181</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">crystal bars.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">12) Send letters to overseas customers for the revenues during the reporting period, to confirm the authenticity and accuracy of the overseas revenue amount, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 0pt -13pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 0pt -13pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 0pt -13pt;"><b style="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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overseas operating revenue covered by confirmation request letter<font style="font-family:'SimSun';">&#9312;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">37,573.88</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">30,358.48</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">26,836.65</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:1.1pt;margin:0pt;">Revenue corresponding to the reply and after discrepancy adjustment<font style="font-family:'SimSun';">&#9313;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">30,392.60</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">30,181.22</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">26,745.26</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Overseas operating revenue<font style="font-family:'SimSun';">&#9314;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">41,860.60</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">33,609.67</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">28,038.70</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:1.1pt;margin:0pt;">Coverage ratio of overseas operating revenue covered by confirmation request letter <font style="font-family:'SimSun';">&#9315;</font>=<font style="font-family:'SimSun';">&#9312;</font>/<font style="font-family:'SimSun';">&#9314;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">89.76%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">90.33%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">95.71%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion of revenue corresponding to the reply and after discrepancy adjustment<font style="font-family:'SimSun';">&#9316;</font>=<font style="font-family:'SimSun';">&#9313;</font>/<font style="font-family:'SimSun';">&#9312;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">80.89%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">99.42%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">99.66%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Revenue of alternative testing<font style="font-family:'SimSun';">&#9317;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">7,181.28 </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">177.26 </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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">91.39 </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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Proportion of alternative testing<font style="font-family:'SimSun';">&#9318;</font>=<font style="font-family:'SimSun';">&#9317;</font>/<font style="font-family:'SimSun';">&#9312;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">19.11%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">0.58%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">0.34%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Identifiable proportion<font style="font-family:'SimSun';">&#9319;</font>=<font style="font-family:'SimSun';">&#9316;</font>+<font style="font-family:'SimSun';">&#9318;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">100.00%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">100.00%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">13) Check the credit reports and publicly available information of major overseas customers, 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 any correlation between overseas customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">14) Obtain the account statements of the controlling shareholders, 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. The additional measures taken in view of the limitations of video interview, and whether the relevant external evidence has been obtained</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Compared with field interview, the main limitation of video inquiry is that the staff cannot check the business premises of the customers, affecting the intuitive judgment of the authenticity of their existence and the rationality of procurement.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">182</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In view of the limitations of video inquiry, the intermediaries improve the reliability of video inquiry by verifying the identity information of the interviewees, and saving the video materials. The following external supporting materials are collected for verification:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Ask the interviewee to present the identification documents such as the passport, business card or work card, to verify the identity and position of the interviewee, to verify the authenticity of the identity of the interviewee.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Extract the email address of the interviewee from the reply, pay attention to the correlation between the suffix of the email and the customer&#8217;s name, and compare the address for returning the inquiry materials with the reply address and address inquired on the Internet.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Obtain the transaction details between the Company and the interviewees, and collect original contracts, invoices, customs declaration forms, and logistics records, to verify the consistency between the transaction and inquiry contents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) Analyze the annual purchase amount of the customer, to understand the changing trend and rationality of purchase.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) Obtain credit reports and other public available information of major overseas customers, and conduct background investigation on the customers, to verify the accuracy of the related information.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The adequacy of the proportion of verification of substantive procedures such as the test of details;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When the Sponsor and the Reporting Accountant conduct verification regarding the Issuer&#8217;s sales revenue, the following verification procedures shall be implemented: test of details, seeking confirmation and interview/video interview; as for overseas sales, the Issuer&#8217;s E-port data shall be obtained and checked; as for domestic sales, the data of the VAT system shall be obtained and checked, to verify the Issuer&#8217;s sales revenue by various substantive procedures.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.5pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, on the basis of ensuring the coverage rate of confirmation request letter of over 90% (the proportion of the reply amount in </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">183</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">operating revenue of over 75%), and the coverage rate of interview/video interview of over 75%, the Sponsor and the Reporting Accountant adopt large-scale and random sampling methods to select samples and implement relevant procedures according to the relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Sponsor Due Diligence Guidelines</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Auditing Standards for Chinese Certified Public Accountants No. 1314 - Audit Sampling</i><font style="font-size:12pt;">, and the application guide. In view of the selected samples, check the supporting documents related to the transaction.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Overall distribution of the customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Issuer&#8217;s customers are divided by the revenue of RMB1 million, RMB5 million and RMB10 million and the number of transactions verified by the intermediary is determined:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2919846%;table-layout:auto;width:102.58%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.3%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Over RMB10 million</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB5-10 million</b></p></td><td style="vertical-align:middle;width:17.5%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB1-5 million</b></p></td><td style="vertical-align:middle;width:18.38%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Below RMB1 million</b></p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Revenue amount</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">59,022.63</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">9,488.87</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11,301.61</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,921.41</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">85,734.52</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Revenue proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">68.84%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11.07%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">13.18%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6.91%</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">23</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">369</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">464</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Quantity proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4.96%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3.02%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">12.50%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">79.52%</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Number of verified transactions</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">583</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">113</font></p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">185</font></p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">223</font></p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">1,104</font></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Revenue amount</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46,832.74</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,490.31</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,973.45</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,020.55</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58,317.04</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Revenue proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">80.31%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5.99%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8.53%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5.18%</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">12</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">26</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">201</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">244</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Quantity proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4.92%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2.05%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10.66%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">82.38%</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Number of verified </p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">484</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">44</font></p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">141</font></p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">114</font></p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">783</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">184</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2919846%;table-layout:auto;width:102.58%;" align="center"><tr><td style="vertical-align:top;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">transactions</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></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 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Revenue amount</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">39,753.04</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,799.94</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,889.80</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,779.89</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46,222.68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Revenue proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">86.00%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3.89%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6.25%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3.85%</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">22</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">181</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">216</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Quantity proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4.63%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1.39%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10.19%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">83.80%</p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.13%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Number of verified transactions</p></td><td style="vertical-align:middle;width:16.3%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">434</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">18</font></p></td><td style="vertical-align:middle;width:17.5%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">121</font></p></td><td style="vertical-align:middle;width:18.38%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">99</font></p></td><td style="vertical-align:middle;width:13.36%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">672</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As shown in the table above, based on the features of the Issuer&#8217;s samples that there are a large number of customers and a high degree of concentration, but the transaction volume per customer is large with a large number of transactions, the intermediary performs test of details by stratified sampling. For the test of details, all transaction records are taken as the totality of samples; while for seeking confirmation and interview/video interview, all the customers are taken as the totality of samples for sampling and verification. In view of large-scale samples, all shall be checked; and in view of remaining samples, random sampling shall be performed with the statistical method, to meet the requirement for the overall verification proportion. The specific results show that the sampling can realize full coverage of samples in multiple dimensions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Division of test of details by amount of a single transaction</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the transaction records, the tests of details are divided by the amount of a single transaction (RMB100,000, RMB500,000 and RMB1 million) during the reporting period, as shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:96.69%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:27.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:24.77%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:25.54%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB1 million</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">15,660.53</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">90.94%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">11,757.90</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">7,875.32</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">185</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:96.69%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB500,000-1 million</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9,814.59</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">42.60%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10,120.55</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">99.33%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">9,806.95</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB100,000-500,000</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">11,701.92</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">34.02%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,371.95</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28.63%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">8,110.54</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">38.27%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB100,000</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,775.37</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">16.02%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">920.15</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.66%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">657.76</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.95%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.4%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38,952.41</b></p></td><td style="vertical-align:middle;width:12.39%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">45.43%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">30,170.55</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">51.74%</b></p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">26,450.57</b></p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">55.80%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Test of details by customers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the number of customers covered by the test of details is divided by revenue (RMB1 million, RMB5 million and RMB10 million), as shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.54%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:17.05%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Over RMB10 million</b></p></td><td style="vertical-align:middle;width:17.07%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB5-10 million</b></p></td><td style="vertical-align:middle;width:17.05%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB1-5 million</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Below RMB1 million</b></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of tests</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">23</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">14</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">46</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">130</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">213</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">23</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">14</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">58</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">369</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">464</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Proportion</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">79.31%</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">35.23%</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">45.91%</font></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of tests</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">12</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">5</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">24</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">67</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">108</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Quantity</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">12</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">5</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">26</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">201</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">244</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Proportion</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">92.31%</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">33.33%</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">44.26%</font></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of tests</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">10</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">3</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">15</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">63</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">91</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">10</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">3</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">22</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">181</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">216</font></p></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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Proportion</p></td><td style="vertical-align:middle;width:17.05%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.07%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.05%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">68.18%</font></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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">34.81%</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">42.13%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Seeking confirmation and interview</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the seeking confirmation and interview procedures are divided by the revenue of a single customer (RMB1 million, RMB5 million and RMB10 million), as shown below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">186</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:96.69%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:33.91%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seeking confirmation procedure</b></p></td><td colspan="2" style="vertical-align:middle;width:33.91%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview procedure</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">49,803.73</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">84.38%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">56,349.14</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">95.47%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB5-10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,350.17</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">66.92%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,720.32</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">70.82%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB1-5 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,635.88</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">58.72%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,172.43</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">19.22%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB1 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">103.27</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1.74%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">175.00</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2.96%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">62,893.05</b></p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">73.36%</b></p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">65,416.89</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">76.30%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">46,832.74</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">45,462.67</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">97.07%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB5-10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,490.31</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,490.31</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB1-5 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">739.27</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14.86%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,749.98</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">35.19%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB1 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">762.78</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">25.25%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">135.86</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">4.50%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">51,825.10</b></p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">88.87%</b></p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">50,838.82</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">87.18%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">39,088.16</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">98.33%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">35,189.29</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">88.52%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB5-10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,799.94</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">634.40</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">35.25%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB1-5 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,845.73</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">63.87%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,448.56</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">84.73%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB1 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">169.92</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.55%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">149.26</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.39%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.65%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">42,903.75</b></p></td><td style="vertical-align:middle;width:15.26%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">92.82%</b></p></td><td style="vertical-align:middle;width:16.95%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38,421.51</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Verification by product structure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Verification by major products of the Issuer during the reporting period is shown below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:98.33%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:25.01%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Test of details</b></p></td><td colspan="2" style="vertical-align:middle;width:25.01%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seeking confirmation procedure</b></p></td><td colspan="2" style="vertical-align:middle;width:25.01%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview procedure</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Semiconductor substrate material</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">26,549.50</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">42.36%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">47,592.26</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">75.93%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">50,505.74</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">80.58%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">PBN crucible and the related products</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,350.88</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">45.44%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,287.42</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">76.10%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,455.08</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">67.41%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">187</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:98.33%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,052.03</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">65.99%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,013.37</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">65.68%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,456.07</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">69.31%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,952.41</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">45.43%</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">62,893.05</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">73.36%</b></p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">65,416.89</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">76.30%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Semiconductor substrate material</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">19,484.63</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">43.94%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">41,832.39</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">94.33%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">41,977.24</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">94.66%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">PBN crucible and the related products</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,305.25</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">97.06%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,937.36</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">78.88%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,801.63</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">77.08%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,380.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">61.45%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,507.78</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">63.76%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,059.95</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">55.62%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Others</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">547.57</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58.08%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">30,170.55</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51.74%</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51,825.10</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">88.87%</b></p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">50,838.82</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">87.18%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Semiconductor substrate material</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">16,576.38</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46.34%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">33,884.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">94.73%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">30,619.88</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">85.60%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">PBN crucible and the related products</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,487.74</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">86.89%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,698.19</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">89.70%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,066.36</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">81.24%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,531.92</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,320.88</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">91.67%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,735.26</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">68.54%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Others</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">196.76</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">43.48%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.34%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">25,792.80</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">55.80%</b></p></td><td style="vertical-align:middle;width:13.34%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">42,903.75</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">92.82%</b></p></td><td style="vertical-align:middle;width:13.18%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,421.50</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Verification divided by regions of the Issuer&#8217;s customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Verification divided by regions of the Issuer&#8217;s customers during the reporting period is shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.54%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:28.07%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Test of details</b></p></td><td colspan="2" style="vertical-align:middle;width:28.09%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seeking confirmation procedure</b></p></td><td colspan="2" style="vertical-align:middle;width:26.52%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview procedure</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Mainland China</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">18,758.31</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">42.76%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">32,500.47</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">74.08%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">32,646.15</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">74.41%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">United States</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,846.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58.60%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,719.04</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">66.06%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11,684.09</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Europe</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,609.10</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">49.05%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,999.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">78.71%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,008.09</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">70.03%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Taiwan, China</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,363.02</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46.60%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,829.37</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">62.26%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,832.00</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">83.64%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,957.33</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">43.71%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,370.91</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">97.60%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,884.27</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">86.73%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">South Korea</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">555.99</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">22.54%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,276.01</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">51.73%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,362.29</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">55.23%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">862.00</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">35.43%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,197.58</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">90.32%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">188</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.54%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,952.42</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">45.43%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">62,893.05</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">73.36%</b></p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">65,416.89</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">76.30%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Mainland China</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10,581.13</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">42.83%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">21,643.88</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">87.60%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">18,135.01</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">73.40%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">United States</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">14,538.99</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">51.19%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">25,398.26</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">89.43%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">28,202.84</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">99.30%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Europe</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,520.65</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">99.07%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,284.76</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">89.80%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,972.90</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">77.54%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,204.70</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.64%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,175.56</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">93.33%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,233.81</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">97.96%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">South Korea</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,325.07</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.33%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,322.64</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.16%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,294.25</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">93.11%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">30,170.54</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51.74%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51,825.10</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">88.87%</b></p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">50,838.81</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">87.18%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Mainland China</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10,367.93</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">57.02%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">16,158.50</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">88.86%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11,141.48</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">61.27%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">United States</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10,022.36</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">44.87%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">21,360.28</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.62%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">22,144.98</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">99.14%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Europe</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,783.04</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">97.43%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,830.06</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,548.48</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">84.61%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,273.58</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.82%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,304.47</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">98.14%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,309.28</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">98.50%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">South Korea</p></td><td style="vertical-align:middle;width:13.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,345.90</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">92.60%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,250.45</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">88.83%</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,277.29</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">89.89%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.3%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.94%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">25,792.81</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">55.80%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">42,903.75</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">92.82%</b></p></td><td style="vertical-align:middle;width:12.39%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,421.51</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">Prior to verification, the Sponsor and the Reporting Accountant understand internal control related to the Issuer&#8217;s sales revenue, and implement the walk-through procedure and control test procedure for the key internal control points; and no abnormality is found in the test results. Therefore, while relying on the internal control of the Issuer, the Sponsor and the Reporting Accountant conduct tests of details for the customers and transactions based on audit sampling according to the relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Sponsor Due Diligence Guidelines</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Auditing Standards for Chinese Certified Public Accountants No. 1314 - Audit Sampling</i><font style="font-size:12pt;">, and the application guide, following the principle of risk-oriented verification, and combining with the evidence obtained through verification of seeking confirmation, field interview and video interview, E-port data, VAT system data, post-period collection and bank statements, to ensure that customers of different transaction sizes in different regions and industries can be selected.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. Verification of accounts receivable</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant implemented the following </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">189</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">verification procedures for the accounts receivable of the Issuer at the end of each phase of the reporting period:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The reason and rationality of the change in the balance of accounts receivable at the end of each phase of the reporting period in combination with the operating income was analyzed; the sales contracts signed between the Issuer and major customers were obtained, the credit policies agreed in the contracts, were viewed and analyzed whether there were changes in the credit policies of major customers during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The financial principal of the Issuer was interviewed, the design effectiveness of the Company&#39;s internal control over the recognition of accounts receivable was understood and evaluated, and the operation effectiveness of key controls was tested;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) The balance of accounts receivable at the end of each phase of the reporting period of the Issuer was confirmed by letter, and alternative procedures were implemented for letters that were not replied, as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2020</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Original Value of accounts receivable</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">22,195.99</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">15,376.06</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">13,113.26</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount on the external confirmations</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">20,669.33</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14,232.03</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,685.87</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion by confirmation request letter <font style="font-family:'SimSun';">&#9314;</font>=<font style="font-family:'SimSun';">&#9313;</font>/<font style="font-family:'SimSun';">&#9312;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">93.12%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">92.56%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">96.74%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount corresponding to the reply and after discrepancy adjustment</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,920.31</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14,055.55</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,586.92</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Ratio of consistency with the reply</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">86.70%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">98.76%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">99.22%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount for implementing the alternative procedures</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,749.02</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">176.48</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">98.95</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion of implementing the alternative procedures</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">13.30%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1.24%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.78%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Confirmable amount</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">20,669.33</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14,232.03</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,685.87</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion of identifiable amount</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) The aging statement of the accounts receivable of the Issuer was obtained during the reporting period and the subsequent payment collection statement, and the subsequent payment collection was checked,</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">190</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of May 31,2022, the post period collection of receivables at the end of each phase of the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21.1pt;margin:0pt;"><b style="font-weight:bold;">In RMB0&#8217;000</b></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:29.73%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:justify;text-indent:10.5pt;margin:0pt;"><b style="font-weight:bold;">E</b><b style="font-weight:bold;">nd of 2021</b></p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">E</b><b style="font-weight:bold;">nd of 2020</b></p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">E</b><b style="font-weight:bold;">nd of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.73%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Balance of accounts receivable</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">22,195.99</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">15,376.06</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">13,113.26</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.73%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Amount subject to the post-period collected</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">19,914.05</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">15,128.70 </p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">13,034.47</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.73%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Proportion of amount subject to the post-period collected</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">89.72%</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">98.39%</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">99.40%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) The risk of accounts receivable recovery was analyzed whether the provision for bad debts was sufficient in combination with the collection after the reporting period, and the uncollected exposure after the reporting period was compared with the provision for bad debts to determine whether there was insufficient provision for bad debts.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(6) The details of the Issuer&#39;s single provision for bad debt reserves were obtained during the reporting period, and the reasons and rationality of the single provision were analyzed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(7) The bad debt accrual policies of accounts receivable of comparable companies in the same industry were inquired, compared and analyzed whether there were significant differences between the Issuer&#39;s bad debt accrual policies of accounts receivable and the bad debt accrual ratio and comparable companies in the same industry, and the reasons and rationality of the difference were analyzed according to the situation of each entity;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(8) The internal valuation experts of the Reporting Accountant were introduced to review the rationality of the Issuer&#39;s expected credit loss model, and the results were recalculated and compared with the Issuer according to the model;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(9) The main customers of the Issuer were interviewed during the reporting period, the credit reports of the main overseas customers, the basic information of the domestic customers and the relevant public information were obtained through public </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">191</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">channels, the transactions between both parties were confirmed, and the industry status, credit status, and business status, etc. of the customers were attended and analyzed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Sponsor believe that: the amount of the accounts receivable of the Issuer is true, accurate and complete, the bad debt accrual policy of accounts receivable is reasonable, and the bad debt accrual is sufficient at the end of each phase of the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant believes that: the Issuer&#8217;s explanations with respect to that the amount of the accounts receivable is true, accurate and complete, the bad debt accrual policy of accounts receivable is reasonable, and the bad debt accrual is sufficient are in conformity with our understanding. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the Sponsor and the Reporting Accountant carry out sufficient verification of substantive procedures such as the test of details, and the relevant verification matches with the stratified and regional characteristics of the Issuer&#8217;s customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The verification method, proportion and conclusion of terminal sales with sales revenue through AXT, and whether a third-party basis has been obtained;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">For determining the authenticity of terminal sales with sales revenue through AXT, the Sponsor and the Reporting Accountant conduct the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">1. Check the sales contracts between AXT and major end customers, identify the terms related to the main risks of commodity ownership and remuneration/control transfer, and evaluate whether the revenue confirmation policy complies with the provisions of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises</i><font style="font-size:12pt;">;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">2. Perform sampling inspection on the sales revenue through AXT, and check the original documents such as production orders and customs declaration forms, as detailed below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">192</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" 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:37.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:37.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Revenue covered by sampling</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:10.5pt;text-align:right;margin:0pt;">5,421.02</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14,459.44</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9,988.47</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Revenue of sales through AXT</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:10.5pt;text-align:right;margin:0pt;">5,979.70</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,196.51</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">22,144.98</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.03%;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:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Coverage ratio</p></td><td style="vertical-align:middle;width:20.66%;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:10.5pt;text-align:right;margin:0pt;">90.66%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">51.28%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">45.10%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">AXT will not engage in the sales business after executing the sales contract signed before March 2021. In 2021, the period of sales from the Company to AXT was from January to June.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">3. Implement analytical procedures, check the fluctuations of major customers through AXT during the reporting period, and learn from the Issuer about the business cooperation background of new major end customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">4. Perform seeking confirmation for the products sold by major end customers during the reporting period after looking through AXT, as detailed below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:justify;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">Proportion of amount from major customers covered by confirmation request letter in AXT&#8217;s operating revenue</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">68.50%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">75.51%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">68.63%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:justify;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">Proportion of reply (calculated by the reply amount of operating revenue)</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">77.41%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">62.84%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">53.43%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">5. Obtain the sales details of AXT during the reporting period, and check through comparison whether there is a significant difference between its revenue and the revenue of the Issuer during the reporting period. Meanwhile, perform a closed-loop analysis through combining the sales volume of the Issuer to AXT, the sales volume of AXT to its end customers and AXT&#8217;s inventory of finished products at the end of the period, to confirm whether the closed-loop discrepancy is reasonable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">In each phase of the reporting period, the quantity of semiconductor substrate materials sold by the Issuer to AXT and by foreign sales of AXT in the current period is shown below:</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;table-layout:auto;width:96.99%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.27%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Quantity sold by the Company to AXT (pieces)</b><b style="font-family:'SimSun';font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Quantity of foreign sales by AXT (pieces)</b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;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:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Discrepancy (pieces)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-family:'SimSun';font-weight:bold;">&#9314;</b><b style="font-weight:bold;">=</b><b style="font-family:'SimSun';font-weight:bold;">&#9312;</b><b style="font-weight:bold;">-</b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">193</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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;table-layout:auto;width:96.99%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">2021</p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">143,730.00</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">168,938.00</p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-25,208.00</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.27%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">2020</p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 624,454.00 </font></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">621,608.00</p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,846.00</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.27%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">2019</p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">596,976.00</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">576,488.00</p></td><td style="vertical-align:middle;white-space:normal;width:25.9%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">20,488.00</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">As shown in the table above, the quantity of semiconductor substrate materials sold by the Company to AXT during the reporting period is basically consistent with the quantity of foreign sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">6. Interview with end customers after looking through AXT, to see whether the products sold by the Company through AXT have been finally sold; during the reporting period, the amount covered by the interview and its proportion in revenue from sales of AXT are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.58%;"><tr style="height:19.55pt;"><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:middle;width:26.28%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Amount covered by the interview</b></p></td><td style="vertical-align:middle;width:33.23%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Revenue of sales through AXT</b></p></td><td style="vertical-align:middle;width:15.99%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">2021</p></td><td style="vertical-align:middle;width:26.28%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">4,377.73</p></td><td style="vertical-align:middle;width:33.23%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">5,979.70</p></td><td style="vertical-align:middle;width:15.99%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">73.21%</p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">2020</p></td><td style="vertical-align:middle;width:26.28%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">21,230.96</p></td><td style="vertical-align:middle;width:33.23%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">28,196.51</p></td><td style="vertical-align:middle;width:15.99%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">75.30%</p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:24.48%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">2019</p></td><td style="vertical-align:middle;width:26.28%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">16,226.69</p></td><td style="vertical-align:middle;width:33.23%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">22,144.98</p></td><td style="vertical-align:middle;width:15.99%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">73.27%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">7. Compare AXT&#8217;s receivables at the end of 2019 and 2020 with the Issuer&#8217;s receivables from AXT, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.55pt;"><td style="vertical-align:middle;width:17.03%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Time point</b></p></td><td style="vertical-align:middle;width:43.59%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">The Issuer&#8217;s receivables from AXT</b></p></td><td style="vertical-align:middle;width:25.27%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">AXT&#8217;s receivables</b></p></td><td style="vertical-align:middle;width:14.09%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Discrepancy ratio</b></p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:17.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">12/31/2020</p></td><td style="vertical-align:middle;width:43.59%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">5,376.26</p></td><td style="vertical-align:middle;width:25.27%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">6,267.96</p></td><td style="vertical-align:middle;width:14.09%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">-14.23%</p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:17.03%;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:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">12/31/2019</p></td><td style="vertical-align:middle;width:43.59%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">6,367.90</p></td><td style="vertical-align:middle;width:25.27%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">6,484.32</p></td><td style="vertical-align:middle;width:14.09%;border-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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">-1.80%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">AXT&#8217;s receivables are slightly different from the Issuer&#8217;s receivables from AXT at the end of 2019 and 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">8. Check the flow of AXT during the Reporting Period to determine whether all its receipts come from its final customers and whether there are large and abnormal non-operating capital transactions between AXT and the issuer and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">9. Check the credit reports and other publicly available information of major overseas end customers, verify their business scale and shareholder composition, check the questionnaire filled in by the Issuer, directors, supervisors and senior </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">194</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">managers, and confirm whether there is any correlation between overseas end customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">10. 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Reporting Accountant believe that the revenue of the Company from the sales with AXT is authentic, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) The verification method, proportion and conclusion of terminal sales with sales revenue through AXT-Tongmei, and whether a third-party basis has been obtained.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">For determining the authenticity of the sales revenue realized through AXT-Tongmei, the Sponsor and the Reporting Accountant conduct the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">1. Understand the key internal control related to revenue through AXT-Tongmei, 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:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">2. Check the main sales contracts, identify the terms related to the main risks of commodity ownership and remuneration/control transfer, and evaluate whether the revenue confirmation policy complies with the provisions of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises</i><font style="font-size:12pt;">;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">3. AXT-Tongmei is responsible for the sales of semiconductor substrate materials in overseas regions, and in most cases, the products are directly declared at the customs and delivered by the domestic entity to the sites designated by the customers; the intermediary performs sampling inspection of sales revenue realized through AXT-Tongmei, and checks the original contracts, invoices, customs declaration forms, logistics records, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:64.24%;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:10.5pt;text-align:center;text-indent:0.85pt;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0.85pt;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:64.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0.85pt;margin:0pt;">Revenue covered by sampling</p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0.85pt;margin:0pt;">13,753.64</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">195</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" 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:64.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0.85pt;margin:0pt;">Revenue of sales through AXT-Tongmei</p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0.85pt;margin:0pt;">31,353.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:64.24%;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:10.5pt;text-align:justify;text-indent:0.85pt;margin:0pt;">Coverage ratio</p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0.85pt;margin:0pt;">43.87%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin: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 outbound delivery orders, customs declaration forms, packing lists, bills of lading, logistics forms, invoices and other documents, and check whether the revenue is intertemporal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">5. Implement analytical procedures, combine the revenue recognized through AXT-Tongmei with that recognized through AXT in 2021, and analyze the revenue recognized through AXT after looking through the end customers together with the same; check the fluctuations of revenue of end customers during the reporting period, and learn from the Issuer about the business cooperation background of new major end customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">6. Implement seeking confirmation for sales through AXT-Tongmei, as detailed below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:81.23%;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:10.5pt;padding-left:0.2pt;text-align:center;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:18.76%;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:10.5pt;padding-left:0.2pt;text-align:center;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Amount covered by confirmation request letter<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">29,235.75</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Amount covered by reply<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">20,618.08</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Revenue of sales through AXT-Tongmei<font style="font-family:'SimSun';">&#9314;</font></p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">31,353.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Proportion of amount covered by confirmation request letter in the revenue of sales through AXT-Tongmei<font style="font-family:'SimSun';">&#9315;</font>=<font style="font-family:'SimSun';">&#9312;</font>/<font style="font-family:'SimSun';">&#9314;</font></p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">93.24%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Proportion of revenue corresponding to the reply and after discrepancy adjustment<font style="font-family:'SimSun';">&#9316;</font>=<font style="font-family:'SimSun';">&#9313;</font>/<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">70.52%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Revenue of alternative testing<font style="font-family:'SimSun';">&#9317;</font></p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">8,617.67</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Proportion of alternative testing<font style="font-family:'SimSun';">&#9318;</font>=<font style="font-family:'SimSun';">&#9317;</font>/<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">29.48%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Identifiable proportion<font style="font-family:'SimSun';">&#9319;</font>=<font style="font-family:'SimSun';">&#9316;</font>+<font style="font-family:'SimSun';">&#9318;</font></p></td><td style="vertical-align:middle;width:18.76%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">7. Obtain the sales details of domestic companies with AXT-Tongmei, obtain the Issuer&#8217;s E-port data, the declaration form of tax exemption, offset or rebate and approval notice, to confirm the accuracy and completeness of such sales details. Later, perform a closed-loop analysis through combining the sales volume of domestic companies to AXT-Tongmei, the sales volume of AXT-Tongmei to its end customers </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">196</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and AXT-Tongmei&#8217;s inventory of finished products at the end of the period, to confirm whether the closed-loop discrepancy is reasonable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">8. Interview with AXT-Tongmei&#8217;s customers, to see whether the products sold by the Company through AXT-Tongmei have been finally sold; during the reporting period, the amount covered by the interview and its proportion in revenue from sales of AXT-Tongmei are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.58%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.46%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:middle;width:23.29%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount covered by the interview</b></p></td><td style="vertical-align:middle;width:32.98%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue of sales through AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.46%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:23.29%;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:10.5pt;text-align:right;margin:0pt;">23,977.02</p></td><td style="vertical-align:middle;width:32.98%;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:10.5pt;text-align:right;margin:0pt;">31,353.89</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">76.47%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">9. Obtain the flow of AXT-Tongmei in 2021, and check whether all its receipts come from the end customer, and whether there are large and abnormal non-operating capital transactions with the issuer and related parties; in 2021, the income and corresponding payment collection of US Stock AXT-Tongmei are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:49.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Items</b></p></td><td style="vertical-align:middle;width:50.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sales revenue of AXT-Tongmei</p></td><td style="vertical-align:middle;width:50.1%;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:10.5pt;text-align:right;margin:0pt;">31,353.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Collected amount in 2021</p></td><td style="vertical-align:middle;width:50.1%;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:10.5pt;text-align:right;margin:0pt;">19,863.84</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Collected amount in January -April of 2022</p></td><td style="vertical-align:middle;width:50.1%;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:10.5pt;text-align:right;margin:0pt;">7,986.06</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Total collected amount</p></td><td style="vertical-align:middle;width:50.1%;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:10.5pt;text-align:right;margin:0pt;">27,849.90</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Proportion of Collected amount</p></td><td style="vertical-align:middle;width:50.1%;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:10.5pt;text-align:right;margin:0pt;">88.82%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">10. Check the credit reports and other publicly available information of AXT-Tongmei&#8217;s customers, 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 any correlation between overseas end customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">11. 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Reporting Accountant believe that the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">197</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">revenue of the Company from the sales with AXT-Tongmei is authentic, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the Sponsor and the Reporting Accountant believe that the domestic and overseas revenue of the Company is true, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc105879762"></a><a name="_Toc4633"></a><a name="_Toc102920860"></a><a name="_Toc102942143"></a><a name="_Toc22366"></a><a name="_Toc11717"></a><a name="_Toc27688"></a>4.2</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the Prospectus and the replies to the first round of inquiries, (1) the gross profit margin of the Issuer&#8217;s subdivided product categories fluctuated greatly during the reporting period, which is mainly due to: business handover, production line relocation, changes in upstream raw material prices, etc.; (2) the overseas sales and procurement businesses of the Issuer have been handed over from AXT to AXT-Tongmei since March 2021, resulting in relatively large changes in the sales and purchase prices; (3) the changes in the sales prices of the Issuer&#8217;s semiconductor substrate products were inconsistent with the changes in the purchase prices of raw materials, specifically, the purchase unit price of indium phosphide polycrystalline decreased, the sales unit price of InP substrates increased by 74.98% in 2021, the purchase unit price of gallium increased by 80.45%, and the sales unit price of GaAs substrates decreased by 6.14% in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) excluding the impact of business handover, specifically analyze the changes in the gross profit margin of various products during the reporting period; (2) the comparison between the purchase unit prices and the market prices of the main raw materials in each phase of the reporting period, and the reason for and rationality of the inconsistent changing trends between the sales prices of semiconductor substrates and the purchase prices of raw materials, and the impact on the gross profit margin of the corresponding products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">198</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(i) Fluctuation of gross profit margin during the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer&#39;s gross profit margin was 19.43%, 25.68% and 34.53% respectively during the reporting period. The factors affecting the Issuer&#39;s gross profit margin are analyzed as follows in combination with different products:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.0011749268%;width:100%;" align="center"><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: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of product</b></p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of revenue share </b><b style="font-family:'SimSun';font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin </b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of unit price </b><b style="font-family:'SimSun';font-weight:bold;">&#9314;</b></p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of the cost per unit </b><b style="font-family:'SimSun';font-weight:bold;">&#9315;</b><b style="font-weight:bold;">=</b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b><b style="font-weight:bold;">-</b><b style="font-family:'SimSun';font-weight:bold;">&#9314;</b></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of exchange rate </b><b style="font-family:'SimSun';font-weight:bold;">&#9316;</b></p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:center;margin:0pt;">Total impact <b style="font-family:'SimSun';font-weight:bold;">&#9317;</b>=<font style="font-family:'SimSun';">&#9312;</font>+<font style="font-family:'SimSun';">&#9313;</font>+<font style="font-family:'SimSun';">&#9316;</font></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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin: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:14.31%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">InP substrate</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">4.25%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">6.83%</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:10.5pt;text-align:right;margin:0pt;">10.29%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">-3.48%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">-1.64%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">9.42%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-0.91%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">6.60%</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:10.5pt;text-align:right;margin:0pt;">-0.23%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">6.83%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">-1.55%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">4.14%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Germanium substrate</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-0.62%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">-1.71%</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:10.5pt;text-align:right;margin:0pt;">-1.26%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">-0.45%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">-0.20%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">-2.53%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">PBN crucible</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-1.35%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">0.02%</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:10.5pt;text-align:right;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">0.02%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">-0.18%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">-1.51%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-purity metal and compound</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">0.82%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">-0.97%</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:10.5pt;text-align:right;margin:0pt;">4.24%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">-5.21%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">-0.01%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">-0.16%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Other products</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">0.21%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">-0.55%</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:10.5pt;text-align:right;margin:0pt;">-1.37%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">0.82%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">-0.12%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">-0.46%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subtotal of main business revenue</b></p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2.40%</b></p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">10.22%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11.67%</b></p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.45%</b></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-3.69%</b></p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8.92%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other business revenue</b></p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.40%</b></p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.33%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.34%</b></p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.01%</b></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.00%</b></p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.07%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2.00%</b></p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">10.55%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12.01%</b></p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.46%</b></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-3.69%</b></p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;"><b style="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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Comparison between 2020 and 2019</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">InP substrate</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-0.76%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">-0.46%</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:10.5pt;text-align:right;margin:0pt;">-1.32%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">0.86%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">0.02%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">-1.20%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-0.13%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">7.09%</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:10.5pt;text-align:right;margin:0pt;">8.21%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">-1.12%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">0.08%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">7.04%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Germanium substrate</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-0.19%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">-0.34%</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:10.5pt;text-align:right;margin:0pt;">-0.51%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">0.17%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">0.04%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">-0.49%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">199</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.0011749268%;width:100%;" align="center"><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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">PBN crucible</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-0.66%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">0.49%</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:10.5pt;text-align:right;margin:0pt;">0.51%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">-0.02%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">-0.17%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">High-purity metal and compound</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">0.42%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">0.62%</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:10.5pt;text-align:right;margin:0pt;">1.27%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">-0.65%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">1.04%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Other products</p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;">-0.87%</p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;">0.80%</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:10.5pt;text-align:right;margin:0pt;">0.54%</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;">0.26%</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;">0.12%</p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;">0.05%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subtotal of main business revenue</b></p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-2.19%</b></p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8.20%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8.69%</b></p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.50%</b></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.26%</b></p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6.27%</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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other business revenue</b></p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.01%</b></p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.03%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.00%</b></p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.03%</b></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.00%</b></p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.02%</b></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:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:10.84%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-2.18%</b></p></td><td style="vertical-align:middle;width:10.61%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8.17%</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8.69%</b></p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.53%</b></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.26%</b></p></td><td style="vertical-align:middle;width:14.28%;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:10.5pt;text-align:right;margin: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:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9312;</font>=The revenue share of the year-the revenue share of last year)&#215;the gross profit margin of last year</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9313;</font>=(The gross profit margin of the year-the gross profit margin of last year)&#215;the revenue share of the year</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9314;</font>=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]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9316;</font>=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</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Generally, the rapid rise of overall gross profit margin of the Companyduring the reporting period was mainly due to the following factors:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Increase in gross profit margin in 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2020, the gross profit margin increased from 19.43% to 25.68%, mainly because: (1) the Company adjusted its external pricing mechanism according to the price rise of raw materials; (2) The demand for large-size substrate materials in the industry increased; (3) The production cost optimization caused by the relocation of production line is specifically reflected as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The Company adjusted the external pricing mechanism according to the price rise of raw materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The price of industrial raw materials is rose generally with the influence of the domestic economic environment and the new coronal pneumonia epidemic. As one of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">200</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the main raw materials of the gallium arsenide substrate and high-purity </font><b style="font-size:12pt;font-weight:bold;">metal and </b><font style="font-size:12pt;">compound products of the Company, the average purchase unit price of gallium arsenide substrate and high-purity gallium increased by 12.69% in 2020. The Company promptly adjusted the price of external gallium arsenide substrate and high-purity gallium products according to the relevant raw material market, reflected by its high-purity gallium products, the external sales price of high-purity gallium of the Company increased by 16.28% year-on-year in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Industry demand for large-size substrate materials increased</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Similar to silicon substrates, III-V compound semiconductor substrates are also evolving to larger sizes. The larger the diameter of the compound semiconductor substrate, the more chips could be fabricated on a single substrate, and the lower the cost of manufacturing a unit chip. Meanwhile, manufacturing rectangular chips on a circular substrate made some areas at the edge of the substrate unusable. The larger the diameter of the substrate, the smaller the loss of the edge of the substrate, which was conducive to further reducing the cost of the chip.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2020, the sales of 6-inch GaAs substrate materials of the Company increased from 23.04% to 26.56%. As the area of 6-inch is 9 times that of 2-inch, its unit price was much higher than that of small-size products, driving the average sales unit price of GaAs substrate materials to rise from RMB 378.50 per piece to &#160;RMB 466.33 per piece in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Production cost optimization caused by production line relocation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since 2019, the GaAs production line has been relocated to Chaoyang, Liaoning and Baoding of Hebei. The personnel proficiency has been improved with the completion of the relocation, and its labor cost and fuel cost were relatively low. Under the condition of further increase in large-scale sales, the unit cost remained relatively stable. In 2020, the unit cost of GaAs substrate only increased by 3.13% year-on-year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Generally, the above three reasons were comprehensively reflected in the increase in the gross profit margin of gallium arsenide substrate and high-purity metal </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">201</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and compound products, thus increasing the overall gross profit margin of the Company in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Increase in gross profit margin in 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, the gross profit margin increased from 25.68% to 34.53%, mainly due to: (1) business switching between AXT and the Company; (2) Changes in revenue structure of the product; (3) The embodiment of scale effect is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Business switching between AXT and the Company</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In March, 2021, America Tongmei undertook the overseas sales business and related customers of AXT. In May, 2021, the Company completed the acquisition of America Tongmei. From 2019 to March 2021, the overseas semiconductor substrate materials of the Company had been sold through AXT, which maintained a certain profit margin; after the completion of business switching, the Company directly faced to the end customers of AXT and significantly improved the pricing of indium phosphide substrate products, which led to a rapid increase in the revenue of Indium Phosphide Substrates and led to an increase in the gross profit margin of the product in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Changes in product revenue structure</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Customers&#8217; orders have also increased with the increase of global downstream demand for optical chips, optical module epitaxy and devices. In 2021, the sales of indium phosphide products of the Company increased by 26.26%; meanwhile, the revenue share of indium phosphide substrate increased rapidly with the influence of the rapid rise in unit price after business switching. The product increased the overall gross profit margin of the Company to 9.42% due to the relatively high gross profit margin of the product itself.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Embodiment of scale effect</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The labor and fuel costs were relatively lower than those in Beijing before the relocation with the operation of Baoding Plant and Chaoyang Plant; meanwhile, the sales volume of gallium arsenide substrate increased by 15.65% compared with that in 2020, which improved the production efficiency and scale effect, and reduced the unit </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">202</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">cost of gallium arsenide substrate products by 23.56% compared with that in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Generally, the above three reasons were comprehensively reflected in the increase in the gross profit margin of indium phosphide substrate and gallium arsenide substrate products, thus increasing the overall gross profit margin of the Company in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor has checked the changes of revenue and costs and the fluctuation of the gross profit margin of the Issuer during the reporting period. After verification, the Sponsor believed that the recognition of the Company&#8217;s revenue is accurate; collection, distribution and carryforward of costs is accurate, the purchase-sale-stock system is complete, and the cost composition and accounting as well as the fluctuation of gross profit margins are true, accurate and in consistent with the Company&#8217;s actual operation; the fluctuation of the comprehensive gross profit margin of the Issuer during the reporting period was mainly caused by the changes in product structure, the embodiment of scale effect and the optimization of production costs caused by the relocation of production lines, which is in line with the actual business development and market changes of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Excluding the impact of business handover, specifically analyze the changes in the gross profit margin of various products during the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After the business handover is completed, AXT-Tongmei has taken over the overseas sales business of AXT. Excluding the impact of business handover, the simulation calculation can be performed with the inclusion of AXT-Tongmei into the scope of consolidation. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:0pt;padding-right:0pt;width:97.81%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.67%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Product name</b></p></td><td colspan="3" style="vertical-align:middle;width:28.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;width:29.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;width:27.51%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Cost</b></p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Cost</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Cost</b></p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Semiconductor substrate</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">65,799.30 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">41,982.70 </p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;">36.20%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">52,336.49 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">36,490.05 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">30.28%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">46,557.51 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">31,242.42 </p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">32.89%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">203</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:97.81%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Including: InP substrate</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">30,306.42 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">12,889.65 </p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;">57.47%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">23,077.47 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">7,841.58 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">66.02%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">20,838.99 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">6,509.89 </p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">68.76%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:31.5pt;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">26,368.74 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">20,076.37 </p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;">23.86%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">21,000.07 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">21,704.95 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-3.36%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">18,984.55 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">19,562.17 </p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-3.04%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="white-space:pre-wrap;">      Germanium substrate</font></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">9,124.14 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">9,016.68 </p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;">1.18%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">8,258.96 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">6,943.53 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">15.93%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">6,733.96 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">5,170.36 </p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">23.22%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">PBN crucible</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">5,508.30 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">2,633.87 </p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;">52.18%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">5,192.77 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">2,347.76 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">54.79%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">4,729.22 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">2,401.20 </p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">49.23%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">High-purity metal and compound</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">12,201.00 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">10,948.64 </p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;">10.26%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">5,501.42 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">4,558.49 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17.14%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">2,531.92 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">2,263.49 </p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10.60%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">5,025.78 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">1,367.19 </p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;">72.80%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">3,274.99 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">519.17 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">84.15%</p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">3,188.36 </p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;">1,025.72 </p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">67.83%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subtotal of main business revenue</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">88,534.39 </b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">56,932.40 </b></p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">35.69%</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">66,305.68 </b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">43,915.48 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">33.77%</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">57,007.00 </b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">36,932.83 </b></p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">35.21%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other business revenue</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">330.09 </b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">396.81 </b></p></td><td style="vertical-align:middle;width:8.78%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-20.21%</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8.32 </b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">17.21 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-106.74%</b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1.89 </b></p></td><td style="vertical-align:middle;width:9.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.08 </b></p></td><td style="vertical-align:middle;width:7.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">95.78%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.67%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">88,864.47 </b></p></td><td style="vertical-align:middle;width:9.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">57,329.21 </b></p></td><td style="vertical-align:middle;width:8.78%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">35.49%</b></p></td><td style="vertical-align:middle;width:9.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">66,314.00 </b></p></td><td style="vertical-align:middle;width:9.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">43,932.69 </b></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">33.75%</b></p></td><td style="vertical-align:middle;width:9.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">57,008.89 </b></p></td><td style="vertical-align:middle;width:9.76%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">36,932.91 </b></p></td><td style="vertical-align:middle;width:7.98%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">35.22%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Excluding the impact of the business handover, during the reporting period, the gross profit margin of the Company are 35.22%, 33.75%, and 35.49%, respectively, which are relatively stable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Comparison between 2020 and 2019</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The following analyzes the comparison between the gross profit margin between 2020 and 2019 due to the impact of the business handover:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-10.873287%;width:121.74%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of product</b></p></td><td style="vertical-align:middle;width:13.88%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of revenue share </b><b style="font-family:'SimSun';font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:13.88%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin </b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of unit price </b><b style="font-family:'SimSun';font-weight:bold;">&#9314;</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of the cost per unit </b><b style="font-family:'SimSun';font-weight:bold;">&#9315;</b><b style="font-weight:bold;">=</b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b><b style="font-weight:bold;">-</b><b style="font-family:'SimSun';font-weight:bold;">&#9314;</b></p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of exchange rate </b><b style="font-family:'SimSun';font-weight:bold;">&#9316;</b></p></td><td style="vertical-align:middle;width:13.87%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total impact </b><b style="font-family:'SimSun';font-weight:bold;">&#9317;</b><b style="font-weight:bold;">=</b><b style="font-family:'SimSun';font-weight:bold;">&#9312;</b><b style="font-weight:bold;">+</b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b><b style="font-weight:bold;">+</b><b style="font-family:'SimSun';font-weight:bold;">&#9316;</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">InP substrate</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">-1.21%</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">-0.98%</p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;">-1.69%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.71%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.03%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">-2.16%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">0.05%</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">-0.13%</p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;">1.43%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-1.56%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.03%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">-0.05%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">204</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-10.873287%;width:121.74%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Germanium substrate</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">0.15%</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">-0.93%</p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;">-0.34%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-0.59%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.01%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">-0.77%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">PBN crucible</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">-0.23%</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">0.44%</p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;">0.45%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-0.01%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.21%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-purity metal and compound</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">0.41%</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">0.54%</p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;">1.11%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-0.57%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.95%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Other products</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">-0.44%</p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;">0.81%</p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;">0.59%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.22%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;">0.37%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subtotal of main business revenue</b></p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.27%</b></p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.25%</b></p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1.55%</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.80%</b></p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.07%</b></p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.45%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other business revenue</b></p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.01%</b></p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.03%</b></p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.01%</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.02%</b></p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.00%</b></p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.02%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.01%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.26%</b></p></td><td style="vertical-align:middle;width:13.88%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.28%</b></p></td><td style="vertical-align:middle;width:14.22%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1.54%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.82%</b></p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.07%</b></p></td><td style="vertical-align:middle;width:13.87%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-1.47%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9312;</font>=The revenue share of the year-the revenue share of last year)&#215;the gross profit margin of last year</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9313;</font>=(The gross profit margin of the year-the gross profit margin of last year)&#215;the revenue share of the year</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9314;</font>=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]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9316;</font>=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</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Excluding business handover factor, the Company&#8217;s overall gross profit margin in 2020 decreased by 1.47% compared with 2019, mainly influenced by the structural change of the products and the change of order quantity of individual customers, with the specific conditions as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. InP substrate: Due to the impact of the procurement policy of downstream customers, the sales of InP substrates to customer A, the biggest customer of 3-inch InP substrate materials, decreased greatly in 2020. Given the high requirements of such customer on the product performance and parameters, the products were sold at a relatively higher price and gross profit margin. The decrease in the sales volume resulted in the reduction in the overall average unit price in 2020, hence reducing the gross profit margin of InP substrates from 68.76% to 66.02%, and reducing the overall gross profit margin by 0.95%; Moreover, the price increase of metal gallium led to the rapid increase in the revenue from high-purity metals and compounds, so that the growth rate of the revenue from InP substrates was slightly lower than the overall sales growth of the Company, reducing the proportion of the revenues from InP </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">205</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">substrates from 36.55% to 34.80%, and reducing the overall gross profit margin by 1.21%. Due to the impact of the factors above, InP substrate products reduced the overall gross profit margin of the Company by 2.16% in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Germanium substrate: Given the intense competition on the domestic market, the overall gross profit margin reduced by 0.93% due to the decrease by 3.34% of the average selling price of germanium substrates compared with 2019, and the increase of the cost per unit. Meanwhile, the proportion of germanium substrates in the sales revenues increased from 11.81% in 2019 to 12.45%, increasing the overall gross profit margin by 0.15%. Due to the impact of the factors above, germanium substrate products reduced the overall gross profit margin of the Company by 0.77% in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. High-purity metal and compound: The productivity of the production line was reduced due to the relocation from Nanjing Jinmei to Chaoyang Jinmei in 2019, and resumed to a certain extent after the relocation was completed in 2020. Meanwhile, the selling price of high-purity gallium increased due to the increase in the market price of metal gallium, increasing the average unit selling price of high-purity metals and compounds by 14.99%, and increasing the overall gross profit margin by 0.54%. Moreover, given the resumption of the production capacities and increase of orders after the relocation is completed, the sales revenues from high-purity metals and compounds increased rapidly, and the proportion in the sales revenues increased from 4.44% in 2019 to 8.30%, increasing the overall gross profit margin by 0.41%. Due to the impact of the factors above, germanium substrate products increased the overall gross profit margin of the Company by 0.95% in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Comparison between 2021 and 2020</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The following analyzes the comparison between the gross profit margin between 2021 and 2020 due to the impact of the business handover:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.3228188%;width:110.64%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type of product</b></p></td><td style="vertical-align:middle;width:9.79%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of revenue share </b><b style="font-family:'SimSun';font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin </b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;width:14.43%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of unit price </b><b style="font-family:'SimSun';font-weight:bold;">&#9314;</b></p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of gross profit margin due to the variation of the cost per unit </b><b style="font-family:'SimSun';font-weight:bold;">&#9315;</b><b style="font-weight:bold;">=</b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b><b style="font-weight:bold;">-</b><b style="font-family:'SimSun';font-weight:bold;">&#9314;</b></p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change of exchange rate </b><b style="font-family:'SimSun';font-weight:bold;">&#9316;</b></p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total impact </b><b style="font-family:'SimSun';font-weight:bold;">&#9317;</b><b style="font-weight:bold;">=</b><b style="font-family:'SimSun';font-weight:bold;">&#9312;</b><b style="font-weight:bold;">+</b><b style="font-family:'SimSun';font-weight:bold;">&#9313;</b><b style="font-weight:bold;">+</b><b style="font-family:'SimSun';font-weight:bold;">&#9316;</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">206</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.3228188%;width:110.64%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">InP substrate</p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;">-0.46% </p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;">-1.25% </p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;">2.05% </p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;">-3.30% </p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;">-1.67% </p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;">-3.38% </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;">0.07% </p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;">9.52% </p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;">2.17% </p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;">7.35% </p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;">-1.44% </p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;">8.15% </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Germanium substrate</p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;">-0.35% </p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;">-1.33% </p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;">-1.13% </p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;">-0.20% </p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;">-0.19% </p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;">-1.87% </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">PBN crucible</p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;">-0.89% </p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;">-0.01% </p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;">-0.02% </p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;">0.01% </p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;">-0.16% </p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;">-1.06% </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-purity metal and compound</p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;">0.93% </p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;">-0.93% </p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;">4.09% </p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;">-5.02% </p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;">-0.01% </p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;">-0.01% </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Other products</p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;">0.60% </p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;">-0.53% </p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;">-1.33% </p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;">0.80% </p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;">-0.10% </p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;">-0.03% </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subtotal of main business revenue</b></p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.10% </b></p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5.47% </b></p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5.83% </b></p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.36% </b></p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-3.57% </b></p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1.80% </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Other business revenue</b></p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.38% </b></p></td><td style="vertical-align:middle;width:12.89%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.32% </b></p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.33% </b></p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.01% </b></p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">0.00% </b></p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.06% </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.03%;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:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:9.79%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.48% </b></p></td><td style="vertical-align:middle;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5.79% </b></p></td><td style="vertical-align:middle;width:14.43%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6.16% </b></p></td><td style="vertical-align:middle;width:16.3%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-0.37% </b></p></td><td style="vertical-align:middle;width:11.08%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-3.57% </b></p></td><td style="vertical-align:middle;width:13.44%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1.74% </b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9312;</font>=The revenue share of the year-the revenue share of last year)&#215;the gross profit margin of last year</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9313;</font>=(The gross profit margin of the year-the gross profit margin of last year)&#215;the revenue share of the year</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9314;</font>=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]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'SimSun';">&#9316;</font>=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</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Excluding business handover factor, the Company&#8217;s overall gross profit margin in 2021 increased by 1.47% compared with the previous year, mainly </font><font style="font-size:12pt;">influenced by the improvement of the production scale effect after the removal of the GaAs production line, with the specific conditions as follows</font><font style="font-size:12pt;">:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. InP substrate: The Company, as the world&#8217;s second largest InP substrate supplier, 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, which made the average sales unit price of InP substrate increase by 3.42%. However, after the GaAs substrate business was transferred from Beijing Tongmei to Baoding Tongmei and Chaoyang Tongmei in 2021, the idle production capacities have not been fully transferred to the production capacities of InP substrates and germanium substrates, which increased the unit prices allocated to InP substrates and germanium substrates, hence jointly increasing the overall gross profit margin by </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">207</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">1.25%. At the same time, the revenue of high-purity metals and compounds increased fast with the influence of the increase of metal gallium, which caused the growth rate of the income of InP substrate is relatively lower than the growth rate of the overall sales of the Group, causing the revenue proportion to be decreased to 34.10% from 34.80%, the overall gross profit margin decreased by 0.46%. Due to the impact of the factors above, InP substrate products reduced the overall gross profit margin of the Company by 3.38% in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. GaAs substrate: On the one hand, with the increase of the order quantity of GaAs substrate, the production efficiency and scale of factories in Baoding and Chaoyang should continue to improve; on the other hand, the labor costs, gas power costs and other prices in Baoding and Chaoyang were relatively lower those in Beijing, and the operating rate increased, further reducing the </font><a name="_Hlk99030925"></a><font style="font-size:12pt;">comprehensive cost;</font><font style="font-size:12pt;"> besides, there were some GaAs production lines in Beijing Tongmei in 2020, which would allocate the fixed costs of the Beijing plant, while in 2021, the GaAs substrate was no longer subject to such allocation, further increasing the gross profit margin of GaAs substrate to 23.86%; in 2021, GaAs substrate products boosted the Company&#8217;s overall gross profit margin by 8.15%.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Germanium substrate: Due to the difference of epitaxial process in different regions, most of the manufacturers abroad have their own method to process the large-size epilayer. Therefore, the 6-inch germanium substrate products are mainly exported; while most of 4-inch germanium products were sold domestically. In 2021, due to the impact of the domestic and overseas market, the sales volume of 4-inch germanium products increased by 39.75%, while that of 6-inch germanium products decreased by 58.95%; at the same time, affected by the fierce competition pattern in China, the unit price of 4-inch products, which had a revenue accounting for about 80% and an average price 237.47% different from that of 6-inch products, continued to decline by 9.30%, resulting in a significant decrease in the comprehensive average unit price and a decrease in the gross profit margin from 15.93% to 1.18%. Due to the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">208</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">impact of the factors above, germanium substrate products reduced the overall gross profit margin of the Company by 1.87% in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. PBN crucible: The sales of PBN crucibles increased at a lower rate compared with the overall sales in 2021, reducing the proportion in the revenues from 7.83% in 2020 to 6.20%. Due to the impact of the factors above, PBN crucible products reduced the overall gross profit margin of the Company by 1.06% in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Except as mentioned above, the changes in the gross profit margins of other products, and the fluctuations in the revenue share also have a small impact on the Company&#8217;s overall gross profit margin; and various analysis indicators will also be affected by exchange rate fluctuations.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The comparison between the purchase unit prices and the market prices of the main raw materials in each phase of the reporting period, and the reason for and rationality of the inconsistent changing trends between the sales prices of semiconductor substrates and the purchase prices of raw materials, and the impact on the gross profit margin of the corresponding products.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk89281267"></a><b style="font-size:12pt;font-weight:bold;">1. The comparison between the purchase unit prices and the market prices of the main raw materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the changes in the average purchase unit prices of the Company&#8217;s main raw materials are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.0011749268%;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:37.4%;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:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:25.82%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:25.82%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:37.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Gallium (RMB/kg)</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">1,823.03</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">80.45%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">1,010.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">12.69%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">896.50</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Germanium ingot (RMB/kg)</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;"><a name="OLE_LINK6"></a>7,008.32</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">12.42%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">6,234.17</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">-3.31%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">6,447.44</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Quartz material (RMB/kg)</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">443.95</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">-4.38%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">464.29</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">-4.74%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">487.41</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">High-purity arsenic (RMB/kg)</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">835.39</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">-0.17%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">836.79</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">0.21%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">835.06</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Boron trichloride (RMB/kg)</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">136.24</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">13.17%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">120.39</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">-14.71%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">141.14</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.4%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Indium phosphide polycrystalline (RMB/kg)</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;"><a name="OLE_LINK3"></a>6,837.00</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">-6.37%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">7,301.99</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.89%;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:10.5pt;text-align:right;margin:0pt;">-<a name="_Hlk95660621"></a>8.58%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">7,987.13</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The comparative analysis of the unit price and the market price of the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">209</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Company&#8217;s main raw materials is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Gallium</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the statistics of ASIAN METAL, the average ex-factory price of gallium during the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB/kg</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.85pt;text-align:center;text-indent:-0.85pt;margin:0pt 10.5pt 0pt 0pt;"><img src="axti-20220617xex99d1008.jpg" alt="Graphic" style="display:inline-block;height:178.55pt;left:0%;padding-bottom:1.45pt;position:relative;top:0pt;width:415.3pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the comparison of Company&#8217;s average purchase unit price of gallium and the market price is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB/kg</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:99.96%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:58.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:13.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:14.3%;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:10.5pt;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;white-space:nowrap;width:58.56%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Average price of gallium purchased by the Issuer<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;">1,823.03</p></td><td style="vertical-align:middle;width:13.56%;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:10.5pt;text-align:right;margin:0pt;">1,010.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">896.50</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:58.56%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Average unit price (tax-exclusive) on ASIAN METAL<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;">1,890.76</p></td><td style="vertical-align:middle;width:13.56%;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:10.5pt;text-align:right;margin:0pt;">1,039.50</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">894.81</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:58.56%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Difference rate <font style="font-family:'SimSun';">&#9314;</font>=(<font style="font-family:'SimSun';">&#9313;</font>-<font style="font-family:'SimSun';">&#9312;</font>)/<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;">3.72%</p></td><td style="vertical-align:middle;width:13.56%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2.90%</p></td><td style="vertical-align:middle;white-space:nowrap;width:14.3%;border-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:10.5pt;text-align:right;margin:0pt;">-0.19%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s purchase price of gallium was generally consistent with the changing trend of price on ASIAN METAL; since the price provided by ASIAN METAL is for reference only, which is not consistent with the settlement price in the market, the Company&#8217;s purchase price of gallium is slightly different from that on ASIAN METAL.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, according to the </font><i style="font-size:12pt;font-style:italic;">Major Asset Replacement and Issuance of Shares to Purchase Assets and Raise Supporting Funds and Related Party Transactions of Fuda Alloy Materials Co., Ltd. (Draft) (Revised)</i><font style="font-size:12pt;"> (Fuda Alloy: 603045), &#8220;From 2018 to July 2020, the market price of gallium in China had been fluctuating around RMB1,000,000/ton. In August 2020, the price rose sharply. After the price increase in </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">210</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">2021, it continues to fluctuate around RMB2,000,000/ton.&#8221; The above situation also shows that the Company&#8217;s purchase price of gallium was basically consistent with the market price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Germanium ingot</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the statistics of ASIAN METAL, the average ex-factory price of germanium ingot during the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB/kg</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><img src="axti-20220617xex99d1009.jpg" alt="Graphic" style="display:inline-block;height:193.7pt;left:0%;padding-bottom:1.3pt;position:relative;top:0pt;width:399.15pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the comparison of the Company&#8217;s average purchase unit price of germanium ingot and the market price is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB/kg</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:99.96%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:62.73%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:12.17%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:12.17%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.92%;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:10.5pt;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;white-space:nowrap;width:62.73%;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:10.5pt;text-align:center;margin:0pt;">Average price of germanium ingot purchased by the Issuer<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:12.17%;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:10.5pt;text-align:right;margin:0pt;">7,008.32</p></td><td style="vertical-align:middle;width:12.17%;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:10.5pt;text-align:right;margin:0pt;">6,234.17</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,447.44</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:62.73%;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:10.5pt;text-align:center;margin:0pt;">Average unit price (tax-exclusive) on ASIA METAL<font style="font-family:'SimSun';">&#9313;</font></p></td><td style="vertical-align:middle;width:12.17%;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:10.5pt;text-align:right;margin:0pt;">7,091.63</p></td><td style="vertical-align:middle;width:12.17%;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:10.5pt;text-align:right;margin:0pt;">6,143.81</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.92%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,754.86</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:62.73%;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:10.5pt;text-align:center;margin:0pt;">Difference rate <font style="font-family:'SimSun';">&#9314;</font>=(<font style="font-family:'SimSun';">&#9313;</font>-<font style="font-family:'SimSun';">&#9312;</font>)/<font style="font-family:'SimSun';">&#9312;</font></p></td><td style="vertical-align:middle;width:12.17%;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:10.5pt;text-align:right;margin:0pt;">1.19%</p></td><td style="vertical-align:middle;width:12.17%;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:10.5pt;text-align:right;margin:0pt;">-1.45%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.92%;border-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:10.5pt;text-align:right;margin:0pt;">4.77%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s purchase price of germanium ingot was generally consistent with the changing trend of price on ASIAN METAL; since the price provided by ASIAN METAL is for reference only, which is not consistent with the settlement price in the market, the Company&#8217;s purchase price of germanium ingot is slightly different from that on ASIAN METAL. In general, the Company&#8217;s purchase price of germanium ingot was generally consistent with the market price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Quartz material</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The quartz materials purchased by the Company include quartz tubes, quartz </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">211</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">caps and other products of different varieties. According to the </font><i style="font-size:12pt;font-style:italic;">Prospectus</i><font style="font-size:12pt;"> of Kaide Quartz (835179, Beijing Stock Exchange), &#8220;Quartz products are mostly produced in customized manner, with the characteristics of small batches and multiple varieties. However, quartz products are widely used in many key processes of semiconductor integrated circuits, and photovoltaic solar energy fields. Therefore, although the customer demand for the product of each specification and model is not high, the overall demands of large semiconductor integrated circuits and photovoltaic solar energy manufacturers will be relatively high throughout the year. The Issuer has signed framework agreements with some customers with long cooperation time, stable cooperation, and large annual demand, such as NAURA and Tongmei Xtal. Due to frequent changes in products and specifications required by the corresponding customers, the specific products are still confirmed by contracts or orders.&#8221; &#8220;The Issuer sets prices according to the product (specification). The Issuer has produced and sold products of nearly 6,000 specifications during the reporting period. Some of the products are the old product specifications accumulated by the Issuer during the operation process, and some are new specifications during the reporting period; during product quotation, the Issuer will refer to historical pricing conditions, make quotations based on relevant factors such as the current internal and external environment, and negotiate with customers to determine the prices.&#8221; &#8220;Quartz products and their raw materials are not bulk commodities, and there is no public market price, so the fluctuation of the raw material market is relatively small in the short term. The items of labor and manufacturing costs, etc. as the main costs of quartz products wave relatively with a small extent in a short term.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, there is no publicly comparable unit price of quartz materials in the market. The Company purchases quartz materials according to the quotations of the suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) High-purity arsenic</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since high-purity arsenic is not a bulk commodity, there is no publicly comparable purchase unit price of high-purity arsenic in the market. In terms of high-</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">212</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">purity arsenic procurement, YONEDA CORPORATION, AMALGAMET CANADA LP, and Jiamei Hi-purity are the qualified suppliers of the Company. The prices of high-purity arsenic purchased by the Company from the above-mentioned suppliers during the same period are basically the same; For example, in 2021, the average unit price of the Company&#39;s purchase from YONEDA CORPORATION was RMB953.11/kg, the average unit price of the Company&#39;s purchase from Jiamei Hi-purity was RMB929.20/kg, which was close, while the average unit price of the company&#8217;s purchase from AMALGAMET CANADA LP was RMB842.15/kg, which was relatively low, mainly due to its relatively large purchase volume and favorable price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company purchases high-purity arsenic at market price. For information on relevant suppliers, please refer to Q9. Procurement mode and major suppliers of the </font><i style="font-size:12pt;font-style:italic;">Reply to Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) Boron trichloride</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since boron trichloride is not a bulk commodity, there is no publicly comparable purchase unit price of boron trichloride in the market. In terms of boron trichloride procurement, Jiangxi Hongqiang Technology Co., Ltd. and Dalian F.T.Z. Credit Chemical Technology Development Co., Ltd. are the qualified suppliers of the Company. The prices of boron trichloride purchased by the Company from the above suppliers in the same period are basically the same. For example, in 2021, the average unit price of Jiangxi Hongqiang Technology Co., Ltd. was RMB116.96/kg, and the average unit price of Dalian F.T.Z. Credit Chemical Technology Development Co., Ltd. was RMB123.28/kg. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company purchases boron trichloride at market price. For information on relevant suppliers, please refer to Q9. Procurement mode and major suppliers of the </font><i style="font-size:12pt;font-style:italic;">Reply to Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(6) Indium phosphide polycrystalline</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">213</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since indium phosphide polycrystalline is not a bulk commodity, there is no publicly comparable unit price of indium phosphide polycrystalline in the market. The Company purchases indium phosphide polycrystalline according to the quotations from the suppliers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. The reason for and rationality of the inconsistent changing trends between the sales prices of semiconductor substrates and the purchase prices of raw materials, and the impact on the gross profit margin of the corresponding products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The changes in the sales price of semiconductor substrates and the purchase price of main raw materials are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.5156898%;padding-left:0pt;padding-right:0pt;table-layout:auto;width:107.03%;" align="center"><tr style="height:19.85pt;"><td colspan="2" rowspan="2" style="vertical-align:middle;white-space:normal;width:40.41%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:24.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:24.24%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="display:none;vertical-align:middle;white-space:normal;width:40.41%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:11.51%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price</b></p></td><td style="vertical-align:middle;white-space:normal;width:11.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Rate of change</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.96%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:15.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">InP substrate and main raw materials</p></td><td style="vertical-align:middle;white-space:normal;width:24.86%;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:10.5pt;margin:0pt;">InP substrate (RMB/piece)</p></td><td style="vertical-align:middle;width:11.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,196.06</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">74.98%</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">683.54</p></td><td style="vertical-align:middle;width:11.93%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-9.09%</p></td><td style="vertical-align:middle;width:10.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">751.87</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:15.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:24.86%;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:10.5pt;margin:0pt;">Indium phosphide polycrystalline (RMB/kg)</p></td><td style="vertical-align:middle;white-space:normal;width:11.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,837.00</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-6.37%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,301.99</p></td><td style="vertical-align:middle;white-space:normal;width:11.93%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-8.58%</p></td><td style="vertical-align:middle;white-space:normal;width:10.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,987.13</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:15.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">GaAs substrate and main raw materials</p></td><td style="vertical-align:middle;white-space:normal;width:24.86%;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:10.5pt;margin:0pt;">GaAs substrate (RMB/piece)</p></td><td style="vertical-align:middle;width:11.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">437.68 </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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-6.14%</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">466.33</p></td><td style="vertical-align:middle;width:11.93%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">23.20%</p></td><td style="vertical-align:middle;width:10.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">378.50</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:15.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:24.86%;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:10.5pt;margin:0pt;">Gallium (RMB/kg)</p></td><td style="vertical-align:middle;white-space:normal;width:11.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,823.03</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">80.45%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,010.25</p></td><td style="vertical-align:middle;white-space:normal;width:11.93%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">12.69%</p></td><td style="vertical-align:middle;white-space:normal;width:10.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">896.50</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:15.54%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:24.86%;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:10.5pt;margin:0pt;">High-purity arsenic (RMB/kg)</p></td><td style="vertical-align:middle;white-space:normal;width:11.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">835.39</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-0.17%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">836.79</p></td><td style="vertical-align:middle;white-space:normal;width:11.93%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">0.21%</p></td><td style="vertical-align:middle;white-space:normal;width:10.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">835.06</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:15.54%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Germanium substrate and main raw materials</p></td><td style="vertical-align:middle;white-space:normal;width:24.86%;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:10.5pt;margin:0pt;">Germanium substrate (RMB/piece)</p></td><td style="vertical-align:middle;width:11.51%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">287.74</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-14.57%</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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">336.81</p></td><td style="vertical-align:middle;width:11.93%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-4.06%</p></td><td style="vertical-align:middle;width:10.96%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">351.05</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:15.54%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:24.86%;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:10.5pt;margin:0pt;">Germanium ingot (RMB/kg)</p></td><td style="vertical-align:middle;white-space:normal;width:11.51%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,008.32</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">12.42%</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,234.17</p></td><td style="vertical-align:middle;white-space:normal;width:11.93%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-3.31%</p></td><td style="vertical-align:middle;white-space:normal;width:10.96%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6,447.44</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The inconsistency between the change in the sales price of semiconductor substrate products and the change in the purchase price of raw materials is mainly reflected in the cases: in 2021, the purchase unit price of indium phosphide polycrystalline decreased by 6.37%, while the sales unit price of InP substrate increased by 74.98%; the purchase unit price of gallium increased by 80.45%, while the sales unit price of GaAs substrate decreased by 6.14%; the purchase unit price of germanium ingot increased by 12.42%, while the sales unit price of germanium substrate decreased by 14.57%.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">214</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) InP substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The purchase unit price of indium phosphide polycrystalline in 2021 decreased by 6.37% compared with that in 2020, while the sales unit price of InP substrate increased by 74.98%. After excluding the impact of the handover of the Issuer&#8217;s overseas sales and procurement business from AXT to AXT-Tongmei in March 2021, the sales unit price of InP substrate increased by 34.97%. The reason for this inconsistent changing trend is that the intrinsic factors that drive changes in purchase prices of raw materials and sales prices of substrates are different:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The increase in the sales unit price of InP substrate is due to that, on the one hand, the product supply is relatively tight with the increase in the global demand for downstream optical chips, optical module epitaxy and devices, and the overall market demand for InP substrate increases; on the other hand, the proportion of 2-inch product sales in 2021 decreased by 3% year-on-year, while the sales of 3-inch and 4-inch products increased, driving the increase in average unit price;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) In the production process of InP substrate, the cost of indium phosphide polycrystalline materials does not account for a high proportion, so the increase in the price of InP substrate does not significantly impact indium phosphide polycrystalline materials. All indium phosphide polycrystalline materials are purchased from overseas supplier WAFER TECHNOLOGY LIMITED. From 2020 to 2021, the Company&#8217;s purchase unit price was USD1,060.00/kg, which did not change. The decrease in the purchase unit price of indium phosphide polycrystalline is due to the impact of the depreciation of USD against RMB.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From the perspective of raw materials, the production of InP substrate mainly consumes indium phosphide polycrystalline, quartz materials, crucibles for crystal growth (mainly produced from boron trichloride and liquid nitrogen), chemical reagents, packaging materials and other materials. Among them, indium phosphide polycrystalline is obtained from outsourcing or produced by the Company with red phosphorus, high-purity indium and other raw materials. Taking 2021 as an example, under the condition that other conditions remain unchanged, the sensitivity analysis of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">215</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the 10% and 20% increase (decrease) in the purchase unit price of indium phosphide to the InP substrate and the Company&#8217;s overall cost and gross profit margin in 2021 is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:2.85pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="5" style="vertical-align:middle;width:77.54%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Unit price of indium phosphide polycrystalline</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+20%</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+10%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">0</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-10%</b></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-20%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Revenue of InP substrate</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">28,179.15</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">28,179.15</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">28,179.15</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">28,179.15</font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">28,179.15</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Cost of InP substrate</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">13,067.89</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">12,955.98</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">12,844.08</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">12,732.18</font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">12,620.27 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Gross profit margin of InP substrate</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">53.63%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">53.98%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">54.42%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">54.86%</font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">55.29%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overall revenue of the Company</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">85,734.52</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">85,734.52</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">85,734.52</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">85,734.52</font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">85,734.52</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overall cost of the Company</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">56,353.07</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">56,241.16</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">56,129.26</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">56,017.36</font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">55,905.45</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overall gross profit margin of the Company</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">34.27%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">34.40%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">34.53%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">34.66%</font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">34.79%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The above table indicates that while keeping other conditions unchanged, the fluctuation of the purchase unit price of indium phosphide polycrystalline has little impact on the InP substrate and the Company&#8217;s overall cost and gross profit margin.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) GaAs substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The purchase unit price of gallium in 2021 increased by 80.45% compared with that in 2020, while the sales unit price of GaAs substrate decreased by 6.14%. After excluding the impact of the handover of the Issuer&#8217;s overseas sales business from AXT to AXT-Tongmei in March 2021, the sales unit price of GaAs substrate increased by 1.61%. The main reasons for this inconsistent trend are:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The material cost of gallium does not account for a high proportion in the overall production cost of GaAs substrate, so the price increase of gallium substrate does not significantly impact GaAs substrate;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The Company&#8217;s pricing for GaAs substrate depends on market demand, competition level and business strategy needs, and the unit price of gallium raw materials has little impact.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">216</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From the perspective of raw materials, the production of GaAs substrate 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, under the condition that other conditions remain unchanged, the sensitivity analysis of the 10% and 20% increase (decrease) in the purchase unit price of gallium to the GaAs substrate and the Company&#8217;s overall cost and gross profit margin in 2021 as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:2.85pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="5" style="vertical-align:middle;width:77.54%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Unit price of gallium</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+20%</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+10%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">0</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-10%</b></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-20%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Revenue of GaAs substrate</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">25,547.46</font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">25,547.46</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Cost of GaAs substrate</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 19,955.94 </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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 19,482.36 </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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19,008.77</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 18,535.18 </font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 18,061.60 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Gross profit margin of GaAs substrate</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">21.89%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">23.74%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25.59%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">27.45%</p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">29.30%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overall revenue of the Company</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">85,734.52</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">85,734.52</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">85,734.52</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">85,734.52</p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">85,734.52</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overall cost of the Company</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 57,076.43 </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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 56,602.85 </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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">56,129.26</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 55,655.67 </font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 55,182.09 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overall gross profit margin of the Company</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">33.43%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">33.98%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">34.53%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">35.08%</p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">35.64%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The above table indicates that while keeping other conditions unchanged, the fluctuation of the purchase unit price of gallium has little impact on the GaAs substrate and the Company&#8217;s overall cost and gross profit margin.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Germanium substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The purchase unit price of germanium ingot in 2021 increased by 12.42% compared with that in 2020, while the sales unit price of germanium substrate decreased by 14.57% in 2021. After excluding the impact of the handover of the Issuer&#8217;s overseas sales business from AXT to AXT-Tongmei in March 2021, the sales unit price of germanium substrate decreased by 11.59%. The main reasons for this inconsistent trend are:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">217</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The increase in the unit price of raw material germanium ingots is mainly affected by the domestic economic environment and the COVID-19 epidemic, the prices of related industrial raw materials are in a generally upward trend, and the Company&#8217;s purchase prices are consistent with the fluctuation trend of market prices.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Despite of the increase in the price of germanium ingots, the sales unit price of germanium substrate decreases, which is mainly due to the intensified domestic competition in 2021, and Yunnan Germanium and other manufacturers have also increased the production and sales of germanium substrate; at the same time, with the rapid increase in the demands for solar photovoltaic cells and high-performance light-emitting diodes and other device products in the aerospace field, the orders of downstream customers are also rising rapidly year by year. In order to maintain the market size and cope with domestic competition, the Issuer has adopted the price reduction and promotion methods, which allows the Company to give a certain concession in the product pricing. As a result, the sales volume of germanium substrates in 2021 was 311,000 pieces, increasing by 30.02% over 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, according to the 2021 Annual Report disclosed by Yunnan Germanium, the sales unit price of its germanium substrate products decreased from RMB390.06/piece in 2020 to RMB283.70/piece, decreasing by 27.27%, which is consistent with the downtrend of sales price of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc105879763"></a><a name="_Toc31366"></a>Q5. Inventory</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">218</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 7.8pt 0pt;">According to the reply to the first inquiry letter, (1) the book balance of the Issuer&#8217;s inventories increased significantly to RMB401,034,500 as at the end of 2021, which was partly because the Company has increased the procurement of raw materials due to the rising price of metal gallium and the short supply of germanium ingots in the market; (2) at the end of each period of the reporting period, the proportion of the Issuer&#8217;s provision for inventory depreciation to the inventory book balance was 8.76%, 4.87% and 4.92%, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to further disclose: the accounting policy and specific method for the provision for inventory depreciation, the method and basis for determining the net realizable value of inventories.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) the specific composition, amount and provision for depreciation of the Company&#8217;s inventories as at the end of 2021; (2) whether the provision for inventory depreciation is adequate in light of the changes in market prices of the Company&#8217;s main raw materials and whether there are any adverse factors that will affect the net realizable value of inventories subsequent to the period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor and the Reporting Accountant are required to explain: (1) the plan on the supervision of the domestic and overseas inventory counts, including the time and place, the personnel involved and the way of supervision; (2) the supervised amount and proportion for different types of inventories deposited in the domestic and overseas areas; (3) the method, proportion and conclusion of verification for the inventories deposited in the customers&#8217; premises; (4) the procedures, proportion and conclusion of verification performed for the accuracy and basis of the valuation of different types of inventories.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer has further disclosed the following information in &#8220;VI.(V).Inventories&#8221; </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">219</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">in &#8220;Section VIII Financial Information and Management Analysis&#8221; of the Prospectus: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:25.2pt;margin:0pt;"><a name="_Hlk97492976"></a><font style="font-size:12pt;">At the balance sheet date, inventories are measured at the lower of cost and net realizable value. If the cost of inventories is higher than the net realizable value, a provision for decline in value of inventories is recognized in the profit or loss for the current period. If factors that previously resulted in the provision for decline in value of inventories no longer exist so that the net realizable value of inventories is higher than their carrying amounts, the amount of the write-down is reversed. The reversal is limited to the amount originally provided for the provision for the decline in value of inventories, and is recognized in the profit or loss for the current period. Provision for decline in value of inventories is made for auxiliary materials, semi-finished products and finished products aged more than one year, while a separate provision is made for separately identified deteriorated, damaged or unusable inventories.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.5pt;margin:0pt;"><font style="font-size:12pt;">Net realizable value refers to the estimated selling price in the ordinary course of business deducted by the estimated costs to completion, the estimated selling expenses and the related taxes. Provision for decline in values of inventories is made on the basis of individual inventory items/categories for raw materials and finished products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><a name="_Hlk102945630"></a><b style="font-size:12pt;font-weight:bold;"> 1. Specific method for the provision for inventory depreciation:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer made a full provision for inventory depreciation on auxiliary materials aged more than one year, a net realizable value test for semi-finished and finished products aged more than one year if they have been purchased by other internal companies for use as the main material for production, and a full provision for inventory depreciation if they have not been purchased by other internal companies for use as the main material for production, according to the respective inventory categories in the accounts. In addition, the Issuer and its subsidiaries made a provision for inventory depreciation on other inventories based on the net realizable value test.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">2. Method and basis for determining the net realizable value:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) Since the Issuer has made a full provision for inventory depreciation for auxiliary materials aged more than one year as well as semi-finished and finished products aged more than one year that have not been purchased by other </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">220</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">internal companies for use as the main material for production, no further net realizable value test shall be performed for these inventories.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) The specific methods for determining the net realizable value of GaAs, InP, germanium polycrystals, single crystal and substrates classified as semi-finished products and unfinished products are as follows: for single crystals, the proportion of the current production input amount to the total substrate cost is used to determine the proportion of single crystal stage completion, and then the amount is recognized based on the ex-tax selling price of the substrate around the balance sheet date, less the estimated costs to be incurred from single crystal processing to the substrate, the possible selling expenses and related taxes. For polycrystals, the proportion of the current production input amount to the total single crystal cost is used to determine the proportion of polycrystalline stage completion, and then the proportion of single crystal stage completion is determined based on the aforementioned method, and then the amount is recognized based on the ex-tax selling price of the substrate around the balance sheet date, less the estimated costs to be incurred from polycrystalline to single crystal and from single crystal to substrate, possible selling expenses and related taxes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) For GaAs, InP and germanium substrates classified as unfinished products, the cost to be incurred to completion is estimated based on the approximate production volume of the processes in which they are used. The amount is recognized based on the ex-tax selling price around the balance sheet date, less the estimated costs to be incurred to completion, possible selling expenses and related taxes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(4) For GaAs, InP and germanium substrates classified as finished products, the amount is recognized based on the ex-tax selling prices around the balance sheet date, less possible selling expenses and related taxes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(5) Please refer to the above method for PBN-related products and high-purity metals and compounds, etc.</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">221</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Specific composition, amount and provision for depreciation of the Company&#8217;s inventories as at the end of 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the Company&#8217;s inventory mainly consisted of semiconductor substrate materials, PBN crucibles, high-purity metals and compounds, as well as raw materials, semi-finished products and unfinished products used in various production processes, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:16.38%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Inventory category</b></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Inventory breakdown</b></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Book balance</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Provision for impairment</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:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Book value</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Main materials of raw materials</p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">Germanium ingots</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">1,329.18</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,329.18</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Red phosphorus</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">238.33</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">238.33</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">210.78</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">210.78</p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Auxiliary materials of raw materials</p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Packaging materials</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,152.72</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">85.17</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,067.55</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Cutting, grinding and polishing materials</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">886.31</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">74.75</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">811.56</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Quartz materials</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">580.80</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">4.39</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">576.41</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">C</font><font style="font-size:12pt;">hemical reagents</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">286.24</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">19.13</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">267.11</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Others</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,971.25</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">172.42</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,798.83</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:46.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total raw materials</b></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,655.61</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">355.86</b></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,299.75</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="8" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Semi-finished products</p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">GaAs polycrystal</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">3,237.52</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">0.94</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">3,236.58</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">GaAs<font style="font-size:12pt;"> single crystal</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,663.58</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">57.02</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,606.56</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">InP single crystal</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,150.32</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">185.45</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,964.87</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">InP polycrystal</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,861.76</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,861.76</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">Germanium wafers</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,466.14</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">265.97</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,200.17</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">GaAs wafers</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">553.71</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">95.00</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">458.71</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">671.32</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">106.35</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">564.97</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total semi-finished products</b></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,052.81</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">616.29</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11,436.52</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="8" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Unfinished products</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">GaAs<font style="font-size:12pt;"> single crystal</font></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">4,059.51</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">4,059.51</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">2,652.53</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,652.53</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.75%;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:10.5pt;text-align:center;margin:0pt;">InP single crystal</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,568.12</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,568.12</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">222</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:16.38%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">Germanium single crystal</p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,057.19</font></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,057.19</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">GaAs wafers</p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">994.92</font></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">32.81</font></p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">962.11</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">InP wafers</p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">850.81</font></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">850.81</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">579.93</font></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">579.93</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b><b style="font-size:12pt;font-weight:bold;">unfinished products</b></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,763.01</b></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">32.81</b></p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,730.20</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Goods in stock</p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">PBN<font style="font-size:12pt;"> crucibles</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">2,455.07</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">370.12</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,084.95</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">InP<font style="font-size:12pt;"> substrates</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">1,745.68</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,745.68</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">GaAs <font style="font-size:12pt;">substrates</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">1,246.80</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">313.41</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">933.39</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium substrates</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">767.47</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">767.47</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">406.47</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">33.17</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">373.30</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total goods in stock</b></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,621.49</b></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">716.70</b></p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5,904.80</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Goods upon delivery</p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">GaAs <font style="font-size:12pt;">substrates</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">1,577.13</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,577.13</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium substrates</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">266.88</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">266.88</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">InP<font style="font-size:12pt;"> substrates</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">90.88</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">90.88</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;">PBN<font style="font-size:12pt;"> crucibles</font></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;">75.63</p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">75.63</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:181.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total goods upon delivery</b></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,010.52</b></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:117.47%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,010.52</b></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:281.66%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:117.55%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">40,103.45</b></p></td><td style="vertical-align:middle;width:93.76%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1,721.66</b></p></td><td style="vertical-align:middle;width:117.47%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38,381.78</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. As for the composition of inventories, at the end of 2021, the amount and proportion of semi-finished products and unfinished products were relatively high, with the total book value accounting for 62.97% of the book value of inventory, mainly due to the combined effects of the following: on one hand, 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 and accelerating its production progress; on the other hand, the depletion of raw materials increased.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. In terms of inventory age composition, at the end of 2021, the balance of inventory within one year was RMB376,140,000, accounting for 93.79%, which was relatively high, mainly due to the relatively high proportion of the Company&#8217;s products manufactured in a customized manner and the relatively fast rate of inventory depletion. During the reporting period, the inventory turnover ratio of the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">223</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Company was 1.36, 1.52 and 1.60, respectively, which increased year by year. In addition, at the end of each reporting period, the finished products coverage for orders on hand was 501.33%, 731.11% and 452.44%, respectively, which were high and reflected adequate orders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Regarding the provision for inventory depreciation, at the end of 2021, the amount of provision for depreciation of inventory aged more than one year was RMB13,754,300, accounting for 79.89% of the overall provision for inventory depreciation and 55.25% of the balance of inventory aged more than one year, which was a relatively high proportion of provision.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Provision for inventory depreciation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Basis for the full provision of auxiliary materials aged more than 1 year</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Among the inventories held by the Issuer, the auxiliary materials are mainly packaging materials, cutting, grinding, and polishing materials, quartz materials, chemical reagents and other auxiliary materials. The Issuer&#8217;s full provision for inventory depreciation for auxiliary materials aged more than 1 year is mainly determined by the nature of the auxiliary materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Due to the high cleanliness requirements for the Issuer&#8217;s semiconductor substrate material products, the Issuer&#8217;s products also have high cleanliness requirements for auxiliary materials during the production and packaging processes, and the auxiliary materials are subject to dust and other possible contaminations under the impact of the storage environment during the long-term storage. The longer the storage time, the greater the possibility of contamination. Thus, the Issuer believes that the possibility of contamination is extremely high for auxiliary materials that have not been used for over 1 year. Upon the occurrence of the contamination, the Issuer needs to clean the auxiliary materials, and the unit value of this part of the auxiliary materials is low. During the cleaning process, materials such as high-purity reagents with a high unit value need to be used; as a result, the cleaning cost may be higher than that of the direct replacement of materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, compared with main materials during the production process, cutting, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">224</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">grinding, and polishing materials and chemical reagents are not chemically stable enough, and are subject to possible corrosion, deterioration and purity reduction, resulting in the failure to meet production needs. Therefore, for the long-term storage of cutting, grinding and polishing materials and chemical reagents, the Issuer believes that their quality has significantly declined compared to that at the time of purchase, and thus the quality requirements for production can hardly be met.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, it is reasonable for the Issuer to make full provision for inventory depreciation for auxiliary materials aged more than 1 year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Basis for the full provision for semi-finished products and inventories aged more than 1 year that have not been claimed</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For semi-finished products and inventories held by the Issuer aged more than 1 year, the Issuer arranges the production schedule based on its orders in hand but there are uncontrollable damage and other conventional damages during the production process; as a result, the Issuer will arrange more raw materials than those required by the orders. If the customer does not purchase products with the same parameters subsequently, as the product parameters are fixed and different customers have different requirements for product parameters, products of the corresponding models are hard to sell, resulting in poor sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer believes that as the Company&#8217;s products are mainly customized products, different customers have different requirements for product parameters, and due to the characteristics of semiconductor companies and the iteration risk in their products, products that have already been manufactured yet without any sales orders for a long time are unlikely to be sold in the future.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, it is reasonable for the Issuer to make full provision for inventory depreciation for semi-finished products and inventories aged more than 1 year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Other inventories</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Except the foregoing inventories, for other inventories, the Company recognizes the net realizable value and make provision for depreciation based on the tax-exclusive selling price of relevant finished products before and after the balance sheet </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">225</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">date, less the estimated costs to be incurred, possible sales expenses and relevant taxes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. About comparable companies in the same industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From the perspective of product composition, NSIG&#8217;s products are silicon substrate materials, SICC&#8217;s products are silicon carbide substrates, and the Company&#8217;s products are III-VI compound substrate materials. Their products are different, but the Company&#8217;s policy for the provision for inventory depreciation are not significantly different from that of NSIG and SICC. The specific comparison is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.1964302%;width:106.39%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Item</p></td><td style="vertical-align:middle;width:28.01%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:28.02%;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:10.5pt;text-align:center;margin:0pt;">SICC</p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:center;margin:0pt;">NSIG</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Method for the provision of Inventory depreciation</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">On the balance sheet date, inventories are measured at the cost or the net realizable value, whichever is lower. If the cost is higher than the net realizable value, the provision for inventory depreciation will be accrued to the current profits and losses. If the influencing factors of the previous provision for inventory depreciation have disappeared, so that the net realizable value of the inventory is higher than its book value, the previously written down amount will be recovered within the originally amount of provision of inventory depreciation, and the amount reversed will be accrued to the current profits and losses.</p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">The Company evaluates the inventories at the end of the reporting period based on the market demand, product technical indicators and estimated selling prices</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Inventories are evaluated, and a provision for inventory depreciation is made if the inventory is lower than the net realizable value.</p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">During the reporting period, the balance of inventories on the balance sheet date is measured at the cost or the net realizable value, whichever is lower. If the cost is higher than the net realizable value on the balance sheet date, the provision for inventory depreciation will be accrued to the current profits and losses.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Provision by inventory age</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">For auxiliary materials aged more than 1 year, a full provision for inventory depreciation will made. If the semi-finished products </p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">For finished products aged more than 2 years, due to the characteristics of semiconductor companies and the iteration risk in </p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">N/A</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">226</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.1964302%;width:106.39%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">and finished products aged more than 1 year have been purchased by other companies within the group as main materials for production, net realizable value testing will be conducted. For those that have not been purchased by other companies within the group as main materials for production, a full provision for inventory depreciation will be made.</p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">their products, the Company prudently determines that its net realizable value is 0, and makes a full provision for depreciation for relevant products.</p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Separate provision</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">Separate provision for separately identified deteriorated, damaged or unusable inventories</p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Carry out inventory check to confirm whether there are any damaged, unsalable and other inventories that cannot be sold or used. If there are any, the net realizable value of the inventories will be recognized as zero</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Method for the recognition of net realizable value</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">(1) As the Issuer has made a full provision for inventory depreciation for auxiliary materials aged more than 1 year, semi-finished products and finished products aged more than 1 year that have not been purchased by other companies within the group as main materials for production, these inventories are no longer subject to net realizable value testing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(2) The specific method for the determination of the net realizable value of GaAs, InP, germanium polycrystals, single crystals </p></td><td style="vertical-align:middle;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">For finished products, materials for sale and other inventories directly for sale, during the normal production and operation processes, the net realizable value of inventories is the estimated selling price of the inventory less the estimated selling expenses and the relevant taxes; for material inventories that need to be processed, in the normal production and operation processes, the net realizable value is the estimated selling price of the finished product produced less the estimated </p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The net realizable value of inventories is the estimated selling prices of the inventories less the cost to be incurred upon completion, the selling expenses and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(1) Carry out inventory check to confirm whether there are any damaged, unsalable and other inventories that cannot be sold or used. If there are any, the net realizable value of the inventories will be recognized as zero.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(2) For finished products and other inventories that are directly for sale, during </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">227</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.1964302%;width:106.39%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">and substrates classified as semi-finished products and goods in process in the account book is as follows: For single crystals, the completion proportion at the single crystal stage is determined according to the proportion of the current production cost to the total cost of the substrates, and the estimated cost for processing the single crystals to substrates, the possible selling expenses to be incurred and the relevant taxes are deducted from the tax-exclusive selling price of the substrates before and after the balance sheet date; for polycrystals, the completion proportion at the polycrystalline stage is determined according to the proportion of the current production cost to the total cost of the single crystals, the completion proportion at the single crystal stage is determined by the foregoing method, and finally the estimated costs for processing the polycrystals to single crystals and processing the single crystals to substrates, the possible selling expenses to be incurred and the relevant taxes are deducted from the tax-exclusive selling price </p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">cost to be incurred upon completion, the estimated sales expenses and the relevant taxes; for inventories held for the performance of sales contracts or labor contracts, the net realizable value is based on the contract prices, and if the quantity of the inventories held is more than the that ordered under the sales contracts, the net realizable value of the excess inventories is calculated on the basis of the general sales prices.</p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">the normal production and operation processes, the net realizable value is the estimated market prices of the inventories less the estimated sales expenses and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(3) For materials and raw materials for commissioned processing that need to be processed, during the normal production and operation processes, the net realizable value is the estimated market price of the finished products that are manufactured less the estimated costs to be incurred upon completion, the estimated sales expenses and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(4) For finished products held and commodities delivered for the performance of signed sales orders, the net realizable value is calculated on the basis of the order prices.</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">228</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.1964302%;width:106.39%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">of the substrates before and after the balance sheet date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(3) For GaAs, InP, germanium substrates, <i style="font-style:italic;">etc.</i> that are classified as goods in process in the account book, the cost to be incurred upon completion is estimated based on the approximate output of the process where they are involved. It is recognized on the basis of the tax-exclusive selling price before and after the balance sheet date less the estimated cost upon completion, the possible sales expenses to be incurred and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(4) For GaAs, InP, germanium substrates, <i style="font-style:italic;">etc.</i> classified as finished products in the account book, it is recognized according to the tax-exclusive selling price before and after the balance sheet date less the possible sales expenses to be incurred and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(5) For PBN-related products and products such as high-purity metals and compounds, the above methods should be referred to.</p></td><td style="vertical-align:middle;width:28.02%;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;"></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of the inventory depreciation provision policy, there are no significant differences &#160;between the Company and comparable companies in the same industry, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">229</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">which is demonstrated by: compared to SICC, there is a circumstance where deprecation for long-aged inventories is prudently accrued, while the Company makes a full provision for inventory depreciation for relevant inventories aged more than 1 year according to the characteristics of its own products, while SICC chooses inventories aged more than 2 years; compared to NSIG, for deteriorated, damaged or unusable inventories after individual identification, both the Issuer and NSIG make a full provision. In addition, there are no significant differences between amongst the subjects in the method for determining the net realizable value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company has formulated a reasonable inventory depreciation policy in accordance with the Accounting Standards for Business Enterprises as well as characteristics of its own products and conditions of the industry, which is reasonable and is not significantly different from that of comparable companies in the same industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(III) About the post-period depletion of inventories</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of May 31, 2022, the depletion of the Company&#8217;s inventories at the end of each reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">In RMB0&#8217;000</font></p><div style="margin-left:-6.15pt;" 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:29.68%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.44%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2021</b></p></td><td style="vertical-align:middle;width:23.44%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2020</b></p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:29.68%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Book balance of inventory</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">40,103.45</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">29,919.80</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;margin:0pt;">26,929.21</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:29.68%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Post-period carried-forward amount</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">33,366.36</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">28,737.71</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;margin:0pt;">26,013.41</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:29.68%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Post-period carry-forward rate</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">83.20%</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">96.05%</p></td><td style="vertical-align:middle;width:23.42%;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:10.5pt;text-align:right;margin:0pt;">96.60%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">(IV) Whether the provision for inventory depreciation is adequate in light of the changes in market prices of the Company&#8217;s main raw materials and whether there are any adverse factors that will affect the net realizable value of inventories subsequent to the period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The main raw materials required for the Company&#8217;s production include gallium, germanium ingots, quartz materials, high-purity arsenic, </font>InP<font style="font-size:12pt;"> polycrystals, boron trichloride, etc. The changes in the purchase prices of the above raw materials during </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">230</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB/kg</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.9493065%;width:101.89%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:22.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:20.29%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">January - April 2022</b></p></td><td colspan="3" style="vertical-align:middle;white-space:nowrap;width:22.14%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></p></td><td colspan="3" style="vertical-align:middle;white-space:nowrap;width:22.46%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020 </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019 </b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.39%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">Gallium</font></p></td><td style="vertical-align:middle;width:10.39%;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:10.5pt;text-align:right;margin:0pt;">2,266.37</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:10.5pt;text-align:right;margin:0pt;">24.32%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">1,823.03</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">80.45%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">1,010.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">12.69%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">896.50</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">Germanium ingots</font></p></td><td style="vertical-align:middle;width:10.39%;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:10.5pt;text-align:right;margin:0pt;">7,601.22</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:10.5pt;text-align:right;margin:0pt;">8.46%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">7,008.32</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">12.42%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">6,234.17</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">-3.31%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">6,447.44</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">Quartz materials</font></p></td><td style="vertical-align:middle;width:10.39%;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:10.5pt;text-align:right;margin:0pt;">457.55</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:10.5pt;text-align:right;margin:0pt;">3.06%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">443.95</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">-4.38%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">464.29</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">-4.74%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">487.41</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;width:10.39%;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:10.5pt;text-align:right;margin:0pt;">958.70</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:10.5pt;text-align:right;margin:0pt;">14.76%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">835.39</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">-0.17%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">836.79</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">0.21%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">835.06</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">Boron trichloride</font></p></td><td style="vertical-align:middle;width:10.39%;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:10.5pt;text-align:right;margin:0pt;">123.85</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:10.5pt;text-align:right;margin:0pt;">-9.09%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">136.24</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">13.17%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">120.39</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">-14.71%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">141.14</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom: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:10.5pt;margin:0pt;">InP<font style="font-size:12pt;"> polycrystals</font></p></td><td style="vertical-align:middle;width:10.39%;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:10.5pt;text-align:right;margin:0pt;">6,764.56</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:10.5pt;text-align:right;margin:0pt;">-1.06%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">6,837.00</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">-6.37%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">7,301.99</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-8.58%</p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:12.25%;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:10.5pt;text-align:right;margin:0pt;">7,987.13</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: Data for January-April 2022 are unaudited.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the aforesaid table that the purchase unit price of gallium showed a significant increase as a whole during and after the reporting period; the price of germanium ingot has increased since 2021; the price of high-purity arsenic has been basically the same in the past three years, and has increased after the period; the prices of quartz materials and boron trichloride have fluctuated, while that of </font>InP<font style="font-size:12pt;"> polycrystals has declined slightly year by year. The main production uses of each main raw material 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;white-space:nowrap;width:31.71%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main raw material</b></p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main corresponding products</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Gallium</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">GaAs substrates, high-purity gallium, gallium compounds</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Germanium ingots</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">Germanium substrates</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Quartz materials</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">InP substrates, GaAs substrates, germanium substrates</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">High-purity arsenic</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">GaAs substrates</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Boron trichloride</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">PBN crucibles</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;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:10.5pt;margin:0pt;">InP polycrystals</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">InP substrates</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Whether the provision for inventory depreciation is adequate in light of the changes in market prices of the Company&#8217;s main raw materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> </font><font style="font-size:12pt;">(1) The impact of the increase in the price of gallium on the cost and selling </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">231</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">price of GaAs substrates </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The increase in the price of gallium has less impact on the cost and selling price of GaAs substrates, which was mainly due to:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Low proportion of gallium in the cost composition</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of cost composition, the proportion of semiconductor substrate materials in the direct materials is relatively low. In 2021, the Company&#8217;s GaAs substrates accounted for 43.88% of direct materials, while the direct material proportion in the cost composition of NSIG was 44.25% and that of SICC was 35.46%, according to the 2021 annual reports of comparable listed companies in the same industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As for the composition of direct materials, the main direct materials consumed in the production of GaAs substrates include 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. The proportion of gallium in the direct materials is also not high.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the case that the price of gallium was relatively high in 2021, 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><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:2.85pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item in 2021</b></p></td><td colspan="5" style="vertical-align:middle;width:77.54%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Unit price of gallium</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+20%</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+10%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">0</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-10%</b></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-20%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Revenue of GaAs substrates</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Cost of GaAs substrates</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 19,955.94 </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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 19,482.36 </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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19,008.77</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 18,535.18 </font></p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;"> 18,061.60 </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.45%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Gross margin of GaAs substrates</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">21.89%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">23.74%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25.59%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">27.45%</p></td><td style="vertical-align:middle;width:15.66%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">29.30%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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&#8217; cost and gross margin if other conditions remain unchanged. Similarly, the offer price of GaAs substrates will not fluctuate significantly due to the price fluctuation of gallium.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">232</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Lagging impact of the increase in the price of raw materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the market law, the price of raw materials will cause the price change of end products to a certain extent, but such impact takes some time, so the price increase of end products often lags behind; in addition, the selling price of GaAs substrates will be locked in advance according to the orders between the Company and customers. In 2021, with a significant increase in the price of gallium, due to the relatively low labor costs and gas power costs and other prices in Baoding, Hebei and Chaoyang, Liaoning, coupled with the increasing operating rate, the gross profit margin of our GaAs substrate products maintained at 25.59%. There is still certain room for the gross margin to increase in the future as the price gradually affects the end products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> </font><font style="font-size:12pt;">(2) The impact of the increase in the price of gallium on the cost and selling price of high-purity gallium and gallium compounds</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">High-purity gallium is mainly obtained by purification of gallium, while gallium compounds are produced from chemical reaction of high-purity gallium with other elements, and gallium is the main material required for the production of the above products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Concerning cost composition, with the significant increase in the purchase price of gallium in 2021, the proportion of direct materials in the cost composition of high-purity gallium and gallium compounds rose to 96.38%. Therefore, the increase in the price of gallium has a greater impact on the cost and selling price of high-purity gallium and gallium compounds.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">With the price increase of gallium, the unit price of high-purity metal and compounds increased by 17.62% and 55.91%, respectively during the reporting period. The overall rising trend is consistent with that of gallium, but the rate of increase is different. Due to the price impact on end products and locked order price in advance, the unit price of high-purity metal and compounds increased less than the price increase of gallium in 2021, and its gross margin decreased to 10.26% from 17.14% in 2020, but it still saw a certain profitability prospect. And in the future, as </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">233</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the price impact is further transmitted to the end products, its gross margin still has some room for recovery.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:18pt;margin:0pt 0pt 0pt 5.25pt;"><font style="font-size:12pt;">(3) The impact of the increase in the price of germanium ingots on the cost and selling price of germanium substrates</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From January to March 2022, the average unit price of germanium substrates decreased by 3.12% (unaudited) compared to 2021, while the raw material germanium ingots remained on an upward price trend. Based on the above, the Company conducted a net realizable value test of the germanium substrates at the end of 2021 in conjunction with the prices around the balance sheet date at the end of 2021, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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;width:50.99%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;white-space:normal;width: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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">At the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.99%;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:10.5pt;text-align:center;margin:0pt;">Book amount of finished products</p></td><td style="vertical-align:middle;white-space:normal;width: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:10.5pt;text-align:right;margin:0pt;">767.47</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.99%;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:10.5pt;text-align:center;margin:0pt;">Expected sales revenue</p></td><td style="vertical-align:middle;white-space:normal;width: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:10.5pt;text-align:right;margin:0pt;">784.72</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.99%;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:10.5pt;text-align:center;margin:0pt;">Estimated selling expenses and taxes</p></td><td style="vertical-align:middle;white-space:normal;width: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:10.5pt;text-align:right;margin:0pt;">12.71</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.99%;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:10.5pt;text-align:center;margin:0pt;">Net realizable value</p></td><td style="vertical-align:middle;white-space:normal;width: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:10.5pt;text-align:right;margin:0pt;">772.01</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.99%;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:10.5pt;text-align:center;margin:0pt;">Relation</p></td><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Book value</font> &lt; Net realizable value</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.99%;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:10.5pt;text-align:center;margin:0pt;">Impaired or not</p></td><td style="vertical-align:middle;white-space:normal;width: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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon test, the net realizable value of germanium substrates was greater than the book value at the end of 2021, and no impairment occurred. Therefore, the net realizable value of raw materials, unfinished products and semi-finished products held for production, and finished products used for production were greater than their book value, and there was no obvious indication of impairment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> </font><font style="font-size:12pt;">(4) Adequate provision for inventory depreciation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the price fluctuation of gallium has a small impact on the cost and selling price of </font>GaAs<font style="font-size:12pt;"> substrates; in the event of a significant price increase of gallium in 2021, the Company&#8217;s </font>GaAs<font style="font-size:12pt;"> substrates, high-purity metal and compound products still have a certain profitability prospect in the current period, and there is no significant increase in the price of related raw materials after the period. Therefore, the Company has made adequate provision for inventory depreciation on the above </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">234</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">products and related semi-finished products, unfinished products and raw materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, influenced by the short supply of germanium ingots and other factors, the Company also increased the purchase of germanium ingots on this basis, resulting in a relatively high amount of germanium ingots at the end of 2021, but the purchase cost did not show any significant and substantial increase, and after testing, there was no indication of impairment for germanium substrate products at the end of the period. In addition, the main raw materials such as quartz materials, high-purity arsenic, boron trichloride and InP polycrystals have not experienced significant price increases during and after the reporting period, and the impact on the end products is relatively small.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, fluctuations in the market prices of main raw materials will not significantly increase the corresponding costs of finished products of the Company, and the Company will also adjust the prices negotiated with customers for end products in accordance with the fluctuations in raw material prices. The prices and costs of the Company&#8217;s products of the same type have not been inverted around the balance sheet dates during the reporting period, and the Company has made adequate provision for the depreciation of goods in stock and other types of inventories.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether there are any adverse factors that will affect the net realizable value of inventories subsequent to the period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The main products of the Company include semiconductor substrate materials, PBN crucibles and high-purity metals and compounds. Inventories are mainly composed of the above finished products as well as semi-finished products, unfinished products and raw materials related to the production of the above products. Therefore, the net realizable value of inventory at the end of the period is determined mainly based on the selling prices of the above-mentioned end products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this reply, there are no adverse factors that significantly affect the net realizable value of inventories, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> </font><font style="font-size:12pt;">(1) Sound market development and stable cooperation with customers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Up to now, the market demand for the Company&#8217;s main products is on the rise, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">235</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and the Company has maintained good cooperation with its major customers, with sales of most products further improving year-on-year, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:2.85pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">January - March 2022</b></p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">January - March 2021</b></p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Increase</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">InP substrates</p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">9,823.95</p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,788.77</p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">105.15%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">GaAs substrates</p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,491.52</p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5,599.62</p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">33.79%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Germanium substrates</p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,697.56</p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,159.04</p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">24.94%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">PBN crucibles</p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,920.27</p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,199.56</p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">60.08%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,477.58</p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,871.51</p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-13.72%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Others</p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">853.56</p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,165.41</p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-26.76%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.34%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Total revenue from main business</p></td><td style="vertical-align:middle;width:25.34%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,264.44</p></td><td style="vertical-align:middle;width:23.97%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">17,783.91</p></td><td style="vertical-align:middle;width:25.34%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">42.06%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: The above data is unaudited</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2022, the Company further expanded the production of GaAs substrates, resulting in increasing internal procurement of high-purity metals and compounds. As there is no significant change in the year-over-year production capacity of high-purity metals and compounds, the Company will give priority to meet internal use. Considering the internal procurement, the sales revenue of high-purity metals and compounds from January to March 2022 was RMB43,054,300 (unaudited), which is basically consistent with the revenue of RMB43,772,400 (unaudited) from January to March 2021, and the overall sales in the market is stable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Stable selling prices of main products and increasing prices of some products </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Due to market supply and demand, raw material price transmission and business negotiations with customers, the selling prices of the Company&#8217;s main products have maintained stability with a rising momentum, details of which 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:2.85pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.43%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.49%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">January - March 2022</b></p></td><td style="vertical-align:middle;width:16.9%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:12pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:16.16%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Change</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.43%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">InP substrates (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,459.75</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,196.23</p></td><td style="vertical-align:middle;width:16.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">22.03%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.43%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">GaAs substrates (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">439.50</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">437.66</p></td><td style="vertical-align:middle;width:16.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">0.42%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">236</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:2.85pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.43%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Germanium substrates (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">278.76</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">287.74</p></td><td style="vertical-align:middle;width:16.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-3.12%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.43%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">PBN crucibles (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,775.32</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5,318.45</p></td><td style="vertical-align:middle;width:16.16%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-10.21%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.43%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">High-purity metals and compounds (RMB0&#8217;000/ton)</p></td><td style="vertical-align:middle;width:22.49%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">194.41</font></p></td><td style="vertical-align:middle;width:16.9%;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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">148.07</font></p></td><td style="vertical-align:middle;width:16.16%;border-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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">31.30%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">Note: Data for January-March 2022 are unaudited</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From January to March 2022, the average selling price of PBN crucibles decreased, mainly due to the increase in the proportion of sales of small-sized PBN crucibles and the relative decrease in the overall unit price as a result of orders from downstream customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> </font><font style="font-size:12pt;">(3) No significant increase in labor costs and gas power costs </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Company&#8217;s labor costs after the reporting period and the prices of water, electricity and gas in each production area, there was no significant increase in the above related costs after the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, as of the date of this reply, there are no adverse factors that significantly affect the net realizable value of inventories.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Completeness of purchase, sales and inventory of raw materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The main raw materials of InP substrates are InP polycrystals synthesized by red phosphorus and high-purity indium, of which some InP polycrystals are purchased by the Company and meanwhile some are synthesized by itself using purchased red phosphorus and high-purity indium. The main raw materials of GaAs substrates are GaAs polycrystals synthesized by high-purity arsenic and high-purity gallium, of which high-purity arsenic is obtained through purchase, and high-purity gallium is obtained through self purification of metal gallium. The main raw materials of GaAs substrates are purchased germanium ingot. At the same time, the high-purity gallium purified by the Company is also sold externally.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The current consumption is calculated according to the opening quantity, purchase quantity and closing quantity of relevant raw materials, and the unit consumption is calculated by dividing the consumption by the output of finished or semi-finished products. The results are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. InP substrate</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">237</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The unit consumption of red phosphorus for producing each kilogram of InP polycrystal is 0.30kg, 0.30kg and 0.29kg respectively, which is relatively stable. The unit consumption of high-purity indium for producing each kilogram of InP polycrystal is 0.87 kg, 0.83 kg and 0.86 kg respectively. The unit consumption of high-purity indium in 2021 was relatively low mainly because the fact that some InP polycrystals were still in production in 2019 and 2021, after considering the factor of which, such figure in 2019 and 2021 will be 0.85 kg. The above indicators are slightly higher than the molar mass ratio of phosphorus atom and indium atom in the indium phosphide molecular formula, which is mainly due to the large actual loss caused by production residues and subsequent grinding, etc.. The actual unit consumption is basically consistent with that described in the 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).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The mass of InP polycrystals required for producing each 10,000 pieces of InP substrates (converted into 2 inches) is 175.85kg, 174.83kg and 175.62kg respectively, which is relatively stable, and is basically consistent with the theoretical consumption of InP polycrystals i.e. 173.23kg per 10,000 pieces of InP substrates calculated by the Company taking into account of each procedure according to the standard product parameters of each product and under the general stable production process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. GaAs substrate and high-purity gallium</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The unit consumption of metal gallium for producing each kilogram of high-purity gallium is 1.22kg, 1.30kg and 1.21kg respectively. The level in 2020 was higher, mainly because on the one hand, Nanjing Jinmei relocated its production line to Chaoyang Jinmei in 2019, and the production process was gradually debugged and restored in 2020, and on the other hand, high-purity gallium with higher purity at 7N level produced in 2020 accounted for a relatively high proportion, resulting in a comparatively large consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) For producing each kilogram of GaAs polycrystal, the unit consumption of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">238</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">high-purity arsenic is 0.52kg, 0.55kg and 0.54kg, and the unit consumption of high-purity gallium is 0.48kg, 0.51kg and 0.50kg, respectively, which are relatively stable. The above indicators are basically consistent with the molar mass ratios of arsenic atom and gallium atom in gallium arsenide molecular formula.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) The mass of GaAs polycrystals required for producing each 10,000 pieces of GaAs substrates (converted into 2 inches) is 148.06kg, 146.74kg and 159.92kg respectively. The higher mass in 2021 is mainly due to the effect by the increase in the proportion of large-size (thicker) substrates and the decline in personnel proficiency after relocation of the production line. If 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, the unit consumption of GaAs polycrystals required for the production of each 10,000 pieces of 2-inch GaAs substrate will arrive at 146.93kg, with less discrepancy from the actual unit consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. GaAs substrate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The mass of germanium ingots required for producing each 10,000 pieces of Germanium substrates (converted into 2 inches) is 55.35 kg, 60.47kg and 57.09kg respectively. The level in 2020 is relatively high, mainly because the Company&#8217;s downstream customers put forward higher requirements for the dislocation density of products that year, resulting in an increase in the loss of germanium ingots during the production in order to ensure the low dislocation density requirements of substrate products. If 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, the unit consumption of germanium ingots required for the production of each 10,000 pieces of 2-inch germanium substrate will arrive at 61.83kg, with less discrepancy from the actual unit consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the consumption of raw materials for the production of each unit of substrates is relatively stable. In light of the Issuer&#8217;s inventory count at the end of the reporting period, the procurement of each period in the reporting period, the collection, sales and closing balance of finished products, and the carry-forward cost, the Issuer&#8217;s </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">239</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">raw materials purchase, sales, and inventory during the reporting period are complete.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(VI) Related-party purchases</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, related-party purchases are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:9.59%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Related party</b></p></td><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:34.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Transaction</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:18.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:18.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:9.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:34.46%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Proportion in operating cost</b></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Proportion in operating cost</b></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Proportion in operating cost</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">AXT</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.46%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic and other raw materials</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 779.53 </font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1.39%</font></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2,178.75</font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">5.03%</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,020.97</font></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.74%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Xing&#8217;an Gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.46%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Metal gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 6,366.75 </font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">11.34%</font></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">3,075.53</font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">7.10%</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">609.98</font></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1.64%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Dongfang Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.46%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic, etc</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">380.63</font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">0.68%</font></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">906.54</font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.09%</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">789.97</font></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.12%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Tongli Germanium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.46%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium ingot</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 469.50 </font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">0.84%</font></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">764.57</font></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.05%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Beijing Jiya</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.46%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Metal gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 692.57 </font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1.23%</font></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.59%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Jiamei Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.46%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 88.65 </font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">0.16%</font></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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:44.06%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> 8,777.63 </b></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">15.64%</b></p></td><td style="vertical-align:middle;width:8.81%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">6,160.82</b></p></td><td style="vertical-align:middle;width:9.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">14.22%</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.81%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">3,185.49</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">8.55%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Note: The amount on purchase from Dongfang Hi-purity includes the amount on purchase from Donghai Juqing Trading Co., Ltd. controlled by LI Bo, the actual controller of Dongfang Hi-purity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company purchased raw materials from related parties such as AXT, Xing&#8217;an Gallium, Dongfang Hi-purity, Tongli Germanium and Beijing Jiya. The comparison of the price of raw materials purchased from related parties and non-related parties is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">In RMB/kg</font></p><div style="margin-left:-1.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:97.47%;"><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:71.65%;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:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt 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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt 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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt 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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Metal gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of metal gallium purchased from </font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,800</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">965.1</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">870.4</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">240</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-1.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:97.47%;"><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;white-space:nowrap;width:16.68%;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;"></td><td style="vertical-align:top;white-space:nowrap;width:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Xing&#8217;an Gallium</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">.50</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">4</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-2.20%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-8.66%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-7.74%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of metal gallium purchased from geeya</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,822.54</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-1.00%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of metal gallium purchased from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,840.95</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,056.65</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">943.48</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of high-purity arsenic from Dongfang Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">755.92</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">788.28</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">801.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-11.89%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-22.85%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-19.51%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of high-purity arsenic from Jiamei Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">929.20</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">8.31%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of high-purity arsenic from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">857.94</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,021.79</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">996.30</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium ingot</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of germanium ingots from Tongli Germanium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">8,015.33</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">6,358.11</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of germanium ingots purchased from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">6,910.10</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">6,480.62</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.68%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">15.99%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-1.89%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. During the reporting period, the Company purchased high-purity arsenic and other raw materials through AXT, with the transaction amount of RMB10.2097 million, RMB21.7875 million and RMB7.7953 million respectively. The main reason why the Company purchased raw materials through AXT lies in that AXT is a U.S. enterprise which is more convenient to purchase products from suppliers in the U.S. and Japan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company purchased raw materials from AXT at the price which is the same as that for AXT to purchase them from its suppliers, without involving any obvious unfairness in price in related-party transactions.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">241</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since March 2021, AXT-Tongmei has been the main entity for overseas procurement, and the Company has no longer purchased raw materials through AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. During the reporting period, the Company purchased metal gallium from its invested company Xing&#8217;an Gallium, with the amount of RMB6.0998 million, RMB30.7553 million and RMB63.6675 million respectively. A stable supply of metal gallium can be guaranteed given Metal gallium is extracted from bauxite and Xing&#8217;an Gallium is located in Xiaoyi City, Shanxi Province which is close to alumina enterprises.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company purchased metal gallium from Xing&#8217;an Gallium based on a market-oriented price without significant discrepancy from the purchase price of non-related parties, so there is no obvious unfairness in price in related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. During the reporting period, the Company purchased high-purity arsenic from Dongfang Hi-purity, an invested company of it, with the transaction amount of RMB7.8997 million, RMB9.0654 million and RMB3.7701 million respectively. Dongfang Hi-purity has a mature technology for arsenic production, with stable product quality. However, the Company has no longer purchased high-purity arsenic from Dongfang Hi-purity since June 2021 because the latter&#8217;s production permit has expired and the new permit is still pending. In the second half of 2021, the Company purchased a small volume of welding rods from Dongfang Hi-purity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company mainly purchased high-purity arsenic from Dongfang Hi-purity and Jiamei Hi-purity, as well as from overseas supplier YONEDA CORPORATION through AXT. The high-purity arsenic imported has a slightly higher quality than &#160;that from domestic enterprises, whose price (including customs duties, customs declaration fees, logistics, inspection, storage and other expenses) is higher than the domestic purchase price as a whole. A market-oriented price was adopted by the Company for the purchase of arsenic from Dongfang Hi-purity, without obviously unfair price in the related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. In 2019 and 2021, the Company purchased germanium ingots from Tongli Germanium, an invested company of AXT, with the amount of RMB7.6457 million </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">242</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and RMB4.695 million respectively. Germanium usually exists in silicate mines, sulfide mines and various types of coal mines of various metals in a dispersed state. Tongli Germanium, located in Xilingol, Inner Mongolia Autonomous Region, was once an important domestic enterprise for smelting and purifying germanium containing lignite. Since 2020, Tongli Germanium has not carried out production due to environmental problems, and the Company has not purchased products from Tongli Germanium in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The price of germanium ingots purchased by the Company from Tongli Germanium was market-oriented. In 2021, such price had a discrepancy from the purchase price of the non-related parties principally because the purchase from Tongli Germanium in 2021 was mainly concentrated in December when the germanium ingots had a highest price throughout the year, which, nevertheless, was basically consistent with the average unit price of germanium ingots, i.e. RMB8,091.58/kg, in December indicated by ASIAN METAL. As such, there is no obvious unfairness in the price of germanium ingots purchased by the Company from Tongli Germanium in the related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. In 2021, the Company purchased gallium from Beijing Jiya, an invested company of AXT, for an amount of RMB6.9257 million. Beijing Jiya extracts metal gallium from the Alumina Bayer Process Solution using advanced ion exchange technology, with a high product quality. Since 2021, the Company has purchased some metal gallium from Beijing Jiya.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The price of metal gallium purchased by the Company from Beijing Jiya was market-oriented, which has no significant discrepancy from the purchase price of the non-related parties, without involving any obviously unfair price in the related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. In 2021, the Company purchased arsenic and other raw materials from Jiamei Hi-purity, an invested company of AXT, for an amount of RMB886,500. Jiamei Hi-purity is primarily engaged in the production and sales of high-purity arsenic, resuming its production and operation in 2021.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">243</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The price of high-purity arsenic purchased by the Company from </font><font style="font-size:12pt;">Jiamei Hi-purity</font><font style="font-size:12pt;"> was market-oriented, which had no significant discrepancy from the purchase price of non-related parties, without involving any obviously unfair price in the related-party transactions.</font><font style="font-size:12pt;"> </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the related-party purchases between the Company and the related parties occurred on a necessary and reasonable basis, at a fair transaction price having no significant discrepancy from the market price for the corresponding period, without any tunneling or adjustment of profits through related-party transactions, which have no material effect on the Company&#8217;s financial status and operating results.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">III. Explanations from the Sponsor and the Reporting Accountant</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant have verified the Issuer&#8217;s inventory at the end of 2020 and 2021, and the distribution of the Company&#8217;s inventory at the end of each of the reporting periods is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.1755486%;table-layout:auto;width:114.35%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:21.82%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:23.27%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:22.62%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:32.27%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Onshore</b></p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Offshore</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Onshore</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Offshore</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Onshore</b></p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Offshore</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Original value of inventories at the end of the period</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">37,309.05</b></p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,794.40</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">29,906.65</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">13.15</b></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:10.5pt;text-align:right;margin:0pt;">26,929.21</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;margin:0pt;">Including: offshore inventories of the Issuer</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:10.5pt;text-align:right;margin:0pt;">37,255.92</p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;">783.88</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:10.5pt;text-align:right;margin:0pt;">29,792.14</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:10.5pt;text-align:right;margin:0pt;">-</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:10.5pt;text-align:right;margin:0pt;">26,821.40</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;text-indent:31.5pt;margin:0pt;">Goods upon delivery</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;">2,010.52</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:10.5pt;text-align:right;margin:0pt;">64.85</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:10.5pt;text-align:right;margin:0pt;">13.15</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;text-indent:31.5pt;margin:0pt;">Inventories deposited in third-party warehouses</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">53.13</p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">49.66</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">107.81</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Onshore inventories of the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Our inventories mainly are those stored at our own plants. At the end of each of the reporting periods, the balance of this type of inventory was RMB 269,292,100, RMB297,921,400, and RMB372,559,200, respectively, accounting for 99.60%, 99.57%, and 92.90% of the total inventory, respectively. The Sponsor and the Reporting Accountant have supervised the counts of this type of inventory at the end </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">244</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">of 2020 and 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the amount of inventory deposited in AXT-Tongmei, a subsidiary of the Company, was RMB7,838,800, accounting for 1.95% of the inventory balance at the end of 2021, with a relatively low percentage. The Sponsor and the Reporting Accountant have verified the inventory by adopting post-period test.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Goods upon delivery</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of each of reporting periods, the total amount of goods upon delivery of the Company was RMB0, RMB780,000, and RMB20,105,200, accounting for 0%, 0.04%, and 5.01% of the inventory balance at the end of each period, respectively. The goods upon delivery were mainly inventories on consignment at customers. The Sponsor and the Reporting Accountant have verified the inventories by adopting post-period test upon issuing letters to the customers related to the goods upon delivery at the end of 2020 and 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Inventories deposited in third-party warehouses</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of each phase of the reporting period, the balance of the Company&#8217;s inventories deposited in third-party warehouses was RMB1,078,100, RMB496,600 and RMB531,300, respectively, accounting for 0.40%, 0.317% and 0.13% of the inventory balance at the end of each period. The Sponsor and the Reporting Accountant have verified the inventories by issuing verification letters to the third-party warehouses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">(I) Plan on the supervision of the domestic and overseas inventory counts, including the time and place, the personnel involved and the way of supervision;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer conducted inventory counts for the year 2020 and the year 2021 from January 1 to 3, 2021, and December 25 to 31, 2021, respectively, covering raw materials, unfinished products, semi-finished products and goods in stock deposited in the Issuer&#8217;s warehouse, and confirmed the quantity of goods upon delivery deposited with customers through reconciliation with consignment customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Domestic inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant executed supervision procedures for </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">245</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the Issuer&#8217;s inventory counts at the end of 2020 and 2021. The intermediary obtained the inventory counts plan of the Issuer before the supervision, and the Company processed all the outgoing and incoming orders one day before the inventory count, and stopped the inventory movement during the inventory count. If the unfinished products complete the production step during the inventory count, the transfer to the next production step is suspended. The specific supervision plan is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:97.72%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:17.11%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Raw materials</b></p></td><td style="vertical-align:middle;width:17.31%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Semi-finished products</b></p></td><td style="vertical-align:middle;width:16.71%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Finished products</b></p></td><td style="vertical-align:middle;width:27.59%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">unfinished products</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Time</p></td><td colspan="4" style="vertical-align:middle;width:78.73%;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:10.5pt;text-align:justify;margin:0pt;">End of 2020: January 1 to 3, 2021;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">End of 2021: December 25 to 31, 2021</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Place</p></td><td colspan="4" style="vertical-align:middle;width:78.73%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongzhou Warehouse of Beijing Tongmei, Hebei Dingxing Warehouse of Baoding Tongmei, Liaoning Kazuo Warehouse of Chaoyang Tongmei, Liaoning Kazuo Warehouse of Chaoyang Jinmei, and Beijing Tongzhou Warehouse, Tianjin Baodi Warehouse and Liaoning Kazuo Warehouse of Beijing Boyu</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Personnel involved</p></td><td colspan="4" style="vertical-align:middle;width:78.73%;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:10.5pt;text-align:justify;margin:0pt;">The Sponsor, the Reporting Accountant, warehouse personnel, finance personnel and other supporting persons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Way</p></td><td colspan="3" style="vertical-align:middle;width:51.14%;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:10.5pt;text-align:justify;margin:0pt;">When supervising the inventory counts, we observe the execution of the Issuer&#8217;s inventory counts plan, and randomly select samples based on the warehouse number during the supervision process to conduct two-way inventory counts of raw materials, semi-finished products and finished products from accounts to physical and from physical to accounts. We also pay attention to the status of inventory, whether there is any inventory breakage, backlog, etc., and register the inventory in abnormal status.</p></td><td style="vertical-align:middle;width:27.59%;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:10.5pt;text-align:justify;margin:0pt;">When supervising the inventory counts, we observe the execution of the Issuer&#8217;s inventory counts plan and randomly select samples during the supervision process to conduct two-way inventory counts from account to physical and from physical to account based on the work order number of unfinished products.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procedures</p></td><td colspan="4" style="vertical-align:middle;width:78.73%;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:10.5pt;text-align:justify;margin:0pt;">(1) Before the supervision, obtain information about inventory counts, prepare the inventory counts plan, observe the site before inventory counts, and observe whether there is a separation between the scope of inventory counts and the scope of non-inventory counts; (2) During the supervision, implement observation and other procedures to verify that all warehouses of the Company have been included in the scope of inventory counts; for warehouses that are not included in the scope of inventory counts, identify the reasons for non-inclusion, and observe whether inventory personnel are performing their duties during the inventory counts and whether they have </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">246</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:97.72%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"></td><td colspan="4" style="vertical-align:top;width:78.73%;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:10.5pt;text-align:justify;margin:0pt;">accurately recorded the inventory counts results; (3) Test the accuracy of the inventory records by selecting items from the inventory records and tracing them to the physical inventory. Select items from the physical inventory and trace them to the inventory records to test the completeness of the inventory count. For unfinished products, check the production records of each in-process item and check the production status in the field; (4) Check the incoming and outgoing documents before and after the inventory count date to check the inventory cut-off.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Supervision of inventory counts</p></td><td colspan="4" style="vertical-align:middle;width:78.73%;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:10.5pt;text-align:justify;margin:0pt;">The percentage of supervision of domestic inventory counts was 81.34%, and 75.25% at the end of 2020 and 2021, respectively, and external confirmation procedures have been implemented for inventories deposited in third-party warehouses.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Conclusion</p></td><td colspan="4" style="vertical-align:middle;width:78.73%;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:9pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1. The instructions used by the management to control inventory counts have been consistently carried out, and the inventory count procedures established by the management have been effectively implemented;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2. The small discrepancy between the inventory accounts and the actual condition is due to the sporadic production for temporary use. The results of the Company&#8217;s inventory counts can accurately reflect the actual inventory balance.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Overseas inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2020 and 2021, the balance of the Company&#8217;s overseas inventory was RMB131,500 and RMB27,944,000, respectively, which mainly consisted of goods upon delivery from consignment customers and goods in stock deposited in AXT-Tongmei. The Sponsor and the Reporting Accountant have verified the inventories by issuing confirmation letters to the customers related to the goods upon delivery in the overseas inventories at the end of 2021, and in conjunction with post-period test, details of which are 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:95.91%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:55.06%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:37.48%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount (In RMB0&#8217;000)</b></p></td><td style="vertical-align:middle;width:17.58%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of goods upon delivery on the confirmation letters </p></td><td style="vertical-align:middle;width:37.48%;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:10.5pt;text-align:right;margin:0pt;">1,651.70</p></td><td style="vertical-align:middle;width:17.58%;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:10.5pt;text-align:right;margin:0pt;">59.11%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount subject to the post-period test</p></td><td style="vertical-align:middle;width:37.48%;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:10.5pt;text-align:right;margin:0pt;">2,794.40</p></td><td style="vertical-align:middle;width:17.58%;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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:37.48%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,794.40</b></p></td><td style="vertical-align:middle;width:17.58%;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:10.5pt;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:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: The total amount and proportion have excluded the effect of duplicated parts of different verification procedures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The supervised amount and proportion for different types of inventories deposited in the domestic and overseas areas;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As for the overseas inventories, since they are mainly goods upon delivery from </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">247</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">consignment customers, the amount and proportion of the inventory deposited in AXT-Tongmei is relatively low, coupled with the pandemic and other factors, the Sponsor and the Reporting Accountant did not perform the supervision procedure, but used the post-period test to verify the inventories. For details, please refer to &#8220;(1). 2. Overseas Inventories&#8221; in the reply to this question.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The domestic inventories consist of inventories at our own plants and inventories deposited in third-party warehouses. The supervised amount and proportion for different types of inventories by the Sponsor and the Reporting Accountant are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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;table-layout:auto;width:98.14%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Inventory counts supervision and external confirmation</b></p></td><td colspan="2" style="vertical-align:middle;width:29.44%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:34.07%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2020</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;">Inventory counts supervision at our own plants</p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:right;margin:0pt;">28,073.61</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">75.25%</p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;">24,325.62</p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:right;margin:0pt;">81.34%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;">External confirmation from third-party warehouses</p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:right;margin:0pt;">53.13</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;">49.66</p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">28,126.74</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">75.39%</b></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">24,375.28</b></p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">81.50%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">(III) The way, proportion and conclusion of verification for the inventories deposited in the customers&#8217; premises;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In March 2021, the switch of sales operations and customers to AXT-Tongmei resulted in three new consignment customers of the Issuer, namely Osram, Broadcom and Sumika Electronic Materials, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, in response to the demand of our customer Freiberger, our subsidiary Beijing Boyu adjusted its sales model to a consignment model in consensus with it.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As a result, starting in 2021, the Issuer began to have inventories on deposit with customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant performed video interviews and external confirmation procedures for the inventories deposited with customers to ensure that the Issuer&#8217;s inventories deposited with customers are real, accurate in quantity and commercially rational.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant confirmed through video interviews </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">248</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">that the transaction method and settlement method between the Issuer and the consignment customer are consistent with the sales contract, and confirmed that the transaction method between the Issuer and the consignment customer has reasonable commercial reasons. The verification ratios conducted by the Sponsor and the Reporting Accountant through video interviews are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:96.08%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:56.05%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:43.94%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:56.05%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of inventories on consignment</p></td><td style="vertical-align:middle;width:43.94%;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:10.5pt;text-align:right;margin:0pt;">1,771.39</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:56.05%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of inventories through video interviews</p></td><td style="vertical-align:middle;width:43.94%;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:10.5pt;text-align:right;margin:0pt;">1,634.71</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:56.05%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ratio of inventories through video interviews</p></td><td style="vertical-align:middle;width:43.94%;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:10.5pt;text-align:right;margin:0pt;">92.28%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Reporting Accountant confirmed the transaction amount and other information between the Issuer and the consignment customers by sending external confirmations, and the closing consignment inventory details as of December 31, 2021, and confirmed that the varieties and quantities are consistent with the Issuer&#8217;s data. The verification ratios conducted by the Sponsor and the Reporting Accountant through external confirmations are as follows:</font></p><div style="margin-left:-6.15pt;" 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:46.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:53.91%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of inventories on consignment</p></td><td style="vertical-align:middle;width:53.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,771.39</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount on the external confirmations</p></td><td style="vertical-align:middle;width:53.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,708.29</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount consistent with the reply </p></td><td style="vertical-align:middle;width:53.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,651.70</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ratio of consistency with the reply</p></td><td style="vertical-align:middle;width:53.91%;border-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:10.5pt;text-align:right;margin:0pt;">93.24%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the Sponsor and the Reporting Accountant performed post-period test procedures for all closing consignment inventories, and the proportion for test was 100%.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Reporting Accountant are of the opinion that the Issuer&#8217;s inventories deposited with customers are real and accurate in quantity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">(IV) The procedures, proportion and conclusion of verification performed for the accuracy and basis of the valuation of different types of inventories.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For the accuracy of the valuation of different types of inventories of the Issuer, the Sponsor and the Reporting Accountant performed the following verification </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">249</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Understand the key internal controls related to procurement payment and evaluate whether the relevant internal controls are operating effectively. For the Issuer&#8217;s procurement-related internal control processes, the Sponsor and the Reporting Accountant performed pass-through tests to obtain and verify procurement-related departmental systems, purchase orders, incoming orders, accounting vouchers, invoices, payment approval documents, bank slips and other information;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Obtain a list of the Company&#8217;s suppliers, review the terms of contracts with suppliers on a sample basis, analyze and evaluate the Issuer&#8217;s credit period, terms of receipt, and other policies, and check the contract amount and quantity against the procurement amount and quantity to confirm that the procurement have reasonable commercial arrangements and are authentic and accurate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The specific verification of suppliers during the reporting period was as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21.25pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:42.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</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:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:42.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts from verified suppliers</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">23,746.72</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">20,552.31</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">13,451.05</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">40,542.39</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">26,762.39</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,231.96</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.24%;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:10.5pt;text-align:center;margin:0pt;">Verification ratio</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">58.57%</p></td><td style="vertical-align:middle;width:19.25%;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:10.5pt;text-align:right;margin:0pt;">76.80%</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:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">78.06%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. For the procurement made by the Company from domestic suppliers, data from the Company&#8217;s VAT system was obtained and the relevant VAT input tax data was checked against the Company&#8217;s domestic procurement amounts. No abnormalities were found. The details of the verified procurement amounts are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21.25pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:41.02%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.67%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:19.65%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.64%;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:10.5pt;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:41.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts from verified suppliers</p></td><td style="vertical-align:middle;width:19.67%;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:10.5pt;text-align:right;margin:0pt;">30,232.44</p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">16,709.66</p></td><td style="vertical-align:middle;width:19.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8,763.69</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Domestic procurement amounts</p></td><td style="vertical-align:middle;width:19.67%;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:10.5pt;text-align:right;margin:0pt;">33,950.71</p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">21,634.18</p></td><td style="vertical-align:middle;width:19.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">13,115.20</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Verification ratio</p></td><td style="vertical-align:middle;width:19.67%;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:10.5pt;text-align:right;margin:0pt;">89.05%</p></td><td style="vertical-align:middle;width:19.65%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">77.24%</p></td><td style="vertical-align:middle;width:19.64%;border-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:10.5pt;text-align:right;margin:0pt;">66.82%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. External confirmation was made on the transaction amounts and accounts </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">250</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">payable balances of major suppliers during the reporting period, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.31%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -5.25pt 0pt -5.25pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:19.31%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -5.25pt 0pt -5.25pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.3%;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:10.5pt;text-align:center;margin:0pt -5.25pt 0pt -5.25pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procurement amounts A</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;">40,542.39</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;">26,762.39</p></td><td style="vertical-align:middle;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,231.96</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procurement amounts for external confirmation B</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">37,964.59</font></p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">22,959.40</font></p></td><td style="vertical-align:middle;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">14,316.44</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procurement external confirmation ratio C=B/A</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">93.64%</font></p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">85.79%</font></p></td><td style="vertical-align:middle;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">83.08%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount consistent with the reply D</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">36,066.10</font></p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">22,167.67</font></p></td><td style="vertical-align:middle;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">13,938.90</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount after reconciliation of differences E</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">254.52</font></p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Total amount consistent with the reply F=D+E</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">36,320.62</font></p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">22,167.67</font></p></td><td style="vertical-align:middle;width:19.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">13,938.90</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Ratio of consistency with the reply G=F/B</p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">95.67%</font></p></td><td style="vertical-align:middle;width:19.31%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">96.55%</font></p></td><td style="vertical-align:middle;width:19.3%;border-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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">97.36%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. Interview with the main suppliers of the Issuer to understand the basic information of the suppliers, their main business, the business background with the Company, the settlement cycle of the goods payments, the payment of goods, the signing of relevant contracts, the amount of transactions and the relationship with the Issuer and intermediaries, and obtain the business license, articles of association, industry and commerce brief file and the statement letter for no affiliation of the suppliers, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:24.1pt;margin:0pt;">In RMB0&#8217;000</p><div style="margin-left:-6.15pt;" 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:31.28%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:22.9%;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:10.5pt;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:31.28%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts for interviewed suppliers </p></td><td style="vertical-align:middle;width:22.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">30,469.60</p></td><td style="vertical-align:middle;width:22.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">18,844.47</p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,099.21</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.28%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Total procurement amounts</p></td><td style="vertical-align:middle;width:22.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">40,542.39</p></td><td style="vertical-align:middle;width:22.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">26,762.39</p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,231.96</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.28%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Interview ratio</p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">75.15%</p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">70.41%</p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">70.21%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. Access the corporate credit information registration information of the Issuer&#8217;s major domestic suppliers by obtaining credit reports of major overseas suppliers and logging into the National Enterprise Credit Information Publicity System and www.tianyancha.com; obtain the </font><i style="font-size:12pt;font-style:italic;">Questionnaire</i><font style="font-size:12pt;"> filled out by the Issuer&#8217;s directors, supervisors, senior management and controlling shareholders; inquire through </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">251</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">www.tianyancha.com and www.qcc.com whether there is any direct relationship between the major suppliers and their shareholders and the Issuer and its directors, supervisors, senior management and controlling shareholders;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7. The Issuer adopted the weighted average method for valuation of all inventories. The Sponsor and the Reporting Accountant performed the valuation test and reviewed whether the incoming quantity, outgoing quantity, incoming unit price and outgoing unit price for the sample months were correct, and no abnormality was found after the test;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8. Review the accuracy of the enterprise&#8217;s cost calculation and check the material cost and the amount of outgoing raw materials, with no difference; review the Issuer&#8217;s method of allocating manufacturing and labor costs, review whether the amount of products into the warehouse is correct, and analyze the changes in the input-output ratio for each period of the reporting period. No abnormality was found;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">9. Understand the Issuer&#8217;s provision policy for inventory depreciation and evaluate its reasonableness based on the status of inventory at the end of the period, sales and the age of the inventory;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">10. Obtain a breakdown of the Company&#8217;s inventory depreciation tests and review the management&#8217;s methodology and related parameters for estimating the net realizable value of inventories, including primarily the recent selling price, expected selling expenses to be incurred and related taxes;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">11. Check the public disclosure information of comparable listed companies in the same industry to obtain the method for determining their net realizable value of inventories, compare and analyze the provision for inventory depreciation with that of the Issuer, and check whether there are material differences between the method for determining the net realizable value of the Issuer and that of comparable companies in the same industry, and whether there are significant differences in the method and results of provision for inventory depreciation;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Sponsor and the Reporting Accountant are of the opinion that the Issuer&#8217;s inventory has been accurately valued.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">252</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt 0pt 7.8pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc105879764"></a><a name="_Toc23757"></a>Q6. R&amp;D Personnel and R&amp;D Expenses</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the submissions, (1) the Issuer had 187 &#8220;technical R&amp;D personnel&#8221; at the end of 2021, accounting for 13.40% of the total number of employees; (2) at the end of each reporting period, the number of contract employees of the Issuer was 196, 202, 208 and 102 respectively; (3) The Issuer&#8217;s R&amp;D expenses in 2021 were RMB90,166,400. The R&amp;D expenses were mainly composed of employee compensation, raw materials and finished products consumed, which increased significantly compared with 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) <a name="OLE_LINK4"></a>the distinction and specific composition of technicians and R&amp;D personnel; (2) the reasons for the significant reduction in the number of contract employees in 2021, the replacement method of the original position functions, whether there is external undertaking of cost expenses, the detailed whereabouts of reduced contract employees, whether labor contract is signed for those becoming regular employees, and their continuous employment condition after the reporting period; (3) Combining with the aforesaid conditions, what is the impact of the Company&#8217;s calculation and classification accuracy of employees on calculation accuracy of proportion of R&amp;D personnel. Whether proportion of R&amp;D personnel conforms to relevant requirements for science and technology innovation evaluation indicators; (4) The reason for the large increase in employee compensation, raw materials and finished products consumed in the composition of R&amp;D expenses in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor and the Issuer&#8217;s Attorney are required to explain the verification procedures, verification proportion and verification conclusion regarding the whereabouts of reduced contract employees in 2021 and the signing of labor contracts with the Company for the employees who have become regular employees, etc.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">253</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The distinction and specific composition of technicians and R&amp;D personnel;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Management and composition of R&amp;D personnel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s R&amp;D personnel belong to the R&amp;D Department and are full-time employees directly engaged in the Company&#8217;s R&amp;D activities, and they will not engage in non-R&amp;D activity as a part-time job. The Company manages R&amp;D personnel in accordance with relevant systems, and has formulated the </font><i style="font-size:12pt;font-style:italic;">Measures for the Administration of R&amp;D Projects</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Regulations on the Management of R&amp;D personnel</i><font style="font-size:12pt;"> for the purpose of achieving effective management of R&amp;D personnel, which cover, among other things, the rights and obligations of R&amp;D personnel, the management of R&amp;D tasks of R&amp;D personnel, the management of R&amp;D results of R&amp;D personnel and the confidentiality obligations of R&amp;D personnel.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the relevant systems, the Company&#8217;s R&amp;D personnel will be directly engaged in the following R&amp;D activities, including but not limited to: (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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">The composition of the R&amp;D personnel of the Company is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:99.62%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">R&amp;D Process</b></p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Main R&amp;D Duties</b></p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Number of personnel at the end of </b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">254</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:99.62%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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;"></td><td style="vertical-align:middle;width:71.4%;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;"></td><td style="vertical-align:top;width:12.86%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D and process improvement of substrate material crystal</p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on polycrystalline synthesis: be responsible for research on precise control of polycrystalline synthesis temperature gradient and related technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on single crystal growth technology: be responsible for the research on internal stress, dislocation density, slip line defects, twin control, radial doping, doping concentration control and other technologies of single crystal growth;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">VGF method long crystal furnace manufacturing technology: be responsible for the R&amp;D of single crystal furnace required for crystal growth under VGF method;</p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D and process improvement of substrate material wafer</p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Cutting technology research: responsible for the research of diamond wire cutting technology, low stress cutting technology, automatic cutting and other technologies;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on grinding technology: be responsible for the research on technologies, such as impression control, damage control and automatic grinding;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on cleaning technology: be responsible for the research on contamination and impurity control and automatic cleaning technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on polishing technology: be responsible for the control of scratches, orange peel, drug marks and other defects, and research on automatic polishing technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on other wafer technology: research on heat treatment oxygen content control, epitaxial open box technology;</p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">79</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D of high purity materials</p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on extraction technology: be responsible for the research on liquid extraction technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on electrolytic purification technology: be responsible for the research on technologies, such as refining of high-efficiency electrolytic and improvement of electrolytic cell;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on gallium crystallization technology: be responsible for the research on longitudinal temperature gradient solidification method and partial crystallization method;</p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">14</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D of PBN material </p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on chemical vapor deposition technology: be responsible for the improvement of chemical vapor deposition furnace, as well as the experimental research on temperature, pressure and mold;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on heating preparation technology: research on temperature control, resistivity control and stability control of specific materials based on chemical vapor deposition technology;</p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">26</p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:87.13%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">187</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Management and composition of other personnel who are not R&amp;D </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">255</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">personnel but have professional knowledge</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The production and sales of the Company&#8217;s products require a high level of professionalism. Therefore, the Company&#8217;s Quality Department, Sales Department and some other non-R&amp;D departments also reserve professionals who have professional knowledge and understand the production and technical characteristics of the Company&#8217;s products. The above-mentioned personnel with professional knowledge are required for the Company to improve the product production quality and enhance the sales and after-sales capabilities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For example, the Company has formulated the </font><i style="font-size:12pt;font-style:italic;">Product Monitoring and Measurement Procedures</i><font style="font-size:12pt;"> and other systems to manage the product quality of all products in process and finished products, and personnel from the Quality Department, Production Department and other departments participate in product quality monitoring activities; the Company has formulated the </font><i style="font-size:12pt;font-style:italic;">Customer Complaint Handling Procedures</i><font style="font-size:12pt;"> to handle and improve the technical or non-technical problems reported by customers during the actual use of the Company&#8217;s products, and improve customer satisfaction. The problems reported by customers are usually received by the Sales Department or the Quality Department, the Quality Department will transfer the relevant problems to the corresponding responsible department for investigation, and the Quality Department, Production Department and Sales Department will jointly ensure the production quality of the products or collect customer feedback on the Company&#8217;s product quality and solve the problems properly.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As mentioned above, other non-R&amp;D employees with professional knowledge do not participate in the Company&#8217;s R&amp;D activities, and are not included in the R&amp;D personnel management scope and R&amp;D system of the Company. In addition, the Company does not manage such personnel independently, who are under the direct management of their own departments and participate in the production and operation activities of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Composition of R&amp;D personnel or technicians of comparable companies in the same industry</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">256</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the prospectus of SICC and National Silicon Industry, which are comparable companies in the same industry, the disclosure of R&amp;D personnel or technicians is as follows:</font></p><div style="margin-left:-6.15pt;" 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:15.55%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Companies in the same industry</b></p></td><td style="vertical-align:middle;width:51.02%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Disclosure of R&amp;D personnel or technicians</b></p></td><td style="vertical-align:middle;width:33.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Comparison with the Company</b></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:15.55%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">SICC</p></td><td style="vertical-align:middle;width:51.02%;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:10.5pt;text-align:center;margin:0pt;">The conditions of the technicians are not mentioned</p></td><td style="vertical-align:middle;width:33.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Unable to compare</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:15.55%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">National Silicon Industry</p></td><td style="vertical-align:middle;width:51.02%;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:10.5pt;text-align:center;margin:0pt;">The personnel involved in the R&amp;D expenses include the Company&#8217;s R&amp;D engineers and technicians. The Company collects and calculates the remunerations of the personnel included in the R&amp;D expenses according to the specific R&amp;D projects carried out. The remunerations of the technical R&amp;D personnel not included in the specific R&amp;D projects are not included in the R&amp;D expenses; the specific conditions of the technicians are not disclosed.</p></td><td style="vertical-align:middle;width:33.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">The Company&#8217;s R&amp;D personnel are full-time employees directly engaged in the Company&#8217;s R&amp;D activities, and the other non-full-time employees with technical capabilities are not managed or calculated separately.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The reasons for the significant reduction in the number of contract employees in 2021, the replacement method of the original position functions, whether </b><b style="font-size:12pt;font-weight:bold;">there is external undertaking of cost expenses</b><b style="font-size:12pt;font-weight:bold;">, the detailed whereabouts of reduced contract employees, whether labor contract is signed for those becoming regular employees, and their continuous employment condition after the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The reasons for the significant reduction in the number of contract employees in 2021, and the replacement method of the original position functions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s contract employees were mainly engaged in cleaning, catering and production assistance, which belonged to auxiliary and alternative work. The number of the Company&#8217;s contract employees and its proportion in the total number of employees at the end of 2020 and 2021 are shown in the table below:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:95.73%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Deadline</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of contract employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Persons)</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of regular employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Persons)</b></p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total number of employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Persons)</b></p></td><td style="vertical-align:middle;width:21.38%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion of the number of contract employees to the </b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">257</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:95.73%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.37%;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;"></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;"></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"></td><td 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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:21.38%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">total number of employees</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:center;margin:0pt;">December 31, 2020</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:10.5pt;text-align:center;margin:0pt;">208</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,055</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,263</p></td><td style="vertical-align:middle;width:21.38%;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:10.5pt;text-align:center;margin:0pt;">16.47%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:center;margin:0pt;">December 31, 2021</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:10.5pt;text-align:center;margin:0pt;">81</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,396</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,477</p></td><td style="vertical-align:middle;width:21.38%;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:10.5pt;text-align:center;margin:0pt;">5.48%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the </font><i style="font-size:12pt;font-style:italic;">Interim Provisions on Labor Dispatching</i><font style="font-size:12pt;">, the employers shall strictly control the number of contract employees, which shall not exceed 10% of the total number of employees. During the Reporting Period, the Issuer&#8217;s labor dispatch proportion exceeded the upper limit of 10% stipulated in the </font><i style="font-size:12pt;font-style:italic;">Interim Regulations on Labor Dispatching.</i><font style="font-size:12pt;"> In order to ensure that the Company&#8217;s contract employees conditions comply with the requirements of relevant laws and regulations, combined with past work performance and other relevant factors, the Company began to gradually negotiate and sign labor contracts with some contract employees, and hire them as regular employees of the Company. The details are as follows:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:95.73%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.6%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.47%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of employees at the beginning of the period</b></p></td><td style="vertical-align:top;width:15.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of new employees in the current period</b></p></td><td style="vertical-align:middle;width:15.86%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of dimission employees in the current period</b></p></td><td style="vertical-align:middle;width:15.86%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of employees who become regular employees in the current period</b></p></td><td style="vertical-align:middle;width:17.85%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of employees at the end of the period</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.6%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Contract employees</p></td><td style="vertical-align:middle;width:17.47%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">208</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">162</p></td><td style="vertical-align:middle;width:15.86%;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:10.5pt;text-align:center;margin:0pt;">64</p></td><td style="vertical-align:middle;width:15.86%;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:10.5pt;text-align:center;margin:0pt;">225</p></td><td style="vertical-align:middle;width:17.85%;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:10.5pt;text-align:center;margin:0pt;">81</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The above table indicates that the number of contract employees of the Company substantially decreased from 208 at the end of 2020 to 81 at the end of 2021. The main reason is that the relevant personnel have been converted into regular employees of the Company, and they are still engaged in the relevant work of their original positions after becoming regular employees, the original position functions do not change significantly.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether there is external undertaking of cost expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to relevant materials such as the Labor Dispatch Agreement signed by </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">258</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the Company, relevant transaction vouchers and qualification certificates of the labor dispatch company, for contract personnel that haven&#8217;t become regular employees by 2021, their labor remuneration, social insurance and housing provident fund shall be paid by the labor dispatch unit first, and then the Company will verify the number of contract personnel and corresponding expenses with the labor dispatch company every month, and make payment and settlement according to verified amount, therefore, there is no external undertaking of cost expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In accordance with relevant payment vouchers of labor contract, detailed payroll list, social insurance and housing provident fund, etc. of relevant personnel of the Company, for contract personnel that have become regular employees by 2021, their labor remuneration, social insurance and housing provident fund shall be paid by the Company, without major abnormal circumstance or external undertaking of cost expenses. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Detailed whereabouts of reduced contract employees, whether labor contract is signed for those becoming regular employees, and their continuous employment condition after the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The whereabouts of the reduced contract workers in 2021 (including the contract workers at the beginning of the Period and the newly added contract workers in the current period) include two aspects: some of the employees terminated the labor dispatch relationship with the Company and no longer provide relevant services for the Company, and the other employees directly sign labor contracts with the Company and become regular employees of the Company. Among the above-mentioned regular employees, except for leaving for personal reasons, relevant personnel are currently in continuous employment after the Reporting Period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Combining with the aforesaid conditions, what is the impact of the Company&#8217;s calculation and classification accuracy of employees on calculation accuracy of proportion of R&amp;D personnel. Whether proportion of R&amp;D personnel conforms to relevant requirements for science and technology innovation indicator;</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">259</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on </font><i style="font-size:12pt;font-style:italic;">Regulations on the Management of R&amp;D personnel</i><font style="font-size:12pt;"> and other relevant systems, the Company executes strict management of R&amp;D personnel, and the Company&#8217;s R&amp;D personnel participated in R&amp;D activities directly, without the circumstance of undertaking non-R&amp;D responsibilities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s contract employees were reduced, and except some employees made resignation for personal reasons, the remaining employees have all become regular employees, and are currently under continuous employment. There is no change in work contents of the contract employees before and after becoming regular employees, therefore, there is not the circumstance of turning into R&amp;D personnel. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company has reasonable classification basis and correct accounting classification toward R&amp;D personnel and non-R&amp;D personnel, without inflated R&amp;D personnel or improper collection of R&amp;D personnel, and the Company makes accurate accounting of R&amp;D personnel. At the end of 2021, the Company had 187 R&amp;D personnel, accounting for 13.40% of total employees at the end of 2021, which conformed to requirements in Article 1 (2) of</font><i style="font-size:12pt;font-style:italic;"> Guidelines for Evaluation of Science and Technology Attributes (For Trial Implementation)</i><font style="font-size:12pt;">. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The reason for the great increase in employee compensation, raw materials and finished products consumed in the composition of R&amp;D expenses in 2021. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s amount of employee compensation, raw materials and finished products consumed for research and development is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0,000</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:95.73%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.88%;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:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.37%;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:10.5pt;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:38.88%;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:10.5pt;text-align:justify;margin:0pt;">Employee compensation</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">4,809.18</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,068.61</p></td><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:right;margin:0pt;">1,039.83</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.88%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Raw materials and finished products 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,894.58</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,773.22</p></td><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:right;margin:0pt;">1,213.60</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Employee compensation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, employee compensation in the Company&#8217;s R&amp;D expenses was RMB10,398,300, RMB20,686,100 and RMB48,091,800, respectively.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">260</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2019, influenced by relocation matters of Beijing Tongmei and Nanjing Jinmei, some of the Company&#8217;s R&amp;D activities and arrangement were relatively lagged behind, and the employee investment was also reduced relatively. In 2020, </font><a name="_Hlk102134136"></a><font style="font-size:12pt;">on one hand, the R&amp;D activities were recovered relatively with gradual implementation of the relocation matters; on the other hand, the Company&#8217;s 8-inch GaAs substrates and 6-inch InP substrates began to enter R&amp;D milestone node, </font><font style="font-size:12pt;">and the Company enhanced R&amp;D input in the above large-size substrate materials as well as in research on process of semiconductor substrate in chip processing link, thus having enhanced employee investment; furthermore, the remuneration of the personnel increased to some extent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, employee compensation in R&amp;D expenses was further increased, which was mainly because: (1) the Company continued to enhance R&amp;D investment in process development and optimization of 8-inch GaAs substrates and 6-inch InP substrates, etc., the relevant R&amp;D projects covered 8-inch GaAs and 6-inch InP crystal growth link and cutting, polishing, cleaning, packaging and other back-end procedures, and R&amp;D personnel continued to increase; (2) with the increase in labor cost, the employee compensation also increased; (3) the branch AXT-Tongmei increased some overseas R&amp;D personnel in 2021, with relatively high compensation; (4) in 2020, the social security relief policy was no longer executed. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s R&amp;D personnel was all engaged in R&amp;D work, without the condition that the R&amp;D personnel was engaged in non-R&amp;D activities or non-R&amp;D personnel participated in R&amp;D, and compensations of the R&amp;D personnel were all included in R&amp;D expenses. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Raw materials and finished products consumed</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the amount of raw materials and finished products consumed by the Company was RMB12,136,000, RMB17,732,200 and RMB28,945,800, respectively, showing a trend of increase year by year. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The raw materials and finished products consumed in 2020 showed year-on-year growth compared with that in 2019. On one hand, the R&amp;D activities were recovered </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">261</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">relatively with gradual implementation of the relocation matters, while on the other hand, the Company&#8217;s 8-inch GaAs substrates and 6-inch InP substrates began to enter R&amp;D milestone node, and the company increased many R&amp;D projects such as research on 6-inch InP crystal process, development of new superfine wire cutting process, development of 4-inch InP double-sided high flatness chips, and development of new double-sided polishing process, etc., which has increased R&amp;D material requisition. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">In 2021, the raw materials and finished products consumed by the Company&#8217;s R&amp;D activities increased continuously, mainly because the R&amp;D projects of 8-inch GaAs and 6-inch InP substrate materials entered the intensive implementation stage. The Company increased the R&amp;D investment continuously in the process development and optimization projects of large-size compound substrate. In the R&amp;D process of crystal growth, R&amp;D materials for long crystal testing were added in the R&amp;D of 8-inch GaAs single crystal growth process and 6-inch InP crystal process; in the wafer sector, the Company has added new wafer cutting, grinding, cleaning and polishing process R&amp;D projects, covering the whole process of large-size compound substrate production. The R&amp;D and material requisition of the above-mentioned new projects increased in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. About R&amp;D projects</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">The Company attaches much importance to the upgrading of its own technologies and products, always pays attention to the development of industry technologies and maintains exchanges with existing and potential end customers. Globally, the mass production of GaAs substrates of 6 inches and below has been realized, and the new production lines in downstream 5G RF devices, Mini LED devices, Micro LED devices, automotive LiDAR and other fields are also developing towards the 8-inch scale. 8-inch GaAs substrates have already become a focus of market attention, with a broad market space. Meanwhile, InP substrates are mainly applied to downstream devices including optical module devices, sensor devices, RF devices, and the corresponding downstream terminal fields include 5G communications, data centers, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">262</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">AI, unmanned driving, wearable devices and other fields, which also have huge demands and a large space for growth. As a result, the Company&#8217;s InP substrate business has grown dramatically fast, while there is also a demand for 6-inch InP products in the downstream market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">Based on the development trend of the industry, the Company has combined product R&amp;D with the future development direction and demand of the downstream sector, and carried out R&amp;D activities on 6-inch InP and 8-inch GaAs during the reporting period. In 2020, the Company&#8217;s 8-inch GaAs substrates and 6-inch InP substrates started &#160;entering an R&amp;D milestone node, and the Company continued to invest in the 6-inch InP R&amp;D project; meanwhile, the Company carried out more R&amp;D activities in crystal growth of substrate materials, wafer processing and other parts, with an increasing R&amp;D investment. In 2021, the Company further increased the R&amp;D investment in the process development and optimization projects for 8-inch GaAs substrates, 6-inch InP substrates, </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;">, and the relevant R&amp;D projects cover the 8-inch GaAs and 6-inch InP crystal growth process as well as subsequent procedures such as cutting, polishing, cleaning and packaging, mainly involving the increasing R&amp;D investment in the research on the 8-inch GaAs single crystal growth process, the research on the 6-inch InP crystal process and other projects, as well as the establishment of and investment in the development of the automatic polishing process for InP wafers, the development of the automatic single-wafer cleaning process for InP wafers, the evaluation of the new grinding equipment and process optimization for InP, the development of 6-inch germanium wafers and the automatic cleaning process and other new projects. The above reasons lead to a large increase in the current R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The intermediaries&#8217; verification condition</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Regarding whereabouts of the reduced contract employees in 2021, and signing condition of labor contract by those becoming regular employees with the Company, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">263</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the Sponsor and the Issuer&#8217;s Attorney have executed the following verification procedures: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Inquired the Company&#8217;s 2021 monthly name list of contract employees, employee roster at the end of 2020 and 2021, all labor dispatch agreements, all relevant qualification of labor dispatch company, labor contract of each employee becoming full member, dismission document of the personnel who has terminated the dispatching relationship and will no longer provide services, indication issued by the labor dispatch company on the condition of labor dispatching, the explanation and confirmation issued by the Company, and made interview and confirmation with Head of Human Resources of the Company and the holding subsidiary, and verified the whereabouts conditions of reduced contract employees in 2021;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Inquire labor contract of between each contract employee becoming full member and the Company, 6 months of payroll before and after each personnel becoming full member, the Company&#8217;s explanation and confirmation, and made interview and confirmation with Head of Human Resources of the Company and the holding subsidiary, and verified signing condition of labor contract by those becoming regular employees with the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For the Issuer&#8217;s R&amp;D expenses, the Sponsor and the Reporting accountant have carried out the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Check the Issuer&#8217;s internal control documents for R&amp;D expenses and evaluate the effectiveness of the implementation;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) check various rules on the Issuer&#8217;s R&amp;D management, obtain and check the project approval forms, project conclusion reports, patent certificates, R&amp;D project management measures and other documents for the Issuer&#8217;s major R&amp;D projects during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) interview the person in charge of the R&amp;D division and the head of finance to understand the process of R&amp;D material requisition, the final destination of R&amp;D material requisition, and the handling of R&amp;D surplus materials, scraps and samples, and check whether the relevant accounting treatment complies with the Accounting </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">264</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Standards for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) obtain and check the project approval forms, project conclusion reports, patent certificates, R&amp;D project management measures and other documents for the Issuer&#8217;s major R&amp;D projects during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) refer to the detailed account of R&amp;D expenses to check the raw materials and finished products consumed by R&amp;D as well as the water and electricity expenses, depreciation costs, wages for employees, share-based payments and other expenses arising from R&amp;D; understand the composition and changes of the R&amp;D personnel, as well as their average wages and distribution status; obtain and review the depreciation and amortization calculation table for fixed assets, machineries and equipment for laboratories, office equipment and software for R&amp;D as well as the share-based payment calculation table, and do the calculation again; run a spot check on material requisition forms, expenditure application forms and approval documents, invoices and payment slips, and verify the authenticity of the expenses and the accuracy of the collection of expenses. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In RMB0&#8217;000</font></p><div style="margin-left:-5.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.52%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:23.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of verification</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">6,924.82</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">3,887.82</p></td><td style="vertical-align:middle;width:23.08%;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:10.5pt;text-align:right;margin:0pt;">2,463.61</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of R&amp;D expenses</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">9,016.64</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">4,510.84</p></td><td style="vertical-align:middle;width:23.08%;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:10.5pt;text-align:right;margin:0pt;">2,682.64</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Verification proportion</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">76.80%</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">86.19%</p></td><td style="vertical-align:middle;width:23.08%;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:10.5pt;text-align:right;margin:0pt;">91.84%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(6) compare and analyze the R&amp;D expenses for each phase, and analyze the rationality of the R&amp;D expenses according to the progress of the R&amp;D projects;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(7) obtain the Issuer&#8217;s income tax final settlement and payment report during the reporting period, check the regulations on the super deduction of R&amp;D expenditures, the scope of the allowable pre-tax super deduction for R&amp;D expenditures, and match the R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Issuer&#8217;s Attorney believe that:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Among the Company&#8217;s reduced contract employees in 2021, except some </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">265</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">employees terminated the dispatching relationship with the Company and will no longer provide relevant services, the remaining employees have all become regular employees, and have signed written labor contract with the Company. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon verification, the Sponsor and the Reporting accountant believe that during the reporting period, the Issuer&#8217;s R&amp;D expenses are true, accurate and complete.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:0pt;"><a name="_Toc105879765"></a><b style="font-size:12pt;font-weight:bold;">Q7. Legality and Compliance of Source of Core Technologies</b><b style="font-size:12pt;font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">According to submissions, the main products of the Issuer include indium phosphide substrate, gallium arsenide substrate, germanium substrate, PBN material and other high-purity materials; based on technical R&amp;D in past years, the Issuer has mastered core technologies in the fields of aforesaid products. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain the source of its core technologies, whether or not originated from the research contents and results of relevant personnel in their former employers, whether or not infringing upon trade secrets, patents or other intellectual properties of other entities and relevant proofs, and whether or not there is any dispute or potential dispute with relevant entity; if any dispute exists, please specify its progress and its influence on R&amp;D, production and operation of the Company. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Issuer&#8217;s Attorney are required to offer express verification opinions on the legality and compliance of source of core technologies of the Company. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Replies: </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The source of its core technologies, whether or not originated from the research contents and results of relevant personnel in their former employers </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The source of its core technologies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s core technologies include polycrystal synthesis technology, single crystal growth furnace manufacturing technology, single crystal growth technology, cutting technology, grinding technology, cleaning technology, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">266</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">measurement technology, polishing technology, sealing packaging technology, material purification technology, pyrolytic boron nitride chemical vapor deposition technology, </font><a name="_Hlk101366064"></a><font style="font-size:12pt;">chemical vapor deposition</font><font style="font-size:12pt;"> reactor manufacturing technology.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The sources of the said core technologies and key research and development personnel 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 colspan="2" style="vertical-align:middle;width:49.47%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of core technology</b></p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Source of technology</b></p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Key research and development personnel</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Polycrystal synthesis technology</p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><a name="_Hlk77176869"></a>High-efficiency gallium arsenide polycrystal synthesis technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><a name="_Toc82382588"></a><a name="_Toc82385288"></a>Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">High-efficiency indium phosphide polycrystal synthesis technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 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style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">VGF crystal growth furnace manufacturing technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">VINCENT WENSEN LIU</p></td></tr><tr style="height:19.85pt;"><td rowspan="7" style="vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Single crystal growth technology</p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Semi-insulating gallium arsenide single crystal growth by vertical gradient condensation method and carbon doping 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Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-quality germanium single crystal growth by vertical gradient condensation method and doping control technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid 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indium phosphide single crystal growth by vertical gradient condensation method and doping control technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">267</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr 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Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Control technology of oxygen concentration in gallium arsenide single crystal substrate</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td 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style="display:none;vertical-align:middle;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Automatic corrosion process of crystal rod</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 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style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WANG Yuanli</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-efficiency and low-stress fully automatic wafer cutting technology</p></td><td 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Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Fully automatic wafer cleaning process by wet method</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">REN Diansheng</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Measurement technology</p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Crystal inspection technology</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">REN Diansheng</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Wafer inspection technology</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">REN Diansheng</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Polishing technology</p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Fully automatic wafer chemical mechanical polishing process</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WANG Yuanli</p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sealing packaging technology</p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Preparation technology of epi-ready gallium arsenide wafer</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Preparation technology of epi-ready indium phosphide wafer</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Preparation technology of epi-ready germanium sheet</p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Material purification </p></td><td style="vertical-align:middle;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Large density difference liquid-liquid extraction </p></td><td style="vertical-align:middle;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and </p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">268</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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><td rowspan="4" style="vertical-align:top;width:100%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">technology</p></td><td style="vertical-align:top;width:189.95%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">technology</p></td><td style="vertical-align:top;width:89.47%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">development</p></td><td style="vertical-align:middle;width:206.67%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">High-efficiency electrolytic refining technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Longitudinal temperature gradient partial crystallization technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Preparation of high temperature sealant boron trioxide by atmospheric-vacuum two-step dehydration</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Pyrolytic boron nitride chemical vapor deposition technology</p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Pyrolytic boron nitride chemical vapor deposition technology</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">HE Junfang</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.06%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Preparation technology of boron nitride-boron carbide-graphite composite heating body for high temperature electric heating</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">HE Junfang</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;background:#ffffff;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Chemical vapor deposition reactor manufacturing technology</p></td><td style="vertical-align:middle;width:32.41%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Design technology of vapor deposition furnace for preparation of ultra-high purity pyrolytic boron nitride products</p></td><td style="vertical-align:middle;width:15.26%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Independent research and development</p></td><td style="vertical-align:middle;width:35.26%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;">HE Junfang</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Core technicians of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The employment of the Company&#8217;s core technicians before joining the Issuer is as follows:</font></p><div style="margin-left:-6.15pt;" 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:26.2%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Core technicians</b></p></td><td style="vertical-align:middle;width:73.79%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Employment before joining the Issuer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:26.2%;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:10.5pt;text-align:center;margin:0pt;">MORRIS SHEN-SHIH YOUNG</p></td><td style="vertical-align:middle;width:73.79%;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:10.5pt;text-align:justify;margin:0pt;">He founded AXT in the United States in 1986, and served as Chairman of the Company from October 2009 till now.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:26.2%;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:10.5pt;text-align:center;margin:0pt;">VINCENT WENSEN LIU</p></td><td style="vertical-align:middle;width:73.79%;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:10.5pt;text-align:justify;margin:0pt;">From 1983 to 1990, he served as the chief engineer of Beijing Automation Instrumentation Seventh Factory; from March 1993 to December 1998, he served as an engineer and production manager of AXT; since 1998, he has served as a deputy general manager, director and the general manager of the Company. </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:26.2%;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:10.5pt;text-align:center;margin:0pt;">REN Diansheng</p></td><td style="vertical-align:middle;width:73.79%;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:10.5pt;text-align:justify;margin:0pt;">From April 1990 to February 2005, he served successively as an engineer, senior engineer, project leader, and head of technology department of the quality inspection center of the 46th Research Institute of China Electronics Technology Group. Since March 2005, he has served as a senior engineer of research and development department, senior manager of research and development department, and senior manager of wafer technology department of the Company. He currently serves as the technical director of the Company.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:26.2%;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:10.5pt;text-align:center;margin:0pt;">WANG Yuanli</p></td><td style="vertical-align:middle;width:73.79%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">From July 2003 to July 2005, he served as a postdoctoral fellow in the </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">269</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" 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:26.2%;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;"></td><td style="vertical-align:top;width:73.79%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Key Laboratory of Semiconductor Materials Science of the Chinese Academy of Sciences; from July 2005 to the present, he has served as a senior engineer of research and development department, manager of research and development department, and deputy technical director of research and development department of the Company.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As stated in aforesaid form, the Company&#8217;s core technicians joined the Company more than ten years ago and mainly engage in research and development work according to the Company&#8217;s work arrangements. The Company&#8217;s patents and core technologies are developed by the main research and development personnel of related technologies after joining the Company, using the Company&#8217;s equipment, resources, personal knowledge, and technical reserves in their respective work and business positions, and do not involve the service inventions or other on-duty achievements of relevant technicians in the original employer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As a whole, the Company&#8217;s core technologies originate from its independent research and development, other than from the research contents and results of relevant personnel in their former employers. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Whether or not infringing upon trade secrets, patents or other intellectual properties of other entities and relevant proofs, and whether or not there is any dispute or potential dispute with relevant entity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company insists on the technology development mode of independent R&amp;D; its core technologies are obtained through independent R&amp;D and do not infringe upon trade secrets, patents or other intellectual properties of other entities, and there is no dispute or potential dispute with relevant entity. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Through inquiring at websites of </font><a name="_Hlk103451673"></a><font style="font-size:12pt;">CREDITCHINA, National Enterprise Credit Information Publicity System, China Execution Information Disclosure Network, China Judgements Online, the People&#8217;s Court Announcement and 12309 China Procuratorate Network,</font><font style="font-size:12pt;"> the Company is not involved in any lawsuit or arbitration concerning core technologies. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on relevant Trademark Registration Certificate, Patent Certificate and Computer Software Copyright Certificate and the trademark file and certification issued by the State Intellectual Property Office, and the query results of computer </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">270</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">software registration profile issued by the Software Copyright Department of Copyright Protection Center of China, and through the inquiry on China Trademark Network (Website: http://sbj.cnipa.gov.cn/sbj</font><font style="font-family:'SimSun';font-size:12pt;">/</font><font style="font-size:12pt;">sbcx/), China and Global Patent Examination Information Inquiry System (Website: http://cpquery.cnipa.gov.cn/) and China Copyright Registration Query Service Platform (Website: https://register.ccopyright.com.cn/query.html, as at Feb. 28, 2022, the Company owns 23 registered trademarks, 118 granted patents and 7 registered computer software copyrights in the territory of China. Based on results of public online enquiry, as at the date of issuing this Reply, such intellectual properties have not been pledged or otherwise encumbered, nor are they involved in any ownership dispute or potential dispute. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As a whole, the core technologies of the Company do not infringe upon trade secrets, patents or other intellectual properties of other entities, and there is no dispute or potential dispute between the Company and relevant entity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Explanation about the suspected infringement of trade secret by the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company received a relevant Report Letter, alleging that: an involved employee of the Company participated in the research and development of PBN-PG composite heaters, PG process products, PBN clamping rods, and other core products during his employment at the reporting party, hence acquired core technologies of the reporting party, while such technology information was trade secret of the reporting party. At present, the involved employee is working for the Issuer and has acquired shares in the Issuer. The reporting party held that the Issuer and the involved employee were suspected of infringing the trade secret of the reporting party.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After self investigation by the Company into the reported matter above, the Company considers that all the core technologies above are developed independently with clear source, and therefore there is no infringement of the trade secret or other intellectual property rights of the reporting party. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Relevant technologies and products involved in the reported matter</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">271</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the interviews with the Attorney of the involved employee, the trade secrets involved in this case were related to the trade secrets of &#8220;the tooling of a PBN-PG composite heater PBN coating&#8221; and &#8220;a kind of PG coating preparation method of PBN-PG composite heater&#8221; asserted to be held by the reporting party. The above technology is related to the PBN field, but its corresponding products account for a relatively low percentage of revenue, so this technology is not one of the Company&#8217;s core technologies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">Pyrolytic graphite (PG), PBN-PG composite heater and PBN clamping rod described in the Report Letter belong to the products of Beijing Boyu, a controlled subsidiary of the Company, and do not involve technologies and products in the field of semiconductor substrates and high-purity materials, nor are they the main products in the field of PBN such as PBN crucibles.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s main PBN products are closely related to semiconductors, OLEDs and other fields, and the production of III-V family and wide band-gap compound semiconductor substrates and crucibles for OLED evaporation sources requires the use of PBN materials produced by the Company. The PBN clamping rod, PBN-PG composite heater and PG coating are used for traveling wave tube for communication, CIGS evaporation and coating crucible respectively, and are not strongly related to the Company&#8217;s products which are mainly involved in the downstream field.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the revenues from semiconductor substrate materials, high-purity metals and compounds, and other products are the main source of revenues of primary business of the Company; in 2021, the revenues from PBN materials only account for 9.05% of revenues from primary business, a relatively low percentage. The total revenues generated by PG related products and relevant products of PBN-PG composite heaters are RMB38,200, RMB336,900 and RMB483,200 respectively, accounting for 0.01%, 0.06% and 0.06% of business incomes of the Company respectively, and no PBN clamping rod is sold; the revenues from aforesaid products have little influence on the production and operation of the Company.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">272</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Basis of determining that the relevant core technologies of the Company did not infringe the trade secret of the reporting party</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The Company has the technical capability to independently develop these products</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The Company has developed its own chemical vapor deposition (CVD) technology and related equipment and processes, and has technical reserves for the development of related application products</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The specific process route of CVD technology is as follows: high temperature CVD furnace is adopted and the required reaction raw material gas is introduced into the furnace cavity for thermal decomposition under high temperature and a certain vacuum environment, and then the required materials are generated and deposited on the substrate surface such as graphite mold to form the final product.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">By changing different raw material gases, different CVD products, such as PBN or PG, can be prepared. Among them, PBN uses both boron halide (BCl</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;"> or BF</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">) and ammonia gas (NH</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">) as the reaction gas source; PG is a single hydrocarbon (CH</font><sub style="font-size:9pt;vertical-align:sub;">4</sub><font style="font-size:12pt;">, or C</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">H</font><sub style="font-size:9pt;vertical-align:sub;">6</sub><font style="font-size:12pt;">, or C</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">H</font><sub style="font-size:9pt;vertical-align:sub;">8</sub><font style="font-size:12pt;">, etc.) as the reaction gas source. PBN-PG composite heater is made of PBN material as the main body, PG coated as heating wire, and PBN layer encapsulated. Since PBN requires a variety of reaction raw material gases to be introduced at the same time to decompose and synthesize boron nitride, the control difficulty is relatively high, while since PG only needs a single gas to decompose into carbon, the technical difficulty is relatively low. The shape and size of the product are determined by the mold. If different mold shapes are designed, products with different sizes and specifications can be made, such as PBN crucible, PBN boat, PBN plate, PBN clamping rod, PG crucible, PG plate, PBN coating, PG coating, PBN-PG composite heater, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of technology, the Company&#8217;s core technology in the CVD field is mainly reflected in the development of equipment and processes. The chemical vapor deposition reactor designed and manufactured by the Company has a unique structure. Not only one furnace can hold multiple samples, but also each mold substrate in the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">273</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">same furnace can both revolve and rotate at a high temperature of nearly 2,000 degrees, and the speed can be adjusted freely as needed, to ensure the thickness uniformity, component consistency and interlayer adhesion of each product. The Company has applied for a number of patent protections for technologies in the CVD field, and has designed and developed unique production processes and process parameters.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of talents, the Company&#8217;s key research and development team in the CVD field is composed of a number of senior personnel with many years of research and development in the industry, which guarantees the necessary human resources for the Company to maintain constant technological innovation and continuous expansion. Mr. HE Junfang, one of the founders of Beijing Boyu, a controlled subsidiary of the Company, was graduated from School of Materials Science and Engineering of Harbin Institute of Technology and engaged in research efforts at Shenyang Institute of Metal Research, Chinese Academy of Sciences, studying CVD process and materials as the responsible person of the laboratory. The large-size high-purity PBN crucible and high-density, high-precision, low-loss PBN clamping rod developed by him have successively won the second and third prize of National S&amp;T Progress Award in Shenyang and Liaoning. He also published many academic papers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The Company has many years of production experience in PBN materials and related fields, and has a rich product line</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s main products in the PBN field are PBN materials and products, which are prepared using the above CVD technology. The Company is one of the earliest enterprises researching and developing, producing and selling PBN related products on a large scale in China. Since its establishment in 2002, it has been engaged in the research and development, production and sales of PBN related products for more than 20 years. Using self-developed chemical vapor deposition equipment, unique process technology and rich semiconductor material experience, and the Company constantly and iteratively optimizes the preparation process to produce PBN crucibles featured by high-purity, high-density, longer service life and </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">274</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">high crystal formation rate, which has been highly praised by users at home and abroad. At present, the Company has developed and produced hundreds of PBN products with different varieties and specifications, with a rich range of products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) The Company has basic conditions such as off-the-shelf CVD equipment and underlying technology and experienced technical team for development of PG, PBN-PG composite heater and PBN clamping rod</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Same as other PBN products, PG, PBN-PG composite heater and PBN clamping rod are all prepared using CVD process as the underlying technology, and the products are also prepared using the same CVD furnace as PBN, and the difference is mainly reflected in the different gas raw materials. Unlike the preparation of PBN, PG only needs a single gas to decompose into carbon, and the technical difficulty is relatively low. With years of research and development and product experience and leading advantages in CVD and PBN fields, the Company has created feasibility for the rapid and independent development of products with the same underlying technology such as PG, PBN-PG composite heater and PBN clamping rod. Therefore, after downstream customers issue procurement requirements, the Company has accumulated sufficient technologies, equipment and talents to respond to such requirements and research and develop and prepare the above products in a relatively short period of time.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The technologies corresponding to relevant products of the Company are independently researched and developed by the Company itself, so the source of technologies is clear</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Research and development process of the Company&#8217;s PG preparation technology</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">PG is a subdivision of graphite. Its performance is similar to PBN. It has the advantages of high purity, good compactness, and high temperature resistance; PBN is an insulator while PG is a conductor. Like PBN, PG is also prepared by CVD technology. In the high-temperature CVD furnace cavity, hydrocarbons (such as CH</font><sub style="font-size:9pt;vertical-align:sub;">4</sub><font style="font-size:12pt;">, C</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">H</font><sub style="font-size:9pt;vertical-align:sub;">6</sub><font style="font-size:12pt;">, C</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">H</font><sub style="font-size:9pt;vertical-align:sub;">8</sub><font style="font-size:12pt;">) are introduced as reaction gases, decomposed into carbon under the set </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">275</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">high temperature and vacuum, and grown on the surface of matrix such as graphite mold. After cooling, PG products of various shapes are formed. PG coatings, PBN-PG composite heaters and other products of different shapes and sizes can be made.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">PG preparation technology began to be mass applied in the 1940s and 1950s. In 1962, the Institute of Metal Research, Chinese Academy of Sciences began the research and development of PG, and successively established production bases in Lanzhou Carbon Plant, Shanghai Carbon Plant, and Fushun Carbon Plant for mass production. Therefore, there is a long history for research of PG, accumulating abundant public knowledge in the public domain. With the development of the business, the Company relies on public knowledge and self-research technology, and is guided by the customization requirements proposed by customers to conduct further research on the technical difficulties involved in the customization requirements, and form PG deposition technology.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s PG preparation technology relies on the public knowledge as follows:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.57%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.54%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Technology</b></p></td><td style="vertical-align:middle;width:78.45%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Papers/basis involving publicly announced knowledge</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.54%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PG preparation technology</b></p></td><td style="vertical-align:top;width:78.45%;border-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:10.5pt;text-align:justify;margin:0pt;">1. Pyrolytic Graphite - Carbon Process and Equipment, Volume 9, Lanzhou, 2002, pp. 91-106</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">2. Morphology, Structure and Defects of Pyrolytic Graphite - Carbon, 2002</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">3. Analysis of the Manufacture and Application of Pyrolytic Graphite - Carbon, March 21, 1995</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">4. Research and Application of Pyrolytic Graphite Grid Blank Deposition Process - University of Electronic Science and Technology, September 1, 2005</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">5. Development of Fu-108 Pyrolytic Graphite Grid Blank - Carbon, December 31, 1993</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">6. Coating Pyrolytic Graphite to Improve the Properties of Carbon and Ceramic Materials - Carbon Technology, August 29, 1989</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">7. Analysis of the Causes of Cracking of Ultra-Large Pyrolytic Graphite Grid Blank - Carbon, July 2, 1989</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">8. Process and Performance of Pyrolytic Graphite Coated Epitaxial Base - Carbon, April 2, 1987</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">9. Research, Development and Application of Pyrolytic Graphite - New Carbon Materials, October 1, 1986</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">10. Model Experiment and Production Application of Gas Flow in Pyrolytic </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">276</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.57%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.54%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:78.45%;border-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:10.5pt;text-align:justify;margin:0pt;">Graphite Electric Furnace - Carbon Technology, August 29, 1986</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">11. Preparation of Pyrolytic Graphite - Instrument Technology and Sensors, December 27, 1982</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">12. Pyrolytic Graphite Coating Used as Epitaxial Base Material - Instrument Technology and Sensors, March 1, 1980</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">13. Preparation Method of a Long-Life Pyrolytic Boron Nitride Crucible (Invalid Patent), April 13, 2016</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">14. Preparation Method of a Hot Bending Mold for the Oxidation-Resistant Pyrolytic Graphite Coating (Invalid Patent), September 11, 2018</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">15. New Composite Materials - Metal - Pyrolytic Graphite - Functional Materials, August 29, 1973</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">16. Study on Graphitization of Boron-Containing Isotropic Pyrolytic Carbon Materials - 22nd Carbon-Graphite Materials Academic Conference, October 1, 2010</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">17. Preparation of Boron-doped Carbon Films by Low Pressure Chemical Vapor Deposition and Their Characteristics - Journal of Silicate, May 15, 2007</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">18. Effect of Temperature on BCl3-CH4-H2 Chemical Vapor Deposition Boron-doped Carbon Deposition - Materials Guide, July 25, 2010</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">19. JP3813381B2 (Multilayer Composite Ceramic Heater), Shin-Etsu, January 12, 2001</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">20. JP3869160B2 (Multilayer Composite Ceramic Heater and Its Production Method), Shin-Etsu, January 19, 2001</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">PG materials are mainly used as protective coatings. Mr. HE Junfang, one of the founders of Beijing Boyu, a controlled subsidiary of the Company, proposed in his paper &#8220;Application of PBN in the Preparation of Semiconductor Materials&#8221; in 1999: &#8220;PG deposited on a PBN substrate can be processed into a resistance heater. The output power of this heater can exceed 45 W/cm2, and it has excellent resistance to fast and frequent thermal cycles.&#8221; PG materials were also explicitly mentioned by the Company in the patent awarded in 2013, i.e. Vapor Deposition Furnace with Multi-Directional Air Inlet for Preparation of Pyrolytic Boron Nitride Products (patent number: CN201220429023.0), which shows that the Company has long known knowledge and research in the field of PG materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From the beginning of research in June 2018 to the completion of research and development in March 2019, the specific research and development process chart for the Company&#8217;s PG preparation technology is as follows:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">277</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><img src="axti-20220617xex99d1010.jpg" alt="Graphic" style="display:inline-block;height:135.75pt;left:0%;padding-bottom:0.75pt;position:relative;top:0pt;width:412.5pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;">The specific research and development progress is as follows:</p><div style="margin-left:-6.15pt;" 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:28.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Milestone</p></td><td style="vertical-align:middle;width:71.83%;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:10.5pt;text-align:center;margin:0pt;">Progress</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">June 2018</p></td><td style="vertical-align:middle;width:71.83%;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:10.5pt;text-align:justify;margin:0pt;">Conducted preliminary data research</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">January 2019</p></td><td style="vertical-align:middle;width:71.83%;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:10.5pt;text-align:justify;margin:0pt;">Summarized the preliminary research data to create a preliminary research and development plan, and started research and development.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">February 2019</p></td><td style="vertical-align:middle;width:71.83%;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:10.5pt;text-align:justify;margin:0pt;">Purchased raw materials and accessories to prepare for experiments, and implemented equipment transformation and jig preparation</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">March 2019</p></td><td style="vertical-align:middle;width:71.83%;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:10.5pt;text-align:justify;margin:0pt;">Started deposition test and completed PG process development</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">2) The Company&#8217;s research and development process of PBN-PG composite heater</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">The PBN-PG composite heater uses CVD deposition technology to deposit PBN, PG and PBN materials successively to obtain a three-layer composite structure of PBN/PG/PBN. According to specific requirements, it is processed into different shapes and sizes and used as a heater. The PBN-PG composite heater is organically combined by using the conductivity of PG as a heating wire and the insulation of PBN as a protective layer.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">For the PBN-PG composite heater preparation technology, mature products were sold in Japan as early as the 1990s, and a large number of related technologies were publicized to form public knowledge.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">The Company&#8217;s PBN-PG composite heater preparation technology relies on the public knowledge as follows:</p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.57%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.23%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Technology</b></p></td><td style="vertical-align:middle;width:70.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Papers/basis involving publicly announced knowledge</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.23%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PBN-PG composite heater preparation technology</b></p></td><td style="vertical-align:top;width:70.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">1. Effect of Cutting Parameters on the Cutting Force of Isotropic Pyrolytic Graphite - Mechanical Design and Manufacturing, August 8, 2016</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">2. Research on the Wear Mechanism of Isotropic Pyrolytic Graphite Precision Cutting Tools - Shenyang University of Aeronautics and Astronautics, January 15, 2016</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">278</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.57%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.23%;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;"></td><td style="vertical-align:top;width:70.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">3. Research on Spraying Sand Beam Etching Trajectory of Pyrolytic Graphite Grid - Vacuum Electronic Technology, March 2, 1993</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">4. Processing Method of Porous Electrode Made of Pyrolytic Graphite - Vacuum Electronic Technology, February 15, 1976</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">5. Composite Ceramic Heater, Shin-Etsu, December 26, 2012</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">6. Electrode Adjustment Method and Equipment for Layered Heater Structure, Shin-Etsu, May 11, 2011</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">7. JP3367995B2 (Multilayer Composite Ceramic Heater), Shin-Etsu, June 25, 1993</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">8. JP3497969B2 (Multilayer Composite Ceramic Heater), Shin-Etsu, June 23, 1997</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">9. JP3813381B2 (Multilayer Composite Ceramic Heater), Shin-Etsu, January 12, 2001</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">10. JP3869160B2 (Multilayer Composite Ceramic Heater and Its Production Method), Shin-Etsu, January 19, 2001</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">11. JP1992116397U (Multilayer Composite Ceramic Heater), Shin-Etsu, March 28, 1991</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">12. JPA1999354260 (Multilayer Composite Ceramic Heater), Shin-Etsu, June 11, 1998</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">13. JP1999016666A (Multilayer Composite Ceramic Heater), Shin-Etsu, June 23, 1997</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">On the basis of public technology, the Company conducts further research on the technical difficulties involved in customized products based on the customized product requirements proposed by customers. The Company used CVD technology in 2012 and also used C3H6and other hydrocarbons as raw materials to develop boron nitride-boron carbide-graphite (PBN-BC-C) composite heaters. In 2014, the Company was awarded the invention patent &#8220;A Boron Nitride-Boron Carbide-Graphite Composite Heating Element for High-Temperature Electric Heating&#8221; (patent number: ZL201210287536.7). It can be seen that the Company has long had research and layout in the field of PBN-related composite heaters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">From the beginning of research in June 2018 to the completion of research and development in May 2019, the specific research and development process chart of the Company&#8217;s PBN-PG composite heater preparation technology is as follows:</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">279</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1011.jpg" alt="Graphic" style="display:inline-block;height:154.97pt;width:404pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;">The specific research and development progress is as follows:</p><div style="margin-left:-6.15pt;" 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:22.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Milestone</b></p></td><td style="vertical-align:middle;width:77.2%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Progress</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June 2018</b></p></td><td style="vertical-align:middle;width:77.2%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Conducted preliminary data research</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">January 2019</b></p></td><td style="vertical-align:middle;width:77.2%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Summarized the preliminary research data and started research and development</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">March 2019</b></p></td><td style="vertical-align:middle;width:77.2%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">1. Carried out PG test and determined PG process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2. Tested the </b><b style="color:#1f4f79;font-weight:bold;">graphic processing method</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">April 2019</b></p></td><td style="vertical-align:middle;width:77.2%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Produced PBN base and PBN-PG composit and completed the graphics processing</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">May 2019</b></p></td><td style="vertical-align:middle;width:77.2%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Performed PBN outer coating and completed composite heater products and delivered samples to customers</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">July 2019</b></p></td><td style="vertical-align:middle;width:77.2%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Verification passed</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Research and development process of the Company&#8217;s PBN clamping rod preparation technology</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">PBN clamping rod is a ceramic rod used to clamp the spiral wire in an electronic tube, which plays a role of fixing, insulation and heat dissipation. The preparation method is as follows: the high-performance PBN plate is prepared by high-temperature CVD technology, and then cut and finely processed into a high-precision PBN rod with certain length, width and thickness.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">HE Junfang, one of the founders of Beijing Boyu, successfully developed the PBN clamping rod in 1998, and applied for the invention patent titled &#8220;A Clamping Rod for Electronic Tubes&#8221; (CN1093685C) as the first inventor and was authorized.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><b style="font-weight:bold;">The public knowledge of the Company&#8217;s PBN clamping rod preparation technology is as follows:</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">280</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.58%;"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:23.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Technology</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:76.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Papers/basis involving publicly announced knowledge</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PBN clamping rod technology</b></p></td><td style="vertical-align:top;width:76.84%;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:10.5pt;text-align:justify;margin:0pt;">1. GAO Longqiao, Bonding Technology of Boron Nitride Ceramics and Metals [J]. Electronic Components and Materials, 1995, 14(5):5</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">2. HE Junfang, CHEN Hongliang, LIU Tongshun, LI Wei. &#8220;A Clamping Rod for Electronic Tubes&#8221;, 2002</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">3. GAO Longqiao, &#160;Practical Sealing Technology of Ceramic-Metal Materials [M]. &#160;Chemical Industry Press, 2005</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">4. TANG Huidong, XU Jie, QIU Tai, et al. Research on Energy Transmission Window and Clamping Rod of TWT [J], Jiangsu Ceramics, 2002, 35(2):3</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">PBN has the characteristics of high precision, high thermal conductivity, low dielectric loss and easy processing. It is studied and applied as a new type of clamping material. Although the Company&#8217;s PBN clamping rod preparation technology has been successfully developed in 2005, due to the low demand in the downstream market, the Company has not carried out sales of PBN clamping rods.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) The Company has been engaged in research and development of CVD technology and PBN materials for more than 20 years</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Beijing Boyu was founded in 2002 while the reporting party was founded in 2011. Comparatively speaking, Beijing Boyu is one of the earliest enterprises in China to carry out PBN material industrialization and use CVD technology, and has a complete independent intellectual property system related to production and operation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Beijing Boyu has been engaged in research and development of PBN materials according to CVD technology for more than 20 years. Its products are sold well in Europe, the United States, Japan, South Korea, Singapore, Taiwan and other countries and regions. It has successfully become a qualified supplier of many globally well-known enterprises. It further enriches the Company&#8217;s product line and expands the market area covered by the products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) The involved employee is not a core technician of the Company, nor is he a core technician in PBN and related fields, and his contribution to the research and development of the Company&#8217;s products is limited</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The involved employee, joining the Company in May 2019, is not a core </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">281</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">technician of the Company, and has not formed any patent in the Company. The reasons why he is not a core technician of the Company, nor a core technician of Beijing Boyu are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The involved area by the employee is less relevant to the semiconductor industry</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company is a world-renowned technology enterprise in semiconductor materials, mainly engaging in research and development, production and sales of &#160;indium phosphide substrate, gallium arsenide substrate, germanium substrate, PBN material and other high-purity materials. The Company&#39;s research and development, production and sales are all centering the semiconductor industry, while the involved employee is mainly responsible for the research and development and production of distillation of metal heaters (OLED evaporation point source), as well as auxiliary research and development of PG and PBN-PG composite heater products after joining the company. The involved employee mainly participated in the areas of OLED and solar heaters, which are less relevant to the semiconductor industry, thus the involved employee is not a core technician of the company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The involved employee has been engaging in the material industry for a short time, and has relatively shallow knowledge reserves and experience accumulation </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of materials science, engineers need to have rich practical experience in all aspects of material production and find the best material preparation scheme &#160;through complex theoretical calculation, on the basis of balancing the differences between the theory and actual conditions, relying on long-term research accumulation in production process, and taking the different working conditions and application scenarios into account. The involved employee graduated from the School of Modern Science and Technology of Taiyuan University of Technology in 2016 with a bachelor&#39;s degree in mechanical design and manufacturing and its automation, having a relatively short working experience and enrollment phase in Beijing Boyu, and relatively shallow knowledge reserves and experience accumulation. Thus the involved employee is not a core technician of Beijing Boyu.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">282</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) The remuneration of the involved employee has not been significantly improved after joining the company, and the company has not identified him as a core technician</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the explanation of the involved employee and the bank statements provided by him, his remuneration packages in the accuser, a company based in Shanghai and Tianjin Boyu are as follows:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:31.95pt;"><td style="vertical-align:middle;width:38.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company</b></p></td><td style="vertical-align:middle;width:35.72%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Salary per month</b></p></td><td style="vertical-align:middle;width:25.94%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Including meals/accommodation or not</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.33%;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:10.5pt;text-align:center;margin:0pt;">The accuser</p></td><td style="vertical-align:middle;width:35.72%;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:10.5pt;text-align:center;margin:0pt;">Around RMB 5,000(before tax)</p></td><td style="vertical-align:middle;width:25.94%;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:10.5pt;text-align:center;margin:0pt;">Including accommodation</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">A company based in Shanghai</font></p></td><td style="vertical-align:middle;width:35.72%;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:10.5pt;text-align:center;margin:0pt;">Around RMB 6,000(before tax)</p></td><td style="vertical-align:middle;width:25.94%;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:10.5pt;text-align:center;margin:0pt;">Including meals&amp;accommodation</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Tianjin Boyu </font></p></td><td style="vertical-align:middle;width:35.72%;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:10.5pt;text-align:center;margin:0pt;">RMB10,000(before tax)</p></td><td style="vertical-align:middle;width:25.94%;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:10.5pt;text-align:center;margin:0pt;">Excluding meals &amp;accommodation</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The above table shows that the salary of the involved employee increased by about RMB4,000 per month compared with when he was working in a company based in Shanghai after joining Tianjin Boyu. While his remuneration package in a company based in Shanghai included meals and accommodation, his salary in Tianjin Boyu excluded meals and accommodation. Thus his remuneration package after joining Tianjin Boyu has not been improved significantly after deducting the cost of living in the working place.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, when the involved employee joined the Company in May 2019, the company had no A-share listing plan (the A-share listing plan has been launched in the second half of 2020 after Shengmei Shanghai passed review by the Listing Review Committee of the Shanghai Stock Exchange), or any equity incentive plan and employee stock ownership plans at that time. Thus the company could not promise any equity or option incentive clauses when he joined the company, and did not grant him AXT shares and options after his enrollment. The Company does not treat him as a core technician in terms of remuneration.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When the involved employee joined the Company, the Company has basically completed the research and development of the PG preparation technology, PBN-PG </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">283</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">composite heater preparation technology, and PBN clamping rod preparation technology. The main tasks left is only the change, designing, and continuous optimization of composite heaters with different structures and sizes for customers. Therefore, the Company&#8217;s PG preparation technology, PBN-PG composite heater preparation technology, and PBN clamping rod preparation technology are developed independently, for which this employee made limited contribution for the research and development of the Company&#8217;s relevant products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) The Company has long had a layout for related products and technologies, and has been granted the relevant patents before the involved employee&#8217;s enrollment</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on many years of R&amp;D and product experience and advantages in the field of CVD and PBN, the Company has formed and obtained a number of related technology patents before the involved employee&#8217;s enrollment, including 2 technical patents related to the protective layer and 2 technical patents related to composite heaters. The details are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.390751%;table-layout:auto;width:110.78%;" align="center"><tr style="height:64.9pt;"><td style="vertical-align:middle;width:14.11%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Technical direction</b></p></td><td style="vertical-align:middle;width:10.05%;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;"><b style="font-weight:bold;">Patentee</b></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: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-weight:bold;">Patent name</b></p></td><td style="vertical-align:middle;width:6.34%;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-weight:bold;">Patent type</b></p></td><td style="vertical-align:middle;width:17.29%;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-weight:bold;">Patent number</b></p></td><td style="vertical-align:middle;width:13.09%;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;"><b style="font-weight:bold;">Date of application</b></p></td><td style="vertical-align:middle;width:11.45%;border-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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Date of authorization proclamation</b></p></td><td style="vertical-align:middle;width:12.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Mode of acquisition</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.11%;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;">Technologies related to pyrolytic graphite coating </p></td><td style="vertical-align:middle;width:10.05%;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;">Beijing Boyu</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Evaporation crucible with silicon carbide protective layer</font></p></td><td style="vertical-align:middle;width:6.34%;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;">Utility model</p></td><td style="vertical-align:middle;width:17.29%;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;">2012204290118</p></td><td style="vertical-align:middle;width:13.09%;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;">2012/8/27</p></td><td style="vertical-align:middle;width:11.45%;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:10.5pt;text-align:center;margin:0pt;">2013/3/13</p></td><td style="vertical-align:middle;width:12.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Original acquisition</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.11%;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:10.5pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.05%;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;">Beijing Boyu</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:10pt;text-align:center;margin:0pt;">Evaporation crucible with pyrolytic boron nitride protective layer</p></td><td style="vertical-align:middle;width:6.34%;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;">Utility model</p></td><td style="vertical-align:middle;width:17.29%;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;">2012204290122</p></td><td style="vertical-align:middle;width:13.09%;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;">2012/8/27</p></td><td style="vertical-align:middle;width:11.45%;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:10.5pt;text-align:center;margin:0pt;">2013/3/13</p></td><td style="vertical-align:middle;width:12.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Original acquisition</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.11%;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:10.5pt;text-align:center;margin:0pt;">Technologies related to composite heater44</p></td><td style="vertical-align:middle;width:10.05%;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;">Beijing Boyu</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:10pt;text-align:center;margin:0pt;">Heater with pyrolytic boron nitride protective coating</p></td><td style="vertical-align:middle;width:6.34%;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;">Utility model</p></td><td style="vertical-align:middle;width:17.29%;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;">2012204284780</p></td><td style="vertical-align:middle;width:13.09%;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;">2012/8/27</p></td><td style="vertical-align:middle;width:11.45%;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:10.5pt;text-align:center;margin:0pt;">2013/4/10</p></td><td style="vertical-align:middle;width:12.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Original acquisition</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">284</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.390751%;table-layout:auto;width:110.78%;" align="center"><tr style="height:19.85pt;"><td rowspan="1" style="vertical-align:middle;width:14.11%;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:10.5pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:71.19%;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:center;margin:0pt;">Beijing Boyu</p></td><td style="vertical-align:middle;width:106.07%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> a boron nitride - boron carbide - graphite composite heater for high temperature electric heating </font></p></td><td style="vertical-align:middle;width:44.93%;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;">Patent for innovation</p></td><td style="vertical-align:middle;width:122.5%;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;">2012102875367</p></td><td style="vertical-align:middle;width:92.72%;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;">2012/8/13</p></td><td style="vertical-align:middle;width:81.09%;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:10.5pt;text-align:center;margin:0pt;">2014/6/4</p></td><td style="vertical-align:middle;width:89.72%;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:10.5pt;text-align:center;margin:0pt;">Original acquisition</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:22pt;margin:0pt;"><font style="font-size:11pt;">Note: The PG material in the relevant technologies of pyrolytic graphite coating mainly plays a protective role, so the patent formed by the related technologies of pyrolytic graphite coating is mainly related to the protective layer technology, and the material can be replaced.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(6) The production of the involved products differs significantly with the production of the Company&#39;s core products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Compared with the PBN preparation method, PG preparation is based on a single hydrocarbon (CH4 or C3H6 or C3H8, etc.) as the reaction gas source, while PBN is simultaneously based on the halide of boron (BCl3 or BF3) and ammonia (NH3) as the reaction gas source. PBN-PG composite heater adopts PBN material as the main body, coated with PG as the heating wire, and then encapsulated with a PBN layer. PBN clamping rod is one of the PBN materials, and the production flow charts for the core PBN products of the company and the involved products with PG materials, the PBN composite heater are as follows:</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><font style="font-size:12pt;white-space:nowrap;">1)&#160;</font><font style="font-size:12pt;">Production flow chart of PBN</font></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">285</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1012.jpg" alt="Graphic" style="display:inline-block;height:183pt;width:268.75pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 0pt 21pt;"><font style="font-size:12pt;">2</font><font style="font-size:12pt;">&#65289;</font><font style="font-size:12pt;">Production flow chart for PG coating products</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1013.jpg" alt="Graphic" style="display:inline-block;height:45pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:224.52pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 0pt 21pt;"><font style="font-size:12pt;">3</font><font style="font-size:12pt;">&#65289;</font><font style="font-size:12pt;">Production flow chart of PBN-PG composite heater</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1014.jpg" alt="Graphic" style="display:inline-block;height:86pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:395.6pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-family:'KaiTi';font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">The production differences between PBN materials and PG materials in the core products of the Company are summarized 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;"><th colspan="2" style="font-weight:normal;text-align:left;vertical-align:middle;width:26.15%;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:10.5pt;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;width:26.54%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PBN</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PG</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.01%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">The same or not</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.35%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Detailed description</b></p></th></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:26.15%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Principle of technology</font></p></td><td colspan="2" style="vertical-align:middle;width:43.47%;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:8pt;text-align:center;margin:0pt;"><font style="color:#333333;font-family:'Tahoma';background:#f7f8fa;"> </font><font style="font-size:12pt;white-space:pre-wrap;">Chemical vapor deposition (CVD)  &#160;</font></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">the same</font></p></td><td style="vertical-align:middle;width:19.35%;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:10.5pt;margin:0pt;"><font style="font-size:12pt;">thermal decomposition reaction under high temperature</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:26.15%;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:10.5pt;text-align:center;margin:0pt;">Reaction equation</p></td><td style="vertical-align:middle;width:26.54%;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:10.5pt;margin:0pt;">BCl3+NH3&#8594;BN+3HCl</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;margin:0pt;">CH4&#8594;C+2H2</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">different</p></td><td style="vertical-align:middle;width:19.35%;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:10.5pt;margin:0pt;">PBN involves multi-phase chemical combination, more complex; </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">286</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><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:19.85pt;"><th colspan="2" style="font-weight:normal;text-align:left;vertical-align:middle;width:26.15%;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:10.5pt;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;width:26.54%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PBN</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:16.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PG</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.01%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">The same or not</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:19.35%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Detailed description</b></p></th></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:26.15%;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;"></td><td style="vertical-align:middle;width:26.54%;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;"></td><td style="vertical-align:middle;width:16.93%;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;"></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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:19.35%;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:10.5pt;margin:0pt;">PG includes single phase decomposition, relatively simple</p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:13.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Preparation technology</p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;margin:0pt;">Types of gases</p></td><td style="vertical-align:middle;width:26.54%;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:10.5pt;margin:0pt;"><font style="white-space:pre-wrap;">&quot;Boron halide + ammonia&quot;  </font></p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;margin:0pt;">Hydrocarbons only</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">different</p></td><td style="vertical-align:middle;width:19.35%;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:10.5pt;margin:0pt;">PBN requires a variety of reaction gases; PG requires only a single reaction gas</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:13.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.26%;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:10.5pt;margin:0pt;">State of substrates</p></td><td style="vertical-align:middle;width:26.54%;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:10.5pt;margin:0pt;">Complicated</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;margin:0pt;">Single</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">different</p></td><td style="vertical-align:middle;width:19.35%;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:10.5pt;margin:0pt;">The production process of PBN is more complicated</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Liu Rongjun, a composite material expert at the National University of Defense Technology, mentioned in the invention patent &quot;Preparation Method of Pyrolytic Boron Nitride Material&quot; (CN107265416A[P].2017.) that the BCl3 and NH3 two-component raw material systems are commonly used to prepare PBN..., while the flow and proportion of BCl3 and NH3 need to be strictly controlled, the process stability requirements are high, and the process control is difficult. In addition, the laminar crystallinity of pyrolytic boron nitride is very sensitive to changes in process parameters including temperature, pressure, gas flow, and feed gas concentration, while the deposition process of pyrolytic boron nitride materials generally takes as long as tens of hours, and minor fluctuations in process parameters often lead to cracking, delamination and other defects in the final pyrolytic boron nitride material.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">It can be seen that there are many differences in the production process of PBN and PG. The production process of PBN is more complicated and difficult to produce. Therefore, the products and technologies involved in PG this time will not affect the production of PBN materials, the Company&#8217;s core product. The grasping of two technologies at the same time by the Company is a requisite for production of PBN-PG composite heater. Therefore, the production technology of PBN-PG composite heater does not affect the production of PBN material, the Company&#8217;s core </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">287</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;">production.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">In summary, the Company, the involved employee, and his Attorney believe that the relevant core technologies do not infringe the intellectual property rights such as the trade secrets of the reporting party.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">II. Verification conducted by intermediary </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Sponsor and the Issuer&#8217;s Attorney have implemented following verification procedure: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Checking the list of core technologies of the Company and relevant documents, and its explanations and confirmation, questionnaire filled in by core technicians, interviewing relevant technical principals, investigating the specific R&amp;D work engaged by core technicians in the Company, and checking the source of relevant core technologies of the Company; </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Checking the regulations and flows in relation to R&amp;D and production of the Company, obtaining explanations and confirmation from the core technicians and R&amp;D principals of the Company, and checking whether or not core technologies of the Company originated from the research contents and results of relevant personnel in their former employers; </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Inquiring at websites of CREDITCHINA, National Enterprise Credit Information Publicity System, China Execution Information Disclosure Network, China Judgements Online, the People&#8217;s Court Announcement and 12309 China Procuratorate Network, to verify whether or not the Company is involved in any lawsuit or arbitration concerning core technologies;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. Checking relevant Trademark Registration Certificate, Patent Certificate and Computer Software Copyright Certificate provided by the Issuer and the trademark file and certification issued by the State Intellectual Property Office, and the query results of computer software registration profile issued by the Software Copyright Department of Copyright Protection Center of China, and through the inquiry on China Trademark Network (website: </font><font style="font-size:12pt;">http://sbj.cnipa.gov.cn/sbj/sbcx/</font><font style="font-size:12pt;">), China and </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">288</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Global Patent Examination Information Inquiry System (Website: </font><font style="font-size:12pt;">http://cpquery.cnipa.gov.cn/</font><font style="font-size:12pt;">) and China Copyright Registration Query Service Platform (Website: https://register.ccopyright.com.cn/query.html), checking intellectual properties of the Issuer, whether there is encumbrance such as pledge, and whether there is ownership dispute or potential dispute; </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. Checking the list of core technologies of the Company and relevant documents, obtaining explanations and confirmation from the core technicians and R&amp;D principals of the Company, and logging on public website to search and check whether or not core technologies of the Company infringe upon trade secrets, patents or other intellectual properties of other entities, and whether or not there is any dispute or potential dispute between the Company and relevant entity;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">6.</b><font style="font-size:12pt;"> Inspected the employment contract entered into by the involved employee with the Company, the interview and employment form, identity card, personal resume, the partnership agreement and certificate of capital contribution in relation to his acquisition of shares in Boyu Hengye, and checked the time and background ofhis &#160;employment with the Company and his acquisition of shares in the Company, and his working experience prior to his employment with the Company;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7. Inspected the samples of the Employment Contract and the Contract for Confidentiality and Use and Protection of Intangible Assets of Guojing provided by the involved employee, inspected the materials in relation to his departure from the Guojing and his bank statement for 12 months after his departure from Guojing; and obtained communication materials between the involved employee and the relevant responsible person of the reporting party, bank certificates in relation to relevant payments made by Guojing, the statement on relevant circumstances issued by the involved employee and the legal opinion issued by the attorney, and checked whether the involved employee breaches any non-competition and confidentiality agreement;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8. Inspected the Audit Report, relevant sales contracts and detailed income statement, </font>obtained the statement and confirmation letter issued by the Company, interviewed the relevant responsible persons of the Company and his Attorney, and checked the impact on the </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">289</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;">Company&#8217;s R&amp;D, production and operation;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">9. Inspected the Audit Report, relevant sales contracts and detailed income statement, interviewed core technicians and R&amp;D leaders of the Company in the field of PBN, obtained the information on technical sources of technologies and products, such as the PBN-PG composite heater, PG process products and PBN clamping rod, and their income percentage in the Issuer&#8217;s actual business, the information on the extent of their impact on the Issuer&#8217;s production and R&amp;D; interviewed the responsible persons of Beijing Boyu, and obtained the information on the income distribution and sources of core technologies of the Company&#8217;s products in the field of PBN.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Through verification, the Sponsor and the Issuer&#8217;s Attorney deem that as at the date of issuing this Reply:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. The source of core technologies of the Company complies with laws and regulations, not originating from the research contents and results of relevant personnel in their former employers;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. The core technologies of the Company do not infringe upon trade secrets, patents or other intellectual properties of other entities, and there is no dispute or potential dispute between the Company and relevant entity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><a name="_Toc105879766"></a><b style="font-size:12pt;font-weight:bold;">Q8. Disclosure of Industry Related Information and Risks</b><b style="font-size:12pt;font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">8.1 </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, in each period of reporting period, the Issuer&#8217;s operating income from germanium substrate accounted for more than 10%, and the Prospectus (draft for declaration) briefly disclosed the business of germanium substrate. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to supplement following information: main downstream products corresponding to germanium substrate, the application or development trend of other materials with the same or similar functions with germanium substrate, and influence on competitiveness and future development space of germanium substrate; the competitive landscape and changing trend of </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">290</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">the germanium substrate market, and whether or not the Issuer has competitive edge. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Reply: </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">I. The information supplemented by the Issuer</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">The Issuer has supplemented following information in &#8220;II. (III). 5. General Information about the Industry of Germanium Substrate&#8221; in &#8220;Section VI Business and Technology&#8221; of the Prospectus: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) Main downstream products corresponding to germanium substrate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">The germanium substrate is mainly applied to fields of solar cells and semiconductor devices, as showed in following table: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt;"><font style="font-size:12pt;"><img src="axti-20220617xex99d1015.jpg" alt="Graphic" style="display:inline-block;height:244.55pt;left:0%;padding-bottom:1.45pt;position:relative;top:0pt;width:417.2pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">From 1950 to 1970, germanium was mainly manufactured into germanium transistor, and was gradually replaced due to development of purification technology and massive use of silicon. However, germanium semiconductor devices are still applied to specific scenarios in special fields by virtue of such advantages as very low saturation resistance, barely no heat radiation and little power consumption. At present, there are only a few scenarios for the application of germanium substrates in semiconductor devices. </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">291</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.7pt;margin:0pt;"> <b style="font-size:12pt;font-weight:bold;">Germanium substrate GaAs solar cells &#160;are widely applied to space power supply on the strength of its high conversion efficiency, radiation resistance and high voltage,</b><font style="font-size:12pt;"> with strong advantages in the application fields of artificial satellite, space station, space probe and landing probe, effectively extending life of solar cell, and further extending the service life of artificial satellite. Under such background, the massive launching of artificial satellites and space vehicles in the world offers wide market space for the development of space solar cells. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">More than 95% of space power supply in the world adopts germanium substrate gallium arsenide solar cell, which will be the mainstream choice for space power supply in a very long period. In addition, germanium substrate is still applied to certain application scenarios, such as radar stations and microwave communication stations in remote mountains, in which germanium substrate GaAs cells are still in use on the market. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(4) The application or development trend of other materials with the same or similar functions with germanium substrate, and influence on competitiveness and future development space of germanium substrate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">At present, germanium substrate is mainly applied to the scenario of solar cells. The development history of solar cell is as follows: </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1) The first generation of crystalline silicon solar cell was successfully developed in 1960s, and its photoelectric conversion rate reached 17%-19% after constant improvement. Although the photoelectric conversion rate of crystalline silicon solar cell is low, its production cost is not high. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2) Since 1980s, thin-film solar cells such as the second generation of gallium arsenide, CuInSe2 and CdTe have made certain breakthroughs in conversion efficiency, with lab efficiencies reaching 25%, 16.5% and 18.5% respectively, but the equipment costs are high and commercial conversion rates are still low. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3) Since 1990s, compound semiconductor tandem battery (mainly gallium arsenide on germanium substrate) has realized photoelectric conversion rate of 28%-32% and could reach 42.8% after concentrating due to its characteristics of </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">292</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">high efficiency, high voltage and high temperature, and is applied to special applications such as solar cells for space satellites, radar stations in remote mountainous areas and microwave communication stations. However, the high cost hinders large-scale application of germanium substrate GaAs solar cells in general application scenarios. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The comparison of aforesaid three kinds of solar cells is as follows: </b></p><div style="margin-left:-14pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:94%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.87%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Items</p></td><td colspan="2" style="vertical-align:middle;width:30.13%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Crystalline silicon solar cells</p></td><td colspan="4" style="vertical-align:middle;width:40.36%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Thin film solar cells</p></td><td style="vertical-align:middle;width:14.62%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Concentrated PV solar cells</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.87%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Material</p></td><td style="vertical-align:middle;width:17.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Monocrystalline silicon</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Polycrystal silicon</p></td><td style="vertical-align:middle;width:13.21%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amorphous silicon</p></td><td style="vertical-align:middle;width:7.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CdTe</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Copper Indium Gallium</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Organic film</p></td><td style="vertical-align:middle;width:14.62%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">gallium arsenide on germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.87%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Light conversion rate</p></td><td colspan="2" style="vertical-align:middle;width:30.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">17%-19%</p></td><td colspan="4" style="vertical-align:middle;width:40.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6%-13%</p></td><td style="vertical-align:middle;width:14.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">40% or so</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.87%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Advantage</p></td><td colspan="2" style="vertical-align:middle;width:30.13%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Low cost, suitable for production and marketing</p></td><td colspan="4" style="vertical-align:middle;width:40.36%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Large space for improving cell efficiency, simple production procedure, suitable for large-scale production </p></td><td style="vertical-align:middle;width:14.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Highest cell conversion rate</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:14.87%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Disadvantage</p></td><td colspan="2" style="vertical-align:middle;width:30.13%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Cell conversion rate is low, and space for improvement is limited</p></td><td colspan="4" style="vertical-align:middle;width:40.36%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Equipment cost is high, and current cell conversion rate is low,</p></td><td style="vertical-align:middle;width:14.62%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">High cost</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.35pt;margin:0pt;">Source: <i style="font-style:italic;">Research Report No. 1 on Raw Materials of Upstream of Electronics and Semiconductor Industry Chain &#8211; Germanium: Peace Before Arrival of Next Big Thing</i>, by CITIC Securities</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Crystalline silicon solar cell is applied most widely thanks to its low cost. Germanium substrate GaAs solar cells have higher conversion efficiency and greater radiation resistance performance, which may be used to reduce the size of solar cells, reduce fuel consumption, and prolong the service lives of batters, so they will not be replaced by other materials at present. Along with the decrease of cost of germanium substrate GaAs solar cells in future, it&#8217;s expected that such solar cells may be used in other high-end application scenarios. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The demand for germanium substrate in space energy field is stable, and is closely related to total number of satellites launched. The massive launch of </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">293</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">satellites and spacecrafts in the world offers huge market space for development of GaAs solar cells on germanium substrates for space use.</b><font style="font-size:12pt;"> As disclosed in </font><i style="font-size:12pt;font-style:italic;">Blue Book of Aerospace Science and Technology Activities in China (2020)</i><font style="font-size:12pt;">, in 2020, carrier rockets were launched totally 114 times in the world, and </font><font style="font-size:12pt;">1,260 satellites were </font><font style="font-size:12pt;">launched. Based on statistics from The Satellite Industry Association (SIA), </font><font style="font-size:12pt;">in 2020, </font><font style="font-size:12pt;">the market size of global </font><font style="font-size:12pt;">satellite industry reached USD371 billion, and the number of satellites in orbit increased to 3,371 from 958 in 2010. Along with the development of technologies such as &#8220;one rocket and multiple satellites&#8221; and &#8220;rocket recovery&#8221;, the era of &#8220;massive production of satellites&#8221; arrives. Major countries such as China, USA and Russia promulgated relevant policies to develop the business of Starlink. In terms of application fields, artificial satellites can generally be divided into three categories: communication satellites, remote sensing satellites and navigation satellites. In recent years, China and USA accelerated the frequency of launching relevant satellites, and launched totally 1,101 communication satellites, remote sensing satellites and navigation satellites in 2020. The communication satellites and remote sensing satellites are key fields of aerospace where countries compete with each other. The low earth orbit can contain about 60,000 satellites, the communication frequency band mainly adopted by low orbit satellites has become saturated, and navigation satellites will be updated.</font><b style="font-size:12pt;font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(5) The competitive landscape and changing trend of the germanium substrate market, and whether or not the Issuer has competitive edge</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">With respect to the germanium substrate market, along with fast development of semiconductor industry in China, and the constant growth of the aerospace field and commercial satellite market both in and outside of China, besides the international competitor Umicore Belgium, domestic enterprises are also gradually making layout for the germanium substrate industry, such as Yunnan Germanium (002428) and Grinm Advanced Materials (600206). </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1) Umicore Belgium (Umicore, UMI. BR)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Founded in 1989, Umicore focuses on the business fields of application of </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">294</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">material science, chemistry and metallurgy. It has three business groups such as catalysis, energy &amp; surface treatment technology, and recovery, with customers all over the world. Currently, Umicore deals in products of germanium substrates of 4-12 inches, which are mainly applied into space solar cells, PV, LED and VCSEL. Umicore does well in deep processing of germanium, with obvious advantage in substrate materials of solar cells in the world. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2) Yunnan Lincang Xinyuan Germanium Industry Co., Ltd (Yunnan Germanium, 002428.SZ) </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Founded in 1998, Yunnan Germanium is a new and high-tech enterprise with complete industry chain of germanium, integrating mining, fine &amp; deep processing and R&amp;D of germanium. Its subsidiary Yunnan Zhongke Xinyuan Crystal Materials Co., Ltd. is engaged in production of PV level germanium products, with the capacity of producing 300,000 pieces (4-inch) and 200,000 pieces (6-inch) of solar germanium wafers each year. In 2021, the company produced 200,000 pieces (4-6 inches) of PV level germanium products, and recorded the incomes of RMB77,109,300 from PV level germanium products. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3) Vital Advanced Materials Co., Ltd. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Founded in 2012, Vital Advanced Materials Co., Ltd., as a subsidiary of Vital Rare Materials Co., Led., is mainly engaged in R&amp;D, production and sale of gallium arsenide, germanium and indium phosphide substrates and other related products. The semiconductor substrate products mainly include GaAs substrates of 2-6 inches, indium phosphide substrates of 2-4 inches and germanium substrates of 4-6 inches. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4) Grinm Advanced Materials Co., Ltd. (Grinm Advanced Materials, 600206.SZ)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Founded in 1999, Grinm Advanced Materials is mainly engaged in R&amp;D and production of new materials such as thin film materials for microelectronics and optoelectronics, ultra-high-purity metals and precious metal materials, high-end rare earth functional materials, infrared optics and optical fiber materials, </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">295</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">biomedical materials, etc. The company also produces high-purity germanium substrate materials for space solar cells. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Company has a long history of business and leading technology of germanium substrates; its VGF method solid-liquid interface is flat, with good uniformity of concentration of radial doping, and the crystals are grown in the silica tubes sealed in high vacuity; the adoption of silicon-boron-gallium co-doping technology can greatly improve radial doping uniformity of germanium crystals and the performance of cells based on germanium substrate after epitaxy. The Company has the capacity of producing germanium substrates of 2-6 inches, and its production capacity can reach 1,433,000 pieces (converted to 2 inches) per year. In 2021, its germanium substrates realized incomes of RMB89,485,700, and were sold to domestic and overseas renowned customers such as Osram, AZUR SPACE SOLAR POWER GMBH, VISHAY SEMICONDUCTOR GmbH, Nanchang Kingsoon and Uniwatt Technology Co., Ltd. In summary, the Company has strong competitiveness in the field of germanium substrate. </b></p><p style="display:none;font-size:10.5pt;line-height:0pt;text-align:justify;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251658240;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">296</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:8.55%;padding-right:8.55%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">8.2 </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">According to reply to inquiry, the core product of the Issuer is the second generation of semiconductor substrate. In the reply to inquiry, the Issuer cited relevant industrial policies, but the Issuer fails to explain whether or not the second generation of semiconductor is expressly supported and encouraged by the aforesaid policies, and some industrial policies have been invalidated, and core products of the Company are not included in the list of updated document. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain the grounds and reasons why 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.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Reply: </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Non-substitutability of the application field and materials for main products of the Company, conditions of peer companies in China, future market space, major downstream customers in China, and application fields of products by downstream customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The following describes the non-substitutability of the application field and materials for main products of the Company, conditions of peer companies in China, future market space, major downstream customers in China, and application fields of products by downstream customers:</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-6.7846375%;width:113.56%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.28%;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 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-weight:bold;">Substrate</b></p></td><td style="vertical-align:middle;width:7.99%;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-weight:bold;">Application device</b></p></td><td style="vertical-align:middle;width:10.98%;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:center;margin:0pt;"><b style="font-weight:bold;">Main application field</b></p></td><td style="vertical-align:middle;width:12.69%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Non-substitutability of materials</b></p></td><td style="vertical-align:middle;width:10.98%;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:center;margin:0pt;"><b style="font-weight:bold;">Peer companies in China</b></p></td><td style="vertical-align:middle;width:18.47%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Future market space</b></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: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-weight:bold;">Major downstream customers in China</b></p></td><td style="vertical-align:middle;width:20.33%;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-weight:bold;">Application fields of products by downstream customers</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:40.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:28.31%;max-width:71.69%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">297</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.55%;margin-right:8.55%;margin-top:30pt;page-break-after:always;width:82.9%;border-width:0;"><div style="max-width:100%;padding-left:8.55%;padding-right:8.55%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-6.7846375%;width:113.56%;" align="center"><tr style="height:56.35pt;"><td rowspan="5" style="vertical-align:middle;width:8.28%;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 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-weight:bold;">Gallium arsenide</b></p></td><td rowspan="3" style="vertical-align:middle;width:7.99%;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;"><b style="font-weight:bold;">RF device, laser device</b></p></td><td rowspan="3" style="vertical-align:middle;width:10.98%;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-weight:bold;">RF power amplifier, high-power laser</b></p></td><td rowspan="3" style="vertical-align:middle;width:12.69%;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-weight:bold;">Gallium arsenide devices may be used at the operating frequency of 8Ghz. At present, only power amplifier devices made of gallium arsenide substrate materials are suitable for RF front ends of 4G and 5G mobile communication devices to meet the requirements on the operating frequency of 4G and 5G power devices</b></p></td><td rowspan="3" style="vertical-align:middle;width:10.98%;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:justify;margin:0pt;"><b style="font-weight:bold;">There are no suppliers other than the Issuer in China.</b></p></td><td rowspan="3" style="vertical-align:middle;width:18.47%;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:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">1. In the RF field, gallium arsenide will dominate the market of RF power amplifiers for 5G smartphones. Due to the addition of the 5G frequency band, a high frequency band shall be added in the future while being compatible with 4G standards, etc. Therefore, more power amplifiers are demanded for 5G mobile phones</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2. The global intellectualization development leads to continuously increasing demands for lasers in the smart device, consumer electronics, new energy, and other fields; moreover, the continuous expansion of medical, cosmetology instrument, and other emerging application fields also contributed to the continuous stable growth of the global laser market. This will obviously drive the GaAs substrate market</b></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: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-weight:bold;">Customer B</b></p></td><td style="vertical-align:middle;width:20.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #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-weight:bold;">Mainly used in the RF-related chip field</b></p></td></tr><tr style="height:76.15pt;"><td style="display:none;vertical-align:middle;width:8.28%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:7.99%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:10.98%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.69%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:10.98%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:18.47%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></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: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-weight:bold;">Everbright Photonics (688048.SH)</b></p></td><td style="vertical-align:middle;width:20.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #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-weight:bold;">Ranking the first in terms of domestic market shares for high-power semiconductor laser chips</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:8.28%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:7.99%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:10.98%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.69%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:10.98%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:18.47%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></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: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-weight:bold;">Epi Solution Technology Co., Ltd.</b></p></td><td style="vertical-align:middle;width:20.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #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-weight:bold;">Well-known domestic gallium arsenide RF epitaxy manufacturer, providing gallium arsenide epilayers to downstream RF device manufacturers</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:40.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:28.31%;max-width:71.69%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">298</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.55%;margin-right:8.55%;margin-top:30pt;page-break-after:always;width:82.9%;border-width:0;"><div style="max-width:100%;padding-left:8.55%;padding-right:8.55%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-6.7846375%;width:113.56%;" align="center"><tr style="height:86.2pt;"><td rowspan="2" style="vertical-align:middle;width:8.28%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td rowspan="2" style="vertical-align:middle;width:96.57%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Light emitting diode device</b></p></td><td rowspan="2" style="vertical-align:middle;width:132.59%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Low-end LED, new generation display LED (Mini LED, Micro LED)</b></p></td><td rowspan="2" style="vertical-align:middle;width:153.31%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">High-end LED has extremely high requirements on the brightness and resolution of the displays; at present, only GaAs substrate material can meet the requirements for red light of high-end LED</b></p></td><td rowspan="2" style="vertical-align:middle;width:132.59%;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:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">1. Low-end LED field, that is, LED lighting, outdoor large-screen display; besides the Issuer, major peer companies in China include Guangdong Vital, Zhejiang Compound, and Daqing Yitai. The Issuer has basically exited this field.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2. There is no other suppliers in China except for the Issuer at present for the new generation display field.</b></p></td><td rowspan="2" style="vertical-align:middle;width:223.07%;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:justify;margin:0pt;"><b style="font-weight:bold;">The new generation display technology uses Mini LED and Micro LED chips for backlight or direct display. Given the requirements on display brightness, gamut, comparison, response speed, etc., the new generation display technology requires LED chips on the film, micro, and array basis, and demands much more LED chips than the conventional LED field. Therefore, Mini LED and Micro LED will be the new development trend, leading to huge demands</b></p></td><td style="vertical-align:middle;width:123.61%;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-weight:bold;">San&#8217;an Optoelectronics (600703.SH)</b></p></td><td style="vertical-align:middle;width:245.54%;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:justify;margin:0pt;"><b style="font-weight:bold;">No. 1 domestic LED chip manufacturer</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:96.57%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:132.59%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:153.31%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:132.59%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:223.07%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:123.61%;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-weight:bold;">Changelight (300102.SZ)</b></p></td><td style="vertical-align:middle;width:245.54%;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:justify;margin:0pt;"><b style="font-weight:bold;">No. 3 domestic LED chip manufacturer</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:40.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:28.31%;max-width:71.69%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">299</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.55%;margin-right:8.55%;margin-top:30pt;page-break-after:always;width:82.9%;border-width:0;"><div style="max-width:100%;padding-left:8.55%;padding-right:8.55%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-6.7846375%;width:113.56%;" align="center"><tr style="height:74.3pt;"><td style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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-weight:bold;">Indium phosphide</b></p></td><td style="vertical-align:middle;width:96.57%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Optical lasers, optical detectors</b></p></td><td style="vertical-align:middle;width:132.59%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">5G communications, data centers, vehicle-mounted laser radars</b></p></td><td style="vertical-align:middle;width:153.31%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Due to the high photoelectric conversion efficiency, optical chips in optical modules may be produced only by using indium phosphide as a substrate at present</b></p></td><td style="vertical-align:middle;width:132.59%;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:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">1. No domestic peer company can deliver products for vehicle-mounted laser radars and data centers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2. For low-speed optical modules used in 5G communications, domestic peer companies include Yunnan Germanium and Zhuhai Dt Wafer-tech Co., Ltd.</b></p></td><td style="vertical-align:middle;width:223.07%;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:justify;margin:0pt;"><b style="font-weight:bold;">With the official launch of the &#8220;East Data West Computing&#8221; project, 8 computing hubs and 10 national data center clusters will lead to extensive data center construction, and the demand for indium phosphide as the basic raw material for the &#8220;East Data West Computing&#8221; infrastructure project will grow continuously</b></p></td><td style="vertical-align:middle;width:123.61%;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-weight:bold;">Customer A</b></p></td><td style="vertical-align:middle;width:245.54%;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:justify;margin:0pt;"><b style="font-weight:bold;">Globally well-known enterprise leading in fields of RF devices, optical communication-related devices, mobile devices, etc. and holding a dominant position in technologies of the industry.</b></p></td></tr><tr style="height:74.3pt;"><td style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:96.57%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:132.59%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:153.31%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:132.59%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:223.07%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:123.61%;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-weight:bold;">Centera</b></p></td><td style="vertical-align:middle;width:245.54%;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:justify;margin:0pt;"><b style="font-weight:bold;">Well-known domestic optical chip company, accounting for approximately 9.32% of the total sales of domestic optical chip manufacturers; it purchases high-quality indium phosphide substrates only from the Issuer and Sumitomo.</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:40.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:28.31%;max-width:71.69%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">300</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.55%;margin-right:8.55%;margin-top:30pt;page-break-after:always;width:82.9%;border-width:0;"><div style="max-width:100%;padding-left:8.55%;padding-right:8.55%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-6.7846375%;width:113.56%;" align="center"><tr style="height:74.3pt;"><td style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:96.57%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:132.59%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:153.31%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:132.59%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:223.07%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:123.61%;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-weight:bold;">Shijia Photons (688313.SH)</b></p></td><td style="vertical-align:middle;width:245.54%;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:justify;margin:0pt;"><b style="font-weight:bold;">Well-known domestic listed company in the field of optoelectronics and a well-known manufacturer of optical chips and devices</b></p></td></tr><tr style="height:74.3pt;"><td rowspan="2" style="vertical-align:middle;width:100%;border-bottom: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-weight:bold;">Germanium</b></p></td><td rowspan="2" style="vertical-align:middle;width:96.57%;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 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-weight:bold;">Solar cells for satellites</b></p></td><td rowspan="2" style="vertical-align:middle;width:132.59%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Solar cells for space satellites</b></p></td><td rowspan="2" style="vertical-align:middle;width:153.31%;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:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">The greater conversion efficiency of germanium substrate solar cells contributed for the significantly reduced area of solar cells for satellites panel and fuel consumption; therefore, germanium substrates are primarily used to produce space solar cells in the space field</b></p></td><td rowspan="2" style="vertical-align:middle;width:132.59%;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:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Yunnan Germanium</b></p></td><td rowspan="2" style="vertical-align:middle;width:223.07%;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:justify;margin:0pt;"><b style="font-weight:bold;">The large number of artificial satellites and spacecraft launched throughout the world in recent years lead to a broad market for germanium substrates</b></p></td><td style="vertical-align:middle;width:123.61%;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-weight:bold;">Customer B</b></p></td><td style="vertical-align:middle;width:245.54%;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:justify;margin:0pt;"><b style="font-weight:bold;">Well-known domestic company purchasing products from the Company mainly for the production of clean energy solar cells</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:96.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:132.59%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:153.31%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:132.59%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:223.07%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:123.61%;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:center;margin:0pt;"><b style="font-weight:bold;">Kingsoon</b></p></td><td style="vertical-align:middle;width:245.54%;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:justify;text-indent:0pt;margin:0pt;">Provide over 50% of solar cell epilayers used in space satellite spacecraft of China, and iths products have been successfully equipped in Chang &#39;e-4, Tianyun-1 and other space equipment </p></td></tr></table></div><p style="display:none;font-size:10.5pt;line-height:0pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:40.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:28.31%;max-width:71.69%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">301</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.55%;margin-right:8.55%;margin-top:30pt;page-break-after:always;width:82.9%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Grounds and reasons why the Company&#8217;s products can be classified as within the industry fields supported and encouraged by the national science and technology innovation strategy</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 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 (MIIT), the National Development and Reform Commission (NDRC) and other competent authorities to support semi-conductor materials are as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.8979073%;table-layout:auto;width:115.79%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuing time</b></p></td><td style="vertical-align:middle;white-space:normal;width:14.68%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issued by</b></p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Policy name</b></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main contents</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Dec. 2021</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Central Cyber Security and Informatization Committee</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The 14th Five-Year Plan for National Informatization</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">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, new non-volatile storage, silicon-based optoelectronics, and <b style="font-weight:bold;">non-silicon-based semiconductors</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Dec. 2021</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MIIT, Ministry of Science and Technology, Ministry of Natural Resources</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The 14th Five-Year Plan for Development of Raw Materials Industry</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">Realizing breakthroughs in some key materials such as high-temperature alloys, aviation light alloy materials, ultra-high-purity rare metals and compounds, high-performance special steel, degradable biomaterials, special coatings, photoresist targets, polishing slurry, industrial gases, biomimetic synthetic rubber, artificial lens, high-performance functional glass, advanced ceramic materials, special separation membranes, and high-performance rare earth magnetic catalysis, <b style="font-weight:bold;">optical functions</b>, and hydrogen storage materials</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Aug.2020</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">The State Council</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Several Policies to Promote the High-Quality Development of </i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">Focus on the research and development of key core technologies such as high-end chips, integrated circuit equipment and process technology, and <b style="font-weight:bold;">key materials of integrated circuits</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">302</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.8979073%;table-layout:auto;width:115.79%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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;"></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">the Integrated Circuit Industry and Software Industry in the New Era</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Dec. 2021</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MIIT</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Catalog of Key New Materials for First Application Demonstration and Guidance (Version 2021)</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">At Item 257, <b style="font-weight:bold;">low dislocation germanium single crystals of 4-6 inches</b> are listed in Catalog of Advanced Semiconductor Materials and New Display Materials</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Oct. 2019</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NDRC</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Catalog for Industrial Structure Adjustment Guidance (Version 2019)</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">Czochralski <b style="font-weight:bold;">compound semiconductor materials</b> with diameters more than 125mm (5-inch), materials for electronic products such as semiconductors, semiconductor lighting materials and semiconductor lighting substrates are listed as encouraged categories</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Nov. 2017</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NDRC</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Encouraging Imported Technologies and Products (Version 2017)</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">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 <b style="font-weight:bold;">compound semiconductor materials</b> with a diameter of more than 50mm as key industries to encourage development</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Jan. 2017</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MIIT, NDRC, Ministry of Science and Technology, Ministry of Finance </p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Guide on Development of New Materials Industry </i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">Strengthening production and technical R&amp;D of large-size silicon material, large-size silicon carbide monocrystal, high-purity metal and alloy sputtering targets, accelerating R&amp;D and industrialization of high-purity specialty electronic gas, and settling the restriction of materials for very large scale integrated circuit. <b style="font-weight:bold;">Accelerating optimization of mass production process for electronic chemicals</b>, high-purity luminescent materials, high-saturation photoresists and ultra-thin liquid crystals glass substrate, and realizing mass production and application in new display field. Researching and developing processing technology of rare earth doped optical fibers and high-density ceramic materials for optical fiber connectors, <b style="font-weight:bold;">and meeting requirements of information communication equipment</b>. </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Dec. 2016</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">MIIT</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Development Roadmap of Electronic Materials </i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In terms of electronic functional materials, focuses are put on making breakthroughs in semiconductor materials such as silicon single crystal and epitaxial materials for 8-12 inch </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">303</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.8979073%;table-layout:auto;width:115.79%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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;"></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Industry during the 13th Five-Year Plan Period</i></p></td><td style="vertical-align:top;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt 0pt 0pt 21pt;">integrated circuits, third generation SiC and GaN materials; and developing 8-inch zone-melting silicon single crystal material industrialization and 12-inch material R&amp;D; <b style="font-weight:bold;">6-inch gallium arsenide material industrialization and 8-inch material R&amp;D</b>.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Feb. 2016</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ministry of Science and Technology, Ministry of Finance and State Administration of Taxation</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Administrative Measures for Determination of High and New Tech Enterprises</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;">Graphene preparation and application technology; preparation and processing technology of large-scale silicon single crystal growth, wafer polishing, SOI wafer and SiGe/Si epitaxial wafer; preparation technology of large-scale MOCVD key supporting materials, silicon substrate epitaxy and OLED lighting new material; <b style="font-weight:bold;">preparation technology of large-scale GaAs substrate, polishing and epitaxial wafer, GaAs/Si material</b>; preparation technology of infrared germanium single crystal and wide band gap single crystal and epitaxial material; preparation technology of third generation wide bandgap semiconductor material; large-scale continuous process technology such as distillation and zone melting purification of<b style="font-weight:bold;"> high-purity metal gallium</b>, indium, arsenic, germanium, phosphorus, cadmium semiconductor, refining and purification technology and trace impurity testing technology of high-purity and ultra-high-purity non-ferrous metal material; purification, post-processing, zone melting large-scale production technology of low-pollution silane method high-purity electronic-grade polysilicon, etc.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;white-space:normal;width:9.85%;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:10.5pt;text-align:center;margin:0pt;">Jun. 2014</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">The State Council of the People&#39;s Republic of China</p></td><td style="vertical-align:middle;white-space:normal;width:18.43%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Outline on Driving Development of National Integrated Circuit Industry</i></p></td><td style="vertical-align:middle;white-space:normal;width:49.46%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Realizing breakthrough in key equipment and materials of IC.</b> Strengthening combination of equipment, materials and process of IC, researching and developing key equipment such as lithography machine, etching machine and ion implanter, developing key materials such as photoresist and large size silicon wafer, strengthening collaboration among IC manufacturers, equipment and material enterprises, accelerating progress of industrialization, and strengthening industrial support capacity. </p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin: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="display:none;font-size:10.5pt;line-height:0pt;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:11.6pt;left:47.58%;max-width:52.42%;position:absolute;top:0.15pt;width:30pt;z-index:251664384;"><div style="height:11.6pt;left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:30pt;"><div style="height:100%;left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">304</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.09%;padding-right:15.09%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="align-items:center;display:flex;flex-direction:column;left:0pt;margin-left:auto;margin-right:auto;position:relative;top:-0.55pt;width:100%;"><div style="margin-left:-4.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.13%;"><tr style="height:14.2pt;"><td style="vertical-align:middle;width:14.08%;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;line-height:1.79;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:12.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;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: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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;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:23.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;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:36.57%;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:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;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="4" style="vertical-align:middle;width:14.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;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 rowspan="2" style="vertical-align:middle;width:12.71%;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;line-height:1.79;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: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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">1.3.5 Key electronic materials</font></p></td><td style="vertical-align:middle;width:23.97%;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;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Compound semiconductor materials, raw materials for metal organic sources, semiconductor luminescent materials</font></p></td><td style="vertical-align:middle;width:36.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;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 &#8220;Key electronic materials&#8221; in the &#8220;New material industry&#8221;</font></p></td></tr><tr style="height:14.2pt;"><td style="display:none;vertical-align:middle;width:14.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:12.71%;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:10.5pt;line-height:1.79;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: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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">3.1.4 High purity elements and compounds</font></p></td><td style="vertical-align:middle;width:23.97%;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;line-height:1.79;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:36.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;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 &#8220;High purity elements and compounds&#8221; in the &#8220;New material industry&#8221;</font></p></td></tr><tr style="height:14.2pt;"><td style="display:none;vertical-align:middle;width:14.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:12.71%;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;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">PBN materials</font></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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">3.1.2 New functional ceramic materials</font></p></td><td style="vertical-align:middle;width:23.97%;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;line-height:1.79;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:36.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;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 &#8220;New functional ceramic materials&#8221; in the &#8220;New material industry&#8221;</font></p></td></tr><tr style="height:14.2pt;"><td style="display:none;vertical-align:middle;width:14.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:12.71%;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;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Gallium magnesium alloy, indium magnesium alloy</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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: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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">7.1.6 Efficient lighting products and systems</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:23.97%;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;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">High purity metal-organic compound (MO source)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:36.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">The Company is mainly engaged in the research and development, production and sales of gallium compounds, belonging to &#8220;High purity metal-organic compounds (MO source)&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.2pt;"><td rowspan="3" style="vertical-align:middle;width:14.08%;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:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Classification of Strategic Emerging Industries (2018) (issued by National </font></p></td><td style="vertical-align:middle;width:12.71%;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;line-height:1.79;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: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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;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:23.97%;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;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Single crystal germanium wafer, gallium arsenide monocrystal and single wafer, indium phosphide monocrystal and single wafer</font></p></td><td style="vertical-align:middle;width:36.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;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 substrate materials, belonging to the &#8220;Silicon semiconductor crystal manufacturing&#8221; in </font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">305</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.09%;margin-right:15.09%;margin-top:30pt;page-break-after:always;width:69.81%;border-width:0;"><div style="max-width:100%;padding-left:15.09%;padding-right:15.09%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-4.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.13%;"><tr><td rowspan="3" style="vertical-align:top;width:14.08%;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:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">Bureau of Statistics)</font></p></td><td style="vertical-align:middle;width:12.71%;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;"></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:3.75pt 3.5pt 3.75pt 3.5pt;"></td><td style="vertical-align:middle;width:23.97%;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;"></td><td style="vertical-align:top;width:36.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">the &quot;New material industry&quot;</font></p></td></tr><tr style="height:14.2pt;"><td style="display:none;vertical-align:middle;width:14.08%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:12.71%;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;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">PBN materials</font></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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;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:23.97%;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;line-height:1.79;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:36.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;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 &#8220;New material industry&#8221;</font></p></td></tr><tr style="height:14.2pt;"><td style="display:none;vertical-align:middle;width:14.08%;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:3.75pt 0pt 3.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;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:12.71%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;margin:0pt 0pt 2.5pt 0pt;"><font style="color:#333333;">High-purity Gallium</font></p></td><td style="vertical-align:middle;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:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;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:23.97%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:3.75pt 3.5pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;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:36.57%;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:3.75pt 3pt 3.75pt 3.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:1.79;text-align:center;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 &#8220;High-purity metal manufacturing&#8221; in the &#8220;New material industry&#8221;</font></p></td></tr></table></div></div><p style="display:none;font-size:10.5pt;line-height:0pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">306</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.09%;margin-right:15.09%;margin-top:30pt;page-break-after:always;width:69.81%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">In addition, some provinces have clearly put forward policies to support the development of III-V compound semiconductor materials in the 14th Five-Year Plan. The details are as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2990608%;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issuing time</b></p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Issued by</b></p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Policy name</b></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main contents </b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;">1</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:10.5pt;text-align:center;margin:0pt;">Mar. 2022</p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">People&#8217;s Government of Chongqing</p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The 14th Five-Year Plan for Development of Strategic Emerging Industries in Chongqing (2021-2025)</i></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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:10.5pt;text-align:justify;margin:0pt;">Actively develop <b style="font-weight:bold;">compound semiconductors, improve manufacturing capacity of Gen-II compound semiconductor materials</b> and yield rate of production line of compound semiconductor chips, and develop products such as laser chips and optoelectronic devices. R&amp;D of wide-bandgap semiconductor materials such as gallium nitride and silicon carbide, and drive power semiconductor manufacturers to develop products such as High-power silicon carbide metal-oxide-semiconductor field effect transistors and high-speed high-power gallium nitride radio frequency devices. Research on carbon-based nanomaterials, gallium antimonide, indium arsenide and other ultra-wide bandgap semiconductor materials.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;">2</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:10.5pt;text-align:center;margin:0pt;">Jan. 2022</p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">Yunnan Provincial Department of Industry and IT</p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The 14th Five-Year Plan for Information Industry Development of Yunnan Province </i></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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:10.5pt;text-align:justify;margin:0pt;">Focus on the development of <b style="font-weight:bold;">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.</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;">3</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:10.5pt;text-align:center;margin:0pt;">Aug. 2021</p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">Office of People&#8217;s Government of Jiangsu Province </p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The 14th Five-Year Plan for the High-Quality Development of the Manufacturing Industry in Jiangsu Province</i></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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:10.5pt;text-align:justify;margin:0pt;">Drive existing production lines to improve technical level and production capacity, introduce and construct advanced production lines of 22/20nm and 16/14nm, and support regions with good industry base and economic conditions to steadily develop production lines for special processes such as analog and digital-analog hybrid </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">307</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2990608%;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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;"></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;"></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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;"></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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;"></td><td style="vertical-align:top;white-space:normal;width:43.07%;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:10.5pt;text-align:justify;margin:0pt;">circuits, MEMS, high-voltage circuits and radio frequency circuits as well as <b style="font-weight:bold;">production lines for compound semiconductors </b>such as GaN, SiC and <b style="font-weight:bold;">GaAs</b>. Packaging and testing: vigorously develop advanced packaging technologies such as wafer-level packaging, system-level packaging, panel-level fan-out packaging, and heterogeneous integrated packaging, support the construction of advanced packaging production lines, and increase the proportion of advanced packaging.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;">4</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:10.5pt;text-align:center;margin:0pt;">Jul. 2021</p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">People&#8217;s Government of Guangdong Province</p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The 14th Five-Year Plan for the High-Quality Development of the Manufacturing Industry in Guangdong Province</i></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Support the R&amp;D and manufacturing of compound semiconductor devices and modules such as gallium arsenide and indium phosphide,</b> 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.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;">5</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:10.5pt;text-align:center;margin:0pt;">Jun. 2021</p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">People&#8217;s Government of Shanxi Province</p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">14th Five-Year Plan for New Materials in Shanxi Province</i></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Focus on the development of gallium arsenide and other materials</b>, 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.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;">6</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:10.5pt;text-align:center;margin:0pt;">Jun. 2021</p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">People&#8217;s Government of Tianjin</p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The 14th Five-Year Plan for the High-Quality Development of the Manufacturing Industry in Tianjin</i></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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:10.5pt;text-align:justify;margin:0pt;">Expand the production capacity of 8-12-inch silicon single crystal polished wafers and epitaxial wafers, and <b style="font-weight:bold;">accelerate the R&amp;D and production of 6-inch semi-insulating gallium arsenide.</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Mar. 2021</p></td><td style="vertical-align:middle;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">People&#8217;s Government </p></td><td style="vertical-align:middle;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Outline of The 14th Five-Year </i></p></td><td style="vertical-align:middle;white-space:normal;width:43.07%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Accelerate R&amp;D and application of compound semiconductors, and </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">308</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2990608%;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:8.48%;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;"></td><td style="vertical-align:middle;white-space:normal;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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;white-space:normal;width:15.74%;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:10.5pt;text-align:center;margin:0pt;">of Fujian Province</p></td><td style="vertical-align:top;white-space:normal;width:20.8%;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:10.5pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Plan for the National Economic and Social Development and Vision 2035 of Fujian Province</i></p></td><td style="vertical-align:top;white-space:normal;width:43.07%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">strengthen the manufacturing of gallium arsenide radio frequency chips</b> and gallium nitride/silicon carbide high-power chips.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The company has core technologies in all major production links and has a wide range of downstream applications</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The procurement, production and sales process of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The main products of the Company include indium phosphide, gallium arsenide, germanium substrates, PBN crucibles and high-purity metals and compounds; The main raw materials are mainly basic chemical raw materials and rare metals after preliminary purification, including red phosphorus, high purity indium, indium phosphide polycrystalline, high purity arsenic, gallium metal, germanium ingot, boron trichloride and high purity magnesium, etc. During the reporting period, the main operation income of the Company divided according to product categories is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB10 thousand</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-2.2742615%;width:104.54%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.2%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Items</b></p></td><td colspan="2" style="vertical-align:middle;width:25.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:25.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:25.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.2%;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:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">amount</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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">percentage</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">amount</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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">percentage</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">amount</b></p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">percentage</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.2%;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:10.5pt;margin:0pt;">Semiconductor substrate materials</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:10.5pt;text-align:right;margin:0pt;">62,675.18 </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">73.39%</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:10.5pt;text-align:right;margin:0pt;">44,346.06</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">76.05%</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:10.5pt;text-align:right;margin:0pt;">35,771.29</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">77.39%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.2%;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:10.5pt;margin:0pt;">PBN crucible</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:10.5pt;text-align:right;margin:0pt;">5,502.47</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6.44%</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:10.5pt;text-align:right;margin:0pt;">5,186.24</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.89%</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:10.5pt;text-align:right;margin:0pt;">4,729.22</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10.23%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.2%;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:10.5pt;margin:0pt;">High-purity metals and compounds</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:10.5pt;text-align:right;margin:0pt;">12,201.00</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14.29%</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:10.5pt;text-align:right;margin:0pt;">5,501.42</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.43%</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:10.5pt;text-align:right;margin:0pt;">2,531.92</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">5.48%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.2%;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:10.5pt;margin:0pt;">others</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:10.5pt;text-align:right;margin:0pt;">5,025.79 </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">5.88%</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:10.5pt;text-align:right;margin:0pt;">3,275.00</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">5.62%</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:10.5pt;text-align:right;margin:0pt;">3,188.36</p></td><td style="vertical-align:middle;width:13.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6.90%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.2%;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:10.5pt;text-align:center;margin:0pt;">sum</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:10.5pt;text-align:right;margin:0pt;">85,404.44</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</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:10.5pt;text-align:right;margin:0pt;">58,308.72</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</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:10.5pt;text-align:right;margin:0pt;">46,220.79</p></td><td style="vertical-align:middle;width:13.77%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The conversion process from raw materials to finished products of the core products of the Company is as follows:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">309</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-2.9316177%;width:105.86%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.92%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Product category</b></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Specific product/service</b></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Main production step 1</b></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Main production step2</b></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Main production step3</b></p></td><td style="vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Main raw materials purchased</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:16.92%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Semiconductor substrates</font></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Indium phosphide substrate</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Indium phosphide polycrystalline was synthesized from red phosphorus and high purity indium</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Indium phosphide polycrystalline produces indium phosphide single crystal via VGF</font></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Indium phosphide single crystal is processed into indium phosphide substrate by cutting, grinding and polishing</font></p></td><td style="vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Red phosphorus, high purity indium, indium phosphide polycrystalline</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.92%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Gallium arsenide substrate</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Gallium arsenide polycrystalline was synthesized by high purity gallium after purifying and high purity arsenic </font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Gallium arsenide polycrystal produces gallium arsenide single crystal via VGF</font></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Gallium arsenide single crystal is processed into gallium arsenide substrate by cutting, grinding, polishing and other processes </font></p></td><td style="vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">High purity arsenic, gallium metal</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.92%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Ge substrate</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">-</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Germanium single crystal is produced from germanium ingot by VGF</font></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Germanium single crystal is processed into germanium substrate by cutting, grinding and polishing</font></p></td><td style="vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">germanium ingot </font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:16.92%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">PBN materials and the relevant services</font></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">PBN crucible</font></p></td><td rowspan="2" style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">The PBN material was synthesized by chemical vapor deposition </font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">PBN material was roughed into PBN crucible by graphite substrate </font></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">PBN crucible is produced through grinding, cleaning and </font></p></td><td rowspan="3" style="vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Boron trichloride, high purity ammonia</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.92%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Other PBN materials</font></p></td><td style="display:none;vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">PBN materials were roughed into PBN materials of different shapes by graphite substrate mould</font></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">PBN plate, PBN reverse flow ring and PBN boat and other finished products are processed through grinding and cleaning </font></p></td><td style="display:none;vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">310</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-2.9316177%;width:105.86%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:16.92%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"></td><td rowspan="1" style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">between boron trichloride and high purity ammonia </font></p></td><td style="vertical-align:top;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">mould</font></p></td><td style="vertical-align:top;width:14.85%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">other processes</font></p></td><td rowspan="2" style="vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.92%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Crucible precision regeneration service</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;"> &#160;</font><font style="color:#333333;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">The severely worn PBN crucible was repaired by chemical vapor deposition between boron trichloride and high purity ammonia </font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">PBN crucible is produced through grinding, cleaning and other processes</font></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">-</font></p></td><td style="display:none;vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.92%;background:#ffffff;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">High-purity metals and compounds</font></p></td><td style="vertical-align:middle;width:18.24%;background:#ffffff;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">High purity gallium</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">The metal gallium was purified into high purity gallium by alkaline electrolysis</font></p></td><td style="vertical-align:middle;width:16.66%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">-</font></p></td><td style="vertical-align:middle;width:14.85%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">-</font></p></td><td style="vertical-align:middle;width:16.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Gallium metal, high purity indium, magnesium, etc.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. The core technologies involved in the production process of the company&#39;s products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The core technologies involved in the production process of the company&#39;s products mainly includes the following parts:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Gallium metal is purified into high purity gallium</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The purification of the high-purity gallium products is mainly through the alkaline electrolytic purification method to purify the metal gallium with 4N purity (99.99% purity) to high purity gallium with 7N purity (99.9999% purity) .</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">311</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The company&#39;s advanced nature of high-purity gallium purification technology is reflected in the purification process proficiency and three-level purification method. The company has began to study material purification technology since 2001, with rich technical accumulation and process achievements. The company&#39;s high-purity gallium purification is divided into the first purification of large-density difference liquid - liquid extraction technology to remove impurities, electrolysis secondary purification, and the third purification of gallium crystallization. By this way, the Company can purify the highest purity of high-purity gallium in the industry, thus providing raw material support for the company to produce high-quality gallium arsenide lining.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Polycrystalline synthesis</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The first step in the production of the company&#39;s compound semiconductor substrate is to multi-crystallize high-purity indium phosphide polycrystalline and gallium arsenide polycrystalline using high-purity materials such as high-purity gallium, high-purity indium, high-purity arsenic and high-purity red phosphorus as raw materials. The company firstly mastered the synthesis method of gallium arsenide polycrystalline, and then the synthesis method of indium phosphide polycrystalline through process research and development.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Polysynthesis places high demands on the purity, temperature and pressure control of raw materials and on polycrystalline furnaces. The advanced nature of the company&#39;s polysynthetic technology is mainly reflected in three aspects: firstly, the company can accurately control the temperature zone during polycrystalline synthesis and the horizontal temperature gradient of the high temperature zone where the quartz boat is located, secondly, the company has accumulated many years of polycrystalline synthesis process experience and proficiency, which can effectively control the loss of raw materials, so that the company can synthesize polycrystalline materials efficiently and stably. Finally, the company has mastered the preparation method of polycrystalline furnace, which can further reduce the cost of polycrystalline synthesis and effectively ensure the stability of the production.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Producing single crystals via VGF</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The second step in the production of the company&#39;s semiconductor substrates is to produce indium phosphide monocrystalline, gallium arsenide monocrystalline and germanium monocrystalline from indium phosphide polycrystalline, gallium arsenide </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">312</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">polycrystalline and germanium ingots via VGF . At present, the VGF method is one of the mainstream and the most efficient methods for the production of III-V compound semiconductor single crystals, and the controlling shareholder of the Company AXT began to adopt the VGF method to commercially produce III-V group compound semiconductor single crystals as early as 1986. The company has fully mastered the technology of VGF to produce single crystals.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The company and AXT is one of the earliest enterprises in the world to adopt VGF to produce III-V compound semiconductor single crystals, and the advanced nature of the company&#39;s VGF method production of single crystal technology is mainly reflected in the process maturity, raw material ratio, temperature gradient control and other areas. The single crystals produced are low in dislocation density, good at photoelectric performance uniformity, and can effectively avoid the production of twin crystals.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) Cutting, grinding, and polishing process while producing semiconductor substrates</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The third step in the production of the company&#39;s semiconductor substrates is to cut, edg, grind, polish, clean indium phosphide single crystal, gallium arsenide single crystal and germanium single crystal, and packaging and storing the finished products after testing and inspection.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The company has more than 20 years of experience in the production of semiconductor substrates, and the advanced nature of cutting, grinding, polishing and other processes is mainly reflected in the high degree of process automation, efficient and reliable measurement and monitoring of key parameters, low product consumption, and high wafer yield.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) Using chemical vapor synthesis technology to produce PBN materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The PBN materials of the Company are mainly synthesized by chemical vapor deposition technology (CVD technology), which has high requirements on production processes and technologies. PBN crucible has the characteristics of high temperature resistance and oxidation resistance, which can meet the requirements of VGF method, LEC method, HB method and VB method for crystal growth vessels. The quality of PBN crucible can determine the performance parameters of the single crystal rod grown to a certain extent. PBN material products are widely used in the core components of high-end equipment thanks to their ultra-high purity, high thermal </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">313</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">conductivity, electrical insulation, corrosion resistance, oxidation resistance and performance. For instance, the PBN plates produced by the Company are finally used in ASML lithography machines.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The PBN materials of the Company are mainly synthesized by chemical vapor deposition technology (CVD technology), and the specific process route is: to adopt high-temperature CVD furnace, putting the boron halide (BCl3 or BF3) and ammonia (NH3) as a reaction gas source in the furnace chamber, then generating the required PBN material by thermal decomposition at high temperature and a certain vacuum environment, and produce the final product after deposition on the surface of the substrates such as graphite mould. The shape and size of PBN products are determined by the mould, which means that if different mould shapes are designed, products of different sizes and specifications can be made, such as PBN crucibles, PBN boats, PBN plates, PBN coatings, etc. Therefore, the crucible precision regeneration services and other PBN material products of the Company also need to use the chemical vapor deposition technology of the company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The advanced nature of the chemical vapor deposition technology of the Company is reflected in the self-research equipment and process control. The chemical vapor deposition furnace designed and manufactured by the Company has a unique structure, which could ensure the thickness uniformity, component consistency and inter-layer adhesion of each product. Targeting at the technical design and development of CVD field, the company has designed and developed a unique production process and process parameters. The pyrolytic boron nitride products produced by the Company has high purity, good thickness uniformity, grain control, and high crystal formation rate.</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:justify;text-indent:24pt;"><font style="font-size:12pt;font-weight:bold;white-space:nowrap;">3.&#160;</font><b style="font-size:12pt;font-weight:bold;">Introduction of downstream customers of the products of the Company</b></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Semiconductor substrate</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The downstream customers of the Company include IDM enterprises (IDM model refers to the vertical integration of manufacturing mode) and epitaxial manufacturers, of which IDM enterprises purchase our substrate products and will eventually process these substrate products into chips or even assemble them as device products and then sell them externally, while epitaxial manufacturers purchase the substrate products, and process the substrate products as epitaxial sheets and then sell them to their external customers who will process them as chips. The downstream </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">314</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">customers of the company&#39;s semiconductor substrate products are classified as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.1076317%;width:102.21%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Category of downstream customers</b></p></td><td style="vertical-align:middle;width:53.46%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Major customers</b></p></td><td style="vertical-align:middle;width:28.37%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Customer features</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">IDM enterprises</p></td><td style="vertical-align:middle;width:53.46%;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:10.5pt;text-align:center;margin:0pt;">Osram, customer A, customer B, customer C, San&#8217;an Optoelectronics, Everbright Photonics, Centera, etc.</p></td><td style="vertical-align:middle;width:28.37%;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:10.5pt;text-align:center;margin:0pt;">Integrated the whole process from design, manufacturing, packaging, testing to sales</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.16%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Epitaxial customers</p></td><td style="vertical-align:middle;width:53.46%;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:10.5pt;text-align:center;margin:0pt;">Landmark Optoelectronics, IQE, Visual Photonics Epitaxy, Changelight , Quan Lei Photoelectric Co., LTD, Epi Solution Technology Co., Ltd., etc.</p></td><td style="vertical-align:middle;width:28.37%;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:10.5pt;text-align:center;margin:0pt;">Only processing the substrate products into epitaxial pieces for sales</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) PBN crucibles and other PBN materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Due to their good insulation and thermal conductivity, high temperature resistance, acid resistance, alkali resistance, oxidation resistance, etc., the PBN materials are widely used in III-V group semiconductor crystal growth, OLED evaporation, high-end semiconductor equipment and other fields.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">While producing III-V compound semiconductor crystals, the current mainstream methods include VGF, LEC, HB and VB, which all require to control the temperature difference for single crystal growth. The PBN crucible has the characteristics of high temperature resistance and oxidation resistance, which can meet the requirements of VGF, LEC, HB and VB for crystal growth vessels. The PBN crucible of the company is leading the global industry. The Company can provide high-quality crucibles for its own semiconductor substrate business and serve as an important PBN crucible supplier to the main competitors in semiconductor substrates of the Company, Japan&#39;s Sumitomo and Germany&#39;s Freiberger.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the production of OLED display, the diversion ring and crucible in the evaporation system are the main components of the evaporation unit. The diversion ring needs good thermal conductivity and insulation performance, and can be processed into complex shapes without deformation at high temperature, and gas emission and other characteristics, while the crucible needs to have characteristics </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">315</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">including ultra-high purity, high temperature resistance, electrical insulation, and without wetting the source materials. To meet the above requirements, PBN is an ideal material for universal application. In addition, due to the high unit price of crucibles used in OLED production, OLED companies will also send the heavily worn OLED crucibles to the producer for crucible cleaning and repairing and recycling in order to save costs.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the production of high-end semiconductor equipment, and as semiconductor chips continue to miniaturize and upgrade to high power, the requirements for semiconductor manufacturing equipment and systems are also getting higher and higher. The PBN material products are widely used in the core components of high-end equipment due to their ultra-high purity, high thermal conductivity, electrical insulation, corrosion resistance, oxidation resistance and performance of the various heterogeneities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The downstream customers of the company&#39;s PBN crucibles and other PBN materials are classified as follows:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:98.18%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Downstream customer segments</b></p></td><td style="vertical-align:middle;width:46.24%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Major customers</b></p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PBN products purchased from the Company</b></p></td></tr><tr style="height:19.85pt;"><td style="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:10.5pt;text-align:center;margin:0pt;">Iii-v compound semiconductor</p></td><td style="vertical-align:middle;width:46.24%;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:10.5pt;text-align:center;margin:0pt;">Sumitomo, Freiberger, Guangdong Vital,Yunnan Germanium, etc.</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="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:10.5pt;text-align:center;margin:0pt;">OLED</p></td><td style="vertical-align:middle;width:46.24%;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:10.5pt;text-align:center;margin:0pt;">Shenzhen Tianma, CSOT, ALPHA PLUS(supplier of Samsung), etc.</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible&#12289;crucible cleaning and repairing service</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.8%;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:10.5pt;text-align:center;margin:0pt;">High-end semiconductor equipment</p></td><td style="vertical-align:middle;width:46.24%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE (supplier of ASML for the production of lithography machine), Veeco Instruments Inc, etc.(a global leader of MOCVD&#65289;</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">PBN plates and other PBN materials</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) High purity metals and compounds</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">There are fewer enterprises engaged in the production of high-purity gallium in China, and the Company is currently one of the largest manufacturers of high-purity gallium in China.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On one hand, high-purity gallium has excellent dielectric properties and is an important raw material for the preparation of semiconductor materials, which is used </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">316</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">to manufacture compound semiconductor materials such as gallium arsenide and gallium nitride. On the other hand, high-purity gallium can be synthesized with high purity magnesium, indium and other high-purity metals to obtain high-purity metal compounds such as gallium magnesium alloy and indium-magnesium alloy, which can be used as a MO source (that is, raw materials for MOCVD metal organic chemical vapor deposition) for the optoelectronic industry and used in LED and other products. In addition, gallium-doped silicon single crystals can effectively reduce light attenuation, so high-purity gallium is also used in the photovoltaic industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The downstream customers of high-purity metals and compounds of the Company are classified as follows:</font></p><div style="margin-left:-6.15pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:101.1%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.2%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Downstream customer segments</b></p></td><td style="vertical-align:middle;width:47.64%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Major customers</b></p></td><td style="vertical-align:middle;width:21.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PBN products purchased from the Company</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.2%;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:10.5pt;text-align:center;margin:0pt;">III-V compound semiconductor</p></td><td style="vertical-align:middle;width:47.64%;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:10.5pt;text-align:center;margin:0pt;">Guangdong Vital, Yunnan Germanium, etc.</p></td><td style="vertical-align:middle;width:21.15%;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:10.5pt;text-align:center;margin:0pt;">High purity gallium</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.2%;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:10.5pt;text-align:center;margin:0pt;">Photoelectric industry</p></td><td style="vertical-align:middle;width:47.64%;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:10.5pt;text-align:center;margin:0pt;">Anhui Agesheng Electronic New Material Co., LTD, Youyan Rare Earth New Materials Co., LTD, Jiangsu Borui Optoelectronics Co. LTD, etc.</p></td><td style="vertical-align:middle;width:21.15%;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:10.5pt;text-align:center;margin:0pt;">Gallium magnesium alloy, indium magnesium alloy</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.2%;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:10.5pt;text-align:center;margin:0pt;">Photovoltaic industry</p></td><td style="vertical-align:middle;width:47.64%;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:10.5pt;text-align:center;margin:0pt;">LONGi, JA Solar, Zhonghuan Xiexin, etc.</p></td><td style="vertical-align:middle;width:21.15%;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:10.5pt;text-align:center;margin:0pt;">High purity gallium</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The Company&#8217;s products are in high and rapidly rising demand in China</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">With respect to indium phosphide substrates, indium phosphide, as the basic raw materials for the &#8220;East Data West Computing&#8221; infrastructure project, will have a new space for market growth. On February 17, 2022, the National Development and Reform Commission, the Central Internet Information Office, the Ministry of Industry and Information Technology, and the National Energy Administration jointly issued a notice, approving to start the construction of national computing hub nodes in eight places including the Beijing-Tianjin-Hebei area, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Bay Area, Chengdu and Chongqing, Inner Mongolia, Guizhou, Gansu, and Ningxia, and planning 10 national data center clusters. This indicates that the overall layout design of the national integrated big data center </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">317</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">system has been completed with the official launch of the &#8220;East Data West Computing&#8221; project. The 8 computing hubs will facilitate the flow of data and value transfer from the east to the west, driving the effective transfer of data center-related industries from the east to the west; while the 10 national data center clusters will specifically host the construction of large and mega data centers within the computing hubs. The &#8220;East Data West Computing&#8221; project will promote the further construction of data centers in China, which in turn leads to demands and growth spaces for upstream indium phosphide substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">With respect to GaAs substrates, in terms of macro industrial policies, China has attached great importance to the development of the LED industry in recent years. The Ministry of Industry and Information Technology has issued the </font><i style="font-size:12pt;font-style:italic;">China Technology Development Roadmap for the Optoelectronic Device Industry (2018-2022), containing </i><font style="font-size:12pt;">a series of guidelines for the optical display device industry; the Ministry of Industry and Information Technology, the State Administration of Radio and Television, and the Central Radio and Television Administration have jointly issued the </font><i style="font-size:12pt;font-style:italic;">Action Plan for the Development of Ultra HD Video Industry (2019-2022)</i><font style="font-size:12pt;">, advocating to accelerate the innovation and application for the 4K industry, and in line with the development trend of ultra HD video technologies and the law of industrial development, make good reserves of 8K technologies; this results in a new opportunity for the development of new display technologies such as small pitch and Mini/Micro LED since the national industrial policy provides a good foundation in policy for the development of the Mini LED and Micro LED industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the Ministry of Finance, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the General Administration of Customs, and the State Administration of Taxation jointly issued the </font><i style="font-size:12pt;font-style:italic;">Notice on Import Tax Policies to Support the Development of New Display Industry from 2021 to 2030</i><font style="font-size:12pt;"> in 2021, in which Micro LED display devices are added for the first time; this indicates the increased support for the LED industry in terms of taxation in China. Meanwhile, Guangdong, Shanghai, Chongqing, Fujian, Shandong, Zhejiang, Ningbo, Jiangsu, Beijing, and many other provincial and municipal governments in China have released the special &#8220;14th Five-year&#8221; plan strategy, in which they also announced the support for the development of Mini LED and Micro LED new display technologies. In the </font><i style="font-size:12pt;font-style:italic;">14th Five-year Plan for the Development of </i></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">318</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Electronic Information Industry of Shanghai </i><font style="font-size:12pt;">released in 2021, Shanghai specifically stated to encourage the development of LED display technologies. There are favorable opportunities for the development of the LED industry under the support of various national authorities and local policies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company realized the revenues of RMB181.8822 billion, RMB247.0737 billion, and RMB438.7392 million, respectively, from the domestic business, which indicates a rapid rising trend. With the proportions of 39.35%, 42.37%, and 51.17%, respectively, the revenues from the domestic business have become a major source of revenues of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Despite the rising proportion of domestic revenues, at present, most customers of the Company are foreign customers, mainly because the semiconductor and downstream industries in China are still in the catch-up stage. Although the company can provide substrate products in line with world-class standards, most downstream leading enterprises are still well-known foreign enterprises at present. This indicates that there are grate spaces for the market shares of domestic customers or indirect customers of the Company.</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.3002701%;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Downstream customer/indirect customer</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:center;margin:0pt;">Expression about the market position of downstream customer/indirect customer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Centera</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Under review for the STAR Market)</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">The global optical chip market for optical communications is about USD2.0 billion in 2020; as Chinese optical chip manufacturers are in the process of gradually replacing overseas manufacturers, the total sales of domestic optical chip manufacturers are about RMB2.5 billion. Centera achieved the sales revenues of RMB233 million in 2020, accounting for about 9.32% of the total sales revenues of domestic chip manufacturers.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shijia Photons (688313.SH)</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">Successfully developed the 2.5G DFB laser chip, 10G DFB laser chip, and high-power CW DFB laser chip, which are in the process of incorporation into the products of major domestic manufacturers; achieved significant breakthrough in key technologies of primary epitaxy and electron beam grating preparation for 25G DFB laser chips. Shijia Photons has incorporated its optical fiber connector, especially multi-core connectors, into well-known customers including AOI, and has achieved mass production of such products.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Everbright Photonics (688048.SH)</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">Everbright Photonics holds 13.41% shares on the domestic market for high-power semiconductor laser chips, accounting for 3.88% on the global market.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">HESAI</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">HESAI achieved the sales amount of over USD37.00 million on unmanned driving market in 2019, making it the laser radar supplier with the highest sales amount in the global unmanned driving field</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Maxscend (300782.SZ)</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">Holding 10% global market shares for RF switches</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Vanchip (688153.SH)</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">Vanchip can provide highly integrated PA modules for some frequency bands; however, additional resource investment is required for the product range, performance, and application areas to catch up with leading </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">319</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.3002701%;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">international players. During the reporting period, it had a small market share in high-end, flagship terminals; its highly integrated products are still in the process of verification, hence it mainly competes in the non-high-end market.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Smarter Micro</b></p></td><td style="vertical-align:middle;width:78.25%;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:10.5pt;text-align:justify;margin:0pt;">Given the continuous product iterations and rapid scale expansion in recent years, the company has built a favorable brand in the field of domestic RF front-end and an increasing market position; it has been recognized by more and more customers, which is expected to help the company to acquire a position in the domestic RF front-end field</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">According to the above, given the development of the semiconductor and downstream industries in the future in China, and the continuous improvement of positions on the international market by domestic downstream customers of the Company, the demand for corresponding substrate products will further increase, hence further increasing the operating income of the Company from the domestic business.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) The products of the Company have core competitiveness</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of market shares, according to Yole, the Company held the second largest market shares for indium phosphide substrates in 2020 and the fourth largest market shares for gallium arsenide substrates in 2019 on the world, which manifested the prominent position of the Company in the market and the industry. In terms of technical specifications and performance, our products, being comparable to global competitors Sumitomo, Freiberger, and JX Nippon, are at a leading level internationally. In China, the Company has originality and leadership in products and technology, and has obvious advantages in quality, performance, size, and application areas.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s III-V compound semiconductor substrate products, as key materials for manufacturing RF devices, optical modules, LEDs (Mini LED and Micro LED), lasers, detectors, sensors, and other chips and devices, are irreplaceable at present. By providing substrate materials to domestic downstream manufacturers, the Company has broken the situation that key materials should be imported for the developing the industry of China; as a supplier of key substrate materials, the Company supports the development of domestic end-use applications.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, given the development of 5G communication, data centers, new generation display, artificial intelligence, unmanned driving, and other fields in China, the Company&#8217;s domestic revenue has exceed 50%, and the sales to significant domestic enterprises including Customer A and Customer B continued to </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">320</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">grow, making important contributions to the development of the such industries in China.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In high-end chip application fields, such as facial recognition, laser radar, high-end optical modules optical chips, RF chips, etc., in addition to procurement from the Company, leading domestic manufacturers need to import relevant high-quality semiconductor substrates from Sumitomo, Freiberger, Japan JX, etc. The Company provides stable and high-quality products to domestic leading chip manufacturers such as Customer A and Customer B.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Given the smaller market for III-V compound semiconductor substrates compared with semiconductor wafers, and the even less qualified suppliers on the world, suppliers are more irreplaceable. The Company has not only achieved the localization of III-V compound semiconductor substrates for supply to the domestic market, but also successfully promoted the localization of its upstream supply chain. </font>At present, in the fields of RF devices, laser devices, new generation of display, laser radar and data centers, there is no similar manufacturer in China that can produce similar substrate materials.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;"> &#160;</font><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(VI) Technology advancement of the Company&#8217;s products and their significance to relevant domestic downstream industries</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Technology advancement of products</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The technology advancement of the Company&#8217;s products, being outstanding in key performance indicators like dislocation density, resistivity uniformity, flatness, surface particles, etc., can meet performance requirements on semiconductor substrate products for high-end markets, including 5G radio frequency power amplifiers, mini LEDs, micro LEDs, wearable sensors, vehicle-mounted laser radars, biometric recognition lasers. Comparing the product technical parameters disclosed by Sumitomo, Freiberger, JX Nippon, and other companies, the products of the Company are superior in low dislocation density and high flatness, and comparable to main international competitors in other product technical products. Generally speaking, our products at the international leading level.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Significance to relevant domestic downstream industries</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The following describes the significance of our products to relevant domestic downstream industries:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.4225845%;width:110.84%;" align="center"><tr style="height:30pt;"><td style="vertical-align:middle;width:14.26%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Product of the Company</b></p></td><td style="vertical-align:middle;width:17.99%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Specific application field</b></p></td><td style="vertical-align:middle;width:24.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Supporting policy document for the downstream industry</b></p></td><td style="vertical-align:middle;width:16.87%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Representative downstream enterprise</b></p></td><td style="vertical-align:middle;width:26.55%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Significance of our products to relevant domestic downstream industries</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">321</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.4225845%;width:110.84%;" align="center"><tr style="height:27.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">InP substrate</b></p></td><td style="vertical-align:middle;width:17.99%;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:10.5pt;text-align:center;margin:0pt;">5G communications, data centers</p></td><td style="vertical-align:middle;width:24.3%;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:10.5pt;text-align:center;margin:0pt;">&#8220;14th Five-year Plan&#8221; for the Development of the Information and Communication Industry (Gong Xin Bu Gui (2021) No. 164), Three-year Action Plan for the Development of New Data Centers (2021-2023) (Gong Xin Bu Tong Xin (2021) No. 76), and Action Plan for the Coordinated Development of &#8220;Double-Gigabit&#8221; Networks (Gong Xin Bu Tong Xin (2021) No. 34)</p></td><td style="vertical-align:middle;width:16.87%;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:10.5pt;text-align:center;margin:0pt;">Customer A, Centera (under review for the STAR Market), Shijia Photons (688313.SH), Everbright Photonics (688048.SH), etc.</p></td><td style="vertical-align:middle;width:26.55%;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:10.5pt;text-align:center;margin:0pt;">Customer A is an internationally leading company in the communication field, Centera is a domestic leader in high-speed optical chips, and Shijia Photons holds the largest shares on the global market for PLC splitter chips. The Company is the largest supplier of Centera and Everbright Photonics, and a significant supplier of Shijia Photons, providing basic InP substrate materials for the development of the 5G communication and data center industry of China</p></td></tr><tr style="height:73.2pt;"><td style="display:none;vertical-align:middle;width:14.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.99%;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:10.5pt;text-align:center;margin:0pt;">Laser radar</p></td><td style="vertical-align:middle;width:24.3%;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:10.5pt;text-align:center;margin:0pt;">Plan for the Development of the New Energy Vehicle Industry (2021-2035) (State Council), Strategy for the Innovation and Development of Smart Vehicles (11 departments including the National Development and Reform Commission)</p></td><td style="vertical-align:middle;width:16.87%;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:10.5pt;text-align:center;margin:0pt;">Shanghai Hesai Technology Co., Ltd., Benewake (Beijing) Photon Technology Co., Ltd., Beijing Zvision Technology Co., Ltd., etc.</p></td><td style="vertical-align:middle;width:26.55%;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:10.5pt;text-align:center;margin:0pt;">HESAI is the laser radar supplier with the highest sales amount in the global unmanned driving field. Indium phosphide substrates produced by the Company are processed into optical chips, which can be used as light sources by laser radar manufacturers, hence contributing to the development of the laser radar industry of China</p></td></tr><tr style="height:116.4pt;"><td rowspan="3" style="vertical-align:middle;width:14.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gallium arsenide substrate</b></p></td><td style="vertical-align:middle;width:17.99%;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:10.5pt;text-align:center;margin:0pt;">New generation display</p></td><td style="vertical-align:middle;width:24.3%;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:10.5pt;text-align:center;margin:0pt;">China Technology Development Roadmap for the Optoelectronic Device Industry (2018-2022) (Ministry of Industry and Information Technology), Action Plan for the Development of the Ultra-high Resolution Video Industry (2019-2022) (Ministry of Industry and Information Technology, etc.), Notice on Import Tax Policies to Support the Development of New Display Industry from 2021 to 2030 (Ministry </p></td><td style="vertical-align:middle;width:16.87%;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:10.5pt;text-align:center;margin:0pt;">San&#8217;an Optoelectronics (600703.SH), Changelight (300102.SZ), etc.</p></td><td style="vertical-align:middle;width:26.55%;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:10.5pt;text-align:center;margin:0pt;">San&#8217;an Optoelectronics and Changelight are leading enterprises in the LED industry of China. The Company is a significant GaAs substrate supplier of San&#8217;an Optoelectronics and Changelight, providing basic GaAs substrate materials for the new generation display industry of China</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">322</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.4225845%;width:110.84%;" align="center"><tr style="height:116.4pt;"><td rowspan="3" style="vertical-align:middle;width:14.26%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:17.99%;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;"></td><td style="vertical-align:top;width:24.3%;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:10.5pt;text-align:center;margin:0pt;">of Finance, etc.)</p></td><td style="vertical-align:middle;width:16.87%;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;"></td><td style="vertical-align:middle;width:26.55%;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;"></td></tr><tr style="height:87.6pt;"><td style="display:none;vertical-align:middle;width:14.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.99%;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:10.5pt;text-align:center;margin:0pt;">RF devices</p></td><td style="vertical-align:middle;width:24.3%;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:10.5pt;text-align:center;margin:0pt;">Notice on Promulgating Several Policies on High-quality Development of the Integrated Circuit Industry and Software Industry in the New Period (Guo Fa (2020) No. 8), Directory Catalogue on Readjustment of Industrial Structure<br>(Version 2019) (Fa Gai Wei (2019) No. 29)</p></td><td style="vertical-align:middle;width:16.87%;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:10.5pt;text-align:center;margin:0pt;">Customer B, Maxscend (300782.SZ), Vanchip (688153.SH), Smarter Micro (requested for the STAR Market)</p></td><td style="vertical-align:middle;width:26.55%;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:10.5pt;text-align:center;margin:0pt;">Customer B is one of the leading RF enterprises in China, Vanchip has the largest shipment of 4G RF power amplifiers in China, Maxscend holds 10% global market shares of RF switches, and Smarter Micro holds a leading position in the field of 5G new frequency band front-end modules. The GaAs substrates produced by the Company are processed for RF chip manufacturers to produce relevant RF devices to facilitate the development of the RF industry of China</p></td></tr><tr style="height:73.2pt;"><td style="display:none;vertical-align:middle;width:14.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:17.99%;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:10.5pt;text-align:center;margin:0pt;">Industrial laser</p></td><td style="vertical-align:middle;width:24.3%;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:10.5pt;text-align:center;margin:0pt;">Plan for Enhancing Efforts for &#8220;Zero to One&#8221; Fundamental Research (Ministry of Science and Technology, Ministry of Industry and Information Technology), Classification of Strategic Emerging Industries (2018) (Department of Statistics), Action Plan of High-end Intelligent Re-manufacturing (2018-2020) (Ministry of Industry and Information Technology), etc.</p></td><td style="vertical-align:middle;width:16.87%;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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics (688048.SH), etc.</p></td><td style="vertical-align:middle;width:26.55%;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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics ranks the first in terms of domestic market shares for high-power semiconductor laser chips, holding a leading position in China. The Company is the largest supplier of Everbright Photonics, providing basic semiconductor substrate materials for the semiconductor laser industry of China</p></td></tr><tr style="height:27.55pt;"><td style="vertical-align:middle;width:14.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Germanium substrate</b></p></td><td style="vertical-align:middle;width:17.99%;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:10.5pt;text-align:center;margin:0pt;">Solar cells for space satellites</p></td><td style="vertical-align:middle;width:24.3%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:16.87%;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:10.5pt;text-align:center;margin:0pt;">Customer B, Kingsoon</p></td><td style="vertical-align:middle;width:26.55%;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:10.5pt;text-align:center;margin:0pt;">Customer B purchases the products of the Company for the production of clean energy solar cells, and Kingsoon provides over 50% of solar cell epilayers used in space satellite spacecraft of China</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><font style="font-size:12pt;">In summary, the InP substrates, GaAs substrates, and germanium substrates produced by the Company are used in multiple &#8220;hard technology&#8221; fields of China.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(VII) About germanium substrate products</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">323</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. </b><b style="font-size:12pt;font-weight:bold;">Future income of germanium substrate products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From January to May 2022, the germanium substrate products of the Company achieved a sales revenue of RMB 43.0214 million, with an increase of 24.28% over the same period last year. The distribution of its main customers and the comparison of 2021 are as follows:</font></p><div style="margin-left:-6.15pt;" 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:11.58%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ranking</b></p></td><td colspan="3" style="vertical-align:middle;width:45.71%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">January - May 2022</b></p></td><td colspan="3" style="vertical-align:middle;width:42.7%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of customer</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of customer</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:14.12%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</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:10.5pt;text-align:justify;margin:0pt;">Nanchang Kingsoon</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:10.5pt;text-align:right;margin:0pt;">1,275.54</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:10.5pt;text-align:right;margin:0pt;">29.53%</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;text-align:justify;margin:0pt;">Nanchang Kingsoon</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:10.5pt;text-align:right;margin:0pt;">3,487.18</p></td><td style="vertical-align:middle;width:14.12%;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:10.5pt;text-align:right;margin:0pt;">38.97%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</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:10.5pt;text-align:justify;margin:0pt;">Shanghai Solar Energy Engineering Technology Research Center Co., Ltd.</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:10.5pt;text-align:right;margin:0pt;">1,107.44</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:10.5pt;text-align:right;margin:0pt;">25.63%</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;text-align:justify;margin:0pt;">Uniwatt Technology Co., Ltd.</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:10.5pt;text-align:right;margin:0pt;">2,364.25</p></td><td style="vertical-align:middle;width:14.12%;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:10.5pt;text-align:right;margin:0pt;">26.42%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</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:10.5pt;text-align:justify;margin:0pt;">Osram</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:10.5pt;text-align:right;margin:0pt;">642.70</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:10.5pt;text-align:right;margin:0pt;">14.88%</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;text-align:justify;margin:0pt;">Osram</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:10.5pt;text-align:right;margin:0pt;">1,722.15</p></td><td style="vertical-align:middle;width:14.12%;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:10.5pt;text-align:right;margin:0pt;">19.24%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</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:10.5pt;text-align:justify;margin:0pt;"><a name="_Hlk106358622"></a>Uniwatt Technology Co., Ltd.</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:10.5pt;text-align:right;margin:0pt;">619.90</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:10.5pt;text-align:right;margin:0pt;">14.35%</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;text-align:justify;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</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:10.5pt;text-align:right;margin:0pt;">670.47</p></td><td style="vertical-align:middle;width:14.12%;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:10.5pt;text-align:right;margin:0pt;">7.49%</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</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:10.5pt;text-align:justify;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</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:10.5pt;text-align:right;margin:0pt;">503.73</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:10.5pt;text-align:right;margin:0pt;">11.66%</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;text-align:justify;margin:0pt;">Customer B</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:10.5pt;text-align:right;margin:0pt;">470.54</p></td><td style="vertical-align:middle;width:14.12%;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:10.5pt;text-align:right;margin:0pt;">5.26%</p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:31.53%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:11.64%;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:10.5pt;text-align:right;margin:0pt;">4,149.31</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:10.5pt;text-align:right;margin:0pt;">96.05%</p></td><td style="vertical-align:middle;width:16.93%;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:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:11.64%;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:10.5pt;text-align:right;margin:0pt;">8,714.59</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:10.5pt;text-align:right;margin:0pt;">97.39%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: The data of 2021 is the data of penetration AXT consolidated calculation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the above table that, the main customers of germanium substrates of the Company have not changed significantly from January to May 2022. The newly added customer Shanghai Solar Energy Engineering Technology Research Center Co., Ltd. was a customer of </font>Nanchang Kingsoon<font style="font-size:12pt;"> and</font> <font style="font-size:12pt;">Uniwatt Technology Co., Ltd., and now directly purchases </font><font style="font-size:12pt;">germanium substrate products from the Company.</font><font style="font-size:12pt;"> On hand orders for germanium substrates of the Company are RMB 15.4138 million at present. It is expected that, the annual germanium substrate revenue in 2022 will increase year-on-year.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">324</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Business development of germanium substrate products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The germanium substrate product revenue of the Company was RMB 68.124 million, RMB 80.5563 million and RMB 89.4857 million, respectively during the reporting period, during which the gross profit margin was 20.60%, 18.44% and 0.21%, respectively. The business scale of germanium substrate products increased steadily.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At present, the demand for global satellites is growing rapidly, especially commercial satellites for Leo communications. The downstream market has a substantial increase in the demand for space solar cells. Gallium arsenide solar cells on germanium substrates are the most mature space solar cells at present. The demand for germanium substrates will show a good growth momentum. At present, more than 50% of domestic satellite batteries use the germanium substrate of the Company. The germanium substrate sales of the Company are expected to achieve sustained growth in the future with the continuous increase of the number of satellites.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Relevant academic institutions and enterprises are currently developing new application scenarios of germanium substrate except for the application of germanium substrate in space solar cells, such as ground photovoltaic, optical devices, etc. The application market of germanium substrate is expected to further expand in the future with the decline in the cost of germanium substrate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Generally, germanium substrate product business scale of the Company is rising steadily at present, the downstream application market space is large, and the germanium substrate products of the Company have a good development prospect in the future.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Follow-up planning and arrangement of germanium substrate products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company will carry out further research, development, production and sales of germanium substrate materials although the gross profit margin of germanium substrate products of the Company in 2021 was relatively low, with the reasons as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The demand for germanium substrate is stable with broad market space in the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">325</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">future</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At present, the demand for germanium substrate in space energy field is stable, and is generally closely related to total number of satellites launched. The launch of satellites and spacecrafts in the world offers huge market space for development of GaAs solar cells on germanium substrates for space use. In current phase, the solar cells used in satellites launched by China are produced by Chinese scientific research institutions. In future, enterprises are expected to have access to the market of space solar cells, driving the demand for germanium substrate materials in relevant fields.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Nanchang Kaixun was the largest customer of the germanium substrate products of the Company during the reporting period. It was used for producing more than 50% of the solar cells used in Chinese satellites and spacecraft after being processed into epitaxial wafers, and successfully equipped with space equipment, such as &quot;Chang&#39;e 4&quot;, and &quot;Tianwen 1&quot;, etc. The product quality of germanium substrate of the Company has been recognized by relevant departments. The business and revenue of the Company are also gradually expanding to China in recent years. The Company will also be committed to providing continuous and stable product support for aerospace, space satellites and other fields in the future.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the Company and other companies in the industry have also begun to apply the 6-inch germanium substrate to LED and other fields, i.e., the germanium substrate is added to the LED GaAs substrate epitaxial sheet to improve the conductivity of the epitaxial sheet and then improve the luminous brightness of the LED chip, broadening the application of large-size germanium substrate and driving the sales of GaAs substrate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The sales structure of germanium substrate products is optimized, and the gross profit rate will rise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In recent years, the price of raw materials is in a general upward trend, and the purchase unit price of germanium ingots has also increased in 2021 with the influences of the domestic economic environment and the epidemic of novel coronavirus pneumonia, causing the increase of the cost of germanium substrate </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">326</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">products of the Company; meanwhile, the sales share of the Company on domestic market increases continuously. The mainstream product sold in China is 4-inch germanium substrate at present, resulting in a decline in the sales share of 6-inch products; In addition, the competition of 4-inch germanium substrate products has also intensified and the price has decreased with the influx of competitors, such as Yunnan germanium industry. Generally, the gross profit margin of germanium substrate business in 2021 has decreased significantly. The gross profit margin of germanium substrate products of the Company will rise in the future with the growth of new applications of 6-inch germanium substrate in the optical field, especially in the case of the growth of sales scale in overseas markets and the stabilization of raw material prices.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) The Company will maintain R &amp; D investment and product optimization continuously to improve its competitiveness</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The germanium substrate products of the Company have been used in the chips of solar cells required for satellites and spacecraft at present, reflecting the stability of the product quality and excellent performance of the Company to a certain extent. However, the Company will invest in product research and development continuously in the future to improve product performance with the intensification of market competition, to ensure the bargaining power of the Company in the downstream germanium substrate GaAs solar cell market, and improve the gross profit margin of the product. Meanwhile, the research on new technologies and applications of germanium substrate will be increased, such as concentrator photovoltaics (i.e., the concentrator solar technology that uses optical elements to gather sunlight for power generation, which is considered as the third-generation technology of the future development trend of solar power generation), ground photovoltaic solar cells, optical devices, etc., to enhance the competitiveness of the products of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Generally, the demand for germanium substrates is stable, with relatively broad market space in the future. The Company will increase R &amp; D investment in germanium substrates, optimize product structure, and enhance the competitiveness of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">327</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">germanium substrates continuously to ensure the profit space of germanium substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At present, germanium substrate products are mainly used in the field of space satellite solar energy, and the downstream market room is relatively limited. With the entry of competitors such as Yunnan Germanium, the market competition has intensified. In the future, the Company&#8217;s germanium substrate market share and revenue or gross profit margins would decrease. The Issuer has disclosed the above-mentioned risk of scale reduction or further decline in gross profit margin in the Prospectus.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">8.3 </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">According to reply to inquiry, the main raw materials of the Issuer include indium phosphide polycrystal and high purity arsenic. The Issuer can produce indium phosphide polycrystal, but it still needs import, and during reporting period, it only imports from a single foreign supplier mainly because the quality of indium phosphide polycrystal produced by itself or by other domestic suppliers cannot meet the requirements of the Issuer. During each period of reporting period, 20.34%, 25.36% and 72.20% of high purity arsenic of the Issuer are imported. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the comparison of performances of indium phosphide polycrystal produced by the Company and indium phosphide polycrystal imported by it, and its influence on product quality and yield rate of the Company; (2) the proportion of imported key raw materials such as indium phosphide polycrystal and high purity arsenic, the influence of change of international trade policy on supply of main raw materials of the Company and countermeasures, and disclosing risks based on actual circumstances. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Reply: </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">I. Explanations from the Issuer</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">328</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The comparison of performances of indium phosphide polycrystal produced by the Company and indium phosphide polycrystal imported by it, and its influence on product quality and yield rate of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The comparison of performances of indium phosphide polycrystal produced by the Company and indium phosphide polycrystal imported by it</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The Company irregularly entrusts American EAG Test Center to test the performances of indium phosphide (InP) polycrystals produced and imported by the Company respectively in two indexes of Carrier Concentration and Material Purity; the specific information is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.520832%;width:109.04%;" align="center"><tr><td rowspan="2" style="vertical-align:middle;width:12.2%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Product</b></p></td><td colspan="2" style="vertical-align:middle;width:25.63%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Quantity of samples tested</b></p></td><td rowspan="2" style="vertical-align:middle;width:14.9%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Judgment index</b></p></td><td rowspan="2" style="vertical-align:middle;width:9.79%;border-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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Test method</b></p></td><td rowspan="2" style="vertical-align:middle;width:15.75%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Comparison method</b></p></td><td rowspan="2" style="vertical-align:middle;width:21.7%;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:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Conclusion</b></p></td></tr><tr><td style="display:none;vertical-align:middle;width:12.2%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.81%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Imported InP polycrystal</b></p></td><td style="vertical-align:middle;width:12.81%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Produced InP polycrystal</b></p></td><td style="display:none;vertical-align:middle;width:14.9%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:9.79%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:15.75%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:21.7%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td rowspan="2" style="vertical-align:middle;width:12.2%;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;text-indent:0pt;margin:0pt;">InP polycrystal</p></td><td style="vertical-align:middle;width:12.81%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;">116 </p></td><td style="vertical-align:middle;width:12.81%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;">88 </p></td><td style="vertical-align:middle;width:14.9%;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;text-indent:0pt;margin:0pt;">Carrier Concentration</p></td><td style="vertical-align:middle;width:9.79%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;">Hall system test</p></td><td style="vertical-align:middle;width:15.75%;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;text-indent:0pt;margin:0pt;">Compare average values of Carrier Concentrations of samples</p></td><td rowspan="2" style="vertical-align:middle;width:21.7%;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;text-indent:0pt;margin:0pt;">No obvious difference in performance between InP polycrystals produced by the Company and InP polycrystals imported by the Company</p></td></tr><tr><td style="display:none;vertical-align:middle;width:12.2%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.81%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">36 </p></td><td style="vertical-align:middle;width:12.81%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">7 </p></td><td style="vertical-align:middle;width:14.9%;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;text-indent:0pt;margin:0pt;">Material Purity</p></td><td style="vertical-align:middle;width:9.79%;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;text-indent:0pt;margin:0pt;">GD-MS</p></td><td style="vertical-align:middle;width:15.75%;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;text-indent:0pt;margin:0pt;">Compare contents of impurities of samples</p></td><td style="display:none;vertical-align:top;width:21.7%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(1) Carrier Concentration (the higher the carrier concentration, the better the conductibility)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">According to test report issued by EAG, the scope of Carrier Concentrations of InP polycrystal samples produced and imported by the Company is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.2720947%;width:110.54%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.68%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Samples</b></p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Scope of Carrier Concentrations cm</b><sup style="font-size:7.5pt;font-weight:bold;vertical-align:top;">-3</sup></p></td><td style="vertical-align:middle;width:27.04%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Average value of Carrier Concentrations cm</b><sup style="font-size:7.5pt;font-weight:bold;vertical-align:top;">-3</sup></p></td><td style="vertical-align:middle;width:26.83%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Conclusion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.68%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">Produced InP polycrystal</p></td><td style="vertical-align:middle;width:25.44%;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;text-indent:0pt;margin:0pt;">2.75&#215;10<sup style="font-size:7.5pt;vertical-align:top;">15</sup>-4.60&#215;10<sup style="font-size:7.5pt;vertical-align:top;">15</sup></p></td><td style="vertical-align:middle;width:27.04%;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;text-indent:0pt;margin:0pt;">3.7177&#215;10<sup style="font-size:7.5pt;vertical-align:top;">15</sup></p></td><td rowspan="2" style="vertical-align:middle;width:26.83%;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;text-indent:0pt;margin:0pt;">No obvious difference in conductibility between InP polycrystals produced by the Company and InP polycrystals imported by it</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.68%;border-bottom: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;text-indent:0pt;margin:0pt;">Imported InP polycrystal</p></td><td style="vertical-align:middle;width:25.44%;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;text-indent:0pt;margin:0pt;">2.6&#215;10<sup style="font-size:7.5pt;vertical-align:top;">15</sup>-5.05&#215;10<sup style="font-size:7.5pt;vertical-align:top;">15</sup></p></td><td style="vertical-align:middle;width:27.04%;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;text-indent:0pt;margin:0pt;">3.826&#215;10<sup style="font-size:7.5pt;vertical-align:top;">15</sup></p></td><td style="display:none;vertical-align:middle;width:26.83%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">329</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(2) Purity </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">According to test report issued by EAG, the purity of InP polycrystal samples produced and imported by the Company is as follows:</font></p><div style="align-items:center;display:flex;flex-direction:column;left:0pt;margin-left:auto;margin-right:auto;position:relative;top:0.05pt;width:100%;"><div style="margin-left:-6.15pt;" 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:22.7%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Content of element</b></p></td><td colspan="2" style="vertical-align:middle;width:48.99%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Impurity concentration [ppb wt]</b></p></td><td rowspan="2" style="vertical-align:middle;width:28.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Conclusion</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;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:10.5pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Produced InP polycrystal</b></p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Imported InP polycrystal</b></p></td><td style="display:none;vertical-align:middle;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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: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:10.5pt;text-align:center;margin:0pt;">Li</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1~3</p></td><td rowspan="24" style="vertical-align:middle;width:28.3%;border-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:10.5pt;text-align:center;margin:0pt;">No obvious difference in purity between InP polycrystals produced by the Company and InP polycrystals imported by it</p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Be</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">0.4~20</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">F</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Na</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Mg</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">AI</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Si</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1~10</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">0.5~30</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CI</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">10~60</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">3~100</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">K</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5~8</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">1~10</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ca</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ti</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Cr</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5~9</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Mn</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Fe</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1~2</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">0.6~2</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ni</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">0.2~2</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Cu</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">0.4~1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Zn</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5~10</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">2~10</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ga</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5~7</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">0.7~10</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">As</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 10~20</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 10~20</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ag</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5~50</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">3~110</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sn</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 50</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 50~300</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sb</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">2~5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;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:10.5pt;text-align:center;margin:0pt;">Te</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">As a whole, according to the test report issued by EAG, there is no obvious difference </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">330</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">in overall performance between InP polycrystals produced by the Company and InP polycrystals imported by the Company; from the perspective of specific index, the imported InP polycrystals are a bit better in terms of average value of carrier concentrations and impurity content index. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Influence on product quality and yield rate of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The quality and yield rate of InP substrates are mainly reflected in the crystal growth, so the performance of monocrystal generated through growth of InP polycrystals is critical. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The Company irregularly entrusts American EAG Test Center to test the performances of InP monocrystals generated by polycrystals produced and imported by the Company respectively in two indexes of Carrier Concentration and Material Purity; the test methods and results are as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.9340286%;width:115.86%;" align="center"><tr><td rowspan="2" style="vertical-align:middle;width:12.52%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Product</b></p></td><td colspan="2" style="vertical-align:middle;width:26.43%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Quantity of samples tested</b></p></td><td rowspan="2" 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Judgment index</b></p></td><td rowspan="2" style="vertical-align:middle;width:8.94%;border-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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Test method</b></p></td><td rowspan="2" style="vertical-align:middle;width:14.82%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Comparison method</b></p></td><td rowspan="2" style="vertical-align:middle;width:23.24%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Conclusion</b></p></td></tr><tr><td style="display:none;vertical-align:middle;width:12.52%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.21%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">InP monocrystal (using imported polycrystal)</b></p></td><td style="vertical-align:middle;width:13.21%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">InP monocrystal (using produced polycrystal)</b></p></td><td style="display:none;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:8.94%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:14.82%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;width:23.24%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td rowspan="2" style="vertical-align:middle;width:12.52%;border-bottom: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;text-indent:0pt;margin:0pt;">InP monocrystal</p></td><td style="vertical-align:middle;width:13.21%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;">40</p></td><td style="vertical-align:middle;width:13.21%;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:10pt;text-align:center;text-indent:0pt;margin:0pt;">19</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">Carrier Concentration</p></td><td style="vertical-align:middle;width:8.94%;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;text-indent:0pt;margin:0pt;">Hall system test</p></td><td style="vertical-align:middle;width:14.82%;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:center;text-indent:0pt;margin:0pt;">Compare average values of Carrier Concentrations of samples</p></td><td rowspan="2" style="vertical-align:middle;width:23.24%;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;text-indent:0pt;margin:0pt;">No obvious difference in performance between InP monocrystals generated by InP polycrystals produced by the Company and InP monocrystals generated by InP polycrystals imported by the Company</p></td></tr><tr><td style="display:none;vertical-align:middle;width:12.52%;border-bottom: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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">19</p></td><td style="vertical-align:middle;width:13.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">3</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">Material Purity</p></td><td style="vertical-align:middle;width:8.94%;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;text-indent:0pt;margin:0pt;">GD-MS</p></td><td style="vertical-align:middle;width:14.82%;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;text-indent:0pt;margin:0pt;">Compare contents of impurities of samples</p></td><td style="display:none;vertical-align:top;width:23.24%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(1) Carrier Concentration</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">According to test report issued by EAG, the scope of Carrier Concentrations of InP monocrystal samples generated from InP polycrystals produced and imported by the Company respectively is as follows: </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">331</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.2733%;width:110.54%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.69%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Samples</b></p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Scope of Carrier Concentrations </b></p></td><td style="vertical-align:middle;width:27.04%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Average value of Carrier Concentrations </b></p></td><td style="vertical-align:middle;width:26.82%;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;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Conclusion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.69%;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;text-indent:0pt;margin:0pt;">InP monocrystal (using produced polycrystal)</p></td><td style="vertical-align:middle;width:25.44%;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;text-indent:0pt;margin:0pt;">1.95&#215;10<sup style="font-size:7.5pt;vertical-align:top;">18</sup>-2.54&#215;10<sup style="font-size:7.5pt;vertical-align:top;">18</sup></p></td><td style="vertical-align:middle;width:27.04%;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;text-indent:0pt;margin:0pt;">2.2663&#215;10<sup style="font-size:7.5pt;vertical-align:top;">18</sup></p></td><td rowspan="2" style="vertical-align:middle;width:26.82%;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:center;text-indent:0pt;margin:0pt;">No obvious difference in conductibility between InP monocrystals generated by InP polycrystals produced by the Company and InP monocrystals generated by InP polycrystals imported by the Company</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.69%;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;text-indent:0pt;margin:0pt;">InP monocrystal (using imported polycrystal)</p></td><td style="vertical-align:middle;width:25.44%;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;text-indent:0pt;margin:0pt;">1.85&#215;10<sup style="font-size:7.5pt;vertical-align:top;">18</sup>-2.55&#215;10<sup style="font-size:7.5pt;vertical-align:top;">18</sup></p></td><td style="vertical-align:middle;width:27.04%;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;text-indent:0pt;margin:0pt;">2.2195&#215;10<sup style="font-size:7.5pt;vertical-align:top;">18</sup></p></td><td style="display:none;vertical-align:middle;width:26.82%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(2) Purity </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">332</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">According to test report issued by EAG, the purity of InP monocrystal samples generated from InP polycrystals produced and imported by the Company respectively is as follows:</font></p><div style="align-items:center;display:flex;flex-direction:column;left:0pt;margin-left:auto;margin-right:auto;position:relative;top:0.05pt;width:100%;"><div style="margin-left:-6.15pt;" 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:22.7%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Content of element</b></p></td><td colspan="2" style="vertical-align:middle;width:48.99%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Impurity concentration [ppb wt]</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td rowspan="2" style="vertical-align:middle;width:28.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Conclusion</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;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:10.5pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Produced by using self-produced InP polycrystals</b></p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Produced by using imported</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">InP polycrystals</b></p></td><td style="display:none;vertical-align:middle;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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: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:10.5pt;text-align:center;margin:0pt;">Li</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1</p></td><td rowspan="24" style="vertical-align:middle;width:28.3%;border-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:10.5pt;text-align:center;margin:0pt;">No obvious difference in material purity between InP monocrystals generated by InP polycrystals produced by the Company and InP monocrystals generated by InP polycrystals imported by the Company</p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Be</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">B</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">1~4</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">1~5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">F</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Na</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Mg</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">AI</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Si</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5~2</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CI</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5~7</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">K</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ca</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 2</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 2</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ti</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Cr</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.2</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.2</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Mn</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1~0.7</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1~0.9</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Fe</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1~0.3</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.1~0.7</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ni</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.2</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.2~0.7</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Cu</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1~2</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Zn</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">3~10</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5~40</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ga</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 10~40</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 10~80</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">As</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 6~10</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">2~220</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ag</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 20~&lt; 60</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 5~&lt; 160</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sn</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 1</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sb</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;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:10.5pt;text-align:center;margin:0pt;">Te</p></td><td style="vertical-align:middle;width:25.07%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="vertical-align:middle;width:23.91%;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:10.5pt;text-align:center;margin:0pt;">&lt; 0.5</p></td><td style="display:none;vertical-align:top;width:28.3%;border-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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the Company has tested the dislocation density of InP monocrystals </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">333</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">generated from InP polycrystals produced and imported by the Company respectively; the test proves that the aforesaid materials have no obvious difference in dislocation density and all comply with product inspection standards of the Company. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">As a whole, there is little difference in performance between InP polycrystals produced by the Company and imported InP polycrystals, without obvious influence on product quality or yield rate of the Company. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The proportion of imported key raw materials such as indium phosphide polycrystal and high purity arsenic, the influence of change of international trade policy on supply of main raw materials of the Company and countermeasures, and disclosing risks based on actual circumstances.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. The proportion of imported key raw materials such as indium phosphide polycrystal and high purity arsenic</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(1) Indium phosphide polycrystal</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">All InP polycrystals purchased by the Company are imported from the foreign supplier WAFER TECHNOLOGY LIMITED mainly because current technical levels of domestic suppliers are relatively weak, failing to meet quality control requirements of the Company; in order to improve its competitive edge, control cost and reduce importing risk, the Company has mastered synthesizing technology of InP polycrystal, and the imported InP polycrystals have been replaced by InP polycrystals produced by itself gradually. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">334</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">During the reporting period, the weights of InP polycrystals purchased and synthesized by the Company are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;white-space:pre-wrap;">                                                       </font><font style="font-size:12pt;">In kg</font></p><div style="margin-left:-6.15pt;" 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:23.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:25.35%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:25.35%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:25.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weight</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weight</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weight</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">InP polycrystals purchased</font></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">1,799.90</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:10.5pt;text-align:right;margin:0pt;">18.18%</p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">950.10</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:10.5pt;text-align:right;margin:0pt;">18.87%</p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">1,859.88</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">26.34%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">InP polycrystals synthesized </font></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">8,100.13</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:10.5pt;text-align:right;margin:0pt;">81.82%</p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">4,084.49</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:10.5pt;text-align:right;margin:0pt;">81.13%</p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;">5,199.99</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">73.66%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.95%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">9,900.03</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5,034.59</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</b></p></td><td style="vertical-align:middle;width:11.15%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">7,059.87</b></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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">During reporting period, the proportion of weight of InP polycrystals purchased by the Company is low and decreases year by year; in 2021, its proportion has reduced to 18.18%; though 100% InP polycrystals purchased by the Company are imported, currently, most of InP polycrystals of the Company are produced by itself, and there is little risk of relying on import of InP polycrystals by the Company. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(2) High purity arsenic </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">During reporting period, the Company purchased high purity arsenic from both domestic and foreign suppliers based on factors of prices (considering exchange rate) and convenience of purchase; from 2019 to 2021, the proportions of imported high purity arsenic of the Company were 20.34%, 25.36% and 72.20% respectively, and the proportion of imported high purity arsenic in 2021 increased because the Company no longer purchased from domestic supplier Dongfang High-purity since June 2021. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Currently, the domestic supplier Jiamei High Purity Material Co., Ltd. has resumed production and the Company has purchased from Jiamei; it is expected that the proportion of imported high purity arsenic will decrease in future. In the other hand, with a view to reduce costs, the Company has established a subsidiary Chaoyang Xinmei in Feb. 2021, which is engaged in R&amp;D, production and sale of high purity arsenic. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">335</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">As a whole, the proportion of imported key raw materials such as indium phosphide polycrystal and high purity arsenic is relatively low. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.2pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. The influence of change of international trade policy on supply of main raw materials of the Company and countermeasures, and disclosing risks based on actual circumstances</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(1) The influence of change of international trade policy on supply of main raw materials of the Company and countermeasures</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Currently, the industrial policies and import &amp; export business in the industry where the Company carries out business operations are stable, without any material adverse effect. Although the proportion of main raw materials purchased by the Company from domestic suppliers and produced by itself is relatively high, the international trade policy has changed frequently in recent years, and there are situations where the countries from which the Company imports its main raw materials impose limitation on export of their raw materials, or the Company&#8217;s purchase prices increase greatly due to other policy change, or it is impossible to import relevant raw materials, as a result of which the Company&#39;s profitability and production and operation are affected. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The Company has adopted or will adopt following measures in response to aforesaid circumstances: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">1) Cooperating more with raw material suppliers through acquiring their shares </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">In order to guarantee stable supply of raw materials in the sector of upstream substrate production, the Company and its controlling shareholder AXT actively explore upstream business, and deepen cooperation relationship with raw material suppliers through acquiring their shares. AXT acquired shares of Beijing Jiya (supplier of metal gallium), Tongli Germanium (supplier of germanium ingot) and Jiamei High-purity (supplier of high purity arsenic) in 1999 and 2001; in addition, the Company also invested in Xing&#8217;an Gallium (supplier of metal gallium). In future, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">336</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Company will cooperate more with relevant raw material suppliers through acquisition of shares or other methods after considering factors such as international situation, its own strategic development and synergy of industrial chain. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:30.85pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">2) Extending to upstream of industrial chain and producing by itself </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:30.85pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Currently, the Company has formed a complete industry chain of semiconductor substrate and made overall arrangement, centering on the industrial chain of compound semiconductor, in which its subsidiary Chaoyang Jinmei is engaged in purification of raw material high-purity gallium and synthesis of InP polycrystals, and Beijing Boyu devotes itself to the production of consumption materials required by synthesis of polycrystals, such as PBN crucible. Besides, the Company has set up the subsidiary Chaoyang Xinmei, which will be responsible for the R&amp;D, production and sale of high-purity arsenic in future. For many years to come, the Company will continue to extend to upstream fields and carry out production of relevant main raw materials at proper time. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">(2) <font style="font-size:12pt;">Risks in the policy of the US on the semiconductor industry</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to public reports, in recent years, the US government planned to set up a chip fund, industrial subsidies, and a series of policies to motivate relevant enterprises to produce chips in the United States, so as to stimulate chip production and transferring jobs back to the US; however, since the US has not released a formal bill by now, the policies above are encouraging instead of mandatory requirements in nature.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company has been in continuous operation for over 20 years since its establishment in 1998. AXT, the controlling shareholder, has transferred all its business and production lines of InP substrates, GaAs substrates, and germanium substrate to the Company, and is no longer engaged in specific business itself; the funds raised from this Offering will also be invested in the existing main business to expand production, enhance the Company&#8217;s competitiveness, and consolidate its position in the industry. In addition, since the Company&#8217;s existing R&amp;D team, core technologies, and skilled workers are all located in China, it is impractical to relocate the production line; otherwise, the relocation may result in significant relocation costs </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">337</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and expenses and other losses. In addition, according to industry practice, significant changes in production equipment, production locations, and production processes require renewed product verification, which usually takes three months to one year, and the relocation of production lines will result in adverse impact on the production and operation of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">If, under extreme circumstances, the US released mandatory regulations requiring AXT or the Company to relocate relevant production lines back to the United States, such politically motivated events will cause damage to the assets, personnel, and suppliers or customers of the Company, which may adversely affect the the production and operation of the Company. As listed company in China, the Company will maintain communication with relevant government authorities at that time, comply with relevant PRC laws, regulations and policies, follow review and decision-making procedures in accordance with the law and take all feasible measures to actively respond to the situation on the precondition of protecting the interests of small- and medium-sized shareholders. Given that AXT has issued a </font><i style="font-size:12pt;font-style:italic;">Commitment on Avoiding Horizontal Competition</i><font style="font-size:12pt;"> so that AXT and other enterprises under its control cannot engage in the relevant business, the Company will, subject to the legal and regulatory policies and requirements of China, maintain communication with the government authorities, actively discuss and adopt feasible plans and measures to address the situation and fully protect the legitimate interests of the minority shareholders. In addition, if the US released such mandatory regulations, which may involve a large number of enterprises and listed companies in the same industry, the Company believes that it will be able to find a solution that meets the regulatory requirements of both the Chinese and US governments in the future, and the Company will actively take all feasible countermeasures.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Disclosure of relevant risks</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company has disclosed following risks caused by changes of policies of international trade in &#8220;Section IV, II, (IV) Risk of Worsening Conflicts of International Trades&#8221;:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#8220;In addition, since partial raw materials such as high-purity arsenic and InP polycrystals are imported by the Company, there may be risk that the country of origin of such materials changes its international trading policies and restricts its export of relevant raw materials, or that the purchase price of the Company may </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">338</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">increase greatly due to change of tariff, thereby affecting the Company&#8217;s profitability and production and operation.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, in &#8220;Section IV, VIII, (III) Force majeure risks&#8221; of the prospectus, the Company made the following risk disclosure:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the routine operation of the Company, we cannot prevent force majeure events, including political factors, natural disasters and war, from causing damage to the assets, personnel, and suppliers or customers of the Company, which may cause adverse effects on the production and operation of the Company. &#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc105879767"></a>Others. Explanation About Matters Related to the <font style="font-style:italic;">Holding Foreign Companies Accountable Act</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">On December 18, 2020, <i style="font-style:italic;">Holding Foreign Companies Accountable Act</i> (&#8220;HFCAA&#8221;) has officially become a law in the United States. According to the HFCAA, since 2021, if the SEC determines that a US-listed foreign company has enaged foreign audit firms that Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;) is unable to conduct inspection on for three consecutive years, the SEC shall prohibit its securities registered in the U.S. from being traded on any US national securities exchange (such as NASDAQ or NYSE) or other OTCs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">On March 24, 2021, the SEC released the <i style="font-style:italic;">Interim Final Rule</i> for implementing the HFCAA, which become effective on May 5, 2021. This rule basically repeated and further defined the requirements on material submission and information disclosure provided in the HFCAA. On December 2, 2021, the SEC adopted amendments to finalize the <i style="font-style:italic;">Interim Final Rule</i>, which improves the rules for implementing the requirements on material submissions and disclosures under the HFCAA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">On May 13, 2021, the PCAOB issued the PCAOB Rule 6100, &#8220;Commission Determinations under the Foreign Company Accountability Act&#8221; proposed under the HFCAA for public comments. On November 5, 2021, the SEC approved the PCAOB Rule 6100. The rule provides a framework for determining whether the PCAOB is </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">339</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;margin:0pt;">unable to examine an auditor in an overseas jurisdiction, covering the timing, deciding factors, basis of determination, publication, and withdrawal or modification of determinations; moreover, it is provided that the determination should be made on the basis of individual overseas jurisdictions, and the determination shall be consistent for auditors in an overseas jurisdiction where the head office is located.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">In summary, if the annual auditor&#8217;s report of a listed company in the United States is issued by an accounting firm in a foreign country, and the PCAOB is unable to conduct or fully conduct an examination or investigation on the accounting firm due to the position of the foreign government, the SEC will identify the listed company and place it on the identified issuer list, i.e., the list of pre-delisting companies. If a listed company is placed on the pre-delisting list for three consecutive years, the SEC will prohibit the company&#39;s shares from trading on the US securities markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-weight:bold;">I. Is AXT subject to the risks of being placed on the list of pre-delisting companies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">As of the date of this reply, AXT has not been placed on the list of pre-delisting companies by the PCAOB.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">AXT has disclosed the risk of being placed by the PCAOB on list of pre-delisting companies in <i style="font-style:italic;">Risk Factors</i> of its 2021 Annual Report (FORM 10-K), as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">&#8220;Although the audit report is prepared by an independent registered public accounting firm who is currently inspected fully by the PCAOB, there is no guarantee that future audit reports will be prepared by an independent registered public accounting firm that is completely inspected by the PCAOB.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">Our independent registered public accounting firm, BPM LLP, is registered with the PCAOB and is subject to regular inspections by the PCAOB to assess its compliance with the applicable professional standards. Although we have operations in China, a jurisdiction where the PCAOB is currently unable to conduct inspections </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">340</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;margin:0pt;">without the approval of the Chinese government authorities, our auditor is currently inspected fully by the PCAOB.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">Inspections of other an independent registered public accounting firms conducted by the PCAOB outside China have at times identified deficiencies in those firms&#8217; audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality. The lack of PCAOB inspections of audit work undertaken in China prevents the PCAOB from regularly evaluating independent registered public accounting firms&#8217; audits and their quality control procedures. As a result, to the extent that any component of our independent registered public accounting firm&#8217;s work papers are or become located in China, such work papers will not be subject to inspection by the PCAOB. As a result, investors would be deprived of such PCAOB inspections, which could result in limitations or restrictions to our access of the U.S. capital markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">&#8230;&#8230;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">While we believe that there has been dialogue among the CSRC, the SEC and the PCAOB regarding the inspection of PCAOB-registered accounting firms in China, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators. Delisting of our common stock would force holders of our common stock to sell their shares. The market price of our common stock could be adversely affected as a result of anticipated negative impacts of these executive or legislative actions upon, as well as negative investor sentiment towards, companies with operations in China that are listed in the United States, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance. &#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">Therefore, according to the risk disclosure above, AXT considers that it cannot eliminate the possibility of being placed on the list of pre-delisting companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-weight:bold;">II. Risks of AXT for delisting from NASDAQ in the United States and its response measures</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">341</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">On March 11, 2022, a responsible person of a relevant department of the CSRC stated the following when answering a question of a reporter: &#8220;Recently, the CSRC and the Ministry of Finance have continued communication and dialogue with the U.S. Public Company Accounting Oversight Board (PCAOB), and have made positive progress. We believe that, through joint efforts of both parties, we can make cooperation arrangements in compliance with the legal requirements and regulatory requirements of both countries as soon as possible, so as to jointly protect the legitimate rights and interests of global investors and promote the healthy and stable development of the markets of both countries.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">On March 16, 2022, the Financial Stability Development Committee of the State Council held a special meeting for discussion about the current economic situation and capital market issues. It&#8217;s pointed out in the meeting that: &#8220;With respect to Chinese stocks, the Chinese and US regulators have maintained good communication, have made positive progress, and are working to create a concrete cooperation plan. The Chinese government continues to support all types of enterprises to go public outside China. &#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">On April 2, 2022, the CSRC solicited for public comment on amendments to the <i style="font-style:italic;">Regulations on Strengthening Confidentiality and File Management in Relation to the Offering and Listing of Securities Abroad</i>. The CSRC stated that: &#8220;The State continues to support all types of qualified enterprises to go public abroad and continuously to deepen cross-border regulatory cooperation; we believe that the amendment to the regulations will further enhance the compliance level of enterprises listed abroad and promote the healthy and orderly development of overseas listing activities.&#8221; The draft for comments improved cross-border regulatory cooperation arrangements and provide institutional safeguards for the safe and efficient conduct of cross-border regulatory cooperation, including, among others: &#8220;Where a domestic enterprise provides or publicly discloses to relevant securities companies, securities service providers, overseas regulatory authorities, and other entities and individuals, or provides or publicly discloses through its overseas listed entities, etc., other </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">342</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;margin:0pt;">documents or information the disclosure of which would adversely affect national security or public interests, it shall strictly comply with the corresponding procedures in accordance with the relevant national regulations&#8221;. &#8220;Where foreign securities regulatory authorities and relevant competent authorities intend to investigate and collect evidence or conduct inspections on domestic enterprises, as well as securities companies and securities service providers providing securities services for the overseas offering and listing of securities by such enterprises, with respect to the activities related to the overseas offering and listing of securities by domestic enterprises, they shall do so through the cross-border regulatory cooperation mechanism, for which the CSRC or the relevant competent authorities shall provide necessary assistance in accordance with the bilateral and multilateral cooperation mechanism. &#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">With respect to the matters above, AXT intends to take the following response measures:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">1. Take active measures to meet the requirements of the relevant parties, so as to avoid being placed on the list of pre-delisting companies;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">2. Once it is placed on the list of pre-delisting companies, it actively seek solutions, including but not limited to filing a complaint with the SEC within the specified period, changing to a registered public accounting firm that meets the requirements of the PCAOB, communicating with all parties on an ongoing basis, and working to meet the requirements of the SEC by the relevant deadlines, etc., to avoid the consequence of being delisted;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">3. AXT will make its best efforts to safeguard its listing status in the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">In summary, the issue of being placed on the list of pre-delisting companies and being delisted involve a large number of companies listed in the United States with huge market capitalizations; although AXT has not been placed on the list of pre-delisting companies, AXT believes that it cannot eliminate the possibility of being placed on such list in the future. However, in consideration of the continuous </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">343</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;margin:0pt;">communication and dialogue among the CSRC, the Ministry of Finance, and the PCAOB and the positive progress, and the fact that China continues to support all types of eligible enterprises to go public abroad and continuously deepen cross-border regulatory cooperation, AXT believes that the Chinese and US governments will be able to properly resolve the above issues in the future, and AXT will actively take all feasible response measures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-weight:bold;">III. Impact of AXT being placed on the list of pre-delisting companies by the PCAOB</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;">Under the provisions of the HFCAA, if AXT is listed as a pre-delisting company in 2022, and is listed as a pre-delisting company to consectutive years afterwards, AXT would be at risk of being prohibited from trading its securities on NASDAQ by the SEC as early as 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">If AXT is delisted at that time, AXT would become a non-listed company in which the shareholding structure prior to the delisting will be retained. Such events do not affect the position of AXT as the controlling shareholder of the Issuer, do not affect the shareholding structure and control rights of the Issuer, and will not cause material adverse effects to the ongoing operation of the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:10.5pt;line-height:0pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">344</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:-0pt 0pt 6pt 0pt;"><a name="_Toc30344"></a><a name="_Toc105879768"></a><a name="_Toc7057"></a><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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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 such replies are true, complete and accurate.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">345</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(No text in this page; it is the stamp page for Beijing Tongmei Xtal Technology Co., Ltd. to </font><i style="font-size:12pt;font-style:italic;">Reply to the Second Round Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.</i><font style="font-size:12pt;">)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Beijing Tongmei Xtal Technology Co., Ltd.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 36pt 6pt 0pt;"><font style="font-size:12pt;">Date: June 16, 2022</font><font style="display:inline-block;width:9.02pt;"></font><font style="display:inline-block;width:21pt;"></font><font style="display:inline-block;width:21pt;"></font><font style="display:inline-block;width:21pt;"></font><font style="font-size:12pt;"> </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">346</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:-0pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:30pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:15pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:30pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:15pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:30pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:15pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Chairman (Signature): &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:144pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">MORRIS SHEN-SHIH YOUNG</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Beijing Tongmei Xtal Technology Co., Ltd.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 96pt 6pt 0pt;"><font style="font-size:12pt;">Date: June 16, 2022</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-size:10.5pt;line-height:0pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251662336;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:1.79;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">347</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:-0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(No text in this page; it is the signature and stamp page for Haitong Securities Co., Ltd. to </font><i style="font-size:12pt;font-style:italic;">Reply to the Second Round Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd.</i><font style="font-size:12pt;">)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24.1pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Sponsor&#8217;s Representative (Signature): _____________ &#160; &#160; ________________</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 186pt;"><font style="font-size:12pt;">ZHONG Zhuke</font><font style="display:inline-block;width:8.35pt;"></font><font style="display:inline-block;width:21pt;"></font><font style="display:inline-block;width:21pt;"></font><font style="font-size:12pt;">WU Ting</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Sponsor&#8217;s Chairman (Signature): ________________</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-indent:42pt;margin:6pt 0pt 6pt 165pt;"><font style="font-size:12pt;">ZHOU Jie</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;white-space:pre-wrap;">                      Haitong Securities Co., Ltd.</font> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;margin:6pt 72pt 6pt 0pt;"><font style="font-size:12pt;white-space:pre-wrap;">                Date: June 16, 2022</font><font style="display:inline-block;width:3.02pt;"></font><font style="display:inline-block;width:21pt;"></font><font style="font-size:12pt;"> </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251660288;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">348</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-size:16pt;font-weight:bold;">Statement </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:30pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:15pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:30pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:15pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:30pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:15pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Sponsor&#8217;s Chairman (Signature): &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:48pt;margin:6pt 0pt 6pt 165pt;"><font style="font-size:12pt;">ZHOU Jie</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;white-space:pre-wrap;">                   Haitong Securities Co., Ltd.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:6pt 108pt 6pt 0pt;"><font style="font-size:12pt;">Date: June 16, 2022</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="position:absolute;right:50%;top:0pt;transform:translateX(50%);width:144pt;z-index:251660288;"><div style="left:0pt;padding-bottom:0pt;position:relative;top:0pt;width:144pt;"><div style="left:0pt;position:relative;text-indent:0pt;top:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;width:100%;margin:0pt;"><b style="font-weight:bold;">8-1-</b><font style="font-weight:bold;">349</font></p></div></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:avoid;width:69.76%;border-width:0;"></body></html>
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<DESCRIPTION>EX-99.2
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<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 6/17/2022 06:39:55 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:10pt;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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><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: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:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><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:1pt;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;"><b style="font-size:16pt;font-weight:bold;"><img src="axti-20220617xex99d2001.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:10pt;text-align:right;margin:0pt;"><b style="font-size:16pt;font-weight:bold;"><img src="axti-20220617xex99d2002.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:10pt;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:16pt;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:14pt;font-weight:bold;">King &amp; Wood Mallesons</b></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:14pt;font-weight:bold;">The Supplementary Legal Opinion (II) of King &amp; Wood Mallesons on</b></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:14pt;font-weight:bold;">Initial Public Offering and Listing of Beijing Tongmei Xtal Technology</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 42pt 0pt;"><b style="font-size:14pt;font-weight:bold;">Co., Ltd. on the Science and Innovation Board</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;">To: Beijing Tongmei Xtal Technology Co., Ltd.</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;">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;).</font></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;"><i style="font-size:12pt;font-style:italic;">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</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Legal Opinion</i><font style="font-size:12pt;">&#8221;) and </font><i style="font-size:12pt;font-style:italic;">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</i><font style="font-size:12pt;"> have been issued on December 25, 2021 regarding the offering and listing matters, and </font><i style="font-size:12pt;font-style:italic;">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</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Supplementary Legal Opinion (I)</i><font style="font-size:12pt;">&#8221;) has</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">been issued on April 7, 2022, and </font><i style="font-size:12pt;font-style:italic;">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</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Lawyer&#8217;s Work Report</i><font style="font-size:12pt;">&#8221;) has been updated accordingly according to the </font><i style="font-size:12pt;font-style:italic;">Securities Law of the People&#8217;s Republic of China</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Securities Law</i><font style="font-size:12pt;">&#8221;), the </font><i style="font-size:12pt;font-style:italic;">Company Law of the People&#8217;s Republic of China</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Company Law</i><font style="font-size:12pt;">&#8221;), the </font><i style="font-size:12pt;font-style:italic;">Administrative Measures for the Registration of Initial Public Offering of Shares on the Science and Innovation Board (Trial) </i><font style="font-size:12pt;">(hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Administrative Measures for the Registration of Initial Public Offering</i><font style="font-size:12pt;">&#8221;), the </font><i style="font-size:12pt;font-style:italic;">Administrative Measures for Securities Legal Business of Law Firms</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Administrative Measures for Securities Legal Business</i><font style="font-size:12pt;">&#8221;), the </font><i style="font-size:12pt;font-style:italic;">Practical Rules for Securities Legal Business of Law Firms (Trial)</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Practical Rules of Securities Legal Business</i><font style="font-size:12pt;">&#8221;), </font><i style="font-size:12pt;font-style:italic;">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</i><font style="font-size:12pt;"> (hereinafter referred to as &#8220;</font><i style="font-size:12pt;font-style:italic;">No. 12 Rules for the Preparation and Reporting</i><font style="font-size:12pt;">&#8221;), </font><i style="font-size:12pt;font-style:italic;">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</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Detailed Practical Rules of Initial Legal Business</i><font style="font-size:12pt;">&#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.</font></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;">The handling lawyers of King &amp; Wood Mallesons supplemented the audit of relevant matters involved in the Offering and Listing of the Issuer, and issued the Supplementary Legal Opinion according to the requirements of SZKS (Review) [2022] No. 182 - </font><i style="font-size:12pt;font-style:italic;">the Inquiry Letter on the Second Round Examination of the Application Documents of Beijing Tongmei Xtal</i></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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><i style="font-size:12pt;font-style:italic;">Technology Co., Ltd. for Initial Public Offering and Listing on the Science and Innovation Board</i><font style="font-size:12pt;"> (hereinafter referred to as the &#8220;</font><i style="font-size:12pt;font-style:italic;">Second Round Inquiry Letter</i><font style="font-size:12pt;">&#8221;) issued by Shanghai Stock Exchange on April 26, 2022.</font></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;">The Supplementary Legal Opinion forms an integral part of the </font><i style="font-size:12pt;font-style:italic;">Legal Opinion</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Lawyer&#8217;s Work Report </i><font style="font-size:12pt;">and the </font><i style="font-size:12pt;font-style:italic;">Supplementary Legal Opinion (I)</i><font style="font-size:12pt;"> issued by us. The premises and assumptions in the </font><i style="font-size:12pt;font-style:italic;">Legal Opinion</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Lawyer&#8217;s Work Report</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Supplementary Legal Opinion (I) </i><font style="font-size:12pt;">of us are also applicable to the Supplementary Legal Opinion. The relevant interpretations or abbreviations of the </font><i style="font-size:12pt;font-style:italic;">Legal Opinion</i><font style="font-size:12pt;">, the </font><i style="font-size:12pt;font-style:italic;">Lawyer&#8217;s Work Report</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Supplementary Legal Opinion (I)</i><font style="font-size:12pt;"> 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.</font></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;">We only express 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 express opinions according to the current effective laws and regulations in China, and do 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 authenticity and accuracy of the conclusion on these data, since we are not qualified for verifying and evaluating such data.</font></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;">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</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">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.</font></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;">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 Issuer&#8217;s Attorney in the </font><i style="font-size:12pt;font-style:italic;">Second Round Inquiry Letter</i><font style="font-size:12pt;">, and now issue the Supplementary Legal Opinion 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 0pt 0pt;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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-size:12pt;font-weight:bold;">Table of Contents</b></p><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><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:96.65%;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:12pt;">I. Question 1 of the </font><i style="font-size:12pt;font-style:italic;">Second Round Inquiry Letter</i><font style="font-size:12pt;">: About Independence</font></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:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">6</font></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:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">II. Question 2 of the </font><i style="font-size:12pt;font-style:italic;">Second Round Inquiry Letter</i><font style="font-size:12pt;">: About Business Reorganization</font></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:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">12</font></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:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">III. Question 6 of the </font><i style="font-size:12pt;font-style:italic;">Second Round Inquiry Letter</i><font style="font-size:12pt;">: About R&amp;D Staff and R&amp;D Expenses</font></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:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">29</font></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:10pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">IV. Question 7 of the </font><i style="font-size:12pt;font-style:italic;">Second Round Inquiry Letter</i><font style="font-size:12pt;">: About Legality and Compliance of Source of Core Technologies</font></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:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">32</font></p></td></tr></table></div><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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:14pt;visibility:hidden;">&#8203;</font></p></div><div style="clear: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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:14pt;visibility:hidden;">&#8203;</font></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;"><b style="font-size:14pt;font-weight:bold;">I. Question 1 of the </b><font style="font-size:14pt;font-style:italic;font-weight:bold;">Second Round Inquiry Letter</font><b style="font-size:14pt;font-weight:bold;">: About Independence</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;"><b style="font-size:12pt;font-weight:bold;">1.4</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;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and Issuer&#8217;s Attorney are advised to propose clear and definite verification opinions on whether the Issuer meets relevant requirements on independence as set out in Article 12 of the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation)</font><b style="font-size:12pt;font-weight:bold;">.</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;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:14pt;">(I) Whether the Issuer meets relevant requirements on independence as set out in Article 12 of the </font><i style="font-size:14pt;font-style:italic;">Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation)</i></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;">In accordance with Article 12 of the </font><i style="font-size:12pt;font-style:italic;">Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation)</i><font style="font-size:12pt;">, requirements for independence to be met by the Issuer shall, specifically, include that: the Issuer has complete assets, independent business and personnel, finance and institution, has no horizontal competition with the controlling shareholder, the actual controller and other enterprises controlled by it, which has material adverse effects on the issuer, and has no affiliated transaction which seriously affects its independence or is evidently unfair. The Issuer meets these requirements for independence. The specific analysis is shown as follows:</font></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;">In terms of assets, in November 2021, the Controlling Shareholder licensed its intellectual property rights, patents authorized and in application and relevant trademarks to the Company and its holding subsidiaries for permanent use. Such authorized patented technologies do not have a key impact in the current production and operation of the Company, and the relevant core technologies and patents of the Company are formed by independent research and development, and the relevant authorized trademarks are not ones necessary for the Company&#39;s</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">production and operation. As of the date of this Supplementary Legal Opinion, the property rights of assets among the Issuer, Controlling Shareholder and other companies controlled by it are clearly defined. The Issuer legally owns the ownership or right to use of such intellectual property rights as land, houses, equipment, trademarks, and patents pertaining to its production and operation. It is evident that Issuer&#8217;s assets are independent and complete.</font></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;">In terms of business, in March 2021, AXT-Tongmei and AXT performed their business transition for semiconductor substrate materials; in May 2021, the Issuer completed the acquisition of AXT-Tongmei, incorporating business systems such as overseas sales into the Issuer. Before such business transition, the overseas sales of the Issuer with respect to semiconductor substrate material products were undertaken by its Controlling Shareholder AXT based on the internal arrangement of the Group, while the Issuer purchased some major raw materials overseas through AXT. After the business transition, AXT-Tongmei, the Company&#8217;s subsidiary, was independently responsible for overseas procurement and sales. AXT would no longer engage in specific business after completing subsequent orders. As of the date of this Supplementary Legal Opinion, the Issuer carries out business independently according to law. Moreover, all its businesses are independent of its Controlling Shareholder, and other companies it controls. The Issuer&#39;s production, supply and marketing system has been independent and complete, and the business has been carried out well.</font></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;">In terms of human resources, after the business tranisition, AXT only retained some necessary personnel to be responsible for information disclosure, investor relations, and financial affairs in the U.S. capital market. Its sales, procurement, R&amp;D and some financial and administrative personnel have been transferred to AXT-Tongmei. As of the date of this Supplementary Legal Opinion, no senior executives of the Issuer such as General Manager, Deputy General Manager, Financial Superintendent, and Board Secretary hold any positions other than directors and supervisors in the Controlling Shareholder of the Issuer and other enterprises controlled by it. Nor do they get paid from the Controlling Shareholder of the Issuer and other companies it controls.</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In terms of finance, as of the date of this Supplementary Legal Opinion, the Issuer has an independent Financial Department with specialized financial personnel and an independent financial accounting system. Therefore, it can make financial decisions independently. Also, it has a standardized financial accounting system and a financial management system for its subsidiaries. The Issuer does not share bank accounts with the Controlling Shareholder of the Issuer and other companies it controls as it has established independent accounts for this purpose. No financial staff of the Issuer have concurrently hold offices in or get paid from the Controlling Shareholder and other companies it controls.</font></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;">In terms of organization, as of the date of this Supplementary Legal Opinion, the Issuer has organized the General Meeting of Shareholders, the Board of Directors, the Board of Supervisors and other corporate governance structures in accordance with the </font><i style="font-size:12pt;font-style:italic;">Companies Law</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Articles of Association</i><font style="font-size:12pt;">. What&#8217;s more, it has sound internal operation and management organizations and independent decision-making and execution organizations, facilitating that it can independently exercise the power of operation and management. In this case, there is no institutional confusion with the Controlling Shareholder of the Issuer and other companies it controls. After the completion of the asset reorganization, the Controlling Shareholder did not directly participate in the operation and management of the Company, and it exercised the relevant shareholder rights by exercising voting rights and nominating directors at the Company&#39;s shareholders&#39; meeting/general meeting, and there was no situation in which it exceeded the authority of the board of directors to exercise the management right through the management or directly.</font></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;">In terms of horizontal competition, in December 2020, AXT increased its capital to Beijing Tongmei with equity interests in Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei, Chaoyang Jinmei and Beijing Boyu; in May 2021, the Issuer acquired AXT-Tongmei. After the completion of such reorganization and business transition, the Issuer has formed a complete industrial chain covering the research and development, production and sales of semiconductor substrate materials, the consumable PBN crucibles and important raw materials</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">high-purity metals. As of the date of this Supplementary Legal Opinion, AXT and other enterprises which are controlled by AXT do not have any substantive business operations, nor do they have any horizontal competition with the Issuer.</font></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;">In terms of related-party transactions, after the business transition, AXT-Tongmei, the Company&#8217;s subsidiary, was independently responsible for overseas procurement and sales and AXT would no longer engage in specific business after completing subsequent orders. In addition, the related-party transactions during the reporting period between the Company and related parties have all followed the principles of fairness, voluntariness and reasonableness. All these related-party transactions are at fair price without jeopardizing the benefits of the Company and non-related shareholders. As of the date of this Supplementary Legal Opinion, there are no related-party transactions that may seriously affect the Issuer&#39;s independence or lack of fairness.</font></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;">In conclusion, the Issuer has complete assets, independent business and personnel, finance and institution, has no horizontal competition with the controlling shareholder, the actual controller and other enterprises controlled by it, which has material adverse effects on the issuer, and has no affiliated transaction which seriously affects its independence or is evidently unfair. Therefore, these comply with relevant requirements for independence in Article 12 of the </font><i style="font-size:12pt;font-style:italic;">Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation)</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:21.6pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">(II) Verification procedures and opinions</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;">Our 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. The Issuer provided </font><i style="font-size:12pt;font-style:italic;">Audit Report</i><font style="font-size:12pt;">, sales and procurement details, documents of R&amp;D input, equipment procurement details, fixed assets list, procurement contracts and invoices of important fixed assets, real estate certificates, lists and certificates of intellectual property rights, other asset ownership certificates, staff register, remuneration payment records, organizational</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">chart, and responsibilities description, job standards and systems of departments, cash flow in bank accounts. Further, the setting of sales and procurement, finance, R&amp;D, together with staffing, was checked to get hold of asset ownership and usage status. Moreover, the Issuer was inspected for any dispute over the ownership of the important assets produced and operated by the Issuer, and whether its assets were occupied or used by related parties;</font></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;">2. Legal opinions issued by Burks Johansson LLP, a US law firm, on the Controlling Shareholder AXT, AXT&#8217;s information disclosure documents, audit reports or financial statements, details and contracts of procurement and sales, list of fixed assets, list of intellectual property rights, staff register, and cash flow in bank accounts were obtained. Further, the development history, industry, main business, products, raw materials, production process, assets, and staffing of AXT and the companies it controls were inspected. AXT and the companies it controls were further investigated for any horizontal competition that may have significant adverse effects on the Issuer, and whether related sales, procurement, assets, personnel, and technologies of the Issuer are confused with those of its Controlling Shareholder and the companies it controls or participates in;</font></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;">3. The Issuer provided its explanations. Details of related-party sales and procurement transactions, related-party transaction contracts and transaction vouchers, trademarks and technology licensing contracts of the Issuer during the reporting period were inspected. The explanations of the Issuer&#8217;s related parties in terms of the related-party transactions and interview transcripts were obtained. The reasons for the Issuer&#39;s purchases from related parties, the impact of the suspension of purchases from Dongfang High-purity on the Company&#39;s production and operation and alternative measures, the specific circumstances of the production equipment from related-party purchases, the amount and proportion of related party transactions between the Issuer and related parties, changing trends, background and authenticity of the related party transactions were further investigated. Also, the Issuer was examined for any related-party transactions that seriously affect its independence;</font></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;">4. Trademark, technology license agreements, capital lending contract and certificates</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">signed by AXT and the Issuer were obtained. The Issuer was inspected for whether it has obtained necessary authorizations for using the trademarks and technologies of related parties, and whether the Issuer&#8217;s production and operation constitute a major reliance 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">5. Real estate, land, patents, trademarks, software copyrights and other assets through public channels, and the inventory of stock, fixed assets, construction in progress and intangible assets at the end of the period, and the accuracy and integrity of the assets, of the Issuer, were checked;</font></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;">6. AXT issued the </font><i style="font-size:12pt;font-style:italic;">Letter of Commitment on Avoiding Horizontal Competition</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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">7. Production sites and R&amp;D sites of the Issuer and its subsidiaries were investigated on the spot. Production process, project initiation of R&amp;D projects, R&amp;D records, of the Issuer were inspected. Interviews were conducted with the superintendents responsible for management, procurement, marketing, finance, and R&amp;D of the Issuer, with a view to determining 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">8. The Issuer provided its explanations. Interview were conducted with main customers and suppliers during the reporting period, as well as those after asset restructuring with AXT, and confirmations with main customers after asset restructuring with AXT were carried out, for the purpose of understanding the transaction contents, terms, and actual implementation with these customers and suppliers, and their cooperation history, customers&#8217; recognition of product quality of the Company, and determining whether there is a related-party relationship with the Issuer and financial disintermediation, and the situation relating to the business transition;</font></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;">9. Main customers and suppliers, as well as those after asset restructuring with AXT during the reporting period, of the Issuer were executed the external confirmation procedure;</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">10. The Issuer, its Controlling Shareholder AXT and its key management personnel, directors, supervisors, senior executives, sales and procurement superintendents, key financial personnel, key sales and procurement personnel, etc. were inspected for the cash flow in bank accounts during the reporting period, so as to determine whether they have financial disintermediation and advance payment, etc.;</font></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;">11. The Issuer provided its explanations. The industrial and commercial files of the Issuer and its holding subsidiaries and the Company&#39;s internal governance related systems were inspected, and interviews with some outgoing directors were conducted to understand the establishment and operation of the Company&#39;s management organization, and the Company&#39;s management and control methods of its holding subsidiaries after the completion of the asset reorganization and to understand the reasons and effects of the changes in the Company&#39;s directors before and after the asset reorganization.</font></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;">Through verification, we believe that, the Issuer has complete assets, independent business and personnel, finance and institution, has no horizontal competition with the controlling shareholder, the actual controller and other enterprises controlled by it, which has material adverse effects on the issuer, and has no affiliated transaction which seriously affects its independence or is evidently unfair. Therefore, these comply with relevant requirements for independence in Article 12 of the </font><i style="font-size:12pt;font-style:italic;">Measures for the Administration of the Registration of IPO Stocks on the Science and Technology Innovation Board (for Trial Implementation)</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:21.6pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">II. Question 2 of the </b><font style="font-size:14pt;font-style:italic;font-weight:bold;">Second Round Inquiry Letter</font><b style="font-size:14pt;font-weight:bold;">: About Business Reorganization</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;"><b style="font-size:12pt;font-weight:bold;">According to the reply to the inquiry, (1) the Issuer considers that it has completed the asset reorganization on December 9, 2020 on the ground that the original shareholders of the reorganized entities have acquired the newly increased shares (consideration of reorganization) of Tongmei Limited, but the industrial and commercial change registration of Baoding Tongmei, one of the reorganized entities, was completed</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">on January 12, 2021; (2) in May 2021, the Issuer acquired AXT-Tongmei from AXT.</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;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the transaction process of the acquisition of Baoding Tongmei, the reasons why the Company considers that it acquired the control over Baoding Tongmei on December 9, 2020; (2) the reasons why the acquisition of AXT-Tongmei is not included in the scope of reorganization and the rationality thereof; (3) recalculation and comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020 after AXT-Tongmei is included in the scope of reorganization; (4) Details and relevant reasons of offsetting transactions among the reorganizing parties in 2019 and 2020.</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;"><b style="font-size:12pt;font-weight:bold;">The Sponsor, the Issuer&#8217;s Attorney and the Reporting Accountant are requested to conduct verifications and issue explicit opinions thereon.</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;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">(I) Transaction process of the acquisition of Baoding Tongmei, the reasons why the Company considers that it acquired the control over Baoding Tongmei on December 29, 2020</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="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Transaction process of the acquisition of Baoding Tongmei</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;">According to the industrial and commercial registration data of the Issuer and Baoding Tongmei, the transaction process of the Issuer&#8217;s acquisition of Baoding Tongmei is as follows:</font></p><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><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:middle;width:23.87%;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></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:76.12%;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></th></tr><tr style="height:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:23.87%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Time</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:76.12%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Transaction Process</b></p></th></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:23.87%;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;">December 9, 2020</font></p></td><td style="vertical-align:middle;width:76.12%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Beijing Zhongfeng Assets Appraisal Co., Ltd. issued the </font><i style="font-size:10.5pt;font-style:italic;">Asset Apprisal Report on the Total Equity Value of Baoding Tongmei Crystal Manufacturing Co., Ltd. involved in the Shareholders&#8217; Proposed Transfer of Equity Interest in Baoding Tongmei Crystal Manufacturing Co., Ltd. </i><font style="font-size:10.5pt;">(Zhong Feng Ping Bao Zi (2020) No. 01234).</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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:-0.02777481%;width:100.05%;" align="center"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:23.84%;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></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:76.07%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="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:22.7pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:23.84%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Time</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:76.07%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Transaction Process</b></p></th></tr><tr style="height:22.7pt;"><td rowspan="4" style="vertical-align:middle;width:23.84%;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;">December 25, 2020</font></p></td><td colspan="2" style="vertical-align:middle;width:76.15%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">The shareholder of Baoding Tongmei made a shareholders&#8217; decision, agreeing that AXT would transfer all its 100% equity interest in Baoding Tongmei to Tongmei Limited; after the equity transfer, Baoding Tongmei would become a wholly owned subsidiary of Tongmei Limited; the nature of the company would be changed from a limited liability company (sole proprietorship by a foreign legal person) to a limited liability company (sole proprietorship by a legal person).</font></p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:23.84%;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;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:76.15%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">AXT and Tongmei Limited entered into the </font><i style="font-size:10.5pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:10.5pt;">, pursuant to which AXT agreed to transfer its 100% equity interest in Baoding Tongmei and the corresponding shareholder rights and obligations represented by such equity interest to Tongmei Limited, and Tongmei Limited agreed to accept the transfer of AXT&#8217;s 100% equity interest in Baoding Tongmei and the corresponding shareholder rights and obligations represented by such equity interest.</font></p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:23.84%;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;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:76.15%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Tongmei Limited held a shareholders&#8217; meeting, agreeing that AXT would use its 100% equity interest in Baoding Tongmei as a consideration to subscribe for the newly increased registered capital of the Company; AXT and Tongmei Limited entered into the Capital Increase Agreement, providing that AXT would use its 100% equity interest in Baoding Tongmei as a consideration to subscribe for the newly increased registered capital of the Company.</font></p></td></tr><tr style="height:22.7pt;"><td style="display:none;vertical-align:middle;width:23.84%;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;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:76.15%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Tongmei Limited executed the new articles of association of Baoding Tongmei Crystal Manufacturing Co., Ltd.</font></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:23.84%;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;">December 29, 2020</font></p></td><td colspan="2" style="vertical-align:middle;width:76.15%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Tongmei Limited completed the industrial and commercial change registration and obtained the business license issued by the Beijing Tongzhou District Administration for Market Regulation. AXT, the original shareholder of Baoding Tongmei, obtained the newly increased shares of Tongmei Limited (consideration of reorganization), that is, Tongmei Limited has paid all the consideration of reorganization.</font></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:23.84%;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;">January 12, 2021</font></p></td><td colspan="2" style="vertical-align:middle;width:76.15%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Baoding Tongmei completed the industrial and commercial change registration and obtained the business license issued by the Dingxing County Administrative Review and Approval Bureau.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Reasons why the Company considers that it acquired the control over Baoding Tongmei on December 29, 2020</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;">According to the industrial and commercial registration data of the Issuer and Baoding Tongmei and the explanations provided by the Company, in combination with the provisions of the application guide of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises No. 20 - Business Mergers</i><font style="font-size:12pt;">, the determination standards and actual circumstances in relation to the Company&#8217;s completion of its control over Baoding Tongmei are as follows:</font></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;">(1) The contract or agreement on the business merger has been approved by the</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">shareholders&#8217; meeting, etc.</font></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;">On December 25, 2020, AXT and Tongmei Limited entered into the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement </i><font style="font-size:12pt;">which has been deliberated and approved by the shareholder of Baoding Tongmei.</font></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;">(2) If the business merger is required to be approved by the relevant competent authorities of the state, such approval has been obtained.</font></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;">Pursuant to applicable laws and regulations, the Company&#8217;s acquisition of 100% equity interest in Baoding Tongmei is not required to be approved by the relevant competent authorities of the state.</font></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;">(3) The parties involved in the merger have gone through such procedures as necessary for the transfer of property rights</font></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;">On December 25, 2020, AXT and Tongmei Limited entered into the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:12pt;">, agreeing that AXT would transfer its 100% equity interest in Baoding Tongmei to Tongmei Limited. The Agreement took effect on December 25, 2020, the parties thereto have confirmed that the relevant equity transfer has been completed on the same day, Tongmei Limited has become the sole shareholder of Baoding Tongmei on December 25, 2020.</font></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;">(4) The merging party or the purchasing party has paid most of the merger price (generally more than 50%), and has the ability and plan to pay the remaining amount</font></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;">According to the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Capital Increase Agreement</i><font style="font-size:12pt;"> entered into by and between Tongmei Limited and AXT, the consideration for Tongmei Limited&#8217;s acquisition of 100% equity interest in Baoding Tongmei is new shares issued by Tongmei Limited to AXT, and the acquisition of newly increased shares in Tongmei Limited by the original shareholders of Baoding Tongmei is subject to the consummation of the capital increase, the industrial and commercial change registration and the acquisition of the business license.</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">On December 29, 2020, Tongmei Limited completed the industrial and commercial change registration with respect to the reorganization matters and obtained a new business license, that is, the original shareholders of Baoding Tongmei have obtained the newly increased shares in Tongmei Limited (consideration of reorganization). Accordingly, Tongmei Limited has paid the consideration for the equity transfer as agreed in the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement </i><font style="font-size:12pt;">on December 29, 2020.</font></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;">(5) The merging party or the purchasing party has controlled the financial and operational policies of the merged party or the purchased party, and owns the corresponding benefits and bears the corresponding risks</font></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;">According to the articles of association of Baoding Tongmei Crystal Manufacturing Co., Ltd. which was executed and entered into force on December 25, 2020, upon the completion of the reorganization, the body with the highest authority of Baoding Tongmei remains to be shareholders. Therefore, after Tongmei Limited becomes the sole shareholder of Baoding Tongmei, Tongmei Limited shall have the right to exercise relevant authorities as a shareholder in accordance with the </font><i style="font-size:12pt;font-style:italic;">Company Law</i><font style="font-size:12pt;"> and the articles of association of Baoding Tongmei, appoint and remove members of the board of directors of Baoding Tongmei, and thereby appoint and remove the management of Baoding Tongmei through the board of directors to exercise the control over Baoding Tongmei.</font></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;">The Issuer, Baoding Tongmei and AXT, the original shareholder of Baoding Tongmei, jointly issued the </font><i style="font-size:12pt;font-style:italic;">Confirmation Letter on the Asset Reorganization</i><font style="font-size:12pt;">, confirming that the transfer of equity interest in Baoding Tongmei has been completed on the date of signing the Equity Transfer Agreement; as of the date of the completion of such equity transfer, Tongmei Limited holds 100% equity interest in Baoding Tongmei, controls the financial and operational policies of Baoding Tongmei, has the rights and obligations as a shareholder of Baoding Tongmei, and owns corresponding benefits and bears corresponding risks.</font></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;">In addition, according to the explanations provided by Baoding Tongmei and the Issuer</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and as confirmed through the interviews with the persons of Baoding Tongmei handling the industrial and commercial change registration and the officials of the industrial and commercial authorities by our lawyers, Baoding Tongmei submitted the application materials for the relevant change registration to market inspection and management authorities at the end of December 2020, but due to the government&#8217;s processing time and procedures, the industrial and commercial change registration was completed on January 12, 2021. In consideration of the fact that the </font><i style="font-size:12pt;font-style:italic;">Company Law</i><font style="font-size:12pt;">, the </font><i style="font-size:12pt;font-style:italic;">Regulations on the Administration of Registration of Market Entities </i><font style="font-size:12pt;">and other laws and regulations have no provision that the industrial and commercial change registration is a condition to the effectiveness of equity transfer, the industrial and commercial change registration of equity interest is only an administrative act, and such change is aimed at making the relevant registration matters of a company public and become effective against a bona fide third party, and the Equity Transfer Agreement does not list the industrial and commercial change registration as a precondition to the equity transfer. Therefore, regardless of whether the industrial and commercial change registration of Baoding Tongmei is completed, the effectiveness of the Equity Transfer Agreement and the equity transfer shall not be affected, nor does the time of completing such industrial and commercial change registration affect the time of completing the equity transfer.</font></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;">As confirmed through the interviews with MORRIS SHEN-SHIH YOUNG, the Chairman of Baoding Tongmei, and VINCENT WENSEN LIU, the General Manager of Baoding Tongmei, by our lawyers, Tongmei Limited obtained 100% equity interest in Baoding Tongmei on December 25, 2020, becoming the sole shareholder of Baoding Tongmei, owning relevant rights as a shareholder in accordance with the law, and controlling the financial and operational policies of Baoding Tongmei, it has obtained the control over Baoding Tongmei. The fact that the relevant industrial and commercial change registration of Baoding Tongmei was completed on January 12, 2021 has no effect on Tongmei Limited&#8217;s control over Baoding Tongmei.</font></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;">In conclusion, as of December 29, 2020, Tongmei Limited has obtained the control over Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:14pt;visibility:hidden;">&#8203;</font></p></div><div style="clear: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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:14pt;visibility:hidden;">&#8203;</font></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;"><b style="font-size:14pt;font-weight:bold;">(II) Reasons why the acquisition of AXT-Tongmei is not included in the scope of reorganization and the rationality thereof</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="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">The asset reorganization in December 2020 and the acquisition of AXT-Tongmei are two separate reorganizations implemented by the Company</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;">To solve horizontal competition and integrate business resources, the Company implemented the asset reorganization in December 2020, upon the completion of such reorganization, the Company holds 100% equity interest in Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei. </font><font style="font-size:12pt;">This reorganization is for production resources; </font><font style="font-size:12pt;">after the completion of the said reorganization, the Company has integrated the supply of PBN crucibles, indium phosphide polycrystalline, high-purity gallium and other raw materials in the upstream of semiconductor substrate materials, and their main business covers the R&amp;D, production and sale of semiconductor substrate materials, PBN materials and other high-purity materials. Before and after the reorganization, the Company fails to achieve the independent sale of overseas substrate materials. In this reorganization, the Company and the original shareholders of the reorganized parties entered into the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Capital Increase Agreement</i><font style="font-size:12pt;"> in December 2020, which have gone through the review procedure by the board of directors, the shareholders&#8217; meeting or any other competent authority, and completed the payment of relevant amounts and the closing of assets in the same month.</font></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;">According to the description of the Company, the Company&#8217;s acquisition of AXT-Tongmei is to make the Issuer directly face customers in the overseas substrate material market and further reduce related party transactions and horizontal competition, which is a further extension after the Company&#8217;s domestic reorganization, </font><font style="font-size:12pt;">mainly intending to reorganize the channels for overseas procurement and the sales of semiconductor substrate materials</font><font style="font-size:12pt;">. After the acquisition of AXT-Tongmei, the Issuer owns a full independent marketing ability in the overseas market. On May 6, 2021, the Company held a board meeting to review and approve the Company&#8217;s acquisition of 100% equity interest in AXT-Tongmei from AXT in cash. On</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">the same day, Beijing Tongmei entered into the Share Transfer Agreement with AXT.</font></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;">According to the description of the Company, as the Company&#8217;s overseas investment is subject to the pre-approval procedures such as overseas investment filing, and the time of completion of such procedures is uncertain, the acquisition of AXT-Tongmei was not deliberated by the Company in its board meeting held in December 2020. The acquisition of AXT-Tongmei was deliberated and approved by the Company&#8217;s board of directors in May 2021 separately, such acquisition and the reorganization in December 2020 are not conditional on each other.</font></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;">In addition, the agreements signed by the related parties above did not require that the two organizations shall be preconditioned on each other.</font></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;">In conclusion, the asset reorganization by the Company in December 2020 and the acquisition of AXT-Tongmei by the Company in May 2021 are two separate reorganizations implemented by the Issuer in the fiscal year or period immediately before the Issuer submitted its IPO application documents.</font></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="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Non-existence of circumvention of the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of &#8220;No Major Change in the Issuer&#8217;s Main Business in the Last Three Years&#8221; under Article 12 of the Administrative Measures on the Initial Public Offering and Listing of Stocks - the Opinions on the Application of the Securities and Futures Law No. 3</font><b style="font-size:12pt;font-weight:bold;"> (&#8220;</b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Opinions on the Application of the Securities and Futures Law No. 3&#8221;)</font><b style="font-size:12pt;font-weight:bold;"> in relation to the acquisition of AXT-Tongmei being not included in the scope of reorganization</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;">(1) Relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Answers to Certain Questions on the IPO Business (Revised in June 2020)</i></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;">According to the relevant provisions of &#8220;Question 36, Business Reorganization and Major Changes in Main Business&#8221; in the </font><i style="font-size:12pt;font-style:italic;">Answers to Certain Questions on the IPO Business (Revised in June 2020)</i><font style="font-size:12pt;">:</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;">&#8220;The business reorganization of an issuer occurred during the reporting period shall be determined separately based on whether the reorganized business and the issuer are under the same control. If the business reorganization is under the same control, it shall be determined and handled in accordance with the relevant requirements of the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">; if the business reorganization is not under the same control, it usually includes the acquisition of the equity interest or operating assets of the reorganized party, increasing the capital of the issuer, merging the reorganized party or otherwise with the equity interest or operating assets of the reorganized party. The issuer and intermediaries may pay attention to the following factors: &#8230;&#8221;; &#8220;If multiple reorganizations occur within 12 months, the impact of the reorganization on the issuer&#8217;s total assets, net assets, operating income or total profit shall be calculated on a cumulative basis.&#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;">Both the Company&#8217;s asset reorganization in December 2020 and the acquisition of AXT-Tongmei in May 2021 are business reorganizations under the same control. According to the regulations above, they shall be determined and handled in accordance with the relevant requirements of the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Laws No. 3</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;"><font style="font-size:12pt;">(2) Relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i></p><p style="font-family:'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><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">, if an issuer has undergone multiple reorganizations in the fiscal year or period immediately before its submission of the IPO application documents, the impact of such reorganizations on the issuer&#8217;s total assets, operating income or total profit shall be calculated on a cumulative 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 </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">, the Issuer submitted its IPO application documents in December 2021, as required by the above provisions, the Issuer shall consolidate the reorganization (i.e., the reorganization of five entities, including Beijing Boyu) in the fiscal year immediately before its submission of IPO application documents; and the reorganization in the period immediately before its submission</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">of IPO application documents (i.e., the acquisition of AXT-Tongmei) will be calculated. After separately calculating the impact of the two reorganizations on the Issuer&#8217;s total assets, operating income or total profit, and then adding up them. As AXT-Tongmei had not actually operated in 2020 and did not open any bank account, the amount of paid-in capital and related financial indicators are all zero, and the proportion of the total assets, operating income or total profit of AXT-Tongmei to the relevant financial indicators of the Issuer in 2020 is also zero. Therefore, the acquisition of AXT-Tongmei does not affect the comparison of indicators of the reorganizing parties such as total assets, operating income or total profit in 2020. The fact that the acquisition of AXT-Tongmei is not included in the scope of reorganization does not circumvent the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</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:21.6pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">(III) Recalculation and comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020 after AXT-Tongmei is included in the scope of reorganization</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="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Calculation based on the indicators of 2019</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;">According to the financial statements of the reorganizing party (Tongmei Limited) and the reorganized party (the acquired party) provided by the Issuer during the reporting period, and upon confirmation through our interview with the CFO of the Issuer, in December 2020, the Issuer completed the acquisition of 5 entities including Beijing Boyu. The table below shows the comparison of relevant indicators of 2019:</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;white-space:nowrap;width:41.81%;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: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:34.81%;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:10pt;text-align:center;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total assets as at the end of 2019</b></p></td><td style="vertical-align:middle;width:12.62%;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;">Operating</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">income in</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td><td style="vertical-align:middle;width:10.74%;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;">Total</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">profit in</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:41.81%;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: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:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">80,072.95</font></p></td><td style="vertical-align:middle;width:12.62%;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;">35,728.47</font></p></td><td style="vertical-align:middle;width:10.74%;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;">-1,507.98</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:41.81%;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: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:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">28,635.15</font></p></td><td style="vertical-align:middle;width:12.62%;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;">1,953.43</font></p></td><td style="vertical-align:middle;width:10.74%;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="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:41.81%;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: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:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">24,219.28</font></p></td><td style="vertical-align:middle;width:12.62%;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;">2,470.16</font></p></td><td style="vertical-align:middle;width:10.74%;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="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:41.81%;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: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:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">7,005.23</font></p></td><td style="vertical-align:middle;width:12.62%;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;">1,095.62</font></p></td><td style="vertical-align:middle;width:10.74%;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="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:41.81%;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: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:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">9,340.66</font></p></td><td style="vertical-align:middle;width:12.62%;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;">5,781.28</font></p></td><td style="vertical-align:middle;width:10.74%;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;">942.58</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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:41.81%;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: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:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">12,659.92</font></p></td><td style="vertical-align:middle;width:12.62%;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;">9,492.30</font></p></td><td style="vertical-align:middle;width:10.74%;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="color:#333333;font-size:10.5pt;">1,541.82</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.81%;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:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Offsetting transactions against the reorganizing parties G</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-8,238.45</font></p></td><td style="vertical-align:middle;width:12.62%;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;">-8,856.82</font></p></td><td style="vertical-align:middle;width:10.74%;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;">-881.63</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.81%;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:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Total amount of the acquired parties H=B+C+D+E+F+G</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">73,621.79</font></p></td><td style="vertical-align:middle;width:12.62%;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;">11,935.97</font></p></td><td style="vertical-align:middle;width:10.74%;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;">-2,396.44</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:41.81%;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:10pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">Proportion (H/A)</font></p></td><td style="vertical-align:middle;width:34.81%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">91.94%</font></p></td><td style="vertical-align:middle;width:12.62%;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;">33.41%</font></p></td><td style="vertical-align:middle;width:10.74%;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;">158.92%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(1) The reorganization above is intended to integrate the industry chain, and the Company has been in operation for over one complete accounting year after the reorganization</font></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;">The reorganized party Beijing Boyu is mainly responsible for the production and sales of PBN crucibles and other PBN materials, so as to provide PBN crucible consumables for the Issuer&#8217;s semiconductor substrate materials; the reorganized parties Nanjing Jinmei and Chaoyang Jinmei are responsible for the production and sales of high-purity gallium and other high-purity compounds, in which high-purity gallium is one of the main raw materials for the Issuer to produce gallium arsenide substrates; the reorganized parties Chaoyang Tongmei and Baoding Tongmei are mainly responsible for the production and sales of gallium arsenide, and its business and production line come from the Issuer&#8217;s production line that has been relocated.</font></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;">In summary, the reorganization above is integration implemented focusing on the semiconductor substrate material business of the Issuer. The assets reorganization above did not lead to a change in the main business of the Issuer; instead, after the reorganization, related-party transactions are reduced and horizontal competition is avoided, which further enhanced the independence of the Issuer.</font></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;">(2) Relevant indicators are in compliance with the relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i></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;">According to the above, neither the total assets as of the end of 2019 nor the indicators related to the operating revenue of the year exceeded 100%, but the calculation result of the total profits exceeded 100% because the profits of both parties are negative. However, with reference to relevant cases and practices on the market at present, such conditions are not included for the scope of indicator calculation. For details, refer to the explanation 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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In summary, with December 2020 as the completion time, the relevant indicators of 2019 are not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the Offering may be requested only after operation for a complete accounting year. Moreover, by now, the Company has been in operation for over a complete accounting year from the completion time of the reorganization.</font></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;">(3) Relevant cases on the market</font></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;">&#9312;</font><font style="font-size:12pt;"> Shenzhen Pacific Union Precision Manufacturing Co., Ltd.</font></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;">During the reporting period, Shenzhen Pacific Union Precision Manufacturing Co., Ltd. established Put Tech (Hong Kong), and Put Tech (Hong Kong) acquired 100% equity interests in Pacific Union (Hong Kong). The total profit of the reorganized party is negative, and the Issuer did not include such total profits into the scope of calculation when explaining whether it was in compliance with the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">. The information disclosed 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;">In RMB0&#8217;000</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:28.58%;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="color:#333333;font-size:10.5pt;font-weight:bold;">End of 2018/2018</b></p></td><td style="vertical-align:middle;width:22.43%;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:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Book value of the reorganizing party </font><font style="color:#333333;font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">16,020.73</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">12,694.33</font></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">1,081.66</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Book value of the reorganized party </font><font style="color:#333333;font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">3,750.72</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">7,997.49</font></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-288.53</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Proportion=</font><font style="color:#333333;font-size:10.5pt;">&#9313;</font><font style="color:#333333;font-size:10.5pt;">/</font><font style="color:#333333;font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">23.41%</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">63.00%</font></p></td><td style="vertical-align:middle;width:25.52%;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: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;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> SICC Co., Ltd.</font></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;">When SICC Co., Ltd. determined whether its acquisition of the equity interests in and assets of Tianyue Crystal in 2020 constituted major assets reorganization, given that the total profits of both the acquired entity and the acquiring entity in the previous year were negative, the impact on the total profits were not calculated. The information disclosed 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;">In RMB0&#8217;000</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:28.58%;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="color:#333333;font-size:10.5pt;font-weight:bold;">End of 2019/2019</b></p></td><td style="vertical-align:middle;width:22.43%;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:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Book value of the reorganizing party </font><font style="color:#333333;font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">115,032.01</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">26,567.32</font></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-16,531.68</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></div><div style="clear: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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Book value of the reorganized party </font><font style="color:#333333;font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">42,413.92</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">122.56</font></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-2,690.50</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Proportion=</font><font style="color:#333333;font-size:10.5pt;">&#9313;</font><font style="color:#333333;font-size:10.5pt;">/</font><font style="color:#333333;font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">36.87%</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">0.46%</font></p></td><td style="vertical-align:middle;width:25.52%;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: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;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> Beijing Qilin Hesheng Network Technology Co., Ltd.</font></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;">In 2016, Beijing Qilin Hesheng Network Technology Co., Ltd. acquired the overseas entities APEX and Cybertron under common control with Beijing Qilin Hesheng Network Technology Co., Ltd. Given that the total profits of the reorganizing party and the reorganized parties in the previous year were negative, the Company did not include such total profits in the scope of calculation when explaining whether it is in compliance with the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">. The information disclosed 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;">In RMB0&#8217;000</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:28.58%;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="color:#333333;font-size:10.5pt;font-weight:bold;">End of 2015/2015</b></p></td><td style="vertical-align:middle;width:22.43%;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:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:center;margin:0pt;"><b style="color:#333333;font-size:10.5pt;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Book value of the reorganizing party </font><font style="color:#333333;font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">5,366.64</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-3,341.33</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Book value of the reorganized party </font><font style="color:#333333;font-size:10.5pt;">&#9313;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">3,670.03</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">5,516.54</font></p></td><td style="vertical-align:middle;width:25.52%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-13,994.18</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.58%;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="color:#333333;font-size:10.5pt;">Proportion=</font><font style="color:#333333;font-size:10.5pt;">&#9313;</font><font style="color:#333333;font-size:10.5pt;">/</font><font style="color:#333333;font-size:10.5pt;">&#9312;</font></p></td><td style="vertical-align:middle;width:22.43%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">68.39%</font></p></td><td style="vertical-align:middle;width:23.45%;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:10pt;text-align:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">&gt;100%</font></p></td><td style="vertical-align:middle;width:25.52%;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: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;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">In summary, given that the total profits of both the Issuer and the reorganized party (excluding the related-party transaction with Tongmei Limited) were negative in 2019, and the loss of the reorganized party was greater than Tongmei Limited, this reorganization did not improve the total profits of Tongmei Limited in 2019; therefore, Tongmei Limited is not subject to the circumstance of making up profits, hence not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the offering may be requested only after operation for a complete accounting year. Moreover, by now, the Company has been in operation for over a complete accounting year from the completion time of the reorganization.</font></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="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Calculation based on the indicators of 2020</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;">According to the financial statements of the reorganizing party (Tongmei Limited) and the reorganized party (acquired party) provided by the Issuer during the reporting period, 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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">through the interview of our lawyers with the CFO of the Issuer, if AXT-Tongmei is included in the scope of reorganization, the process of recalculating and comparing indicators such as total assets of the reorganizing parties at the end of 2020, and operating income and total profit of the reorganizing parties in 2020 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;">In RMB0&#8217;000</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;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:37.9%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Entity/Item</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:32.43%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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 as at the end of 2020</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:18.61%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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 in 2020</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.03%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">profit in</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">2020</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Beijing Tongmei A</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">168,634.49</font></p></td><td style="vertical-align:middle;width:18.61%;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;">40,800.67</font></p></td><td style="vertical-align:middle;width:11.03%;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;">2,149.40</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Baoding Tongmei B</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">32,811.80</font></p></td><td style="vertical-align:middle;width:18.61%;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;">7,159.40</font></p></td><td style="vertical-align:middle;width:11.03%;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;">-2,383.11</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Tongmei C</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">29,939.56</font></p></td><td style="vertical-align:middle;width:18.61%;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;">6,018.06</font></p></td><td style="vertical-align:middle;width:11.03%;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;">-522.43</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Chaoyang Jinmei D</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">10,828.24</font></p></td><td style="vertical-align:middle;width:18.61%;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;">3,890.71</font></p></td><td style="vertical-align:middle;width:11.03%;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;">1,559.89</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Nanjing Jinmei E</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">12,407.95</font></p></td><td style="vertical-align:middle;width:18.61%;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;">8,538.73</font></p></td><td style="vertical-align:middle;width:11.03%;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;">886.41</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu F</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">17,030.67</font></p></td><td style="vertical-align:middle;width:18.61%;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;">11,149.72</font></p></td><td style="vertical-align:middle;width:11.03%;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;">3,361.01</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">AXT-Tongmei G</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">-</font></p></td><td style="vertical-align:middle;width:18.61%;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;">-</font></p></td><td style="vertical-align:middle;width:11.03%;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="color:#333333;font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Offsetting transactions against the reorganizing parties H</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">-6,642.24</font></p></td><td style="vertical-align:middle;width:18.61%;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;">-8,840.99</font></p></td><td style="vertical-align:middle;width:11.03%;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;">-2,064.60</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Total amount of the acquired parties I=B+C+D+E+F+G+H</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">96,375.98</font></p></td><td style="vertical-align:middle;width:18.61%;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;">27,915.63</font></p></td><td style="vertical-align:middle;width:11.03%;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;">837.18</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Offset against the long-term equity investment held by the reorganizing parties in the reorganized parties J</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">-55,782.07</font></p></td><td style="vertical-align:middle;width:18.61%;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;">-</font></p></td><td style="vertical-align:middle;width:11.03%;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;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Excluding financing amount from an external investment institution of the reorganizing party K</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">-31,447.38</font></p></td><td style="vertical-align:middle;width:18.61%;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:12pt;">-</font></p></td><td style="vertical-align:middle;width:11.03%;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:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Percentage (I/(A+J))</font></p></td><td style="vertical-align:middle;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">85.40%</font></p></td><td style="vertical-align:middle;width:18.61%;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;">68.42%</font></p></td><td style="vertical-align:middle;width:11.03%;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;">38.95%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:37.9%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Proportion (I/(A+J+K))</font></p></td><td style="vertical-align:middle;width:32.43%;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:right;margin:0pt;"><font style="font-size:10.5pt;">118.39%</font></p></td><td style="vertical-align:middle;width:18.61%;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;">68.42%</font></p></td><td style="vertical-align:middle;width:11.03%;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;">38.95%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the table above, if AXT-Tongmei is included into the scope of reorganization, in 2020, the total assets, operating income, and total profit of the acquired entities excluding related-party transactions did not reach or exceed 100% of the relevant indicators of Tongmei Limited; therefore, it is not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the Offering may be requested only after operation for a complete accounting year. The indicator of total assets may</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 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;">exceed 100% only if May 2021 is taken as the completion time of the reorganization, the calculation is made based on the relevant indicators of 2020, and the additional capital contribution received by the Issuer from external investment institutions in 2020 are excluded.</font></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;">From November to December 2020, 10 external institutions including Haitong New Energy entered into capital increase agreements and supplementary agreements with the Company, and such external institutions paid the additional capital contribution to the Issuer successively from November to December 2020 in the total of RMB314 million, including RMB149 million paid in November 2020 and RMB166 million paid in December 2020. The Issuer has made corresponding accounting treatment of the additional capital contributions received in November and December 2020. Such events are external financing acts occurred during the operation of the Issuer according to its needs.</font></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;">In summary, in 2020, the total assets, operating income, and total profit of the acquired entities excluding related-party transactions did not reach or exceed 100% of the relevant indicators of Tongmei Limited; therefore, it is not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the offering may be requested only after operation for a complete accounting year.</font></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;"><b style="font-size:14pt;font-weight:bold;">(IV) Details and relevant reasons of offsetting transactions among the reorganizing parties in 2019 and 2020</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;">Pursuant to the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">, if an issuer reorganizes any identical, similar or related business under the same controller as a company during the reporting period, if the total assets of the reorganized party at the end of the fiscal year immediately before the reorganization or its total operating income or total profit in the last fiscal year reaches or exceeds 100% of the issuer&#8217;s corresponding item before the reorganization, in order to facilitate investors&#8217; understanding of the overall operation after the reorganization, the issuer shall not apply for offering until it has operated for a full fiscal year. If the reorganized party has any related party transaction with the issuer before the reorganization in the fiscal year immediately before the reorganization, the total assets, operating income or total profit shall be calculated after deducting such transactions.</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the above provisions, the reorganized party has deducted the total assets, operating income or total profit of Beijing Tongmei. According to the explanations provided by the Company and through the interview of our lawyers with the CFO of the Issuer, the details of the offsetting transactions in 2019 and 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><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:19.95pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:77.74%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Entity/Item</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;white-space:nowrap;width:11.12%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:11.13%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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></th></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><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></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Notes receivable of the reorganized Party to Beijing Tongmei A</font></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">303.22</font></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="font-size:10.5pt;">497.05</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Accounts receivable of the reorganized party to Beijing Tongmei B</font></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">2,430.45</font></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="font-size:10.5pt;">4,070.00</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Receivable financing of the reorganized party to Beijing Tongmei C</font></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">691.47</font></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="font-size:10.5pt;">594.30</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Other receivables of the reorganized party to Beijing Tongmei D</font></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">3,217.10</font></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="font-size:10.5pt;">3,077.10</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total amount offset against total assets E=A+B+C+D</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 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;">6,642.24</b></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">8,238.45</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total revenue and profit</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><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></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Operating income that should be offset by the reorganized party against Beijing Tongmei F</b></p></td><td style="vertical-align:middle;white-space:nowrap;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 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;">8,840.99</b></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">8,856.82</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Operating costs of the reorganized party to Beijing Tongmei G</font></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:10.5pt;">6,756.98</font></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">7,975.19</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Interest expenses of the reorganized party to Beijing Tongmei H</font></p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><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><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><font style="color:#333333;font-size:10.5pt;">-</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:nowrap;width:77.74%;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:justify;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">Total amount offset against total profit I=F-G-H</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 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;">2,064.60</b></p></td><td style="vertical-align:middle;width:11.13%;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:right;margin:0pt;"><b style="font-size:10.5pt;font-weight:bold;">881.63</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">(V) Verification procedures and opinions</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;">Our 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Inspecting the resolutions of the shareholders&#8217; meeting, the resolutions of the board of directors, the articles of association, the Equity Transfer Agreement, the Capital Increase Agreement, the industrial and commercial registration materials, the new business license issued after the change, and other documents and materials involved in the asset reorganization, and the latest articles of association of Baoding Tongmei after the asset reorganization, the</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Company&#8217;s explanation and confirmation, inspecting the relevant provisions of the application guidance of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises No. 20 - Business Mergers</i><font style="font-size:12pt;">, and verifying the transaction process of Tongmei Limited&#8217;s acquisition of Baoding Tongmei;</font></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;">2. Inspecting the latest business license obtained by Tongmei Limited after the asset reorganization, the </font><i style="font-size:12pt;font-style:italic;">Confirmation Letter on the Asset Reorganization</i><font style="font-size:12pt;"> issued by the Issuer, Baoding Tongmei and AXT, interviewing with the persons of Baoding Tongmei handling the industrial and commercial change registration and the officials of the industrial and commercial authorities, interviewing and confirming with MORRIS SHEN-SHIH YOUNG, Chairman of Baoding Tongmei, and VINCENT WENSEN LIU, General Manager of Baoding Tongmei, and verifying the reasons why the Company considers that it acquired the control over Baoding Tongmei on December 29, 2020;</font></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;">3. Inspecting the financial statements of the reorganizing party (Tongmei Limited) and the reorganized party (the acquired entity) provided by the Issuer for the reporting period, calculating the total assets at the end of the fiscal year immediately before the reorganization or the percentage of the operating income or total profit in the fiscal year immediately before the reorganization to the corresponding item of the Issuer before the reorganization, and verifying whether it complies with the relevant laws and regulations such as the </font><i style="font-size:12pt;font-style:italic;">Opinions on Application No. 3</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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Through verification, we believe that:</font></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;">1. As of December 29, 2020, Tongmei Limited has obtained the control over Baoding Tongmei, and the relevant reasons therefor are sufficient;</font></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;">2. The asset reorganization in December 2020 and the acquisition of AXT-Tongmei are two separate reorganizations implemented by the Company, the relevant indicators in relation to the acquisition of AXT-Tongmei will not affect the indicators of the reorganized party in the Issuer&#8217;s asset reorganization in December 2020 accounting for the Issuer&#8217;s total assets, operating income, or total profit. The fact that the acquisition of AXT-Tongmei is not included</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">in the scope of reorganization does not circumvent the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">3. The total assets of the reorganized party at the end of 2019 and 2020, and the operating income and total profit of the reorganized party in 2019 and 2020 were lower than corresponding items of the Issuer, which is not the situation under which the entity shall not apply for offering until it has operated for a full fiscal year as provided for in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</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:21.6pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">III. Question 6 of the </b><font style="font-size:14pt;font-style:italic;font-weight:bold;">Second Round Inquiry Letter</font><b style="font-size:14pt;font-weight:bold;">: About R&amp;D Staff and R&amp;D Expenses</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;"><b style="font-size:12pt;font-weight:bold;">According to the submissions, (1) the Issuer had 187 &#8220;technical R&amp;D staff&#8221; at the end of 2021, accounting for 13.40% of the total number of employees; (2) at the end of each phase of the reporting period, the number of contract employees of the Issuer was 196, 202, 208 and 102 respectively; (3) The Issuer&#8217;s R&amp;D expenses in 2021 were RMB90,166,400. The R&amp;D expenses were mainly composed of employee compensation, raw materials and finished goods consumed, which increased significantly compared with 2020.</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;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain: (1) the distinction and specific composition of technical staff and R&amp;D staff; (2) the reasons for the significant reduction in the number of contract employees in 2021, the replacement method of the original position functions, whether there is external undertaking of cost expenses, the detailed whereabouts of reduced contract employees, whether labor contract is signed for those becoming full members, and their continuous employment condition after the reporting period; (3) Combining with the aforesaid conditions, what is the impact of the Company&#8217;s calculation and classification accuracy of employees on calculation accuracy of proportion of R&amp;D staff. Whether proportion of R&amp;D staff conforms to relevant requirements for science and technology innovation evaluation indicators; (4) The reason</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><b style="font-size:12pt;font-weight:bold;">for the great increase in employee compensation, raw materials and finished products consumed in the composition of R&amp;D expenses in 2021.</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;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Issuer&#8217;s Attorney are required to explain the verification procedures, verification proportion and verification conclusion regarding the whereabouts of reduced contract employees in 2021 and the signing of labor contracts with the Company for the employees who have become regular employees, etc.</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;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:14pt;">(I)The whereabouts of reduced contract employees in 2021 and the signing of labor contracts with the Company for the employees who have become regular employees, etc.</font></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;">According to the </font><i style="font-size:12pt;font-style:italic;">Interim Provisions on Labor Dispatching</i><font style="font-size:12pt;">, the employers shall strictly control the number of contract employees, which shall not exceed 10% of the total number of employees. During the reporting period, the Issuer had a situation where the number of contract employees exceeded the upper limit, i.e. 10% of the total number of employees as stipulated in the </font><i style="font-size:12pt;font-style:italic;">Interim Provisions on Labor Dispatching</i><font style="font-size:12pt;">. According to the explanations provided by the Company and through the interviews with the relevant HR responsible persons of the Company by our lawyers, in order to ensure that the Company&#8217;s contract employees comply with the requirements of relevant laws and regulations, combined with past work performance and other relevant factors, the Company began to gradually negotiate and sign labor contracts with some contract employees, and hire them as regular employees of the Company.</font></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;">According to the list of contract personnel in 2021 provided by the Company, the labor dispatch agreement and the explanations issued by the labor dispatch company, the whereabouts of the reduced contract employees in 2021 (including the contract personnel for the initial period and the new contract personnel for the current period) specifically include two aspects: some personnel terminated the labor dispatch relationship with the Company and no longer provided relevant services to the Company; and the remaining personnel directly signed</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">labor contracts with the Company and become regular employees of the Company.</font></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;">According to the information provided by the Company, such as the labor contract, employee roster and payroll of the regular employees, and through the interviews with the relevant HR responsible persons of the Company by our lawyers, the above-mentioned regular employees have signed written labor contracts with the Company.</font></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;"><b style="font-size:14pt;font-weight:bold;">(II) Verification procedures, verification proportion and verification conclusion</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;">Regarding whereabouts of the reduced contract employees in 2021, and signing condition of labor contract by those becoming full members with the Company, our lawyers have executed the following verification procedures and the verification proportion is as follows:</font></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;">1. Inquired the Company&#8217;s 2021 monthly name list of contract employees, employee roster at the end of 2020 and at the end of 2021, all labor dispatch agreements, all relevant qualification of labor dispatch company, labor contract of each employee becoming full member, departure document of each person who ends the dispatch relationship and no longer provides services to the Company, explanation issued by the labor dispatch company on the condition of labor dispatching, the explanation and confirmation issued by the Company, and made interview and confirmation with Head of Human Resources of the Company and relevant holding subsidiary, and verified the whereabouts of reduced contract employees in 2021;</font></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;">2. Inquired labor contract of each contract employee becoming full member signed with the Company, 6 months of payroll before and after each contract employee becoming full member, the explanation and confirmation issued by the Company, and made interview and confirmation with Head of Human Resources of the Company and relevant holding subsidiary, and verified signing condition of labor contract by those becoming full members with the Company.</font></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;">Upon verification, we believe that, among the Company&#8217;s reduced contract employees in</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">2021, except that some personnel terminated their labor dispatch relationship with the Company and no longer provided relevant services to the Company, the remaining employees have all become full members, and have signed written labor contract with the Company.</font></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;"><b style="font-size:14pt;font-weight:bold;">IV. Question 7 of the </b><font style="font-size:14pt;font-style:italic;font-weight:bold;">Second Round Inquiry Letter</font><b style="font-size:14pt;font-weight:bold;">: About Legality and Compliance of Source of Core Technologies</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;"><b style="font-size:12pt;font-weight:bold;">According to submissions, the main products of the Issuer include indium phosphide substrate, gallium arsenide substrate, germanium substrate, PBN material and other high-purity materials; based on technical R&amp;D in past years, the Issuer has mastered core technologies in the fields of aforesaid products.</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;"><b style="font-size:12pt;font-weight:bold;">The Issuer is required to explain the source of its core technologies, whether or not originated from the research contents and results of relevant personnel in their former employers, whether or not infringing upon trade secrets, patents or other intellectual properties of other entities and relevant proofs, and whether or not there is any dispute or potential dispute with relevant entity; if any dispute exists, please specify its progress and its influence on R&amp;D, production and operation of the Company.</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;"><b style="font-size:12pt;font-weight:bold;">The Sponsor and the Issuer&#8217;s Attorney are required to offer express verification opinions on the legality and compliance of source of core technologies of the Company.</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;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><b style="font-size:14pt;font-weight:bold;">(I) The source of its core technologies, whether or not originated from the research contents and results of relevant personnel in their former employers</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="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">The source of its core technologies</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;">According to the documents and explanations provided by the Company and through the interviews with the relevant responsible persons of the Company by our lawyers, the</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Company&#8217;s core technologies include polycrystal synthesis technology, single crystal growth furnace manufacturing technology, single crystal growth technology, cutting technology, grinding technology, cleaning technology, measurement technology, polishing technology, sealing packaging technology, material purification technology, pyrolytic boron nitride chemical vapor deposition technology, chemical vapor deposition reactor manufacturing technology.</font></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;">The sources of the said core technologies and key research and development personnel are as follows:</font></p><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><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;"><th colspan="2" style="font-weight:normal;text-align:left;vertical-align:middle;width:50.03%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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 core technology</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.42%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Source of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">technology</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:35.54%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Key research and development</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">personnel</b></p></th></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:20.65%;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;">Polycrystal synthesis technology</font></p></td><td style="vertical-align:middle;width:29.37%;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;margin:0pt;"><font style="font-size:10.5pt;">High-efficiency gallium arsenide polycrystal synthesis technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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;margin:0pt;"><font style="font-size:10.5pt;">High-efficiency indium phosphide polycrystal synthesis technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.65%;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;">Single crystal growth furnace manufacturing technology</font></p></td><td style="vertical-align:middle;width:29.37%;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;margin:0pt;"><font style="font-size:10.5pt;">VGF crystal growth furnace manufacturing technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">VINCENT WENSEN LIU</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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:19.85pt;"><th colspan="2" style="font-weight:normal;text-align:left;vertical-align:middle;width:50.03%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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 core technology</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.42%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Source of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">technology</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:35.54%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Key research and development</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">personnel</b></p></th></tr><tr style="height:19.85pt;"><td rowspan="7" style="vertical-align:middle;width:20.65%;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;">Single crystal growth technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Semi-insulating gallium arsenide single crystal growth by vertical gradient condensation method and carbon doping control technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Semi-conductive gallium arsenide single crystal growth by vertical gradient condensation method and uniform doping control technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">High-quality germanium single crystal growth by vertical gradient condensation method and doping control technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">High-quality indium phosphide single crystal growth by vertical gradient condensation method and doping control technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Control technology of oxygen concentration in gallium arsenide single crystal substrate</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Automatic grinding process of crystal rod</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Automatic corrosion process of crystal rod</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:20.65%;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;">Cutting technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Ultra-fine diamond wire cutting technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WANG Yuanli</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">High-efficiency and low-stress fully automatic wafer cutting technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Wang Yuanli</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.65%;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;">Grinding technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Fully automatic wafer thinning process</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Wang Yuanli</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.65%;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;">Cleaning technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Fully automatic wafer cleaning process by wet method</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">REN Diansheng</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:20.65%;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;">Measurement technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Crystal inspection technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">REN Diansheng</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Wafer inspection technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">REN Diansheng</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.65%;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;">Polishing technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Fully automatic wafer chemical mechanical polishing process</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WANG Yuanli</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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:19.85pt;"><th colspan="2" style="font-weight:normal;text-align:left;vertical-align:middle;width:50.03%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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 core technology</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:14.42%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Source of</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">technology</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:35.54%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Key research and development</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">personnel</b></p></th></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:20.65%;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;">Sealing packaging technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Preparation technology of epi-ready gallium arsenide wafer</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:20.65%;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:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Preparation technology of epi-ready indium phosphide wafer</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:top;width:20.65%;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:justify;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Preparation technology of epi-ready germanium sheet</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:20.65%;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;">Material purification technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Large density difference liquid-liquid extraction technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">High-efficiency electrolytic refining technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Longitudinal temperature gradient partial crystallization technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Preparation of high temperature sealant boron trioxide by atmospheric-vacuum two-step dehydration</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:20.65%;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;">Pyrolytic boron nitride chemical vapor deposition technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Pyrolytic boron nitride chemical vapor deposition technology</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:20.65%;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;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Preparation technology of boron nitride-boron carbide-graphite composite heating body for high temperature electric heating</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.65%;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;">Chemical vapor deposition reactor manufacturing technology</font></p></td><td style="vertical-align:middle;width:29.37%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">Design technology of vapor deposition furnace for preparation of ultra-high purity pyrolytic boron nitride products</font></p></td><td style="vertical-align:middle;width:14.42%;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;"><font style="font-size:10.5pt;">Independent research and development</font></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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">HE Junfang</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Core technicians of the Company</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;">According to the questionnaires completed by the relevant core technicians of the Company, the employment of the Company&#8217;s core technicians before joining the Issuer is as follows:</font></p><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><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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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;width:100%;" align="center"><tr style="height:19.85pt;"><th style="font-weight:normal;text-align:left;vertical-align:middle;width:28.23%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Core technicians</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:middle;width:71.76%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Employment before joining the Issuer</b></p></th></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.23%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">MORRIS SHEN-SHIH YOUNG</font></p></td><td style="vertical-align:middle;width:71.76%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">He founded AXT in the United States in 1986, and served as Chairman of the Company from October 2009 till now.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.23%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">VINCENT WENSEN LIU</font></p></td><td style="vertical-align:middle;width:71.76%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">From 1983 to 1990, he served as the chief engineer of Beijing Automation Instrumentation Seventh Factory; from March 1993 to December 1998, he served as an engineer and production manager of AXT; since 1998, he has served as a deputy general manager, director and the general manager of the Company. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.23%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">REN Diansheng</font></p></td><td style="vertical-align:middle;width:71.76%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">From April 1990 to February 2005, he served successively as an engineer, senior engineer, project leader, and head of technology department of the quality inspection center of the 46th Research Institute of China Electronics Technology Group. Since March 2005, he has served as a senior engineer of research and development department, senior manager of research and development department, and senior manager of wafer technology department of the Company. He currently serves as the technical director of the Company.</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:28.23%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">WANG Yuanli</font></p></td><td style="vertical-align:middle;width:71.76%;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:justify;margin:0pt;"><font style="font-size:10.5pt;">From July 2003 to July 2005, he served as a postdoctoral fellow in the Key Laboratory of Semiconductor Materials Science of the Chinese Academy of Sciences; from July 2005 to the present, he has served as a senior engineer of research and development department, manager of research and development department, and deputy technical director of research and development department of the Company.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the explanations and confirmations provided by the Company and core technicians, the Company&#8217;s core technicians joined the Company more than ten years ago and mainly engage in research and development work according to the Company&#8217;s work arrangements. The Company&#8217;s patents and core technologies are developed by the main research and development personnel of related technologies after joining the Company, using the Company&#8217;s equipment, resources, personal knowledge, and technical reserves in their respective work and business positions, and do not involve the job inventions or other job achievements of relevant technical personnel in the original employer.</font></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;">In conclusion, the Company&#39;s core technologies come from independent research and development, and there were no circumstances where the core technologies came from the research content and results of the relevant personnel when they previously worked in other organizations.</font></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;"><b style="font-size:14pt;font-weight:bold;">(II) Whether or not infringing upon trade secrets, patents or other intellectual properties of other entities and relevant proofs, and whether or not there is any dispute or potential dispute with relevant entity</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">According to the explanations and confirmations provided by the Company and core technicians, and as confirmed through the interviews with MORRIS SHEN-SHIH YOUNG, the Chairman of the Company, and VINCENT WENSEN LIU, the General Manager of the Company, by our laywers, the Company insists on the technology development mode of independent R&amp;D; its core technologies are obtained through independent R&amp;D and do not infringe upon trade secrets, patents or other intellectual properties of other entities, and there is no dispute or potential dispute with relevant entity.</font></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;">Through our lawyers&#8217; search and query 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 Procuratorate Network, there is no litigation or arbitration involving core technologies.</font></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;">According to the Trademark Registration Certificate, Patent Certificate and Computer Software Copyright Certificate provided by the Issuer and the trademark file and certification issued by the State Intellectual Property Office, and the query results of computer software registration profile issued by the Software Copyright Department of Copyright Protection Center of China, and through the inquiry of our Attorney on China Trademark Network (Website: http://sbj.cnipa.gov.cn/sbj/sbcx/), China and Global Patent Examination Information Inquiry System (Website: http://cpquery.cnipa.gov.cn/) and China Copyright Registration Query Service Platform (Website: https://register.ccopyright.com.cn/query.html), as at February 28, 2022, the Company owns 23 registered trademarks, 118 granted patents and 7 registered computer software copyrights. Based on results of public online enquiry, as of the date of this Supplementary Legal Opinion, such intellectual properties have not been pledged or otherwise encumbered, nor are they involved in any ownership dispute or potential dispute.</font></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;">As a whole, the core technologies of the Company do not infringe upon trade secrets, patents or other intellectual properties of other entities, and there is no dispute or potential dispute between the Company and relevant entity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:14pt;visibility:hidden;">&#8203;</font></p></div><div style="clear: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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:14pt;visibility:hidden;">&#8203;</font></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;"><b style="font-size:14pt;font-weight:bold;">(III) Explanation about the suspected infringement of trade secret by the Company</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;">The Company received a relevant Report Letter, alleging that: an involved employee of the Company participated in the research and development of PBN-PG composite heaters, PG process products, PBN clamping rods, and other core products during his employment at the reporting party, hence acquired core technologies of the reporting party, while such technology information was trade secret of the reporting party. At present, the involved employee is working for the Issuer and has acquired shares in the Issuer. The reporting party held that the Issuer and the involved employee were suspected of infringing the trade secret of the reporting party.</font></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;">After self investigation by the Company into the reported matter above, the Company considers that all the core technologies above are developed independently with clear source, and therefore there is no infringement of the trade secret or other intellectual property rights of the reporting party. The details are as follows:</font></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="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Relevant technologies and products involved in the reported matter</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;">According to the interviews with the Attorney of the involved employee, the trade secrets involved in this case were related to the trade secrets of &#8220;the tooling of a PBN-PG composite heater PBN coating&#8221; and &#8220;a kind of PG coating preparation method of PBN-PG composite heater&#8221; asserted to be held by the reporting party. The above technology is related to the PBN field, but its corresponding products account for a relatively low percentage of revenue, so this technology is not one of the Company&#8217;s core technologies.</font></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;">Pyrolytic graphite (PG), PBN-PG composite heater and PBN clamping rod described in the Report Letter belong to the products of Beijing Boyu, a controlled subsidiary of the Company, and do not involve technologies and products in the field of semiconductor substrates and high-purity materials, nor are they the main products in the field of PBN such as PBN crucibles.</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">The Company&#8217;s main PBN products are closely related to semiconductors, OLEDs and other fields, and the production of III-V family and wide band-gap compound semiconductor substrates and crucibles for OLED evaporation sources requires the use of PBN materials produced by the Company. The PBN clamping rod, PBN-PG composite heater and PG coating are used for traveling wave tube for communication, CIGS evaporation and coating crucible respectively, and are not strongly related to the Company&#8217;s products which are mainly involved in the downstream field.</font></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;">During the reporting period, the revenues from semiconductor substrate materials, high-purity metals and compounds, and other products are the main source of revenues of primary business of the Company; in 2021, the revenues from PBN materials only account for 9.05% of revenues from primary business, a relatively low percentage. The total revenues generated by PG related products and relevant products of PBN-PG composite heaters are RMB38,200, RMB336,900 and RMB483,200 respectively, accounting for 0.01%, 0.06% and 0.06% of business incomes of the Company respectively, and no PBN clamping rod is sold; the revenues from aforesaid products have little influence on the production and operation of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:21.6pt;text-align:justify;text-indent:-21.6pt;margin:0pt 0pt 12pt 21.6pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:20.95pt;"><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;">Basis of determining that the relevant core technologies of the Company did not infringe the trade secret of the reporting party</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;">(1) The Company has the technical capability to independently develop these products</font></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;">&#9312;</font><font style="font-size:12pt;"> The Company has developed its own chemical vapor deposition (CVD) technology and related equipment and processes, and has technical reserves for the development of related application products</font></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;">In terms of technology, according to the description of the Company, the Company&#8217;s core technology in the CVD field is mainly reflected in the development of equipment and processes. The chemical vapor deposition reactor designed and manufactured by the Company has a unique structure. Not only one furnace can hold multiple samples, but also each mold substrate in the same furnace can both revolve and rotate at a high temperature of nearly 2,000 degrees,</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">and the speed can be adjusted freely as needed, to ensure the thickness uniformity, component consistency and interlayer adhesion of each product. The Company has applied for a number of patent protections for technologies in the CVD field, and has designed and developed unique production processes and process parameters.</font></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;">In terms of talents, the Company&#8217;s key research and development team in the CVD field is composed of a number of senior personnel with many years of research and development in the industry, which guarantees the necessary human resources for the Company to maintain constant technological innovation and continuous expansion. Mr. HE Junfang, one of the founders of Beijing Boyu, a controlled subsidiary of the Company, was graduated from School of Materials Science and Engineering of Harbin Institute of Technology and engaged in research efforts at Shenyang Institute of Metal Research, Chinese Academy of Sciences, studying CVD process and materials as the responsible person of the laboratory. The large-size high-purity PBN crucible and high-density, high-precision, low-loss PBN clamping rod developed by him have successively won the second and third prize of National S&amp;T Progress Award in Shenyang and Liaoning. He also published many academic papers.</font></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;">&#9313;</font><font style="font-size:12pt;"> The Company has many years of production experience in PBN materials and related fields, and has a rich product line</font></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;">The Company&#8217;s main products in the PBN field are PBN materials and products, which are prepared using the above CVD technology. The Company is one of the earliest enterprises researching and developing, producing and selling PBN related products on a large scale in China. Since its establishment in 2002, it has been engaged in the research and development, production and sales of PBN related products for more than 20 years. According to the description of the Company, using </font><font style="font-size:12pt;">self-developed</font><font style="font-size:12pt;"> chemical vapor deposition equipment, unique process technology and rich semiconductor material experience, and the Company constantly and iteratively optimizes the preparation process to </font><font style="font-size:12pt;">produce PBN crucibles featured by high-purity, high-density, longer service life and high crystal formation rate</font><font style="font-size:12pt;">, which has been highly praised by users at home and abroad. At present, the Company has developed 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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">produced hundreds of PBN products with different varieties and specifications, with a rich range of products.</font></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;">&#9314;</font><font style="font-size:12pt;"> The Company has basic conditions such as off-the-shelf CVD equipment and underlying technology and experienced technical team for development of PG, PBN-PG composite heater and PBN clamping rod</font></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;">According to the description of the Company, same as other PBN products, PG, PBN-PG composite heater and PBN clamping rod are all prepared using CVD process as the underlying technology, and the products are also prepared using the same CVD furnace as PBN, and the difference is mainly reflected in the different gas raw materials. Unlike the preparation of PBN, PG only needs a single gas to decompose into carbon, and the technical difficulty is relatively low. With years of research and development and product experience and leading advantages in CVD and PBN fields, the Company has created feasibility for the rapid and independent development of products with the same underlying technology such as PG, PBN-PG composite heater and PBN clamping rod. Therefore, after downstream customers issue procurement requirements, the Company has accumulated sufficient technologies, equipment and talents to respond to such requirements and </font><font style="font-size:12pt;">research and develop and</font><font style="font-size:12pt;"> prepare the above products in a relatively short period of time.</font></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;">(2) The technologies corresponding to relevant products of the Company are independently researched and developed by the Company itself, so the source of technologies is clear</font></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;">&#9312;</font><font style="font-size:12pt;"> Research and development process of the Company&#8217;s PG preparation technology</font></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;">According to the description of the Company, PG is a subdivision of graphite. Its performance is similar to PBN. It has the advantages of high purity, good compactness, and high temperature resistance; PBN is an insulator while PG is a conductor. Like PBN, PG is also prepared by CVD technology. In the high-temperature CVD furnace cavity, hydrocarbons (such as CH</font><sub style="font-size:9pt;vertical-align:sub;">4</sub><font style="font-size:12pt;">, C</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">H</font><sub style="font-size:9pt;vertical-align:sub;">6</sub><font style="font-size:12pt;">, C</font><sub style="font-size:9pt;vertical-align:sub;">3</sub><font style="font-size:12pt;">H</font><sub style="font-size:9pt;vertical-align:sub;">8</sub><font style="font-size:12pt;">) are introduced as reaction gases, decomposed into carbon under the</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">set high temperature and vacuum, and grown on the surface of matrix such as graphite mold. After cooling, PG products of various shapes are formed. PG coatings, PBN-PG composite heaters and other products of different shapes and sizes can be made.</font></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;">PG materials are mainly used as protective coatings. Mr. HE Junfang, one of the founders of Beijing Boyu, a controlled subsidiary of the Company, proposed in his paper &#8220;Application of PBN in the Preparation of Semiconductor Materials&#8221;: &#8220;PG deposited on a PBN substrate can be processed into a resistance heater. The output power of this heater can exceed 45 W/cm2, and it has excellent resistance to fast and frequent thermal cycles.&#8221; PG materials were also explicitly mentioned by the Company in the patent awarded in 2013, i.e. Vapor Deposition Furnace with Multi-Directional Air Inlet for Preparation of Pyrolytic Boron Nitride Products (patent number: CN201220429023.0), which shows that the Company has long known knowledge and research in the field of PG materials.</font></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;">According to the materials provided by the Company, from the beginning of research in June 2018 to the completion of research and development in March 2019.</font></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;">&#9313;</font><font style="font-size:12pt;"> The Company&#8217;s research and development process of PBN-PG composite heater</font></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;">According to the description of the Company, the PBN-PG composite heater uses CVD deposition technology to deposit PBN, PG and PBN materials successively to obtain a three-layer composite structure of PBN/PG/PBN. According to specific requirements, it is processed into different shapes and sizes and used as a heater. The PBN-PG composite heater is organically combined by using the conductivity of PG as a heating wire and the insulation of PBN as a protective layer.</font></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;">According to the description of the Company, On the basis of public technology, the Company conducts further research on the technical difficulties involved in customized products based on the customized product requirements proposed by customers. The Company used CVD technology in 2012 and also used C3H6and other hydrocarbons as raw materials to develop boron nitride-boron carbide-graphite (PBN-BC-C) composite heaters. In 2014, the</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Company was awarded the invention patent &#8220;A Boron Nitride-Boron Carbide-Graphite Composite Heating Element for High-Temperature Electric Heating&#8221; (patent number: ZL201210287536.7). It can be seen that the Company has long had research and layout in the field of PBN-related composite heaters.</font></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;">According to the materials provided by the Company, from the beginning of research in June 2018 to the completion of research and development in May 2019.</font></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;">&#9314;</font><font style="font-size:12pt;"> Research and development process of the Company&#8217;s PBN clamping rod preparation technology</font></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;">According to the description of the Company, PBN clamping rod is a ceramic rod used to clamp the spiral wire in an electronic tube, which plays a role of fixing, insulation and heat dissipation. The preparation method is as follows: the high-performance PBN plate is prepared by high-temperature CVD technology, and then cut and finely processed into a high-precision PBN rod with certain length, width and thickness.</font></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;">HE Junfang, one of the founders of Beijing Boyu, successfully developed the PBN clamping rod in 1998, and applied for the invention patent titled &#8220;A Clamping Rod for Electronic Tubes&#8221; (CN1093685C) as the first inventor and was authorized.</font></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;">According to the description of the Company, PBN has the characteristics of high precision, high thermal conductivity, low dielectric loss and easy processing. It is studied and applied as a new type of clamping material. Though the Company has mastered the PBN clamping rod preparation technology, it has not carried out sales of PBN clamping rods due to the low demand in the downstream market.</font></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;">(3) The Company has been engaged in research and development of CVD technology and PBN materials for more than 20 years</font></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;">Beijing Boyu was founded in 2002 while the reporting party was founded in 2011. Comparatively speaking, Beijing Boyu is one of the earliest enterprises in China to carry out</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">PBN material industrialization and use CVD technology, and has a complete independent intellectual property system related to production and operation.</font></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;">Beijing Boyu has been engaged in research and development of PBN materials according to CVD technology for more than 20 years. Its products are sold well in Europe, the United States, Japan, South Korea, Singapore, Taiwan and other countries and regions. It has successfully become a qualified supplier of many globally well-known enterprises. It further enriches the Company&#8217;s product line and expands the market area covered by the products.</font></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;">(4) The involved employee is not a core technician of the Company, nor is he a core technician in PBN and related fields, and his contribution to the research and development of the Company&#8217;s products is limited</font></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;">The involved employee joined the Company in May 2019, who is not a core technician of the Company, and has not formed any patent in the Company either. According to the Company&#8217;s description, and upon confirmation through our interview with relevant principals and employees, he is neither a core technician of the Company nor a core technician of Beijing Boyu, based on the followings:</font></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;">&#9312;</font><font style="font-size:12pt;"> The fields in which the involved employee is engaged are of low relevance to the semiconductor industry</font></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;">The Company is a world-famous semiconductor material technology enterprise, primarily engaged in the R&amp;D, production and sales of indium phosphide substrates, gallium arsenide substrates, germanium substrates, PBN materials and other high-purity materials. The Company&#8217;s R&amp;D, production and sales are carried out around the semiconductor industry. However, since joining the Company, the involved employee has been chiefly responsible for the R&amp;D and production of metal heaters for evaporation (OLED evaporation point source) and the R&amp;D of auxiliary PG and PBN-PG composite heaters, mainly in the fields of OLED and solar heaters with low relevance to the semiconductor industry.</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> The involved employee has been engaged in the material industry for a short time, having comparatively insufficient knowledge reserve and experience accumulation.</font></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;">In the field of materials science, engineers need to have rich practical experience in all links of material production, who will only work out the best material preparation scheme through complex theoretical calculation in light of the different working conditions and application scenarios, and on the basis of balancing theoretical and actual conditions relying on the long-term accumulation of production process research, model design experience, and repeated verification and adjustment. The involved employee graduated from the Modern Science and Technology Faculty of Taiyuan University of Technology in 2016, majoring in the mechanical design, manufacturing and automation. He is relatively new to the profession and has a relatively short service term in Beijing Boyu, with competitively insufficient knowledge reserve and experience accumulation.</font></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;">&#9314;</font><font style="font-size:12pt;"> The remuneration of the involved employee has not been significantly improved since he joined the Company, and the Company has not identified him as a core technician</font></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;">According to the description of the involved employee and the bank statements provided by him, after considering the living cost of his workplace, there has been no significant improvement on his remuneration after he joined the Company compared with that before his joining.</font></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;">In addition, when the involved employee joined the Company in May 2019, no equity or option incentive terms were promised by the Company, as the Company had no A-share listing plan or equity incentive and employee stock ownership plan at that time. After his joining, the Company granted no AXT shares or options to him either. It can thus be seen that the Company has not regarded him as a core technician in terms of remuneration.</font></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;">When the involved employee joined the Company, the Company has basically completed the research and development of the PG preparation technology, PBN-PG composite heater preparation technology, and PBN clamping rod preparation technology, with the subsequent</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">work focusing on the change, designing, and continuous optimization of composite heaters with different structures and sizes for customers. Therefore, the Company&#8217;s PG preparation technology, PBN-PG composite heater preparation technology, and PBN clamping rod preparation technology are developed independently, for which this employee made limited contribution for the research and development of the Company&#8217;s relevant products.</font></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;">(5) The Company has long had a layout of relevant products and technologies, and has been granted relevant patents before the involved employee&#8217;s joining</font></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;">With years of R&amp;D and product experience and advantages in the CVD and PBN fields, the Company has formed and been granted a number of relevant technical patents, including 2 protective layer-related patents and 2 composite heater-related patents, prior to joining of the involved employee, as detailed below:</font></p><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><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:14.22%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Technical</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Direction</b></p></td><td style="vertical-align:middle;width:10.52%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Patentee</b></p></td><td style="vertical-align:middle;width:13.02%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Patent Title</b></p></td><td style="vertical-align:middle;width:10.89%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Patent</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Type</b></p></td><td style="vertical-align:middle;width:16.87%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Patent No.</b></p></td><td style="vertical-align:middle;width:7.92%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Filing</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Date</b></p></td><td style="vertical-align:middle;width:13.26%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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;">Publication</b><b style="font-size:10.5pt;font-weight:bold;"><br></b><b style="font-size:10.5pt;font-weight:bold;">Date</b></p></td><td style="vertical-align:middle;width:13.26%;background:#d9d9d9;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;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></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:14.22%;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;">Technologies related to pyrolytic graphite coating</font></p></td><td style="vertical-align:middle;width:10.52%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.02%;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;">Evaporator crucible with silicon carbide protective layers</font></p></td><td style="vertical-align:middle;width:10.89%;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;">Utility model</font></p></td><td style="vertical-align:middle;width:16.87%;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;">2012204290118</font></p></td><td style="vertical-align:middle;width:7.92%;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;">Aug. 27, 2022</font></p></td><td style="vertical-align:middle;width:13.26%;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;">Mar. 13, 2013</font></p></td><td style="vertical-align:middle;width:13.26%;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;">Original acquisition</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.22%;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;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.52%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.02%;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;">Evaporator crucible with pyrolyzed boron nitride protective layers</font></p></td><td style="vertical-align:middle;width:10.89%;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;">Utility model</font></p></td><td style="vertical-align:middle;width:16.87%;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;">2012204290122</font></p></td><td style="vertical-align:middle;width:7.92%;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;">Aug. 27, 2022</font></p></td><td style="vertical-align:middle;width:13.26%;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;">Mar. 13, 2013</font></p></td><td style="vertical-align:middle;width:13.26%;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;">Original acquisition</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;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:middle;width:14.22%;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;">Technologies related to composite heater</font></p></td><td style="vertical-align:middle;width:10.52%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.02%;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;">Heater with pyrolysis boron nitride protection layer</font></p></td><td style="vertical-align:middle;width:10.89%;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;">Utility model</font></p></td><td style="vertical-align:middle;width:16.87%;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;">2012204284780</font></p></td><td style="vertical-align:middle;width:7.92%;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;">Aug. 27, 2022</font></p></td><td style="vertical-align:middle;width:13.26%;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;white-space:pre-wrap;">Apr. 10,  2013</font></p></td><td style="vertical-align:middle;width:13.26%;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;">Original acquisition</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:14.22%;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;margin:0pt;"><font style="font-size:10.5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.52%;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:10pt;text-align:center;margin:0pt;"><font style="font-size:10.5pt;">Beijing Boyu</font></p></td><td style="vertical-align:middle;width:13.02%;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;">Boron nitride-boron carbide-graphite composite heating element used for high temperature electric heating</font></p></td><td style="vertical-align:middle;width:10.89%;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;">Invention</font></p></td><td style="vertical-align:middle;width:16.87%;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;">2012102875367</font></p></td><td style="vertical-align:middle;width:7.92%;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;">Aug. 13, 2022</font></p></td><td style="vertical-align:middle;width:13.26%;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;">Jun. 4, 2014</font></p></td><td style="vertical-align:middle;width:13.26%;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;">Original acquisition</font></p></td></tr></table></div><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><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;">Note: According to the Company&#8217;s description, PG materials in the technologies related to pyrolytic graphite coating are mainly used for protection, so the patents formed by such technologies are mainly related to the protective layer technology, and the materials can be replaced.</font></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;">(6) There is a significant difference on production between the products involved and the Company&#8217;s core products</font></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;">According to the Company&#8217;s description, and upon confirmation through our interview &#160;with relevant principals, in term of material preparation method, PG is prepared using a single hydrocarbon (CH4, C3H6 or C3H8, etc.) as the reactant gas, while PBN is prepared using boron halide (BCl3 or BF3) and ammonia (NH3) as the reactant gases at the same time. PBN-PG composite heater is made of PBN material as the main body, coated with PG as heating wire and then with PBN layer. PBN clamping rod is one of PBN materials.</font></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;">There are many differences in the production process of PBN and PG. The production process of PBN is more complicated and difficult to produce. Therefore, the products and technologies involved in PG this time will not affect the production of PBN materials, the Company&#8217;s core product. The grasping of two technologies at the same time by the Company is a requisite for production of PBN-PG composite heate. Therefore, the production technology of PBN-PG composite heater does not affect the production of PBN material, the Company&#8217;s core production.</font></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;">In summary, the Company, the involved employee, and his Attorney believe that the</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">relevant core technologies do not infringe the intellectual property rights such as the trade secrets of the reporting party.</font></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;"><b style="font-size:14pt;font-weight:bold;">(IV) Verification procedures and opinions</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;">Our 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:21.6pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">1. Checking the list of core technologies of the Company and relevant documents, and its explanations and confirmation, questionnaires filled in by core technicians, interviewing relevant technical principals, investigating the specific R&amp;D work engaged by core technicians in the Company, and checking the source of relevant core technologies of the Company;</font></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;">2. Checking the regulations and flows in relation to R&amp;D and production of the Company, obtaining explanations and confirmation from the core technicians and R&amp;D principals of the Company, and checking whether or not core technologies of the Company originated from the research contents and results of relevant personnel in their former employers;</font></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;">3. Through our lawyers&#8217; search and query 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 Procuratorate Network, there is no litigation or arbitration involving core technologies.</font></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;">4. Checking the Trademark Registration Certificate, Patent Certificate and Computer Software Copyright Certificate provided by the Issuer and the trademark file and certification issued by the State Intellectual Property Office, and the query results of computer software registration profile issued by the Software Copyright Department of Copyright Protection Center of China, and making the inquiry on China Trademark Network (Website: http://sbj.cnipa.gov.cn/sbj/sbcx/), China and Global Patent Examination Information Inquiry System (Website: http://cpquery.cnipa.gov.cn/) and China Copyright Registration Query Service Platform (Website: https://register.ccopyright.com.cn/query.html) to verify the Issuer&#39;s</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">intellectual property rights, whether there are restrictions on rights such as pledges, and whether there are ownership disputes or potential disputes;</font></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;">5. Checking the list of core technologies of the Company and relevant documents, obtaining explanations and confirmation from the core technicians and R&amp;D principals of the Company, and logging on public website to search and check whether or not core technologies of the Company infringe upon trade secrets, patents or other intellectual properties of other entities, and whether or not there is any dispute or potential dispute between the Company and relevant entity;</font></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;">6. Inspected the employment contract entered into by the involved employee with the Company, the interview and employment form, identity card, personal resume, the partnership agreement and certificate of capital contribution in relation to his acquisition of shares in Boyu Hengye, and checked the time and background ofhis &#160;employment with the Company and his acquisition of shares in the Company, and his working experience prior to his employment with the Company;</font></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;">7. Inspected the samples of the Employment Contract and the Contract for Confidentiality and Use and Protection of Intangible Assets of Guojing provided by the involved employee, inspected the materials in relation to his departure from the Guojing and his bank statement for 12 months after his departure from Guojing; and obtained communication materials between the involved employee and the relevant responsible person of the reporting party, bank certificates in relation to relevant payments made by Guojing, the statement on relevant circumstances issued by the involved employee and the legal opinion issued by the Attorney, and checked whether the involved employee breaches any non-competition and confidentiality agreement;</font></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;">8. Inspected the Audit Report, relevant sales contracts and detailed income statement, obtained the statement and confirmation letter issued by the Company, interviewed the relevant responsible persons of the Company and his Attorney, and checked the impact on the</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;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">Company&#8217;s R&amp;D, production and operation;</font></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;">9. Inspected the Audit Report, relevant sales contracts and detailed income statement, interviewed core technicians and R&amp;D leaders of the Company in the field of PBN, obtained the information on technical sources of technologies and products, such as the PBN-PG composite heater, PG process products and PBN clamping rod, and their income percentage in the Issuer&#8217;s actual business, the information on the extent of their impact on the Issuer&#8217;s production and R&amp;D; interviewed the responsible persons of Beijing Boyu, and obtained the information on the income distribution and sources of core technologies of the Company&#8217;s products in the field of PBN.</font></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;">Through verification, we believe that:</font></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;">1. The core technologies of the Company have sources that comply with laws and regulations, not originating from the research contents and results of relevant personnel in their former employers;</font></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;">2. The core technologies of the Company do not infringe upon trade secrets, patents or other intellectual properties of other entities, and there is no dispute or potential dispute between the Company and relevant entity.</font></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;">The Supplementary Legal Opinion is made in quadruplicate.</font></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;">(There is no text below, followed by the signature page)</font></p><p style="font-family:'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 0pt 0pt;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">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;padding-bottom:1pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 99.2</b></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;max-width:100%;position:relative;"><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;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;">(No text hereunder, which is the Signature Page of </font><i style="font-size:12pt;font-style:italic;">Supplementary Legal Opinion (II) of King &amp; Wood Mallesons on the IPO and Listing of Beijing Tongmei Xtal Technology Co., Ltd. on the Science and Innovation Board</i><font style="font-size:12pt;">)</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><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:1pt;"><td style="vertical-align:bottom;width:71.63%;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:28.36%;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:71.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Handling Attorney of King &amp; Wood Mallesons:</font></p></td><td style="vertical-align:bottom;width:28.36%;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 style="vertical-align:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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;">XU Hui</font></p></td></tr><tr><td style="vertical-align:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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;">YANG Zhenhua</font></p></td></tr><tr><td style="vertical-align:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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;">WANG Anrong</font></p></td></tr><tr><td style="vertical-align:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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;">Leader:</font></p></td><td style="vertical-align:bottom;width:28.36%;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:bottom;width:71.63%;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><td style="vertical-align:bottom;width:28.36%;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:bottom;width:71.63%;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><td style="vertical-align:bottom;width:28.36%;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:bottom;width:71.63%;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:28.36%;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;">WANG Ling</font></p></td></tr><tr><td style="vertical-align:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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:bottom;width:71.63%;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:28.36%;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;">June 16,2022</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 0pt 0pt;"><font style="font-size:10.5pt;">8-3-</font><font style="font-size:10.5pt;">51</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: 6/17/2022 06:40:08 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:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:center;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><a name="1_1"></a><a name="_Toc96193543"></a><a name="_Toc96206758"></a><a name="_Toc96541750"></a><b style="font-size:12pt;font-weight:bold;">Reply to the Second Round 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">To Shanghai Stock Exchange,</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><font style="font-size:12pt;">According to the requirements of the </font><i style="font-size:12pt;font-style:italic;">Second Round Audit Inquiry Letter on Application for Initial Public Offering and STAR Market Listing of Shares by Beijing Tongmei Xtal Technology Co., Ltd. </i><font style="font-size:12pt;">(SZKS (Audit) [2022] No. 182) (the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Inquiry Letter</b><font style="font-size:12pt;">&#8221;) issued by you on April 26, 2022, Ernst &amp; Young Hua Ming LLP (the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Accountant</b><font style="font-size:12pt;">&#8221; or the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Reporting Accountant</b><font style="font-size:12pt;">&#8221;), as the Reporting Accountant of Beijing Tongmei Xtal Technology Co., Ltd. (the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Issuer</b><font style="font-size:12pt;">&#8221;, the &#8220;</font><b style="font-size:12pt;font-weight:bold;">Company</b><font style="font-size:12pt;">&#8221; or &#8220;</font><b style="font-size:12pt;font-weight:bold;">Beijing Tongmei</b><font style="font-size:12pt;">&#8221;) with respect to the initial public offering and STAR market listing of shares, replies to the questions in relation to Reporting Accountant listed in the Second Round Inquiry Letter on a case-by-case basis as follows:</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:0pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="font-size:0pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">1</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:1.8pt 0pt 7.8pt 0pt;">Q2. Business reorganization</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the reply to the inquiry, (1) the Issuer considers that it has completed the asset reorganization on December 9, 2020 on the ground that the original shareholders of the reorganized entities have acquired the newly increased shares (consideration of reorganization) of Tongmei Limited, but the industrial and commercial change registration of Baoding Tongmei, one of the reorganized entities, was completed on January 12, 2021; (2) in May 2021, the Issuer acquired AXT-Tongmei from AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) the transaction process of the acquisition of Baoding Tongmei, the reasons why the Company considers that it acquired the control over Baoding Tongmei on December 9, 2020; (2) the reasons why the acquisition of AXT-Tongmei is not included in the scope of reorganization and the rationality thereof; (3) recalculation and comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020 after AXT-Tongmei is included in the scope of reorganization; (4) Details and relevant reasons of offsetting transactions among the reorganizing parties in 2019 and 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor, the Issuer&#8217;s Attorney and the Reporting Accountant are requested to conduct verifications and issue explicit opinions thereon.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk102764586"></a><b style="font-size:12pt;font-weight:bold;">(I) Transaction process of the acquisition of Baoding Tongmei, the reasons why the Company considers that it acquired the control over Baoding Tongmei on December 29, 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Transaction process of the acquisition of Baoding Tongmei</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The transaction process of the Issuer&#8217;s acquisition of Baoding Tongmei is as follows:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-2</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:99.63%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Time</b></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Transaction Process</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">December 9, 2020</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Zhongfeng Assets Appraisal Co., Ltd. issued the Asset Apprisal Report on the Total Equity Value of Baoding Tongmei Crystal Manufacturing Co., Ltd. involved in the Shareholders&#8217; Proposed Transfer of Equity Interest in Baoding Tongmei Crystal Manufacturing Co., Ltd. (Zhong Feng Ping Bao Zi (2020) No. 01234).</p></td></tr><tr style="height:19.85pt;"><td rowspan="4" style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">December 25, 2020</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">The shareholders of Baoding Tongmei made a shareholders&#8217; decision, agreeing that AXT would transfer all its 100% equity interest in Baoding Tongmei to Tongmei Limited; after the equity transfer, Baoding Tongmei would become a wholly owned subsidiary of Tongmei Limited; the nature of the company would be changed from a limited liability company (sole proprietorship by a foreign legal person) to a limited liability company (sole proprietorship by a legal person).</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">AXT and Tongmei Limited entered into the Equity Transfer Agreement, pursuant to which AXT agreed to transfer its 100% equity interest in Baoding Tongmei and the corresponding shareholder rights and obligations represented by such equity interest to Tongmei Limited, and Tongmei Limited agreed to accept the transfer of AXT&#8217;s 100% equity interest in Baoding Tongmei and the corresponding shareholder rights and obligations represented by such equity interest.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Tongmei Limited held a shareholders&#8217; meeting, agreeing that AXT would use its 100% equity interest in Baoding Tongmei as a consideration to subscribe for the newly increased registered capital of the Company; AXT and Tongmei Limited entered into the Capital Increase Agreement, providing that AXT would use its 100% equity interest in Baoding Tongmei as a consideration to subscribe for the newly increased registered capital of the Company.</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Tongmei Limited executed the new articles of association of Baoding Tongmei Crystal Manufacturing Co., Ltd.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">December 29, 2020</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Tongmei Limited completed the industrial and commercial change registration and obtained the business license issued by the Beijing Tongzhou District Administration for Market Regulation. AXT, the original shareholder of Baoding Tongmei, obtained the newly increased shares of Tongmei Limited (consideration of reorganization), that is, Tongmei Limited has paid all the consideration of reorganization.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:23.87%;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:10.5pt;text-align:center;margin:0pt;">January 12, 2021</p></td><td style="vertical-align:middle;width:76.12%;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:10.5pt;text-align:justify;margin:0pt;">Baoding Tongmei completed the industrial and commercial change registration and obtained the business license issued by the Dingxing County Administrative Review and Approval Bureau.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Reasons why the Company considers that it acquired the control over Baoding Tongmei on December 29, 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In combination with the provisions of the application guide of the Accounting </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-3</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Standards for Business Enterprises No. 20 - Business Mergers, the determination standards and actual circumstances in relation to the Company&#8217;s completion of its control over Baoding Tongmei are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The contract or agreement on the business merger has been approved by the shareholders&#8217; meeting, etc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On December 25, 2020, AXT and Tongmei Limited entered into the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:12pt;"> which has been deliberated and approved by the shareholders of Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) If the business merger is required to be approved by the relevant competent authorities of the state, such approval has been obtained.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to applicable laws and regulations, the Company&#8217;s acquisition of 100% equity interest in Baoding Tongmei is not required to be approved by the relevant competent authorities of the state.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) The parties involved in the merger have gone through such procedures as necessary for the transfer of property rights</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On December 25, 2020, AXT and Tongmei Limited entered into the Equity Transfer Agreement, agreeing that AXT would transfer its 100% equity interest in Baoding Tongmei to Tongmei Limited. The Agreement took effect on December 25, 2020, the parties thereto have confirmed that the relevant equity transfer has been completed on the same day, Tongmei Limited has become the sole shareholder of Baoding Tongmei on December 25, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) The merging party or the purchasing party has paid most of the merger price (generally more than 50%), and has the ability and plan to pay the remaining amount</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Equity Transfer Agreement and the Capital Increase Agreement entered into by and between Tongmei Limited and AXT, the consideration for Tongmei Limited&#8217;s acquisition of 100% equity interest in Baoding Tongmei is new shares issued by Tongmei Limited to AXT, and the acquisition of newly increased shares in Tongmei Limited by the original shareholders of Baoding Tongmei is subject to the consummation of the capital increase, the industrial and commercial change registration </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-4</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and the acquisition of the business license.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On December 29, 2020, Tongmei Limited completed the industrial and commercial change registration with respect to the reorganization matters and obtained a new business license, that is, the original shareholders of Baoding Tongmei have obtained the newly increased shares in Tongmei Limited (consideration of reorganization). Accordingly, Tongmei Limited has paid the consideration for the equity transfer as agreed in the Equity Transfer Agreement on December 29, 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) The merging party or the purchasing party has controlled the financial and operational policies of the merged party or the purchased party, and owns the corresponding benefits and bears the corresponding risks</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the articles of association of Baoding Tongmei Crystal Manufacturing Co., Ltd. which was executed and entered into force on December 25, 2020, upon the completion of the reorganization, the body with the highest authority of Baoding Tongmei remains to be shareholders. Therefore, after Tongmei Limited becomes the sole shareholder of Baoding Tongmei, Tongmei Limited shall have the right to exercise relevant authorities as a shareholder in accordance with the Company Law and the articles of association of Baoding Tongmei, appoint and remove members of the board of directors of Baoding Tongmei, and thereby appoint and remove the management of Baoding Tongmei through the board of directors to exercise the control over Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer, Baoding Tongmei and AXT, the original shareholder of Baoding Tongmei, jointly issued the </font><i style="font-size:12pt;font-style:italic;">Confirmation Letter on the Asset Reorganization</i><font style="font-size:12pt;">, confirming that the transfer of equity interest in Baoding Tongmei has been completed on the date of signing the Equity Transfer Agreement; as of the date of the completion of such equity transfer, Tongmei Limited holds 100% equity interest in Baoding Tongmei, controls the financial and operational policies of Baoding Tongmei, has the rights and obligations as a shareholder of Baoding Tongmei, and owns corresponding benefits and bears corresponding risks.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, as confirmed through the interviews with the persons of Baoding </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-5</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Tongmei handling the industrial and commercial change registration and the officials of the industrial and commercial authorities, Baoding Tongmei submitted the application materials for the relevant change registration to them at the end of December 2020, but due to the government&#8217;s processing time and procedures, the industrial and commercial change registration was completed on January 12, 2021. In consideration of the fact that the </font><i style="font-size:12pt;font-style:italic;">Company Law</i><font style="font-size:12pt;">, the </font><i style="font-size:12pt;font-style:italic;">Regulations on the Administration of Registration of Market Entities</i><font style="font-size:12pt;"> and other laws and regulations have no provision that the industrial and commercial change registration is a condition to the effectiveness of equity transfer, the industrial and commercial change registration of equity interest is only an administrative act, and such change is aimed at making the relevant registration matters of a company public and become effective against a bona fide third party, and the Equity Transfer Agreement does not list the industrial and commercial change registration as a precondition to the equity transfer. Therefore, regardless of whether the industrial and commercial change registration of Baoding Tongmei is completed, the effectiveness of the Equity Transfer Agreement and the equity transfer shall not be affected, nor does the time of completing such industrial and commercial change registration affect the time of completing the equity transfer. Tongmei Limited obtained 100% equity interest in Baoding Tongmei on December 25, 2020, becoming the sole shareholder of Baoding Tongmei, owning relevant rights as a shareholder in accordance with the law, and controlling the financial and operational policies of Baoding Tongmei, it has obtained the control over Baoding Tongmei. The fact that the relevant industrial and commercial change registration of Baoding Tongmei was completed on January 12, 2021 has no effect on Tongmei Limited&#8217;s control over Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, as of December 29, 2020, Tongmei Limited has obtained the control over Baoding Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) Reasons why the acquisition of AXT-Tongmei is not included in the scope of reorganization and the rationality thereof;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The asset reorganization in December 2020 and the acquisition of AXT-Tongmei are two separate reorganizations implemented by the Company</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-6</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To solve horizontal competition and integrate business resources, the Company implemented the asset reorganization in December 2020, upon the completion of such reorganization, the Company holds 100% equity interest in Beijing Boyu, Baoding Tongmei, Chaoyang Tongmei, Nanjing Jinmei and Chaoyang Jinmei. This reorganization is for production resources; after the completion of the said reorganization, the Company has integrated the supply of PBN crucibles, indium phosphide polycrystalline, high-purity gallium and other raw materials in the upstream of semiconductor substrate materials, and their main business covers the R&amp;D, production and sale of semiconductor substrate materials, PBN materials and other high-purity materials. Before and after the reorganization, the Company fails to achieve the independent sale of overseas substrate materials. In this reorganization, the Company and the original shareholders of the reorganized parties entered into the </font><i style="font-size:12pt;font-style:italic;">Equity Transfer Agreement</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Capital Increase Agreement</i><font style="font-size:12pt;"> in December 2020, which have gone through the review procedure by the board of directors, the shareholders&#8217; meeting or any other competent authority, and completed the payment of relevant amounts and the closing of assets in the same month.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s acquisition of AXT-Tongmei is to make the Issuer directly face customers in the overseas substrate material market and further reduce related party transactions and horizontal competition, which is a further extension after the Company&#8217;s domestic reorganization, </font><font style="font-size:12pt;">mainly intending to reorganize the channels for overseas procurement and the sales of semiconductor substrate materials</font><font style="font-size:12pt;">. After the acquisition of AXT-Tongmei, the Issuer owns a full independent marketing ability in the overseas market. On May 6, 2021, the Company held a board meeting to review and approve the Company&#8217;s acquisition of 100% equity interest in AXT-Tongmei from AXT in cash. On the same day, Beijing Tongmei entered into the Share Transfer Agreement with AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As the Company&#8217;s overseas investment is subject to the pre-approval procedures such as overseas investment filing, and the time of completion of such procedures is uncertain, the acquisition of AXT-Tongmei was not deliberated by the Company in its </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-7</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">board meeting held in December 2020. The acquisition of AXT-Tongmei was deliberated and approved by the Company&#8217;s board of directors in May 2021 separately, such acquisition and the reorganization in December 2020 are not conditional on each other.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the agreements signed by the related parties above did not require that the two organizations shall be preconditioned on each other.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the Company&#8217;s asset reorganization in December 2020 and the acquisition of AXT-Tongmei in May 2021 are two separate reorganizations that were implemented in the fiscal year or period immediately before the Issuer submitted its IPO application documents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Non-existence of circumvention of the Opinions on the Application of the Securities and Futures Law No. 3 in relation to the acquisition of AXT-Tongmei being not included in the scope of reorganization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Relevant provisions of the Answers to Certain Questions on the IPO Business (Revised in June 2020)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the relevant provisions of &#8220;Question 36, Business Reorganization and Major Changes in Main Business&#8221; in the Answers to Certain Questions on the IPO Business (Revised in June 2020):</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#8220;The business reorganization of an issuer occurred during the reporting period shall be determined separately based on whether the reorganized business and the issuer are under the same control. If the business reorganization is under the same control, it shall be determined and handled in accordance with the relevant requirements of the Opinions on the Application of the Securities and Futures Law No. 3; if the business reorganization is not under the same control, it usually includes the acquisition of the equity interest or operating assets of the reorganized party, increasing the capital of the issuer, merging the reorganized party or otherwise with the equity interest or operating assets of the reorganized party. The issuer and intermediaries may pay attention to the following factors:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#8230;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-8</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">If multiple reorganizations occur within 12 months, the impact of the reorganization on the issuer&#8217;s total assets, net assets, operating income or total profit shall be calculated on a cumulative basis.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, both the Company&#8217;s asset reorganization in December 2020 and the acquisition of AXT-Tongmei in May 2021 are business reorganizations under the same control, they shall be determined and handled in accordance with the relevant requirements of the Opinions on the Application of the Securities and Futures Laws No. 3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Relevant provisions of the Opinions on the Application of the Securities and Futures Law No. 3</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Opinions on the Application of &#8220;No Major Change in the Issuer&#8217;s Main Business in the Last Three Years&#8221; under Article 12 of the Administrative Measures on the Initial Public Offering and Listing of Stocks - the Opinions on the Application of the Securities and Futures Law No. 3 (hereinafter referred to as the &#8220;Opinions on the Application of the Securities and Futures Law No. 3&#8221;), if an issuer has undergone multiple reorganizations in the fiscal year or period immediately before its submission of the IPO application documents, the impact of such reorganizations on the issuer&#8217;s total assets, operating income or total profit shall be calculated on a cumulative basis.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Opinions on the Application of the Securities and Futures Law No. 3, the Issuer submitted its IPO application documents in December 2021, as required by the above provisions, the Issuer shall consolidate the reorganization (i.e., the reorganization of five entities, including Beijing Boyu) in the fiscal year immediately before its submission of IPO application documents; and the reorganization in the period immediately before its submission of IPO application documents (i.e., the acquisition of AXT-Tongmei) will be calculated. After separately calculating the impact of the two reorganizations on the Issuer&#8217;s total assets, operating income or total profit, and then adding up them. As AXT-Tongmei had not actually operated and did not open any bank account, the amount of paid-in capital and related </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">financial indicators are all zero, and the proportion of the total assets, operating income or total profit of AXT-Tongmei to the relevant financial indicators of the Issuer in 2020 is also zero. Therefore, the acquisition of AXT-Tongmei will not affect the comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020, without circumvention of the Opinions on the Application of the Securities and Futures Law No. 3.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Recalculation and comparison of indicators such as total assets, operating income and total profit of the reorganizing parties in 2020 after AXT-Tongmei is included in the scope of reorganization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Calculation based on the indicators of 2019</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In December 2020, the Issuer completed the acquisition of 5 entities including Beijing Boyu. The table below shows the comparison of relevant indicators of 2019:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.7%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.66%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;white-space:nowrap;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total assets as at the end of 2019</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Operating income in 2019</b></p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total profit in 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei A</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">80,072.95</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">35,728.47</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-1,507.98</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Baoding Tongmei B</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">28,635.15</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,953.43</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,902.24</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei C</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">24,219.28</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,470.16</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">-1,457.28</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Chaoyang Jinmei D</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">7,005.23</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,095.62</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">360.31</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Nanjing Jinmei E</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">9,340.66</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">5,781.28</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">942.58</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Beijing Boyu F</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">12,659.92</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9,492.30</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">1,541.82</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Offsetting transactions against the reorganizing parties G</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">-8,238.45</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-8,856.82</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-881.63</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Total amount of the acquired parties H=B+C+D+E+F+G</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">73,621.79</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">11,935.97</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-2,396.44</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.84%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Proportion (H/A)</p></td><td style="vertical-align:middle;width:37.79%;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:10.5pt;text-align:right;margin:0pt;">91.94%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33.41%</p></td><td style="vertical-align:middle;width:11.66%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">158.92%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The reorganization above is intended to integrate the industry chain, and the Company has been in operation for over one complete accounting year after the reorganization</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The reorganized party Beijing Boyu is mainly responsible for the production and sales of PBN crucibles and other PBN materials, so as to provide PBN crucible </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-10</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">consumables for the Issuer&#8217;s semiconductor substrate materials; the reorganized parties Nanjing Jinmei and Chaoyang Jinmei are responsible for the production and sales of high-purity gallium and other high-purity compounds, in which high-purity gallium is one of the main raw materials for the Issuer to produce gallium arsenide substrates; the reorganized parties Chaoyang Tongmei and Baoding Tongmei are mainly responsible for the production and sales of gallium arsenide, and its business and production line come from the Issuer&#8217;s production line that has been relocated.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, the reorganization above is integration implemented focusing on the semiconductor substrate material business of the Issuer. The assets reorganization above did not lead to a change in the main business of the Issuer; instead, after the reorganization, related-party transactions are reduced and horizontal competition is avoided, which further enhanced the independence of the Issuer.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Relevant indicators are in compliance with the relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the above, neither the total assets as of the end of 2019 nor the indicators related to the operating revenue of the year exceeded 100%, but the calculation result of the total profits exceeded 100% because the profits of both parties are negative. However, with reference to relevant cases and practices on the market at present, such conditions are not included for the scope of indicator calculation. For details, refer to the explanation below.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, with December 2020 as the completion time, the relevant indicators of 2019 are not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the offering may be requested only after operation for a complete accounting year. Moreover, by now, the Company has been in operation for over a complete accounting year from the completion time of the reorganization.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Relevant cases on the market</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Shenzhen Pacific Union Precision Manufacturing Co., Ltd.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, Shenzhen Pacific Union Precision Manufacturing Co., </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-11</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Ltd. established Put Tech (Hong Kong), and Put Tech (Hong Kong) acquired 100% equity interests in Pacific Union (Hong Kong). The total profit of the reorganized party is negative, and the Issuer did not include such total profits into the scope of calculation when explaining whether it was in compliance with the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;text-indent:21pt;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;width:39.83%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.05%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.04%;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:10.5pt;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:39.83%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">End of 2018/2018</b></p></td><td style="vertical-align:middle;width:20.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:20.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:20.04%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.83%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Book value of the reorganizing party </font><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:20.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">16,020.73</b></p></td><td style="vertical-align:middle;width:20.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">12,694.33</b></p></td><td style="vertical-align:middle;width:20.04%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">1,081.66</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.83%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Book value of the reorganized party </font><b style="color:#333333;font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;width:20.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">3,750.72</b></p></td><td style="vertical-align:middle;width:20.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">7,997.49</b></p></td><td style="vertical-align:middle;width:20.04%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">-288.53</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.83%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Proportion=</b><b style="color:#333333;font-weight:bold;">&#9313;</b><b style="color:#333333;font-weight:bold;">/</b><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:20.05%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">23.41%</b></p></td><td style="vertical-align:middle;width:20.05%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="color:#333333;font-weight:bold;">63.00%</b></p></td><td style="vertical-align:middle;width:20.04%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) SICC Co., Ltd.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When SICC Co., Ltd. determined whether its acquisition of the equity interests in and assets of Tianyue Crystal in 2020 constituted major assets reorganization, given that the total profits of both the acquired entity and the acquiring entity in the previous year were negative, the impact on the total profits were not calculated. The information disclosed is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;text-indent:21pt;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:38.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">End of 2019/2019</b></p></td><td style="vertical-align:middle;width:21.3%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total assets</b></p></td><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:1.5pt solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:20.63%;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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Book value of the reorganizing party </font><font style="color:#333333;">&#9312;</font></p></td><td 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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">115,032.01</font></p></td><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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">26,567.32</font></p></td><td style="vertical-align:middle;width:20.63%;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:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">-16,531.68</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Book value of the reorganized party </font><font style="color:#333333;">&#9313;</font></p></td><td 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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">42,413.92</font></p></td><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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">122.56</font></p></td><td style="vertical-align:middle;width:20.63%;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:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">-2,690.50</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.61%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Proportion=</font><font style="color:#333333;">&#9313;</font><font style="color:#333333;">/</font><font style="color:#333333;">&#9312;</font></p></td><td style="vertical-align:middle;width:21.3%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">36.87%</font></p></td><td style="vertical-align:middle;width:19.44%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">0.46%</font></p></td><td style="vertical-align:middle;width:20.63%;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:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Beijing Qilin Hesheng Network Technology Co., Ltd.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2016, Beijing Qilin Hesheng Network Technology Co., Ltd. acquired the overseas entities APEX and Cybertron under common control with Beijing Qilin Hesheng Network Technology Co., Ltd. Given that the total profits of the reorganizing party and the reorganized parties in the previous year were negative, the Company did not include such total profits in the scope of calculation when explaining whether it is </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-12</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">in compliance with the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">. The information disclosed is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;text-indent:21pt;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:39.35%;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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">End of 2015/2015</b></p></td><td style="vertical-align:middle;width:19.8%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;width:19.8%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Operating revenue</b></p></td><td style="vertical-align:middle;width:21.03%;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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="color:#333333;font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.35%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Book value of the reorganizing party </font><b style="color:#333333;font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;width:19.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">5,366.64</font></p></td><td style="vertical-align:middle;width:19.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:21.03%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">-3,341.33</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.35%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Book value of the reorganized party </font><b style="color:#333333;font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;width:19.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">3,670.03</font></p></td><td style="vertical-align:middle;width:19.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">5,516.54</font></p></td><td style="vertical-align:middle;width:21.03%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">-13,994.18</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:39.35%;border-bottom: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:10.5pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="color:#333333;">Proportion=</font><font style="color:#333333;">&#9313;</font><font style="color:#333333;">/</font><font style="color:#333333;">&#9312;</font></p></td><td style="vertical-align:middle;width:19.8%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">68.39%</font></p></td><td style="vertical-align:middle;width:19.8%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="color:#333333;">&gt;100%</font></p></td><td style="vertical-align:middle;width:21.03%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;min-height:12.0pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">-</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, given that the total profits of both the Issuer and the reorganized party (excluding the related-party transaction with Tongmei Limited) were negative in 2019, and the loss of the reorganized party was greater than Tongmei Limited, this reorganization did not improve the total profits of Tongmei Limited in 2019; therefore, Tongmei Limited is not subject to the circumstance of making up profits, hence not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the offering may be requested only after operation for a complete accounting year. Moreover, by now, the Company has been in operation for over a complete accounting year from the completion time of the reorganization.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Calculation based on the indicators of 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">If AXT-Tongmei is included in the scope of reorganization, the process of recalculating and comparing indicators such as total assets of the reorganizing parties as at the end of 2020, operating income and total profit of the reorganizing parties in 2020 is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total assets as at the end of 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Operating revenue</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:1.5pt solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total profits</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Tongmei A</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">168,634.49</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">40,800.67</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:10.5pt;text-align:right;margin:0pt;">2,149.40</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Baoding Tongmei B</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">32,811.80</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">7,159.40</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:10.5pt;text-align:right;margin:0pt;">-2,383.11</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Tongmei C</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">29,939.56</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">6,018.06</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:10.5pt;text-align:right;margin:0pt;">-522.43</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Chaoyang Jinmei D</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">10,828.24</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">3,890.71</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:10.5pt;text-align:right;margin:0pt;">1,559.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Nanjing Jinmei E</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">12,407.95</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">8,538.73</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:10.5pt;text-align:right;margin:0pt;">886.41</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-13</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Beijing Boyu F</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">17,030.67</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">11,149.72</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:10.5pt;text-align:right;margin:0pt;">3,361.01</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">ATX-Tongmei G</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">-</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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Offsetting transactions against the reorganizing parties H</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">-6,642.24</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">-8,840.99</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:10.5pt;text-align:right;margin:0pt;">-2,064.60</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Total amount of the acquired parties I=B+C+D+E+F+G+H</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">96,375.98</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">27,915.63</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:10.5pt;text-align:right;margin:0pt;">837.18</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Offset against the long-term equity investment held by the reorganizing parties in the reorganized parties J</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">-55,782.07</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;">-</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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;">Excluding financing amount from an external investment institution of the reorganizing party K</p></td><td style="vertical-align:middle;white-space:nowrap;width:37.92%;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:10.5pt;text-align:right;margin:0pt;">-31,447.38</p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">-</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:10.5pt;text-align:right;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Percentage (I/(A+J))</b></p></td><td style="vertical-align:middle;width:37.92%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">85.40%</b></p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">68.42%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38.95%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:36.83%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Proportion (I/(A+J+K))</b></p></td><td style="vertical-align:middle;width:37.92%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">118.39%</b></p></td><td style="vertical-align:middle;width:13.75%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">68.42%</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38.95%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the table above, if AXT-Tongmei is included into the scope of reorganization, in 2020, the total assets, operating income, and total profit of the acquired entities excluding related-party transactions did not reach or exceed 100% of the relevant indicators of Tongmei Limited; therefore, it is not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the offering may be requested only after operation for a complete accounting year. </font><font style="font-size:12pt;">The indicator of total assets may exceed 100% only if May 2021 is taken as the completion time of the reorganization, the calculation is made based on the relevant indicators of 2020, and the additional capital contribution received by the Issuer from external investment institutions in 2020 are excluded.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From November to December 2020, 10 external institutions including Haitong New Energy entered into capital increase agreements and supplementary agreements with the Company, and such external institutions paid the additional capital contribution to the Issuer successively from November to December 2020 in the total of RMB314 million, including RMB149 million paid in November 2020 and RMB166 million paid in December 2020. The Issuer has made corresponding accounting treatment of the additional capital contributions received in November and December 2020. Such events are external financing acts occurred during the operation of the Issuer according to its needs.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-14</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, in 2020, the total assets, operating income, and total profit of the acquired entities excluding related-party transactions did not reach or exceed 100% of the relevant indicators of Tongmei Limited; therefore, it is not subject to the circumstance provided in the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;"> that the offering may be requested only after operation for a complete accounting year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Details and relevant reasons of offsetting transactions among the reorganizing parties in 2019 and 2020.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to the </font><i style="font-size:12pt;font-style:italic;">Opinions on the Application of the Securities and Futures Law No. 3</i><font style="font-size:12pt;">, if an issuer reorganizes any identical, similar or related business under the same controller as a company during the reporting period, if the total assets of the reorganized party at the end of the fiscal year immediately before the reorganization &#160;or its total operating income or total profit in the last fiscal year reaches or exceeds 100% of the issuer&#8217;s corresponding item before the reorganization, in order to facilitate investors&#8217; understanding of the overall operation after the reorganization, the issuer shall not apply for offering until it has operated for a full fiscal year. If the reorganized party has any related party transaction with the issuer before the reorganization in the fiscal year immediately before the reorganization, the total assets, operating income or total profit shall be calculated after deducting such transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the above provisions, the reorganizing party has deducted the total assets, operating income or total profit of Beijing Tongmei. The details of the offsetting transactions in 2019 and 2020 are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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;table-layout:auto;width:100%;" align="center"><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Entity/Item</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:12.96%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total assets</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Notes receivable of the reorganized Party to Beijing Tongmei A</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">303.22</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">497.05</p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Accounts receivable of the reorganized party to Beijing Tongmei B</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">2,430.45</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">4,070.00</p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Receivable financing of the reorganized party to Beijing Tongmei C</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">691.47</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">594.30</p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Other receivables of the reorganized party to Beijing Tongmei D</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">3,217.10</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;">3,077.10</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-15</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total amount offset against total assets E=A+B+C+D</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,642.24</b></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,238.45</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total revenue and profit</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Operating income that should be offset by the reorganized party against Beijing Tongmei F</b></p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,840.99</b></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,856.82</b></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Operating costs of the reorganized party to Beijing Tongmei G</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">6,756.98</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">7,975.19</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Interest expenses of the reorganized party to Beijing Tongmei H</p></td><td style="vertical-align:middle;white-space:normal;width:12.9%;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:10.5pt;text-align:right;margin:0pt;">19.41</p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><font style="color:#333333;">-</font></p></td></tr><tr style="height:19.95pt;"><td style="vertical-align:middle;white-space:normal;width:74.13%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Total amount offset against total profit I=F-G-H</b></p></td><td style="vertical-align:middle;width:12.9%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,064.60</b></p></td><td style="vertical-align:middle;width:12.96%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">881.63</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant mainly performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Inspecting the resolutions of the shareholders&#8217; meeting, the resolutions of the board of directors, the articles of association, the Equity Transfer Agreement, the Capital Increase Agreement, the industrial and commercial registration materials, the new business license issued after the change, and other documents and materials involved in the asset reorganization, and the latest articles of association of Baoding Tongmei after the asset reorganization, the Company&#8217;s explanation and confirmation, inspecting the relevant provisions of the application guidance of the Accounting Standards for Business Enterprises No. 20 - Business Mergers, and verifying the transaction process of Tongmei Limited&#8217;s acquisition of Baoding Tongmei;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Inspecting the latest business license obtained by Tongmei Limited after the asset reorganization, the </font><font style="font-size:12pt;">Confirmation Letter on the Asset Reorganization</font><font style="font-size:12pt;"> issued by the Issuer, Baoding Tongmei and AXT, interviewing persons of Baoding Tongmei handling the industrial and commercial change registration and officers of the competent industrial and commercial authorities, interviewing MORRIS SHEN-SHIH YOUNG, Chairman of Baoding Tongmei, and LIU Wensen, General Manager of Baoding Tongmei, and verifying the reasons for the Company to have the control over Baoding Tongmei on December 29, 2020;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Inspecting the financial statements of the reorganizing party (Tongmei Limited) </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-16</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and the reorganized party (the acquired entity) provided by the Issuer for the reporting period, calculating the total assets at the end of the fiscal year immediately before the reorganization or the percentage of the operating income or total profit in the fiscal year immediately before the reorganization to the corresponding item of the Issuer before the reorganization, and verifying whether it complies with the relevant laws and regulations such as the </font><i style="font-size:12pt;font-style:italic;">Opinions on Application No. 3</i><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon verification, the Reporting Accountant considers that as of December 29, 2020, Tongmei Limited has obtained the control over Baoding Tongmei, and the relevant reasons therefor are sufficient.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc19937"></a><a name="_Toc102942141"></a>Q4. Sales revenue and gross profit margin</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc102942142"></a><a name="_Toc102920859"></a><a name="_Toc18927"></a><a name="_Toc1992"></a>4.1</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the Prospectus and the replies to the first round of inquiries, (1) the Issuer provided AXT with processing supplied materials, with the revenue recognized using the net method. Since August 2018, the above-mentioned business has changed from entrusted processing to general trade, with the revenue recognized using the gross method; (2) the intermediaries verified the operating revenue during the reporting period by means of seeking confirmation, video or field interview, and sampling inspection, but failed to distinguish the domestic revenue from overseas revenue, and specify the verification procedures and conclusion regarding the sales revenue from AXT and AXT-Tongmei.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: the changes in business cooperation modes and the specific situations between the Company and AXT around August 2018, the basis for the transfer of the nature of business from entrusted processing to general trade, and the matter whether the recognition of revenue by using the gross method during the reporting period complies with the <font style="font-style:italic;">Accounting Standard for Business Enterprises</font>.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-17</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 7.8pt 0pt;">The Sponsor and the Reporting Accountant are required to explain: (1) the verification results of seeking confirmation and interview or video inquiry by domestic and overseas sales revenue; (2) the results of interview or video inquiry regarding the overseas sales revenue, the verification of identity of the interviewees during video inquiry, video inquiry contents and confirmation of subsequent alternative procedures, the additional measures taken in view of the limitations of video interview, and whether the relevant external evidence has been obtained; (3) the adequacy of the proportion of verification of substantive procedures such as the test of details; (4) the verification method, proportion and conclusion of terminal sales with sales revenue through AXT, and whether a third-party basis has been obtained; (5) the verification method, proportion and conclusion of terminal sales with sales revenue through AXT-Tongmei, and whether a third-party basis has been obtained.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The changes in business cooperation modes and specific situations between the Company and AXT around August 2018</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the beginning of its establishment, the Company had only a few domestic qualified suppliers, and mainly focused on overseas customers. Therefore, for a long period of time, the Company had mainly provided its controlling shareholder AXT with the processing and production services of crystals and wafers, and also signed the </font><i style="font-size:12pt;font-style:italic;">Sales Contract for Processing with Supplied Materials</i><font style="font-size:12pt;"> with AXT. With the development of domestic semiconductor industry, the Company has attracted more domestic customers, and with the gradual improvement of the production level of domestic raw material suppliers, the proportion of domestic procurement of raw materials has been increasing. Since August 2018, the Company has adjusted the trading mode with AXT, and turned it into the general trade mode so that the processing with supplied materials had been basically stopped, and signed a </font><i style="font-size:12pt;font-style:italic;">General Trade Sales Contract</i><font style="font-size:12pt;"> with AXT. The changes in the cooperation modes and specific situations between the Company and AXT around August 2018 are shown below:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-18</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:99.63%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:17.02%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:30.75%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:52.22%;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:10.5pt;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:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Before August 2018</b></p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">After August 2018</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Type of sales</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Processing with supplied materials</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">General trade</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Business mode</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">AXT, as the entity making sales and purchasing raw materials overseas, provided the Company with main raw materials for the production of crystals and wafers, took delivery of semiconductor substrate products from the Company after processing by the Company, and sold them to overseas customers.</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">The Issuer is required to purchase the main raw materials and auxiliary materials for production from the suppliers such as AXT and other third-party suppliers, determines the quality, specifications and other items of the raw materials, and then sells the products to AXT. Specifically, the Company independently arranges the purchase of raw materials from AXT, without a physical correspondence with product sales; price of raw materials purchased by the Company from AXT refers to the price of materials purchased by AXT from its suppliers, without an unfair transaction price.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sources of main raw materials</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">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.</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">According to the agreement on the product quantity and standard between the Issuer and AXT, the suppliers of raw materials, and their specifications are independently determined by the Issuer; AXT does not specify the specific suppliers, nor restrict the price, quantity or production of the raw materials purchased by the Issuer from the suppliers.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Whether the Issuer bears inventory risks in relation to the goods before or after the transfer thereof</p></td><td style="vertical-align:middle;width:30.75%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">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.</p></td><td style="vertical-align:middle;width:52.22%;border-bottom:1px solid #000000;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:10.5pt;text-align:justify;margin:0pt;">For the purchased raw materials, the ownership and control of their inventories remain with the Issuer bearing the risk of damage to and loss of such inventories and price fluctuation. In addition, the Issuer should track the whole process of product quality control, and take charge of the arrangement of shipment and export of products.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Whether the Issuer has the right to independently decide on the price of the traded goods</p></td><td style="vertical-align:middle;width:30.75%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The price of the products does not include the cost of the raw materials supplied by AXT, but includes the processing cost and other costs (the costs of self-purchased main and auxiliary materials, labor, depreciation, amortization, etc.); the Issuer has no full </p></td><td style="vertical-align:middle;width:52.22%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">With the independent pricing power, covering self-purchased main and auxiliary materials, labor, depreciation, amortization, etc. The purchase price of raw materials and the sales price of finished products are negotiated by the Issuer with the suppliers and AXT respectively in accordance with the market business principles; the Issuer has the right to independently decide on the sales price of the final products.</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-19</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:99.63%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.02%;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 5.27pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:30.75%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">right to decide on the sales price of the final products.</p></td><td style="vertical-align:middle;width:52.22%;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 5.27pt;"></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The basis for the transfer of the nature of business from entrusted processing to general trade, and the matter whether the recognition of revenue by using the gross method during the reporting period complies with the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Accounting Standard for Business Enterprises</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The basis for the transfer of the nature of business from entrusted processing to general trade</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The basis for the transfer of the nature of business from entrusted processing to general trade is that when the Company sells GaAs substrate, InP substrate, and germanium substrate to AXT, such goods are controlled by the Company prior to the transfer to AXT, and the Company dominates the use of the goods and gains almost all economic benefits therefrom, assumes the primary responsibility for customers, bears the inventory risks and has the pricing power.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, under the mode of processing trade, the Company shall handle the Manual for Supplied Material Processing with the Customs for the quantity of imported materials and corresponding exported finished products. The Company shall submit the case closing application to the customs and after verification and review, write off the Customs Manual and issues the Case Closing Notice after executing the Manual. The Company shall no longer apply for the new Customs Manual for Supplied Material Processing After the business mode is changed to general trade.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether the recognition of revenue by using the gross method during the reporting period complies with the </b><font style="font-size:12pt;font-style:italic;font-weight:bold;">Accounting Standard for Business Enterprises</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company implemented the </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 14 - Revenue</i><font style="font-size:12pt;"> (Cai Kuai [2006] No. 3) issued by the Ministry of Finance in 2006 from January 1, 2019 to December 31, 2019, and </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business Enterprises No. 14 - Revenue</i><font style="font-size:12pt;"> (Cai Kuai [2017] No. 22) revised by the Ministry of Finance in 2017 after January 1, 2020. According to the provisions in the old and new revenue standards and combining with the trade between the Company and AXT, the Company was the principal responsible person for the trade with AXT during the reporting period, therefore the operating revenue was calculated by the gross method, which complies with the </font><i style="font-size:12pt;font-style:italic;">Accounting Standard for Business </i></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-20</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Enterprises</i><font style="font-size:12pt;">. Relevant standards and specific analysis are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Relevant standards</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Pursuant to Article 34 of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises No. 14 - Revenue (2017 Revision)</i><font style="font-size:12pt;">, an enterprise shall judge whether it acts as the principal responsible 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 responsible 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The cases that the enterprise is able to control the goods before transferring them to the customer include: </font><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> the enterprise transfers the control of commodities or other assets to the customer after obtaining the control right from a third party; </font><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> the enterprise can guide a third party to provide services for customers on behalf of the enterprise; </font><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> after obtaining the control over commodities from a third party, the enterprise integrates such commodities with other products into a portfolio and transfers it to the customer by providing significant services.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For determining whether it has the right to control the goods before transferring them to the customer, the enterprise should not limit itself to the legal form under the contract, but take into account all the relevant facts and circumstances, including: </font><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> the enterprise bears the main responsibility for transferring goods to the customers; </font><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> the enterprise bears the inventory risk before or after the transfer; </font><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> the enterprise has the right to independently determine the price of the goods; </font><font style="font-size:12pt;">&#9315;</font><font style="font-size:12pt;"> other relevant facts and circumstances.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The principles of judgment of the principal responsible person or agent in the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises No. 14 - Revenue (Application Guide 2018)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When determining the principal responsible person or agent, the enterprise shall determine its role of a principal responsible person or agent in a certain transaction </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-21</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">according to the nature of its undertaking, namely the nature of performance obligation. If the enterprise undertakes to provide specific goods to the customer by itself, it is a principal responsible person; and if it undertakes to arrange others to provide such goods, namely it provides assistance for others, the enterprise can be deemed as an agent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The enterprise shall first identify the specific goods provided for the customers, and then evaluate whether it controls the goods prior to the transfer to the customer. If the enterprise is able to control the goods prior to the transfer, it is a principal responsible person; on the contrary, if it fails to control prior to the transfer, it is an agent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Guidance on recognition of revenue according to gross or net value in the </font><i style="font-size:12pt;font-style:italic;">Guidelines for the Application of Regulatory Rules - Accounting No. 1</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the relevant provisions in the revenue standard, when the sales of goods or the rendering of services involves other parties, the enterprise shall determine whether it is a principal responsible person or an agent according to the terms of the contract and the nature of transaction. If an enterprise controls the specific goods or service before transferring the same to the customer, namely, the enterprise is able to dominate the use of such goods or service, and obtain almost all the economic benefits therefrom, it is the principal responsible person; otherwise it is an agent. When determining whether it is a principal responsible person, the enterprise shall comprehensively consider whether it bears the main liability to the customer, whether it bears the inventory risk, whether it has the pricing power, and other relevant facts and circumstances. The enterprise shall determine the transaction price according to the amount of consideration collected from its customer, and measure the revenue. The principal responsible person shall recognize the revenue according to the total consideration received or receivable and the agent shall do so according to the commission or handling charge (net) that is expected to be collected</font><font style="font-size:12pt;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Specific analysis</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the above accounting standard</font><font style="font-size:12pt;">, when the Company purchases raw materials from AXT and sells the products such as </font><font style="font-size:12pt;">GaAs substrate, InP substrate, and germanium substrate</font><font style="font-size:12pt;"> to AXT, such products are controlled by the Company prior to the transfer to AXT, therefore the Company is the principal responsible person, which complies with the requirements for the recognition of revenue by using the gross </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-22</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">method; the specific analysis is shown below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) The Company is able to control the goods prior to the transfer to the customer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The Company has obtained the right to control the raw materials purchased from AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When the Company purchases the relevant raw materials from AXT, it can arrange the production of </font><font style="font-size:12pt;">GaAs substrate, InP substrate, and germanium substrate</font><font style="font-size:12pt;"> for other customers according to the order, and they can also be used for producing AXT-related products, rather than products specifically sold to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company can guide the use of raw materials purchased from AXT, and obtain the economic benefits from the sales of the products manufactured from the above raw materials, namely, the Company has obtained the right to control the above raw materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> The Company produces substrate products with the raw materials purchased from AXT and the main raw materials, for selling to AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The raw materials purchased from AXT mainly include high-purity arsenic, crucible materials, germanium ingot, cutting, grinding and polishing materials, and packaging materials; the products sold to AXT mainly include GaAs substrate, InP substrate, and germanium substrate. After purchasing raw materials from AXT, the Company shall match them with other main raw materials, to produce GaAs substrate, InP substrate, and germanium substrate through complex production processes including poly-crystal synthesis, crystal growth, cutting, grinding, polishing, cleaning and testing, and finally sell such products to AXT. Therefore, the element composition of relevant materials and the use of products have significantly changed after production.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, after obtaining the right to control the raw materials purchased from AXT, the Company produces GaAs substrate, InP substrate, and germanium substrate combined with other main raw materials, for selling to AXT. Therefore, the Company is able to control the goods prior to the transfer to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The Company is primarily responsible for transferring goods to the customer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The products provided by the Company shall comply with the agreed quality standard. If the customer finds that any product is unqualified in the production process, the Company shall replace or replenish the product and bear the expenses incurred; the Company shall also provide quality assurance and after-sales service. Therefore, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-23</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Company serves as the principal responsible person in the transaction with AXT, and assumes the primary responsibility for the transfer of goods to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) The Company bears the risks of inventory</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The risks of inventory mainly include the risk of fair value change, the risk of sluggish overstock, and the risk of damage and loss. The Company undertakes such risks of inventory, and the specific analysis is shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The relevant risks after delivery of the raw materials/products are transferred to the Company/AXT;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> When the Company and AXT sign a purchase order of raw materials, it is uncertain whether the products manufactured from the raw materials are sold for getting return; the Company bears the risk of sluggish overstock of the raw materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> The price of the raw materials purchased by the Company from AXT is determined based on the price of the purchase by AXT from its suppliers; the Company bears the risk of change in the fair value of raw materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9315;</font><font style="font-size:12pt;"> The Company arranges the use of raw materials purchased from AXT, and there is no physical correspondence with the sales of the products; the Company bears the risk of change in the fair value of the finished products;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company bears the risks of inventory caused by the purchase of raw materials from AXT and the sales of the products to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4) The Company has the right to determine the sales price</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company sells products to AXT on the price determined by the cost-plus method. The discrepancy between the sales price of the products sold to AXT and the average sales price is mainly reflected in the different performance requirements for substrate products, and it is determined by the product dimensions, technical parameters, thickness and angle of the edge. In general, the prices of GaAs substrate, InP substrate, and germanium substrate sold by the Company to AXT are reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company has the full right to determine the sales price.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5) The Company undertakes the credit risk of payment regarding the sales to AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> There is a certain credit period for settlement between the Company and AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> The procurement and sales between the Company and AXT are separately settled, without the case of discrepancy settlement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Therefore, the Company undertakes the credit risk of payment regarding the sales to AXT.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-24</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, as for the sales of GaAs substrate, InP substrate, and germanium substrate from the Company to AXT in the mode of general trade, the goods are controlled by the Company prior to the transfer to AXT, and the Company dominates the use of the goods and gains almost all economic benefits therefrom, assumes the primary responsibility for customers, bears the inventory risks and has the pricing power, which complies with the relevant provisions on the principal responsible person. According to the accounting standard mentioned above, the principal responsible person shall recognize the revenue based on the total consideration received or receivable during the reporting period, which is consistent with the sales revenue of GaAs substrate, InP substrate, and germanium substrate through general trade recognized by the Company by using the gross method.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Concerning sales mode of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">The Company sells products mainly by way of direct sale; of which, its domestic sale mainly adopts direct sale mode, and overseas sale mainly adopts the modes of direct sale, agents, traders and consignment. The specific circumstances of overseas sale are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-11.726467%;table-layout:auto;width:123.45%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:normal;width:15.79%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Sales mode</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:27.77%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:27.77%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:normal;width:28.65%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:15.79%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:15.14%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.79%;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:10.5pt;text-align:center;margin:0pt;">Direct sale </p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">16,193.18</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">38.68%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">30,474.37</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">90.67%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">24,050.97</p></td><td style="vertical-align:middle;width:15.14%;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:10.5pt;text-align:right;margin:0pt;">85.79%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.79%;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:10.5pt;text-align:center;margin:0pt;">Agents</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14,563.58</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">34.79%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,135.30</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.33%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,983.49</p></td><td style="vertical-align:middle;width:15.14%;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:10.5pt;text-align:right;margin:0pt;">14.21%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.79%;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:10.5pt;text-align:center;margin:0pt;">Consignment</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,219.57</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17.25%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:15.14%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.79%;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:10.5pt;text-align:center;margin:0pt;">Trader</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,884.27</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.28%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:15.14%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:15.79%;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:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 41,860.60 </font></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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 33,609.67 </font></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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> 28,034.46 </font></p></td><td style="vertical-align:middle;width:15.14%;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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Aforesaid sales modes comply with industrial common practice </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">According to information disclosed by listed companies in the semiconductor industry, the industry usually adopts similar sales mode; the specific circumstances are as follows: </b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.3289185%;width:106.65%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Company</font></p></td><td style="vertical-align:top;width:16.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Sales mode</font></p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Introduction</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Grinm Advanced Materials</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its subsidiary Grirem Optoelectronics adopts direct sale and agency: domestic sale adopts direct sale channels, and overseas sale adopts agency mode. </font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-25</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.3289185%;width:106.65%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:16.4%;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;"></td><td style="vertical-align:top;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its subsidiary Grirem Advanced Materials adopts direct sale for its domestic sale: rare earth and alloy products, accounting for about 90% of its domestic sales amount, adopt direct sale, and phosphor products, accounting for about 10% of its domestic sales amount, adopt agency sale. Its overseas sale mainly adopts agency sale. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its subsidiary GRIKIN adopts direct sale or agency based on different products and customers. Direct sale is usually adopted for domestic sale, and agency mode is usually adopted for international market, exploiting market through agents. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">KFMI</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its sales modes include direct sale and agency by trading firm. Under direct sale, after the company and its products passing customer certification, customers will issue monthly or quarterly orders to the company, and the company will deliver goods to the customers according to agreed time limit. Agency by trading firm means the Japanese end customers of the company purchase products from the company through famous trading firms such as comprehensive trading firm under Mitsubishi Chemical. &#160;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Nata Opto-electronic</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;">1. Direct sale</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;">2. Consignment </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;">3. Distribution </p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its sales modes include direct sale and distribution. For domestic customers, the company mainly adopts direct sale mode, that is, products are sold to end customers directly, including partial sale made by consignment. Its overseas sale usually adopts distribution mode based on the agency (distribution) agreements signed with customers and common practices. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Thinkon Semiconductor</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">Its main sales mode is direct sale; its main customers include Mitsubishi Materials, SK Chemicals, CoorsTek, Hana, Silfex, Trinity, Wakatec and WDX; except for Trinity, which is the agent designated by Mitsubishi Materials, Mitsubishi Materials, SK Chemicals, Hana, CoorsTek, Silfex, Wakatec and WDX are direct downstream customers of the company, and all products of the company realize final sale. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">MTCN</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale 2. Distribution</font></p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">It adopts the sales mode of &#8220;focusing on direct sale and supplemented by distribution&#8221;. Products are included in qualified supplier systems of customers after sending samples for trial use, small batch stability argumentation, production site assessment and enlarged purchase from qualified suppliers. Afterwards, mass production starts and products are sold to customers. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">Yoke Technology</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale 2. Distribution 3. Agency</font></p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">It adopts direct sale and distribution, and certain subsidiaries may sell by agency occasionally. After customers issuing orders or purchase contracts, the company will arrange procurement, production and delivery based on customers&#8217; requirements, and customers will pay after receiving and inspecting goods. Its subsidiary Chengdu Kemeite also sells by agency, that is, products </font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-26</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-3.3289185%;width:106.65%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:middle;width:16.4%;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;"></td><td style="vertical-align:top;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">are firstly sold to agents, which sell to end customers in the brand of Kemeite. &#160;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">GrandiT</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;">1. Direct sale</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;">2. Consignment </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3. Distribution</p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">It mainly adopts the direct sale mode (selling to customers directly), and sells through distributors occasionally. The direct sale mode can be further divided into consignment mode and non-consignment mode; the latter includes common direct sale and agency. </font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.79%;background:#ffffff;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">National Silicon Industry Group</font></p></td><td style="vertical-align:middle;width:16.4%;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:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">1. Direct sale</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="color:#333333;">2. Agency</font></p></td><td style="vertical-align:middle;width:66.8%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="color:#333333;">All its products are sold through direct sale. Since high barrier exists in semiconductor wafer industry, with concentrated manufacturers and downstream customers, the company usually acquires orders through actively searching potential customers and negotiating with customers directly. In addition, the company also contacts small and medium-size customers through some agents. </font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Note: The company data in the industry originates from annual reports or prospectus. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The sales mode of the Issuer is adopted based on its business characteristics, customers&#8217; needs and regional trade custom, similar with other listed companies in the semiconductor industry. The aforesaid sales mode comply with industrial common practice and are commercially reasonable. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Main customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) Domestic direct sale</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the type and sales amounts of products sold to top five customers of the Company under domestic direct sale are as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:11.7%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</b></p></td><td style="vertical-align:middle;width:15.23%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">3,487.18</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">3,137.32</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics </p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">2,789.80</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Customer A</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">2,751.24</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Customer B</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">2,663.40</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate; High Purity Gallium</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">14,828.94</b></p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">3,027.45</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Customer B</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">2,938.71</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-27</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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="5" style="vertical-align:middle;width:11.7%;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;"></td><td style="vertical-align:middle;width:8.67%;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;"></td><td style="vertical-align:middle;width:34.42%;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;"></td><td style="vertical-align:middle;width:15.23%;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;"></td><td style="vertical-align:top;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">1,981.64</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">1,620.88</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Customer A</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">1,308.82</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">10,877.50</b></p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Customer A</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">4,755.70</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">2,280.93</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">1,825.25</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Customer B</p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">1,681.73</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate&#65307;High Purity Gallium</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.67%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:34.42%;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:10.5pt;text-align:center;margin:0pt;">Yunnan Germanium </p></td><td style="vertical-align:middle;width:15.23%;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:10.5pt;text-align:right;margin:0pt;">1,258.46</p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide polycrystal; PBN crucible; High Purity Gallium</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.7%;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:10.5pt;text-align:center;margin:0pt;"><font style="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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</b></p></td><td style="vertical-align:middle;width:15.23%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11,802.07</b></p></td><td style="vertical-align:middle;width:29.95%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">The basic information of aforesaid customers is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.4885674%;width:114.97%;" align="center"><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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.77%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.21%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.25%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:28.63%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.42%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.18%;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:10.5pt;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: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:12.77%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</b></p></td><td style="vertical-align:middle;width:15.21%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</b></p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:28.63%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Introduction to the enterprise and its status in the industry</b></p></td><td style="vertical-align:middle;width:13.42%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:11.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">A</b><b style="font-weight:bold;">ffiliated with the Issuer?</b></p></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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:12.77%;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:10.5pt;text-align:center;margin:0pt;">Nanchang Kingsoon</p></td><td style="vertical-align:middle;width:15.21%;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:10.5pt;text-align:center;margin:0pt;">2015</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB 114,015,000 </p></td><td style="vertical-align:middle;width:28.63%;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:10.5pt;text-align:justify;margin:0pt;">It is engaged in R&amp;D, production and sale of quaternary LED epitaxial wafers, chips and high-efficiency gallium arsenide solar cell epitaxial wafers. The germanium substrates purchased by Nanchang Kingsoon from the Company are processed into epitaxial wafers, which are applied to solar cells used in more than 50% of satellite spacecrafts in </p></td><td style="vertical-align:middle;width:13.42%;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:10.5pt;text-align:center;margin:0pt;">Xiangwu Wang</p></td><td style="vertical-align:middle;width:11.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-28</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-7.4885674%;width:114.97%;" align="center"><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;"></td><td style="vertical-align:middle;width:12.77%;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;"></td><td style="vertical-align:middle;width:15.21%;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;"></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:28.63%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">China, and relevant products have been used in aerospace equipment such as Chang&#39;e 4 and Tianwen-1. </p></td><td style="vertical-align:middle;width:13.42%;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;"></td><td style="vertical-align:middle;width:11.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"></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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:12.77%;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:10.5pt;text-align:center;margin:0pt;">Epi Solution Technology Co., Ltd.</p></td><td style="vertical-align:middle;width:15.21%;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:10.5pt;text-align:center;margin:0pt;">2011</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB 60,000,000</p></td><td style="vertical-align:middle;width:28.63%;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:10.5pt;text-align:justify;margin:0pt;">As a leading enterprise in the gallium arsenide MBE epitaxy field in China, EPI supplies high-quality epitaxial wafers with MBE to global markets of compound semiconductor. &#160; </p></td><td style="vertical-align:middle;width:13.42%;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:10.5pt;text-align:center;margin:0pt;">Dima Technology</p></td><td style="vertical-align:middle;width:11.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:12.77%;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:10.5pt;text-align:center;margin:0pt;">Everbright Photonics</p></td><td style="vertical-align:middle;width:15.21%;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:10.5pt;text-align:center;margin:0pt;">2012</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB 101,700,000 </p></td><td style="vertical-align:middle;width:28.63%;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:10.5pt;text-align:justify;margin:0pt;">As a manufacturer of core components in laser industry in China such as semiconductor laser chips, devices and modules, Everbright Photonics has the largest market share in China in the field of high power semiconductor laser chip. </p></td><td style="vertical-align:middle;width:13.42%;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:10.5pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:11.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:12.77%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yunnan Germanium</p></td><td style="vertical-align:middle;width:15.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1998</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB 653,120,000</p></td><td style="vertical-align:middle;width:28.63%;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:10.5pt;text-align:justify;margin:0pt;">Germanium products and other metallurgy products; production, smelting and marketing of mineral products. As a famous company listed in China, it has a complete industrial chain in the germanium industry, and rich and excellent germanium ore resources, ranking No. 1 in China in terms of sales volume of germanium products; it is the largest manufacturer and supplier of germanium products in China. &#160;</p></td><td style="vertical-align:middle;width:13.42%;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:10.5pt;text-align:center;margin:0pt;">Kaihui Wu, Wendong Bao</p></td><td style="vertical-align:middle;width:11.18%;border-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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) Overseas direct sale (excluding traders and consignment customers)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the type and sales amounts of products sold to top five customers of the Company under overseas direct sale are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0&#8217;000</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-29</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AXT</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:10.5pt;text-align:right;margin:0pt;">5,979.70</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">3,060.02</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Customer C</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:10.5pt;text-align:right;margin:0pt;">1,921.83</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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:10.5pt;text-align:right;margin:0pt;">863.84</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate, polycrystal and crystal bar</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">853.94</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,679.33</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AXT</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:10.5pt;text-align:right;margin:0pt;">28,196.51</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,233.81</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">415.87</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</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:10.5pt;text-align:right;margin:0pt;">214.22</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Veeco Instruments Inc.</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:10.5pt;text-align:right;margin:0pt;">188.70</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">30,249.11</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AXT</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:10.5pt;text-align:right;margin:0pt;">22,144.98</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,304.47</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">241.32</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Veeco Instruments Inc.</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:10.5pt;text-align:right;margin:0pt;">171.91</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</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:10.5pt;text-align:right;margin:0pt;">102.76</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">23,965.44</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Prior to March 2021, as arranged by the Group, AXT had been selling semiconductor substrate materials to overseas customers as the principal part of overseas sale. Therefore, in years of 2019 and 2020, except for AXT, other major customers of the Company under overseas direct sale purchased PBN crucible, PBN plate and other products from Beijing Boyu. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">After looking through AXT, during the reporting period, the type and sales amounts of products sold to top five customers of the Company under overseas direct sale are as follows:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-30</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">3,751.44</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Customer C</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:10.5pt;text-align:right;margin:0pt;">2,281.34</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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:10.5pt;text-align:right;margin:0pt;">863.84</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate, polycrystal and crystal bar</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">853.94</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR GmbH</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:10.5pt;text-align:right;margin:0pt;">771.44</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">8,522.00</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">1,634.70</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,233.81</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Customer C</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:10.5pt;text-align:right;margin:0pt;">813.45</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</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:10.5pt;text-align:right;margin:0pt;">687.65</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">415.87</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">4,785.48</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">IQE</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:10.5pt;text-align:right;margin:0pt;">1,678.48</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</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:10.5pt;text-align:right;margin:0pt;">1,471.69</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</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:10.5pt;text-align:right;margin:0pt;">1,304.47</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR GmbH</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:10.5pt;text-align:right;margin:0pt;">385.58</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SHIN-ETSU HANDOUTAI CO., LTD.</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:10.5pt;text-align:right;margin:0pt;">289.11</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5,129.33</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">The basic information of aforesaid customers is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-13.291595%;width:126.58%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.81%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.91%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:15.89%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.71%;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:10.5pt;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: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</b></p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</b></p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Introduction to the enterprise and its status in the industry</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Whether affiliated with the Issuer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1986</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">USD 42,700</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">Listed in NASDAQ (AXTI), controlling shareholder of the Issuer, not dealing in specific business. &#160;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yes</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">Mo Sangyo Co, Ltd.</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1998</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">JPY 10 </p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">Japan trader of </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Yukitoshi Ozaki</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-31</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-13.291595%;width:126.58%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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;"></td><td style="vertical-align:middle;width:19.53%;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;"></td><td style="vertical-align:middle;width:13.81%;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;"></td><td style="vertical-align:top;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">million</p></td><td style="vertical-align:top;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">semiconductor materials, downstream customers are famous enterprises such as Sony. Renowned trader in Japan, serving as trader for several semiconductor enterprises.</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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">IQE</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1988</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">Listed in &#160;London Stock Exchange (IQE.L), &#160;III-V epitaxy manufacturer, leading compound semiconductor wafer designer and manufacturer in the world. The second largest III-V compound semiconductor epitaxy manufacturer in the world.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Invesco</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">2004</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">A South Korea manufacturer dealing in gallium arsenide materials and infrared LED epitaxial wafer</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1936</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">JPY 930 million</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">A company under Sumitomo (listed in Japan Exchange Group (5802.T)), which is famous communication provider and manufacturer in the world.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sumitomo Electric Industries, Ltd</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1949</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">EUR 512,000</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">One of major competitors of the Issuer, dealing in GaAs substrate. Renowned material enterprise in Germany, with largest market share of GaAs substrate in the world in 2019</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Federmann Enterprises Ltd</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1980</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">EUR 140,000</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">High performance ceramics manufacturer in Germany</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CVT </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Verwaltungs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">GmbH</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">Veeco Instruments Inc.</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1945</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">Listed in NASDAQ (VECO), leading precision measuring instruments and process equipment manufacturer in the world, </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-32</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-13.291595%;width:126.58%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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;"></td><td style="vertical-align:middle;width:19.53%;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;"></td><td style="vertical-align:middle;width:13.81%;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;"></td><td style="vertical-align:middle;width:11.11%;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;"></td><td style="vertical-align:top;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">and globally leading MOCVD enterprise</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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR GmbH</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1998</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">EUR 7.15 million</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">Vishay offers a variety of products, from discrete semiconductors to passive components, from the smallest diodes to the most powerful capacitors, which serve as the basis of modern technology and life of the people.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Vishay Intertechnology, Inc</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">AZUR SPACE SOLAR POWER GMBH</p></td><td style="vertical-align:middle;width:13.81%;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:10.5pt;text-align:center;margin:0pt;">1964</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">EUR 100,000</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">A German enterprise, developing and producing solar cells applied to space PV and ground CPV.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:9.71%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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:10.5pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:center;margin:0pt;">SHIN-ETSU HANDOUTAI CO., LTD.</p></td><td style="vertical-align:middle;width:13.81%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">1967</p></td><td style="vertical-align:middle;width:11.11%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:24.91%;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:10.5pt;text-align:justify;margin:0pt;">A branch of ShinEtsu Group (Japan), engaged in production and sale of semiconductor wafers, with the largest market share of semiconductor wafer in the world.</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Shin-Etsu Group</p></td><td style="vertical-align:middle;width:9.71%;border-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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the type and sales amounts of products sold to top five customers of the Company under overseas agency are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">LandMark Optoelectronics</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:10.5pt;text-align:right;margin:0pt;">4,731.71</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">VPEC</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:10.5pt;text-align:right;margin:0pt;">3,100.29</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</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:10.5pt;text-align:right;margin:0pt;">1,775.26</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">WIN Semiconductors</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:10.5pt;text-align:right;margin:0pt;">1,090.65</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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:10.5pt;text-align:right;margin:0pt;">863.84</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate, gallium arsenide polycrystal, gallium arsenide crystal bar</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11,561.75</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</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:10.5pt;text-align:right;margin:0pt;">1,758.69</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</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:10.5pt;text-align:right;margin:0pt;">1,294.25</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-33</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SFA ENGINEERING CORPORATION</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:10.5pt;text-align:right;margin:0pt;">33.73</p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">PBN crucible</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SVMTECH CO., LTD.</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:10.5pt;text-align:right;margin:0pt;">13.97</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">ZENITH TECH</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:10.5pt;text-align:right;margin:0pt;">12.07</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">3,112.71</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:6pt 0pt 6pt 0pt;">2019</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</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:10.5pt;text-align:right;margin:0pt;">2,277.28</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</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:10.5pt;text-align:right;margin:0pt;">1,445.72</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN PLATE</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SVMTECH CO., LTD.</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:10.5pt;text-align:right;margin:0pt;">114.79</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN PLATE</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">SFA ENGINEERING CORPORATION</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:10.5pt;text-align:right;margin:0pt;">93.56</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">KPM</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:10.5pt;text-align:right;margin:0pt;">10.39</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, PBN plate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">otal</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">3,941.74</b></p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">-</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Prior to March 2021, as arranged by the Group, AXT had been selling semiconductor substrate materials to overseas customers as the principal part of overseas sale. Since March 2021, the Issuer has been selling products to customers in Taiwan and South Korea such as </font>LandMark Optoelectronics, and has signed agency agreements with agents. Information about aforesaid customers is as follows: </p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521069%;width:125.04%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.03%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:justify;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:10.5pt;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:5.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:24.47%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">P</b><b style="font-weight:bold;">rofile</b></p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Whether affiliated with the Issuer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">LandMark Optoelectronics</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1997</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NTD 913,692,000 </p></td><td style="vertical-align:middle;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">Listed in Taiwan, China (3081.TWO), a global III-V semiconductor material epitaxy enterprise, and the largest III-V compound semiconductor epitaxy manufacturer in the world</p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">Jingyi Zhang</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">VPEC</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1996</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NTD 2600 million</p></td><td style="vertical-align:middle;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">Listed in Taiwan, China (2455.TW), a global III-V semiconductor material epitaxy enterprise, Top 3 gallium arsenide foundry in the world</p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">Chen</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2012</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:top;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">Formed after combination of Louwers Glastechniek (established in 1961) and Pulles &amp; Hanique </p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">Muon. B.V.</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-34</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521069%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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;"></td><td style="vertical-align:middle;width:21.14%;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;"></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 5.15pt 0pt 5.15pt;"></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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">(established in 1950) in 2012, headquartered in Netherlands, it is a precision glass and ceramic producer, supplying parts and components of Mask Aligner to ASML</p></td><td style="vertical-align:middle;width:12.68%;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;"></td><td style="vertical-align:middle;width:10.32%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">WIN Semiconductors</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1999</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">NTD 1,000,000 </p></td><td style="vertical-align:top;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">An OEM of global III-V semiconductor material, listed in Taiwan, China (3105.TWO), the largest gallium arsenide foundry in the world</p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">Tien Ho Industrial Co., Ltd.</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">PROWTECH, INC.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2004</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Not disclosed</p></td><td style="vertical-align:top;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">A South Korea manufacturer dealing in gallium arsenide materials and infrared LED epitaxial wafer </p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2000</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 10,000 million</p></td><td style="vertical-align:middle;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">Manufacturer of vacuum accessories and vacuum evaporation equipment, supplying products to major OLED manufacturers in South Korea</p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">CEP ATHENS HOLDINGS LIMITED</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">SFA ENGINEERING CORPORATION</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1998</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 75,000 million</p></td><td style="vertical-align:middle;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">An automation and logistics system manufacturer listed in South Korea (056190); its products include manufacturing system used to produce kinescope, and it also produces stacker, sorter, conveyor and loader systems for automated distribution center. </p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">DY Holdings Co., Ltd.</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">SVMTECH CO., LTD.</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2006</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 4,000 million</p></td><td style="vertical-align:middle;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">A professional company with welding technologies and equipment in semiconductors, displays, aerospace, defense industry, nuclear energy and other application fields on the basis of design and manufacturing technologies </p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">KIM, KI-SOO</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-35</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521069%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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;"></td><td style="vertical-align:middle;width:21.14%;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;"></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 5.15pt 0pt 5.15pt;"></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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">in special bonding field. </p></td><td style="vertical-align:middle;width:12.68%;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;"></td><td style="vertical-align:middle;width:10.32%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">ZENITH TECH</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2014</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 50 million</p></td><td style="vertical-align:middle;width:24.47%;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:10.5pt;text-align:justify;margin:0pt;">Manufacturing electronic information products and optical products, diodes, transistors and similar semiconductor devices</p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.32%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.1%;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:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;width:21.14%;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:10.5pt;text-align:center;margin:0pt;">KPM</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2010</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">WON 200 million</p></td><td style="vertical-align:middle;width:24.47%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Manufacture and sale of electronic tubes, interface cards and other electronic components</p></td><td style="vertical-align:middle;width:12.68%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.32%;border-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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since overseas semiconductor industry developed earlier, overseas customers have huge demands for III-V compound semiconductor materials. In order to understand specific needs of overseas customers, get in on the ground floor of market, and respect usages of trade and operation of different regions, the Company also sells products through agents in Europe, America, South Korea, Taiwan (China) and other regions according to business practice. Under the circumstance of entrusting agents to promote, the Company concludes sales agency agreements with agents, which are responsible for promotion of relevant products in specific regions; the Company will conclude sale contracts with relevant customers and deliver goods to customers directly, and pay commissions to the agents according to type of products sold on commission and agreed commission percentage. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Sale by agency is common in semiconductor industry; listed companies such as ACM Shanghai, National Silicon Industry and Montage Technology have entrusted agents to sell. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, using agency mode for sale by the Company in foreign countries is based on actual conditions of the Company and the common practice of semiconductor industry; the agents are not affiliated with the Company or relevant parties, and there is no commercial bribe or tunneling. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(4) Trader</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, Mo Sangyo Co, Ltd. is the sole trader customer before and after business switch of the Company and AXT; the Company and AXT have no other trader customer. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-36</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the course of development, Japanese IC enterprises form the industrial tradition of purchasing raw materials through agents. Based on the commercial custom of Japanese enterprises, the semiconductor enterprises in Japan usually purchase products from foreign enterprises through traders or agents. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In order to understand specific needs of Japanese customers, get in on the ground floor of market, and respect local usages of trade and operation, the Company has entrusted Mo Sangyo Co, Ltd as the trader in Japan to exploit Japanese market since 2005. Mo Sangyo Co, Ltd is not engaged in any production; it is responsible for sale of products in Japan as the trader. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Prior to March 2021, the Issuer&#8217;s overseas sale of semiconductor substrate materials was carried out by AXT according to the arrangement of the Group; therefore, in the Year of 2019 and Year of 2020, the Company had no trader customers; except for Mo Sangyo Co, Ltd., AXT had no other trader customers. In the Year of 2021, the Company sold to Japan trader customer Mo Sangyo Co, Ltd. directly after completing business switch.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Mo Sangyo Co, Ltd is mainly responsible for promoting and selling the Company&#8217;s products to customers in Japan, settles with the Company monthly based on the sale to end customers, and pay for corresponding goods. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The cooperation agreements between Mo Sangyo Co, Ltd and the Company stipulate the rights and obligations of both parties, and have following main terms: </font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.63%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:20.03%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:79.96%;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:10.5pt;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:20.03%;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:10.5pt;text-align:center;margin:0pt;">Agreed Items</p></td><td style="vertical-align:middle;width:79.96%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Specific provisions</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Sales region</p></td><td style="vertical-align:middle;width:79.96%;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:10.5pt;text-align:justify;margin:0pt;">Mo Sangyo Co, Ltd is only responsible for promoting and selling products of AXT-Tongmei in Japan; customers in Japan shall own business sites and place orders in the territory, and deliver products to the sites within the territory. &#160;</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Price and settlement</p></td><td style="vertical-align:middle;width:79.96%;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:10.5pt;text-align:justify;margin:0pt;">Mo Sangyo Co, Ltd can obtain corresponding profits based on the product sale services offered by it according to provisions hereof, and specific amount of profits is subject to separate agreement. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Based on the fact and circumstance of license from AXT-Tongmei, Mo Sangyo Co, Ltd shall purchase products and sell them to end customers. Based on the business mode of &#8220;purchase-resale&#8221;, AXT-Tongmei issues invoices to Mo Sangyo Co, Ltd. Mo Sangyo Co, Ltd issues invoices to end customers and pays to AXT-Tongmei for relevant goods according to </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-37</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:99.63%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:79.96%;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:10.5pt;text-align:justify;margin:0pt;">agreement. </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Responsibility of performance </p></td><td style="vertical-align:middle;width:79.96%;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:10.5pt;text-align:justify;margin:0pt;">AXT-Tongmei is solely responsible for product design, development, supply, production and performance. AXT-Tongmei shall indemnify and defend Mo Sangyo Co, Ltd against any losses and claims incurred by it arising from any patent infringement of the products of AXT-Tongmei. </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Product standard</p></td><td style="vertical-align:middle;width:79.96%;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:10.5pt;text-align:justify;margin:0pt;">Mo Sangyo Co, Ltd does not have any express or implicit rights of making any direct or indirect modification, supplement or limitation on updated written warranty of corresponding products offered by AXT-Tongmei or warranties or representations expressly included in product specifications. AXT-Tongmei may, at its own discretion, revise product warranty or specifications from time to time, and the revised product warranty or specifications only become effective when Mo Sangyo Co, Ltd receives information on revision. </p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Pursuant to agreements between Mo Sangyo Co, Ltd and AXT-Tongmei, Mo Sangyo Co, Ltd is responsible for the sale of products of AXT-Tongmei in Japan, and shall use its utmost efforts to promote and sell products of AXT-Tongmei to customers in Japan, provided that Mo Sangyo Co, Ltd is not entitled to confirm, revise or guarantee the product standards, parameters such as quality or normative documents of AXT-Tongmei to its customers. Therefore, Mo Sangyo Co, Ltd only assists the Company in exploiting Japan market as the trader of the Company in Japan, and does not play a role in key information involving production line certification such as place of origin, production standard and selection of raw materials. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Mo Sangyo Co, Ltd. began to cooperate with AXT since 2005; in 2021, the Company generated incomes of RMB38,842,700 from Mo Sangyo Co, Ltd., which mainly purchases Indium Phosphide and GaAs substrates from the Company. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Based on the explanations given by Mo Sangyo Co, Ltd., during the reporting period, its top 5 downstream customers are Dowa Holdings Co., Ltd., ROHM, SONY, SCIOCS, SHOWA DENKO, NEOPHOTONICS SEMICONDUCTOR GK and SEI YOKOHAMA RESEARCH LAB; the aforesaid customers are famous semiconductor enterprises in Japan. &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Based on the explanations given by Mo Sangyo Co, Ltd., it has been purchasing semiconductor products from suppliers such as Epi Solution Technology, Opto Solution Technology, MONOCRYSTAL PLC and Silicon Technology since 2003, except for </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-38</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Beijing Tongmei.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">(5) Consignment </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">Prior to business switch, Osram, Broadcom and Sumika Electronic Materials, Inc were consignment customers of AXT and had cooperated with AXT for many years; in March 2021, due to switch of sales business and customers to AXT-Tongmei, the Issuer obtained aforesaid three consignment customers. In 2021, its subsidiary Beijing Boyu changed the sales mode into the mode of consignment after negotiating with customer Freiberger in consideration of its needs. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">In 2021, the type and sales amounts of products sold to top five customers of the Company under the mode of consignment are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Y</b><b style="font-weight:bold;">ear</b></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;width:32.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main products sold</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Osram</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:10.5pt;text-align:center;margin:0pt;">5,506.52</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">Indium Phosphide, gallium arsenide, germanium substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Sumika Electronic Materials, Inc</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:10.5pt;text-align:right;margin:0pt;">572.38</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Broadcom</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:10.5pt;text-align:right;margin:0pt;">571.43</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:9.03%;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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:33.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:right;margin:0pt;">569.24</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">PBN crucible, other PBN materials</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:11.34%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:middle;width:42.37%;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:10.5pt;text-align:center;margin:0pt;">Total</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:10.5pt;text-align:right;margin:0pt;">7,219.57</p></td><td style="vertical-align:middle;width:32.08%;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:10.5pt;text-align:center;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><font style="font-size:12pt;">The basic information of aforesaid customers is as follows: </font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521069%;width:125.04%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:5.06%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.33%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.98%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:26.79%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.4%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.15%;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:10.5pt;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:5.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">N</b><b style="font-weight:bold;">o.</b></p></td><td style="vertical-align:middle;width:19.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ustomer</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">T</b><b style="font-weight:bold;">ime of incorporation</b></p></td><td style="vertical-align:middle;width:11.25%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">R</b><b style="font-weight:bold;">egistered capitals</b></p></td><td style="vertical-align:middle;width:26.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">P</b><b style="font-weight:bold;">rofile</b></p></td><td style="vertical-align:middle;width:13.4%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">C</b><b style="font-weight:bold;">ontrolling shareholder /Actual controller</b></p></td><td style="vertical-align:middle;width:10.15%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Whether affiliated with the Issuer</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:19.33%;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:10.5pt;text-align:center;margin:0pt;">Osram</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:10.5pt;text-align:center;margin:0pt;">1906</p></td><td style="vertical-align:middle;width:11.25%;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:10.5pt;text-align:center;margin:0pt;">EUR 5 million</p></td><td style="vertical-align:middle;width:26.79%;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:10.5pt;text-align:justify;margin:0pt;">Listed in Frankfurt Stock Exchange (OSR.DF), dealing in optical semiconductors, auto parts and digital technology. Top 2 Opto Semiconductor manufacturer, especially in the field of LED. </p></td><td style="vertical-align:middle;width:13.4%;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:10.5pt;text-align:center;margin:0pt;">Osram GmbH</p></td><td style="vertical-align:middle;width:10.15%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:19.33%;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:10.5pt;text-align:center;margin:0pt;">Sumika Electronic Materials, Inc</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:10.5pt;text-align:center;margin:0pt;">2003</p></td><td style="vertical-align:middle;width:11.25%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:26.79%;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:10.5pt;text-align:justify;margin:0pt;">It mainly products and sells optical film, projector optical accessories, etc.</p></td><td style="vertical-align:middle;width:13.4%;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:10.5pt;text-align:center;margin:0pt;">Sumitomo</p></td><td style="vertical-align:middle;width:10.15%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-39</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-12.521069%;width:125.04%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:19.33%;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:10.5pt;text-align:center;margin:0pt;">Broadcom</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:10.5pt;text-align:center;margin:0pt;">1961</p></td><td style="vertical-align:middle;width:11.25%;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:10.5pt;text-align:center;margin:0pt;">USD 289 million</p></td><td style="vertical-align:top;width:26.79%;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:10.5pt;text-align:justify;margin:0pt;">Broadcom (NASDAQ: AVGO), a leading semiconductor enterprise in the world, acquired Avago Technologies in 2016, designing, developing and manufacturing wide range of semiconductor and facility software products. </p></td><td style="vertical-align:middle;width:13.4%;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:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.15%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:5.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:19.33%;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:10.5pt;text-align:center;margin:0pt;">Freiberger</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:10.5pt;text-align:center;margin:0pt;">1949</p></td><td style="vertical-align:middle;width:11.25%;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:10.5pt;text-align:center;margin:0pt;">EUR 512,000</p></td><td style="vertical-align:middle;width:26.79%;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:10.5pt;text-align:justify;margin:0pt;">One of major competitors of the Issuer, dealing in GaAs substrate. Renowned material enterprise in Germany, with largest market share of GaAs substrate in the world in 2019</p></td><td style="vertical-align:middle;width:13.4%;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:10.5pt;text-align:center;margin:0pt;">Federmann Enterprises Ltd</p></td><td style="vertical-align:middle;width:10.15%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, the main customers of the Company under modes of direct sale, agency and consignment are renowned customers with high fame, influence and status in the industry; under the mode of trader, the Company only has one customer, i.e., Mo Sangyo Co, Ltd., whose downstream customers are renowned enterprises in Japan, such as Dowa Holdings Co., Ltd., ROHM and SONY; it is commercially reasonable to sell products through it since it complies with the common practice in the semiconductor industry in Japan. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> </b><b style="font-size:12pt;font-weight:bold;">(IV) Increase of incomes during reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk106265188"></a><font style="font-size:12pt;">During reporting period, the incomes of the Company from its primary business are as follows (based on product category): </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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;width:100%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17.96%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:27.34%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:27.34%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:27.34%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17.96%;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:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.58%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.96%;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:10.5pt;margin:0pt;">Semiconductor substrate materials</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:10.5pt;text-align:right;margin:0pt;">62,675.18 </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">73.39%</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:10.5pt;text-align:right;margin:0pt;">44,346.06</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">76.05%</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:10.5pt;text-align:right;margin:0pt;">35,771.29</p></td><td style="vertical-align:middle;width:14.58%;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:10.5pt;text-align:right;margin:0pt;">77.39%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.96%;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:10.5pt;margin:0pt;">PBN crucible</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:10.5pt;text-align:right;margin:0pt;">5,502.47</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6.44%</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:10.5pt;text-align:right;margin:0pt;">5,186.24</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.89%</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:10.5pt;text-align:right;margin:0pt;">4,729.22</p></td><td style="vertical-align:middle;width:14.58%;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:10.5pt;text-align:right;margin:0pt;">10.23%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.96%;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:10.5pt;margin:0pt;">High-purity metals and compounds</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:10.5pt;text-align:right;margin:0pt;">12,201.00</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14.29%</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:10.5pt;text-align:right;margin:0pt;">5,501.42</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.43%</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:10.5pt;text-align:right;margin:0pt;">2,531.92</p></td><td style="vertical-align:middle;width:14.58%;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:10.5pt;text-align:right;margin:0pt;">5.48%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-40</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:19.85pt;"><td style="vertical-align:middle;width:17.96%;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:10.5pt;margin:0pt;">Other </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:10.5pt;text-align:right;margin:0pt;">5,025.79 </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">5.88%</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:10.5pt;text-align:right;margin:0pt;">3,275.00</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">5.62%</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:10.5pt;text-align:right;margin:0pt;">3,188.36</p></td><td style="vertical-align:middle;width:14.58%;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:10.5pt;text-align:right;margin:0pt;">6.90%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.96%;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:10.5pt;text-align:center;margin:0pt;"><b style="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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">85,404.44</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">58,308.72</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100.00%</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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">46,220.79</b></p></td><td style="vertical-align:middle;width:14.58%;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:10.5pt;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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The income increase during reporting period was realized due to following factors: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Switch of business between the Company and AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In March 2021, AXT-Tongmei assumed overseas sale business and relevant customers of AXT; in May 2021, the Company acquired AXT-Tongmei. From 2019 to March 2021, overseas sale of semiconductor substrate materials of the Company were completed through AXT, which assumed overseas sale and personnel costs, and obtained certain profits; after business switch is completed, the Company assumed original overseas sales team of AXT and directly sold products to overseas end customers; the incomes from Indium Phosphide substrates increased fast due to increase of product prices, driving the increase of overall incomes for 2021. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Obvious increase of market demand</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Among main products of the Company, Indium Phosphide substrate is mainly used in fields of optical communication and data center, GaAs substrate is mainly used in fields of radio frequency devices and new generation display, and germanium substrate is mainly used in the field of solar cells. During the reporting period, the aforesaid markets developed fast, and the demands increased rapidly, with details as follows: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The fields of optical communication and data center</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of optical communication, the usage of optical modules in 5G base stations is significantly higher than that in 4G base station, and large-scale deployment of 5G base stations will greatly drive the increase of the demands for optical modules. According to Yole statistics, global sales volume of the optical module Indium Phosphide substrates (converted into 2 inches) is expected to exceed one million by 2026, with a compound growth rate of 13.94% from 2019 to 2026. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of data center, along with the popularity of mobile Internet in recent years, data traffic increases fast, driving the fast development of cloud computing industry, stimulating the demands for construction of data centers, and also bringing more demands for optical modules of data centers. According to Yole statistics, global </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-41</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">market size of optical modules of data center will increase from USD 4 billion in 2019 to USD 12.1 billion in 2025, with a compound growth rate of 20% from 2019 to 2025.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The fields of radio frequency devices and LED display</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of RF, 5G smartphone PA (power amplifier) market will still be dominated by gallium arsenide. According to Yole statistics, in 2021, the market of RF devices accounted for 30.15% of the market of gallium arsenide semiconductor and contributed 32.50% of the output value. According to statistics of Orient Securities Research Institute, in the era of 4G, each mobile phone used 7 PA on average. Since 5G increases the frequency, and will increase high frequency in future, and for purpose of being compatible with 4G, 3G and 2G standards, so 5G smartphone requires more PA, with maximum of 16, or 10 on average; the RF devices made on basis of gallium arsenide are expected to have higher rate of penetrating mobile terminals in the era of 5G.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the field of LED display, the new generation of displays adopt Mini LED and Micro LED chips of sub-millimeter and micron scale, raising high technical requirements on GaAs substrate; therefore, the popularity of Mini LED and Micro LED will bring new opportunity for the application of gallium arsenide. As forecasted by Yole, the demands for GaAs substrates in Mini LED and Micro LED increase fast; global sales volume of GaAs substrates (converted into 2 inches) in Mini LED and Micro LED is expected to increase from 2,079,000 pieces in 2019 to 6,138,000 pieces in 2025, with an annual compound growth rate of 19.77%. &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;white-space:pre-wrap;"> </font><font style="font-size:12pt;">(3) Field of solar cells</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As disclosed by </font><i style="font-size:12pt;font-style:italic;">2020 Blue Book of China Aerospace Science and Technology Activities</i><font style="font-size:12pt;">, in 2020, launch vehicles were launched 114 times around the world, and 1,260 satellites were launched. According to SIA statistics, the size of market of global satellite industry reached USD 371 billion in 2020, and the number of satellites in orbit increased from 958 in 2010 to 3,371 in 2020. In recent years, China and USA accelerated the frequency of launching satellites; in 2020, the two countries totally launched 1,101 communication satellites, remote sensing satellites and navigation </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-42</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">satellites. The competition among countries in the aerospace field focus on communication satellites and remote sensing satellites, and low earth orbit can contain about 60,000 satellites. In current phase, the solar cells used in the satellites launched by China are produced by Chinese enterprises and scientific research institutions. In future, it is expected that enterprises will have access to the market of space solar cells, driving the increase of demands for germanium substrates in relevant fields. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Policies greatly support development of the industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In recent years, relevant authorities of China promulgated a series of policies to encourage the development of compound semiconductor substrate materials. For example, </font><i style="font-size:12pt;font-style:italic;">The 14th Five-Year Plan for National Informatization</i><font style="font-size:12pt;"> issued by The&#160;Central&#160;Commission&#160;for&#160;Cybersecurity and&#160;Informatization in Dec. 2021 encourages strategic research layout and technology accommodation &amp; innovation in key frontier fields such as Non-Silicon-Based Semiconductors; In </font><i style="font-size:12pt;font-style:italic;">Catalog of Key New Materials for First Application Demonstration and Guidance (Version 2021)</i><font style="font-size:12pt;">, MIIT lists low dislocation germanium single crystals of 4-6 inches in Catalog of Advanced Semiconductor Materials and New Display Materials; In </font><i style="font-size:12pt;font-style:italic;">Catalog for Industrial Structure Adjustment Guidance (Version 2019)</i><font style="font-size:12pt;"> issued by NDRC, Czochralski compound semiconductor materials with diameters more than 125mm (5-inch), materials for electronic products such as semiconductors, semiconductor lighting materials and semiconductor lighting substrates are listed as encouraged categories. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On Feb. 17, 2022 NDRC, The&#160;Central&#160;Commission&#160;for&#160;Cybersecurity and&#160;Informatization, MIIT and National Energy Administration jointly issued a circular, agreeing to construct national computing hub nodes in eight regions such as Jingjinji, Yangtze River Delta, the Greater Bay Area, Chengyu, Inner Mongolia, Guizhou, Gansu and Ningxia, and planning ten national data center clusters; overall layout design was completed for national integrated big data center system, indicating a strategy is in full swing to channel more computing resources from the eastern areas to the less developed western regions. As the basic raw material of such infrastructure project, Indium Phosphide will usher in new space of market growth. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-43</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. New demands produced by new applications, bringing new opportunities </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">III-V compound semiconductor substrate material has excellent performance, but its market scale is far less than that of silicon substrate due to small market of downstream application field and high cost. However, in recent years, several new application fields occur in III-V compound semiconductor, bringing incremental market for substrate enterprises, such as Mini LED, Micro LED, Wearable Device Sensor, Vehicle LiDAR and Biometric Laser. Such demands are in the process of industrialization; due to low scale base of III-V compound substrate market, scaling up of each aforesaid market will significantly improve the overall III-V semiconductor substrate market. In addition, in the inherent application fields of III-V compound semiconductor, such as optical modules for base stations and data centers, smartphones and base station RF devices, the fast development of 5G Communication, Big Data and Cloud Computing brings the opportunities of construction of 5G base stations and data centers as well as 5G smartphone replacement, indicating large growth potential in the III-V semiconductor substrate market. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">5. Substrate products drive relevant raw materials and consumables </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Along with the increased demand for semiconductor substrate products in the world, relevant factories enlarged the production lines of III-V compound semiconductor substrate materials, increasing the demands for PBN crucible (as the consumables in the growth sector of semiconductor substrate monocrystal) and High Purity Gallium (as raw material of GaAs substrate); in addition, the prices of gallium metal (as the raw material of High Purity Gallium and gallium compound) have been increasing due to domestic economic environment and influence of COVID-19 epidemic, and the purchase unit price of gallium metal surged during the reporting period, improving the pricing of the Company and driving the fast increase of incomes from high-purity metals and compound products. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verifying the product substitution risk and market prospect of the Issuer, the Sponsor deems that: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Product substitution risk</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-44</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Different semiconductor materials have different characteristics of materials. Currently, the downstream application fields of silicon, germanium, gallium arsenide, Indium Phosphide, Silicon Carbide and Gallium Nitride do not overlap to a high degree, therefore, there is no iteration relationship among different semiconductor materials. III-V compound semiconductor materials are mainly applied to 5G, next-generation displays, data centers, driverless and wearables, and there is no risk of being replaced by other semiconductor material; in future, along with occurrence of new materials, new products and new applications, there may be risk that III-V compound semiconductor materials will be replaced by other materials, but such risk is lower. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Market prospects</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Currently, the direct downstream markets of products of the Company, such as optical communications, data centers, RF devices and LED, have high degree of prosperity; continuous promulgation of industry supporting policies, constant emerging of new products and applications, and prosperous market will greatly enhance the demands in relevant fields for semiconductor substrate materials of the Company. In addition, the Company has rich experience in the field of III-V compound semiconductor substrate, has completed integration of assets under AXT and accumulated lots of technologies, achieving leading status in global market through competition; the rising demand for substrate products will drive fast increase of the Company&#8217;s incomes from PBN products, high-purity metals and compound products. In future, the Company will increase its efforts in R&amp;D, enlarge production scale, strengthen development of products, customers and market, and improve its market share based on its current technologies, product advantages and market status. As a whole, the Company&#8217;s market presents brighter prospects. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Pricing fairness for transactions between the Issuer and AXT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company sold GaAs substrate, InP substrate, germanium substrate, and other products to AXT with the amounts of RMB 221.4498 million, RMB 281.9651 million, and RMB 59.7970 million, respectively. During the reporting period, the products sold by the Company to AXT were mainly sold to Osram, </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-45</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Landmark Optoelectronics, Win Semiconductor, and other overseas customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Pricing mechanism for main products</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The selling prices at which the Company sold compound semiconductor substrates to AXT were determined according to the production costs of the Issuer with the addition at a certain profit margin. The profit margin is corresponding to the positions of the Company and AXT in the transaction chain and the roles played by the Company and AXT. Given the status of the Company as a wholly-owned subsidiary of AXT and the weak industry chain in China at the early stage, previous transactions between the Company and AXT were completed in the manner of services for processing materials supplied by AXT; from August 2018, the Company basically no longer provided such services for processing materials supplied by AXT, transferring the transactions to general trading. In 2019, 2020, and 2021, the transactions between the Company and AXT were priced with reference to the profit margin of the previous mode of processing materials supplied by customers in combination with the range of profit margins of comparable companies engaging in similar businesses in the </font><i style="font-size:12pt;font-style:italic;">Analysis Report for Transfer Price</i><font style="font-size:12pt;"> issued by a transfer price consulting institution. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) In 2019 and 2020, the Issuer adopted the pricing method of full production markup</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In transactions with AXT, the Company carried out production tasks according to overseas orders placed by AXT, mainly including the implementation of routine functions such as procurement, production, quality control, sales, and after-sales services; moreover, the Company assumed quality warranty and product liability risks but no overseas market risks.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT, as the entity for overseas sales, assumed the functions of developing overseas customers and providing research on the performance matching for epitaxy processing. For selling compound semiconductor substrates, especially InP substrates, to overseas customers, AXT had to communicate closely with overseas customers about the downstream production process, and provide reasonable suggestions for epitaxy </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-46</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">production for overseas customers. In 2019 and 2020, AXT made investment in sales and R&amp;D in the amount of USD 4.5084 million and USD 4.9676 million, respectively, and invested much expenses for the overseas sales, customer maintenance, and performance matching of compound semiconductor substrates, especially InP substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Article 39 in the </font><i style="font-size:12pt;font-style:italic;">Notice of the State Administration of Taxation Concerning Issuing the &#8220;Implementation Measures for Special Tax Adjustment (For Trial Implementation)&#8221;</i><font style="font-size:12pt;"> provided that &#8220;Enterprises that engage in processing and manufacturing according to orders of an affiliate without assuming functions of operation decision-making, product research and development, sales, etc., hence not assuming the risks and losses from errors in decision-making, insufficient production, unmarketable products, etc., generally shall maintain a certain profit margin&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company adopted the method of full production markup to determine the selling prices of products sold to AXT. That is, all the compound semiconductor substrates sold were taken into consideration together to determine a rate for markup on the basis of costs, so as to implement markup based on the overall costs of compound semiconductor substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) In 2021, transactions were priced according to the fixed operating profit margin of AXT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On November 4, 2021, AXT and the Company entered into a Technology License Agreement, under which: AXT licenses its intellectual property rights, granted patents, and pending patents to the Company and the Company&#8217;s controlled subsidiaries, where the intellectual property rights are licensed on an exclusive, non-transferrable, royalty, and irrevocable basis; the patents are granted on a non-exclusive, non-transferrable, royalty, and irrevocable basis; AXT undertakes that, except for M, AXT will not license the patents under the agreement to other third parties without the consent of the Company; the license covers the manufacturing, use, sales, presentation, duplicate, and distribution of gallium arsenide, indium phosphide, germanium crystals and substrate products; the term of license is perpetual from January 1, 2021;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-47</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In other words, from January 1, 2021, having acquired the license for intellectual property rights, patents, etc., the Company is capable of using such intellectual property rights, patents, etc. for production and sales at its own discretion. As a result, in 2021, AXT no longer assumed core R&amp;D risks and market risks, and the intangible assets owned by AXT have been licensed to the Issuer, so that AXT assumed limited risks and functions in related-party transactions; therefore, AXT shall maintain a certain profit margin. On the other hand, given the significant activities and risks assumed by the Issuer in such related-party transactions, the Issuer was entitled to all the remaining profits after deducting profits at a certain rate for AXT. Therefore, the Issuer determined the selling price for AXT according to market prices and the operating profit margin of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The table below lists the gross profit and gross profit margin for sales made by the domestic entity to AXT-Tongmei in 2021:</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:19.35pt;"><td rowspan="2" style="vertical-align:middle;width:30.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:69.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.35pt;"><td style="display:none;vertical-align:middle;width:30.66%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit</b></p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:20.56%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td></tr><tr style="height:19.35pt;"><td style="vertical-align:middle;width:30.66%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Semiconductor substrate</p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:right;margin:0pt;">5,511.94</p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:right;margin:0pt;">99.95%</p></td><td style="vertical-align:middle;width:20.56%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">20.22%</p></td></tr><tr style="height:19.35pt;"><td style="vertical-align:middle;width:30.66%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:right;margin:0pt;">2.55</p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:right;margin:0pt;">0.05%</p></td><td style="vertical-align:middle;width:20.56%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">36.01%</p></td></tr><tr style="height:19.35pt;"><td style="vertical-align:middle;width:30.66%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;width:25.66%;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:10.5pt;text-align:right;margin:0pt;">5,514.49</p></td><td style="vertical-align:middle;width:23.1%;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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:20.56%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">20.22%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Given that the intellectual property rights were created from the sales and R&amp;D functions of AXT, after acquiring the license of such intellectual property rights, the Issuer realized the gross profit margin of 22.24% for sales to AXT in 2021, which is basically equivalent to the gross profit margin for sales made by domestic entities to AXT-Tongmei in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, generally speaking, the pricing mechanism for substrate products sold by the Company to AXT is in compliance with the actual conditions of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Determination of the range of gross profit margins and reasons for changes in the actual gross profit margins</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the gross profit margin for transactions between the Company and AXT were -5.67%, 6.59%, and 22.24%, respectively. The table below </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-48</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">lists specific changes:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB 0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.09511185%;padding-left:0pt;padding-right:0pt;width:100.19%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:17.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:26.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:27.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:27.8%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:17.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.3%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:17.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit margin</b></p></td></tr><tr style="height:21.2pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">InP substrate</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,960.76</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">8.85%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,166.79</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">13.59%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,815.89</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-1.63%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">GaAs substrate</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,501.74</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">32.87%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">17,621.86</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2.52%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">14,008.88</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-14.76%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Germanium substrate</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">500.79</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">0.37%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,389.34</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">12.63%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3,320.21</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">26.82%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.56%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.3%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">16.14</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19.15%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">18.52</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">55.78%</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.31%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:17.56%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Total</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.3%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5,979.43</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">22.24%</p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">28,196.51</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.5%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">6.59%</p></td><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">22,144.98</p></td><td style="vertical-align:middle;white-space:nowrap;width:17.49%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-5.67%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the gross profit margin at which the Company sold GaAs substrate, InP substrate, germanium substrate, and other products to AXT changed mainly due to changes in the demands for products of various specifications by Osram, Landmark Optoelectronics, Win Semiconductor, and other customers, changes in the prices of raw materials, factory relocation, and decrease in production costs.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) From 2019 to 2020</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From 2019 to 2020, when determining the rate of full cost markup, the Company referred to the range of profit margins of uncontrolled comparable companies engaging in similar businesses, which were 1.36% to 7.85% in 2019, and 0.52% to 7.45% in 2020. The Company determined the unit selling prices of products to maintain the full cost markup rate of the Company with respect to AXT close to such ranges.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to historical experience of the Company, in the full cost markup rate, except for the gross profit, other operating expenses accounted for about 10% of the operating revenue. Therefore, the Company determined the range of gross profit margin from 11.36% to 17.45% for 2019, and from 10.52% to 17.45% for 2020. (The data is taken from the </font><i style="font-size:12pt;font-style:italic;">Analysis Report for Transfer Price</i><font style="font-size:12pt;"> issued by a transfer price consulting institution)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-49</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2019 and 2020, the gross profit margins for sales made by the Issuer to AXT were -5.67% and 6.59%, respectively, which were lower than the ranges of gross profit margins above mainly because:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> The Company relocated the GaAs substrate production line from Beijing to Chaoyang, Liaoning and Baoding, Hebei, and recruited new production staff; since the production line was in the process of commissioning and the production staff were in the process of getting familiar with the production, there were much loss of raw materials, resulting in a low yield rate of GaAs substrates and higher operating costs;</font> In 2020 and 2021, the improvement in the operation proficiency of employees and the optimization of machine and equipment processes lead to improvement in productivity and reduction in operating costs; therefore, the gross profit margin at which the Company made sales to AXT improved. Because the factory relocation and trial production are production and operation arrangement made by the Company, which are not related to AXT, such factors were not considered for determining the unit prices for sales to AXT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> For a long period of time, the InP substrate products of the Company were mainly marketed and sold by AXT on overseas markets. In 2019, the quantity of overseas sales accounted for 79.88%. The large-scale production of the Company&#8217;s InP substrates are still greatly dependent on overseas orders. Given the small domestic market size for InP substrates, and in consideration of the significant role played and the high costs and expenses paid by AXT in market development, customer maintenance, and application R&amp;D for InP substrates, the Company discounted the prices of InP substrates sold to AXT to a certain extent, which resulted in the negative gross profit margin of InP substrates in 2019. Given the small sales amount, the InP substrates sold by the Company to AXT has little impact on the gross profit margin of the products sold by the Company to AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">On the background of the development of optical modules and other industries in China, the domestic sales team of the Company made great achievements in market development, and the proportion of domestic sales of InP substrate products has been increasing rapidly. Therefore, the Company gradually resumed the prices of InP </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-50</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">substrates sold to AXT, which improved the gross profit margin of InP substrates.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the gross profit margin at which the Company sold germanium substrates to AXT decreased year on year mainly because Yunnan Germanium and other competitors have started the production and sales of germanium substrates, and the more intense market competition resulted in obvious decrease in the average unit prices of germanium substrates. Moreover, the rapid increase in demands for device products, such as solar cells and high-performance light emitting diodes in the aerospace field lead to rapid increase of orders from downstream customers, so that the Company offered certain discount in product pricing. Despite the foregoing, generally speaking, there is little variation between the prices at which the Company sold germanium substrates to AXT and the average selling prices for photovoltaic germanium products charged by Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. (002428.SZ). The prices at which the Company sold germanium substrates to AXT were reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) 2021</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, when determining the unit prices for sales to AXT, the Issuer referred to the range of operating profit margins from 2.88% to 5.20% of the IT and technology industry in North America (the data is taken from the </font><i style="font-size:12pt;font-style:italic;">Analysis Report for Transfer Price</i><font style="font-size:12pt;"> issued by a transfer price consulting institution), and determined the prices so that the operating profit margin of AXT was maintained close to such range of operating profit margins.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The process of verifying the range of gross profit margins is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Let the unit price of the final product sold be R0, the unit price of sales made by the Company to AXT be R1, the unit production cost of the Company be C, and the operating profit margin of AXT be A. According to historical experience of the Company, other operating expenses accounted for about 10% of the operating revenue. The gross profit margin of 34.93% of semiconductor substrates of the Issuer in 2021 is taken as the gross profit margin of the final product.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The simultaneous equations are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9312;</font><font style="font-size:12pt;"> (R0-C)/R0=34.93%</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-51</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> (R0-R1-10%*R0)/R0=A</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">&#9314;</font><font style="font-size:12pt;"> 2.88%&lt;=A&lt;=5.20%</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The range of the calculated gross profit margin (R1-C)/R1 at which the Company made sales to AXT is from 23.27% to 25.31%, which is close to the gross profit margin of 22.24% at which the Issuer made sales to AXT in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. The transactions between the Company and AXT are reasonable without obviously unfair related-party transactions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the products sold by the Company to AXT were mainly sold to Osram, Landmark Optoelectronics, Win Semiconductor, and other overseas customers. The Company sold products to AXT by pricing in the manner of cost markup. The table below lists the prices at which the Company sold products to AXT and the comparison of average selling prices:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB/piece</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-11.347218%;padding-left:0pt;padding-right:0pt;table-layout:auto;width:122.69%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:normal;width:13.76%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:27.97%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:29.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:29.2%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:13.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average selling price</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average selling price</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Average selling price</b></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:13.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">GaAs substrate</p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">347.36   </font></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">431.1</p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-19.42%</p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">439.92</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">466.33</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-5.66%</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="white-space:pre-wrap;">352.88   </font></p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">378.5</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-6.77%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:13.76%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">InP substrate</p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">662.39</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">964.88</p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-31.35%</p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">500.58</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">683.54</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-26.77%</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">415.8</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">751.87</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-44.70%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:13.76%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;">Germanium substrate</p></td><td style="vertical-align:middle;white-space:normal;width:9.35%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">389.15</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">300.6</p></td><td style="vertical-align:middle;white-space:normal;width:9.62%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">29.46%</p></td><td style="vertical-align:middle;white-space:normal;width:9.57%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">438.06</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">336.81</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">30.06%</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">427.3</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">351.05</p></td><td style="vertical-align:middle;white-space:normal;width:9.73%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">21.72%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: Since the Company made sales to AXT in 2021 from January to June, the average selling prices of the Company for January to June 2021 are compared for analysis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) From the perspective of products, the variation between the prices at which the Company sold products to AXT and the average selling prices is mainly caused by different performance requirements of customers for substrate products; the variation in product prices is dependent on product sizes, technical parameters, thicknesses, and edges.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) From the perspective of the pricing mechanism of the Issuer for sales to AXT, in 2019 and 2020, the Company carried out production tasks according to overseas orders placed by AXT, mainly including the implementation of routine functions such as procurement, production, quality control, sales, and after-sales services; moreover, the Company assumed quality warranty and product liability risks but no overseas </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-52</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">market risks. Therefore, the Company adopted the pricing method of full production markup to maintain a certain space of gross profit margin. In 2021, AXT no longer assumed core R&amp;D risks and market risks, and the non-common intangible assets owned by AXT have been licensed to the Issuer, so that AXT assumed limited risks and functions in related-party transactions; therefore, AXT shall maintain a certain profit margin. Therefore, the transactions were priced according to the fixed operating profit margin of AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Analysis of specific products:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) During the reporting period, the average unit prices at which the Company made sales to AXT are lower than the average selling prices mainly because: </font><font style="font-size:12pt;">&#9312;</font> some GaAs substrates purchased by overseas customers are used in common LEDs, and the prices of such GaAs substrates are lower than the prices of GaAs substrates intended for radio frequency devices and lasers; <font style="font-size:12pt;">&#9313;</font><font style="font-size:12pt;"> given the lower ranking of the Company for GaAs substrates compared with </font>Freiberger<font style="font-size:12pt;"> and </font>Sumitomo<font style="font-size:12pt;">, and the intense competition on the international market, in order to develop the international market for GaAs substrates, the Company adopted a more radical market policy, which resulted in the lower prices of sales to AXT; </font><font style="font-size:12pt;">&#9314;</font> the GaAs substrate products purchased by domestic customers from the Company are mostly used for smartphones, artificial intelligence, unmanned driving, and other fields with higher technical requirements on GaAs substrates, which leads to higher added value, hence higher selling prices for products sold by the Company on the domestic market.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The average unit prices at which the Company sold InP substrates to AXT are lower than the average selling prices mainly because: </font><font style="font-size:12pt;">&#9312;</font> Since AXT<font style="font-size:12pt;"> played a significant role and paid high costs and expenses in market development, customer maintenance, and application R&amp;D for InP substrates, AXT made high markup on the basis of the selling prices of Beijing Tongmei; </font><font style="font-size:12pt;">&#9313;</font> the Company made sales at average selling prices higher than AXT for customers developed by the domestic sales team of the Company; <font style="font-size:12pt;">except for the market development and R&amp;D expenses borne by the Company, the InP substrates sold by the Company to Customer A and Customer B are subject to extremely high requirements on performance parameters because such customers are purchasing </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-53</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">InP&#160;substrates&#160;for&#160;cutting-edge fields, hence having higher requirements on the dopant concentration, conductivity performance, dislocation density, and other performance indicators than overseas customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) The Company sold germanium substrates to AXT at prices higher than the average selling prices, mainly because the place of raw materials for germanium substrates are mainly located in China and there are less overseas manufacturers of germanium substrates; germanium substrates purchased by overseas customers are mostly used for high-end solar cells, which lead to higher prices of sales to AXT; and the intense competition on the domestic market leads to relatively low selling prices on the domestic market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">There is little variation between the prices at which the Company sold germanium substrates to AXT and the average selling prices for photovoltaic germanium products charged by Yunnan Lincang Xinyuan Germanium Industry Co., Ltd. (002428.SZ). The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB/piece</p><div style="margin-left:-16.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:108.62%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:normal;width:14.01%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:28.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:29.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;white-space:normal;width:27.72%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:normal;width:14.01%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Selling price of </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Yunnan Germanium</b></p></td><td style="vertical-align:middle;white-space:normal;width:7.55%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Selling price of Yunnan Germanium</b></p></td><td style="vertical-align:middle;white-space:normal;width:8.44%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.21%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Price for sales to AXT</b></p></td><td style="vertical-align:middle;white-space:normal;width:10.05%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Selling price of </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Yunnan Germanium</b></p></td><td style="vertical-align:middle;white-space:normal;width:7.45%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variation</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:14.01%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Germanium substrate (converted into 2 inch)</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">337.96</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">283.70</p></td><td style="vertical-align:middle;white-space:normal;width:7.55%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19%</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">346.64</p></td><td style="vertical-align:middle;white-space:normal;width:10.56%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">390.06</p></td><td style="vertical-align:middle;white-space:normal;width:8.44%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-11%</p></td><td style="vertical-align:middle;white-space:normal;width:10.21%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">392.78</p></td><td style="vertical-align:middle;white-space:normal;width:10.05%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">380.07</p></td><td style="vertical-align:middle;white-space:normal;width:7.45%;border-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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">3%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Generally speaking, the prices at which the Company sold germanium substrates to AXT were reasonable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, the transactions between the Company and AXT are reasonable without obviously unfair related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. Transfer pricing and tax risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.25pt;margin:0pt;"><font style="font-size:12pt;">The gross margin of AXT semiconductor substrates for the Issuer in 2019 and 2020 was lower than the above range of gross margin, which was mainly caused by the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-54</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">relocation of the plants in Chaoyang, Liaoning and Baoding, Hebei, as well as the trial production.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21.25pt;margin:0pt;"><font style="font-size:12pt;">The cost of sales under normal operation and production conditions was simulated and calculated based on the average unit cost of the less affected gallium arsenide substrates in 2018 and the sales volume of gallium arsenide substrates in 2019 and 2020. In the case of the simulation, the gross profit and gross margin of the semiconductor substrates sold to AXT were:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">Unit: 0,000 Yuan</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 rowspan="2" style="vertical-align:middle;width:22.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:40.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;width:36.97%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.8%;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:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion </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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross margin</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross profit</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion </b></p></td><td style="vertical-align:middle;width:10.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Gross margin</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.8%;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:10.5pt;margin:0pt;">Compound semiconductor substrate</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:10.5pt;text-align:right;margin:0pt;">5,179.33</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:10.5pt;text-align:right;margin:0pt;">99.80%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">18.38%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,282.26</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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">10.31%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.8%;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:10.5pt;margin:0pt;">Others</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:10.5pt;text-align:right;margin:0pt;">10.33</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:10.5pt;text-align:right;margin:0pt;">0.20%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">55.78%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.8%;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:10.5pt;text-align:center;margin:0pt;">Total</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:10.5pt;text-align:right;margin:0pt;">5,189.66</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:10.5pt;text-align:right;margin:0pt;">100.00%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">18.41%</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,282.26</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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:10.93%;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:10.5pt;text-align:right;margin:0pt;">10.31%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">After removing the impact of plant relocation and trial production, the simulated gross margin of the compound semiconductor substrates was 10.31% and 18.41% in 2019 and 2020, being close to the range of gross margin. Therefore, there was no problem of transfer pricing. In 2021, the gross margin of the compound semiconductor substrates sold by the Company to AXT was close to the above range of gross margin, indicating the absence of transfer pricing.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">In addition, the average unit price of the indium phosphide substrates sold to AXT was lower than the average selling price, for AXT was considered to play an important role in the market development, customer maintenance and application research and development of indium phosphide substrates, and also bear high costs and expenses, with the rationality of operation and without the problem of transfer pricing for evading tax. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">The transaction mode and transaction price between the Company and AXT were determined by AXT&#8217;s organizational structure and long-term business development model. AXT, founded in California, USA in December 1986, initially had a complete </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-55</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">R&amp;D and production system, and directly performed market exploitation. In 1998, AXT determined to start business in Mainland China; later, it gradually transferred its R&amp;D and production system to Mainland China, and established AXT-Tongmei. AXT terminated its manufacturing operations in the United States and only retained overseas sales, overseas procurement and part of application research and development. The products sold by the company to AXT were priced by a cost plus manner, which fixed the sales price; while AXT may enjoy certain price difference through selling the products to overseas customers, so as to ensure the normal operation of AXT and support its application development.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">(1) The Company was originally a wholly owned subsidiary of AXT. For a long time, due to the weak foundation of the domestic compound semiconductor industry, and the location of the main customers and suppliers in foreign countries, AXT and the Company have engaged in transactions in a pattern of processing on giving materials;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">(2) With the rapid development of the semiconductor industry in China, the proportion of domestic sales and procurement has been increasing. In August 2018, the transaction between AXT and the Company was turned to general trade, but the cost-plus method was continued for pricing, which was also determined according to the requirements of the tax authorities of China and the United States;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">(3) In March 2021, the conversion was completed. AXT in the United States undertook the overseas sales business of AXT. After the execution of the existing orders, the Company would not engage in any new transaction with AXT, but the pricing would remain the original mode, which means that it would be implemented according to the requirements of the tax authorities of China and the United States. Considering the role of AXT as a wholly owned subsidiary of the Company, the original pricing mode with AXT would not have a lasting impact on the gross margin as stated in the Consolidated Financial Statement of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:28.3pt;margin:0pt;"><font style="font-size:12pt;">Local tax authorities of the Company and its domestic subsidiaries have issued the &#8220;Compliance Certificate&#8221; or &#8220;Notification of Tax-related Information Inquiry Results&#8221;, which proved that &#8220;the Company declared and paid taxes in accordance with </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-56</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the relevant tax laws, regulations and normative documents during the reporting period; and there were no tax arrears or administrative penalties due to tax violations&#8221;.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">The Sponsor examined the related transactions between the Company and AXT, and believed that such related transactions were determined by AXT&#8217;s organizational structure and its long-term business development mode, and they were reasonable, without unfair transaction pricing. There was neither benefit transfer involved in the transactions between the Company and AXT nor the adjustment of the Issuer&#8217;s profit through the above related transactions. In March 2021, the Company started selling products to overseas customers through AXT, which, after completing the sales contract signed before March 2021, would not engage in the sales business; the related sales between the Company and AXT have been completely terminated.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 21pt;"><font style="font-size:12pt;font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">II. Explanations from the Sponsor and the Reporting Accountant</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The verification results of seeking confirmation and interview or video inquiry by domestic and overseas sales revenue;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Results of seeking confirmation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant performs the procedures of seeking confirmation for the Issuer&#8217;s customers, and the verification results obtained by domestic and overseas sales revenue are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-15.728394%;width:131.45%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:22.83%;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 5.27pt 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="3" style="vertical-align:middle;width:25.71%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;width:25.71%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;width:25.73%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</b></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><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:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</b></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><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:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</b></p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><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></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Operating revenue&#9312;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">43,873.92</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">41,860.60</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">85,734.52</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">24,707.37</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">33,609.67</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">58,317.04</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18,183.98</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">28,038.70</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">46,222.68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Amount covered by confirmation request letter&#9313;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">39,861.55</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">37,573.88</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">77,435.43</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">21,876.09</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,358.48</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">52,234.57</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,677.38</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">26,836.65</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">43,514.03</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion covered by confirmation request letter&#9314;=&#9313;/&#9312;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">90.85%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">89.76%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">90.32%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">88.54%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">90.33%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">89.57%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">91.71%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">95.71%</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">94.14%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Amount corresponding to the reply and after discrepancy adjustment&#9315;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,500.45</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,392.60</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">62,893.05</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">21,643.88</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,181.22</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">51,825.10</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,158.50</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">26,745.26</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">42,903.76</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion of amount corresponding to the </p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">81.53%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">80.89%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">81.22%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">98.94%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">99.42%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">99.22%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">96.89%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">99.66%</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">98.60%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-57</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-15.728394%;width:131.45%;" align="center"><tr><td style="vertical-align:top;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">reply&#9316;=&#9315;/&#9313;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Amount for implementing the alternative procedures&#9317;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,361.10</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">7,181.28</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">14,542.38</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">232.21</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">177.26</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">409.47</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">518.88</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">91.39</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">610.27</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion of implementing the alternative procedures&#9318;=&#9317;/&#9313;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18.47%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">19.11%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18.78%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1.06%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">0.58%</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">0.78%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">3.11%</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">0.34%</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">1.40%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Confirmable amount&#9319;=&#9315;+&#9317;</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">39,861.55</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">37,573.88</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">77,435.43</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">21,876.09</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">30,358.48</p></td><td style="vertical-align:middle;width:8.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">52,234.57</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">16,677.38</p></td><td style="vertical-align:middle;width:8.58%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">26,836.65</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">43,514.03</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:22.83%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;">Proportion of identifiable amount&#9320;=&#9319;/&#9313;</p></td><td style="vertical-align:middle;width:8.57%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.57%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.57%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.57%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.57%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.57%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.58%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:8.57%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Results of interview or video inquiry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.49;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant performs the procedures of interview or video inquiry for the Issuer&#8217;s customers, and the verification results obtained by domestic and overseas sales revenue are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-11.099209%;width:122.19%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:17%;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="3" style="vertical-align:middle;width:27.66%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="3" style="vertical-align:middle;width:27.66%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="3" style="vertical-align:middle;width:27.66%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:17%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</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 5.27pt 0pt 5.27pt;"><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: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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</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 5.27pt 0pt 5.27pt;"><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: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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Domestic</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Overseas</b></p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;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:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17%;border-bottom: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:9pt;text-align:center;margin:0pt;">Revenue of the interviewed customers</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,646.14</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,770.75</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">65,416.89</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18,135.01</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">32,703.81</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">50,838.82</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">11,141.48</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">27,280.03</p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">38,421.51</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17%;border-bottom: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:9pt;text-align:center;margin:0pt;">Operating revenue</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">43,873.92</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">41,860.60</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">85,734.52</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">24,707.37</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">33,609.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">58,317.04</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">18,183.98</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;">28,038.70</p></td><td style="vertical-align:middle;width:9.22%;border-bottom:1px solid #000000;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:9pt;text-align:right;margin:0pt;">46,222.68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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 5.27pt 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;">Proportion of revenue of the interviewed customers</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">74.41%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">78.29%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">76.30%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">73.40%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">97.30%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">87.18%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">61.27%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">97.29%</b></p></td><td style="vertical-align:middle;width:9.22%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The results of interview or video inquiry regarding the overseas sales revenue, the verification of identity of the interviewees during video inquiry, video inquiry contents and confirmation of subsequent alternative procedures, the additional measures taken in view of the limitations of video interview, and whether the relevant external evidence has been obtained;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The results of field and video interview</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As affected by the epidemic overseas, the intermediary conducted video interviews with 15 overseas customers. For the controlling shareholder AXT, the intermediary performed field interview in Beijing; for the overseas customer SUMIDEN SHOJI CO., LTD, the intermediary went to its office in Shanghai for interview, as detailed below:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-58</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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;white-space:nowrap;width:8.18%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:24.62%;margin:0pt;padding:0.5pt 0pt 0pt 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:10.5pt;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;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Customer name</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview method</b></p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interviewee</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">AXT</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Field</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CEO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">SUMIDEN SHOJI CO.,LTD</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Field</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">ALPHA PLUS</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">Landmark Optoelectronics</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Director of Production Management Purchasing Department</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">Visual Photonics Epitaxy</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">Osram</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">IQE</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Global Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">CVT GMBH &amp; CO. KG</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CEO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">9</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">Sumika Electronic Materials, Inc</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">WAFER TECHNOLOGY LIMITED</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Chief Financial Officer</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">VISHAY SEMICONDUCTOR GmbH</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Supplier Quality Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">AUK CORPORATION</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">13</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">Customer C</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">Mo Sangyo Co, Ltd.</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CEO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">15</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">Alta Devices</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">CFO</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">16</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;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:10.5pt;text-align:center;margin:0pt;">II-VI</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;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:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Advanced Procurement Manager</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">17</p></td><td style="vertical-align:middle;white-space:nowrap;width:47.77%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">LOUWERSHANIQUE</p></td><td style="vertical-align:middle;white-space:nowrap;width:19.41%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Video</p></td><td style="vertical-align:middle;width:24.62%;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:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement Manager</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. The verification of identity of the interviewees during video inquiry, video inquiry contents and confirmation of subsequent alternative procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Verification of identity of the interviewees</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During video inquiry and verification, the intermediary mainly verifies the identity of the interviewee in the following procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Prior to video inquiry, obtain the basic identity information of the interviewee, including the name and position;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) The Issuer&#8217;s business personnel invite the customers for video inquiry and make an appointment for inquiry through daily contact methods, such as email, phone and WeChat. As for email, it shall be copied to the address of the interview personnel, who </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-59</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">shall verify whether the email used by the customer is the one for daily business communication; at the same time, check the emails of daily communication between the Company&#8217;s business personnel and the interviewee, to confirm whether the interviewee is an employee of the customer;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Implement video connection with the interviewees through Tencent conference or Zoom, and start video recording;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4) Take screenshots and videos of the video inquiry process, and save the pictures and videos;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5) Prior to inquiry, ask the interviewee to present the identification documents such as the business card or work card, to verify the identity and position of the interviewee; and compare such information with what collected before the inquiry;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6) Through asking the information such as the basic information of the customer, and the contents of transaction with the Issuer and the development status of the industry, check whether the interviewee knows the transaction between his/her employer with the Issuer, to further verify the identity of the interviewee;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7) After the inquiry, the interview record made by the intermediary shall be directly sent to the enterprise mailbox of the interviewee for confirming by signing or sealing, and then the interview record, business card or other identification documents shall be directly sent to the intermediary by mail, email or other means;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8) After receiving the relevant documents, the intermediary shall check the name, email information, business card information and mailing address of the interviewee again; at the same time, the signature or seal of the interview record shall be checked, to determine whether it is consistent with the customer&#8217;s signature or seal on the documents regarding daily transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Video inquiry contents</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The video interview mainly involves the customer&#8217;s basic information, the transactions between the Company and the customer, product quality, compliance and correlation, as detailed below: </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-60</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.1536217%;table-layout:auto;width:108.3%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:8.84%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:20.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:70.22%;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:10.5pt;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:8.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:70.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Relevant content</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;">Customer&#8217;s basic information</p></td><td style="vertical-align:middle;width:70.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Confirm the interviewee&#8217;s name and position;</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;text-indent:21pt;margin:0pt;">Company-customer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:21pt;margin:0pt;">transaction</p></td><td style="vertical-align:middle;width:70.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">1. Cooperation between the Company and its customers: Confirm the time, content and method of the cooperation between the Company and its customers;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">2. Pricing for the transaction between the Company and its customers: Confirm the pricing mechanism for transaction;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">3. Settlement between the Company and its customers: Confirm the transaction settlement method, whether there is cash settlement, and whether there is agent payment by a third party;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">4. Transaction fluctuation between the Company and its customers: Confirm the trend and reasons of transaction fluctuation, and whether the transaction is seasonal;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">5. Nature of the customer and destination of the final products: Confirm whether the customer is a trader or manufacturer, and confirm the final users and sales areas of the products;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">6. Customers&#8217; requirements for the origin of products: Confirm whether the customers have such requirements, and confirm the origin of products purchased from the Company;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">7. Channel inventory of the customers: Confirm the on hand inventory of the customers at the end of the year, and confirm whether the Company has conducted sudden sales or intentional extension of the term of payment at the end of the year;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">8. Certification of new suppliers or new products of customers: Confirm certification process and cycle of new suppliers or new products of customers, and certification of their downstream customers;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">9. Competitive advantages of the Company: Confirm the reason for the customer to select the Company as the supplier and the competitive advantages of the products.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;">Product quality and compliance</p></td><td style="vertical-align:middle;width:70.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">1. Product quality: Confirm the return and exchange of goods, and confirm whether there are disputes or potential disputes due to quality problems;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">2. Contract performance: Confirm whether the Company can abide by the contract;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">3. Benefit transfer, commercial bribery, and unfair competition: Confirm whether there is private interest exchange between the customers and the Company, and whether there is benefit transfer, commercial bribery or unfair competition;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-indent:21pt;margin:0pt;">4. Litigation: Confirm whether there is litigation between the customers and the Company.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">4</p></td><td style="vertical-align:middle;width:20.93%;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:10.5pt;text-align:center;margin:0pt;">Correlation</p></td><td style="vertical-align:middle;width:70.22%;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:10.5pt;margin:0pt;">Confirm whether there is any correlation between the Company and its customers, as well as their major shareholders, actual controllers, </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-61</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.1536217%;table-layout:auto;width:108.3%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:8.84%;border-bottom: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;"></td><td style="vertical-align:middle;width:20.93%;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;"></td><td style="vertical-align:top;width:70.22%;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:10.5pt;margin:0pt;">directors, supervisors and executives in terms of equity, investment, special interest arrangement, etc.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Confirmation of subsequent alternative procedures</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Subsequent alternative procedures taken by the intermediaries include:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Obtain the relevant system documents of the Company with respect to the management of the customers, and check the sound and effective implementation of internal controls, including customer selection criteria, daily management, pricing mechanism, logistics, return and exchange mechanism, sales inventory information system;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Interview with the Company&#8217;s management layer, sales personnel and financial personnel, to understand the credit policies and rationality of various customers, and the sales accounting process;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3) Implement substantive analysis for foreign sales revenue by regions, products, and customers, etc., identify significant or unusual fluctuations, and their causes; view the publicly available information of comparable companies in the industry, to understand the information of sales model and proportion, sales regions, and gross profit, etc.;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4) Obtain the revenue cost schedule of the Issuer during the reporting period, and analyze the changes and rationality of sales revenue of the Company;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5) Understand the sales process of the overseas business, specify the time when the customers obtain the control of goods under various modes, to confirm whether the revenue recognition method is accurate, and whether it complies with the provisions in the accounting standards for business enterprises; and perform the revenue cycle test, to check the supporting documents of major overseas customers, such as the sales contracts, outbound delivery orders, customs declaration forms, packing lists, bills of lading, and invoices;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6) Conduct a test of details on the sales of major overseas customers, and check the original contracts, invoices, customs declaration forms, and logistics records, as detailed below:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-62</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue covered by sampling</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:10.5pt;text-align:right;margin:0pt;">20,194.11</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:10.5pt;text-align:right;margin:0pt;">19,589.41</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">15,424.88</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Overseas operating revenue</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:10.5pt;text-align:right;margin:0pt;">41,860.60</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:10.5pt;text-align:right;margin:0pt;">33,609.67</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Coverage ratio</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:10.5pt;text-align:right;margin:0pt;">48.24%</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:10.5pt;text-align:right;margin:0pt;">58.29%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">55.01%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7) Conduct a cut-off test on the sales situation before and after the balance sheet date, check the outbound delivery orders, customs declaration forms, packing lists, bills of lading, invoices and other documents, and check whether the revenue is intertemporal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8) Implement analytical procedures, check the fluctuations of major overseas customers during the reporting period, and learn from the Issuer about the business cooperation background of new major overseas customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">9) Obtain the bank statements and collection details of the Company during the reporting period, check the account statement corresponding to the sales receipts, and inspect the authenticity of sales receipts. As for overseas bank accounts, due to the impact of COVID-19, the staff cannot go to the overseas bank, but supervise the process of handling by the Company&#8217;s staff from logging in the official website of the bank to download electronic version of the statement during the reporting period, to the sending of it to the intermediary; the comparison between the foreign sales revenue and actual collection of the Company during the reporting period is shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</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: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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:middle;white-space:normal;width:16.44%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Foreign sales revenue</b></p></td><td style="vertical-align:middle;white-space:normal;width:21.54%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Actual amount collected</b></p></td><td style="vertical-align:middle;white-space:normal;width:51.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion of actual amount collected in foreign sales revenue</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">41,860.60</p></td><td style="vertical-align:middle;white-space:normal;width:21.54%;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:10.5pt;text-align:right;margin:0pt;">37,097.36</p></td><td style="vertical-align:middle;white-space:normal;width:51.24%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">88.62%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</p></td><td style="vertical-align:middle;white-space:normal;width:21.54%;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:10.5pt;text-align:right;margin:0pt;">34,369.20</p></td><td style="vertical-align:middle;white-space:normal;width:51.24%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">102.26%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2019</p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</p></td><td style="vertical-align:middle;white-space:normal;width:21.54%;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:10.5pt;text-align:right;margin:0pt;">28,679.29</p></td><td style="vertical-align:middle;white-space:normal;width:51.24%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">102.28%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:normal;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">103,508.97</b></p></td><td style="vertical-align:middle;white-space:normal;width:21.54%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">100,145.85</b></p></td><td style="vertical-align:middle;white-space:normal;width:51.24%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">96.75%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the proportion of actual amount collected in foreign sales revenue is 96.75%, indicating the satisfactory collection of funds; and the foreign </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-63</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">sales revenue basically matches with the actual amount collected.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">10) Obtain the Issuer&#8217;s E-port data, check the electronic port data with the Company&#8217;s book export revenue, and analyze the reasons for the discrepancy. The specific results of verification of foreign sales revenue are shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.55%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.44%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:37.44%;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:10.5pt;text-align:justify;margin:0pt;">E-port data&#9312;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">11,805.39</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,536.69</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">27,965.77</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.44%;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:10.5pt;text-align:justify;margin:0pt;">The Issuer&#8217;s overseas sales revenue&#9313;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10,506.71</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.44%;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:10.5pt;text-align:justify;margin:0pt;">Discrepancy&#9314;=&#9313;-&#9312;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-1,298.68</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">72.98</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">72.93</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.44%;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:10.5pt;text-align:justify;margin:0pt;">Effect on consignment customers&#9315;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,298.68</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.44%;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:10.5pt;text-align:justify;margin:0pt;">Discrepancy ratio&#9316;=(&#9314;+&#9315;)/&#9313;</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.22%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.26%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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 foreign 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;Section VII, 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; of the Prospectus. After excluding the above factors, there was no discrepancy between the Company&#8217;s E-port data and foreign revenue data in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">11) Obtain the list of the Issuer&#8217;s export tax rebate declaration, and compare with the foreign sales revenue of the Company during the reporting period, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:55.17%;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%;"></div></div></td><td style="vertical-align:middle;width:14.94%;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%;"></div></div></td><td style="vertical-align:middle;width:14.94%;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%;"></div></div></td><td style="vertical-align:middle;width:14.94%;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%;"></div></div></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;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:10.5pt;text-align:center;margin:0pt;"><a name="_Hlk57472371"></a><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:14.94%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:14.94%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:14.94%;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:10.5pt;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:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Sales revenue for declaration of export tax rebate<font style="font-family:'Cambria Math';">&#9312;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">38,161.80</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,038.74</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">27,930.28</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Declaration of the current period after the expiration<font style="font-family:'Cambria Math';">&#9313;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,047.01</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,198.87</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,617.83</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-64</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Declaration of the previous period in the current period<font style="font-family:'Cambria Math';">&#9314;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,198.87</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,617.83</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,583.10</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Amount of overseas sales revenue<font style="font-family:'Cambria Math';">&#9315;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">41,860.60</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,609.67</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28,038.70</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Sales revenue that may declare export tax rebate<font style="font-family:'Cambria Math';">&#9316;</font>=<font style="font-family:'Cambria Math';">&#9312;</font>+<font style="font-family:'Cambria Math';">&#9313;</font>-<font style="font-family:'Cambria Math';">&#9314;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">37,009.94</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">33,619.79</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">27,965.01</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Discrepancy<font style="font-family:'Cambria Math';">&#9317;</font>=<font style="font-family:'Cambria Math';">&#9315;</font>-<font style="font-family:'Cambria Math';">&#9316;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">4,850.67</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-10.12</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">73.69</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Where:</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Discrepancy between the revenue of domestic entities from ATX-Tongmei and foreign sales revenue of ATX-Tongmei<font style="font-family:'Cambria Math';">&#9318;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,789.27</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Revenue without declaring tax rebates after the expiration<font style="font-family:'Cambria Math';">&#9319;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,607.57</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Non-refundable revenue<font style="font-family:'Cambria Math';">&#9320;</font></p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">409.09</p></td><td style="vertical-align:middle;width:14.94%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">54.49</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">24.17</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:55.17%;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:10.5pt;text-align:justify;margin:0pt;">Others<font style="font-family:'Cambria Math';">&#9321;</font>=<font style="font-family:'Cambria Math';">&#9317;</font>-<font style="font-family:'Cambria Math';">&#9318;</font>-<font style="font-family:'Cambria Math';">&#9319;</font>-<font style="font-family:'Cambria Math';">&#9320;</font></p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">44.73</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-64.61</p></td><td style="vertical-align:middle;width:14.94%;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 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">49.52</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note 1: According to the <i style="font-style:italic;">Announcement of the State Administration of Taxation on Issuing Administrative Measures for Value-added Tax and Consumption Tax on Export Goods and Labor Services</i> (Announcement of the State Administration of Taxation No. 24, 2012), enterprises shall collect all relevant receipts within the VAT declaration periods between the next month after the goods departs upon customs declaration (depending on the date of export indicated on the declaration form (used for export tax rebate only) for export goods, the same below) and April 30 of the next year, and apply to the competent tax authorities for the exemption, offset or rebate of VAT on export goods. The amount of VAT export tax qualifying for rebate of the Company shall be limited to the VAT retained at the end of each month; the applicant shall declare the VAT export tax rebate based on the VAT retained at the end of each month, and complete the declaration before April 30 of the following year;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note 2: The amount of export tax rebate that can be declared is the amount after adjusting the time discrepancy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As shown in the table above, during the reporting period, the difference between the export tax rebate after adjusting the time discrepancy and foreign sales revenue is mainly caused by the difference between the Company&#8217;s revenue from AXT-Tongmei and foreign sales revenue of AXT-Tongmei, the revenue without declaring tax rebate after the expiration and the non-refundable revenue from the overseas sales of single crystal bars.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">12) Send letters to overseas customers for the revenues during the reporting period, to confirm the authenticity and accuracy of the overseas revenue amount, as detailed below:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-65</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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;width:50.26%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;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:50.26%;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:10.5pt;text-align:center;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 0pt -13pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 0pt -13pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 0pt -13pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Overseas operating revenue covered by confirmation request letter<font style="font-family:'Cambria Math';">&#9312;</font></p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">37,573.88</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">30,358.48</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">26,836.65</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:1.1pt;margin:0pt;">Revenue corresponding to the reply and after discrepancy adjustment<font style="font-family:'Cambria Math';">&#9313;</font></p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">30,392.60</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">30,181.22</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">26,745.26</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Overseas operating revenue<font style="font-family:'Cambria Math';">&#9314;</font></p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">41,860.60</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">33,609.67</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">28,038.70</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:1.1pt;margin:0pt;">Coverage ratio of overseas operating revenue covered by confirmation request letter <font style="font-family:'Cambria Math';">&#9315;</font>=<font style="font-family:'Cambria Math';">&#9312;</font>/<font style="font-family:'Cambria Math';">&#9314;</font></p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">89.76%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">90.33%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">95.71%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion of revenue corresponding to the reply and after discrepancy adjustment<font style="font-family:'Cambria Math';">&#9316;</font>=<font style="font-family:'Cambria Math';">&#9313;</font>/<font style="font-family:'Cambria Math';">&#9312;</font> </p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">80.89%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">99.42%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">99.66%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Revenue of alternative testing<font style="font-family:'Cambria Math';">&#9317;</font></p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">7,181.28 </p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">177.26 </p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">91.39 </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Proportion of alternative testing<font style="font-family:'Cambria Math';">&#9318;</font>=<font style="font-family:'Cambria Math';">&#9317;</font>/<font style="font-family:'Cambria Math';">&#9312;</font></p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">19.11%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">0.58%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">0.34%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:14.1pt;margin:0pt 0pt 0pt -13pt;">Identifiable proportion<font style="font-family:'Cambria Math';">&#9319;</font>=<font style="font-family:'Cambria Math';">&#9316;</font>+<font style="font-family:'Cambria Math';">&#9318;</font></p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">100.00%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">100.00%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt -13pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">13) Check the credit reports and publicly available information of major overseas customers, 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 any correlation between overseas customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">14) Obtain the account statements of the controlling shareholders, 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. The additional measures taken in view of the limitations of video interview, and whether the relevant external evidence has been obtained</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Compared with field interview, the main limitation of video inquiry is that the staff cannot check the business premises of the customers, affecting the intuitive judgment of the authenticity of their existence and the rationality of procurement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In view of the limitations of video inquiry, the intermediaries improve the reliability of video inquiry by verifying the identity information of the interviewees, and saving the video materials. The following external supporting materials are </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-66</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">collected for verification:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Ask the interviewee to present the identification documents such as the passport, business card or work card, to verify the identity and position of the interviewee, to verify the authenticity of the identity of the interviewee.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Extract the email address of the interviewee from the reply, pay attention to the correlation between the suffix of the email and the customer&#8217;s name, and compare the address for returning the inquiry materials with the reply address and address inquired on the Internet.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Obtain the transaction details between the Company and the interviewees, and collect original contracts, invoices, customs declaration forms, and logistics records, to verify the consistency between the transaction and inquiry contents.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) Analyze the annual purchase amount of the customer, to understand the changing trend and rationality of purchase.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) Obtain credit reports and other public available information of major overseas customers, and conduct background investigation on the customers, to verify the accuracy of the related information.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The adequacy of the proportion of verification of substantive procedures such as the test of details;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">When the Reporting Accountant conducts verification regarding the Issuer&#8217;s sales revenue, the following verification procedures shall be implemented: test of details, seeking confirmation and interview/video interview; as for overseas sales, the Issuer&#8217;s E-port data shall be obtained and checked; as for domestic sales, the data of the VAT system shall be obtained and checked, to verify the Issuer&#8217;s sales revenue by various substantive procedures.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, on the basis of ensuring the coverage rate of confirmation request letter of over 90% (the proportion of the reply amount in operating revenue of over 75%), and the coverage rate of interview/video interview of over 75%, the Reporting Accountant adopts large-scale and random sampling methods to select samples and implement relevant procedures according to the relevant provisions of the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-67</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><i style="font-size:12pt;font-style:italic;">Sponsor Due Diligence Guidelines</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Auditing Standards for Chinese Certified Public Accountants No. 1314 - Audit Sampling</i><font style="font-size:12pt;">, and the application guide. In view of the selected samples, check the supporting documents related to the transaction.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Overall distribution of the customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Issuer&#8217;s customers are divided by the revenue of RMB1 million, RMB5 million and RMB10 million and the number of transactions verified by the intermediary is determined:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2870178%;table-layout:auto;width:102.57%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:18.14%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.3%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.38%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:13.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Over RMB10 million</b></p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB5-10 million</b></p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB1-5 million</b></p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Below RMB1 million</b></p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue amount</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">59,022.63</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">9,488.87</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11,301.61</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,921.41</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">85,734.52</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">68.84%</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11.07%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">13.18%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6.91%</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">23</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">14</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">369</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">464</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Quantity proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4.96%</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3.02%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">12.50%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">79.52%</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of verified transactions</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">583</font></p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">113</font></p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">185</font></p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">223</font></p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">1,104</font></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue amount</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46,832.74</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,490.31</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,973.45</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,020.55</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58,317.04</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">80.31%</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5.99%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8.53%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5.18%</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">12</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">26</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">201</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">244</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Quantity proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4.92%</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2.05%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10.66%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">82.38%</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of verified transactions</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">484</font></p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">44</font></p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">141</font></p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">114</font></p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">783</font></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue amount</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">39,753.04</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,799.94</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,889.80</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,779.89</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46,222.68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Revenue proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">86.00%</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3.89%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6.25%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3.85%</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-68</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2870178%;table-layout:auto;width:102.57%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">22</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">181</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">216</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Quantity proportion</p></td><td style="vertical-align:middle;width:16.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4.63%</p></td><td style="vertical-align:middle;width:16.31%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1.39%</p></td><td style="vertical-align:middle;width:17.5%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10.19%</p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">83.80%</p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:18.14%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of verified transactions</p></td><td style="vertical-align:middle;width:16.3%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">434</font></p></td><td style="vertical-align:middle;width:16.31%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">18</font></p></td><td style="vertical-align:middle;width:17.5%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">121</font></p></td><td style="vertical-align:middle;width:18.38%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">99</font></p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">672</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As shown in the table above, based on the features of the Issuer&#8217;s samples that there are a large number of customers and a high degree of concentration, but the transaction volume per customer is large with a large number of transactions, the intermediary performs test of details by stratified sampling. For the test of details, all transaction records are taken as the totality of samples; while for seeking confirmation and interview/video interview, all the customers are taken as the totality of samples for sampling and verification. In view of large-scale samples, all shall be checked; and in view of remaining samples, random sampling shall be performed with the statistical method, to meet the requirement for the overall verification proportion. The specific results show that the sampling can realize full coverage of samples in multiple dimensions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Division of test of details by amount of a single transaction</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the transaction records, the tests of details are divided by the amount of a single transaction (RMB100,000, RMB500,000 and RMB1 million) during the reporting period, as shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100.63%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:27.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:24.77%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;width:25.54%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB1 million</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">15,660.53</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">90.94%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">11,757.90</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">7,875.32</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB500,000-1 million</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9,814.59</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">42.60%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">10,120.55</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">99.33%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">9,806.95</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB100,000-500,000</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">11,701.92</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">34.02%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,371.95</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">28.63%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">8,110.54</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">38.27%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB100,000</p></td><td style="vertical-align:middle;width:15.4%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,775.37</p></td><td style="vertical-align:middle;width:12.39%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">16.02%</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">920.15</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.66%</p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;">657.76</p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.95%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-69</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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;table-layout:auto;width:100.63%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.88%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:15.4%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38,952.41</b></p></td><td style="vertical-align:middle;width:12.39%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">45.43%</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">30,170.55</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">51.74%</b></p></td><td style="vertical-align:middle;width:13.73%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">26,450.57</b></p></td><td style="vertical-align:middle;width:11.8%;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 4.65pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">55.80%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Test of details by customers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the number of customers covered by the test of details is divided by revenue (RMB1 million, RMB5 million and RMB10 million), as shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.96%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:17.06%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.06%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.07%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:17.05%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:18.8%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:12.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Over RMB10 million</b></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB5-10 million</b></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">RMB1-5 million</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:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Below RMB1 million</b></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of tests</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">23</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">14</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">46</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">130</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">213</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">23</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">14</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">58</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">369</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">464</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Proportion</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">79.31%</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">35.23%</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">45.91%</font></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of tests</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">12</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">5</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">24</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">67</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">108</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Quantity</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">12</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">5</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">26</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">201</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">244</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Proportion</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">92.31%</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">33.33%</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">44.26%</font></p></td></tr><tr style="height:19.85pt;"><td colspan="6" 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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of tests</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">10</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">3</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">15</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">63</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">91</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Number of customers</p></td><td style="vertical-align:middle;width:17.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">10</font></p></td><td style="vertical-align:middle;width:17.07%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">3</font></p></td><td style="vertical-align:middle;width:17.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">22</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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">181</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">216</font></p></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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Proportion</p></td><td style="vertical-align:middle;width:17.06%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.07%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">100.00%</font></p></td><td style="vertical-align:middle;width:17.05%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">68.18%</font></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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">34.81%</font></p></td><td style="vertical-align:middle;width:12.93%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">42.13%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) Seeking confirmation and interview</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the seeking confirmation and interview procedures are divided by the revenue of a single customer (RMB1 million, RMB5 million and RMB10 million), as shown below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100.63%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:33.91%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seeking confirmation procedure</b></p></td><td colspan="2" style="vertical-align:middle;width:33.91%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview procedure</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-70</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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;table-layout:auto;width:100.63%;"><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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">49,803.73</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">84.38%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">56,349.14</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">95.47%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB5-10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,350.17</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">66.92%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,720.32</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">70.82%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB1-5 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,635.88</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">58.72%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,172.43</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">19.22%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB1 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">103.27</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1.74%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">175.00</p></td><td style="vertical-align:bottom;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2.96%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">62,893.05</b></p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">73.36%</b></p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">65,416.89</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">76.30%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">46,832.74</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">45,462.67</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">97.07%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB5-10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,490.31</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">3,490.31</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB1-5 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">739.27</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">14.86%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,749.98</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">35.19%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB1 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">762.78</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">25.25%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">135.86</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">4.50%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">51,825.10</b></p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">88.87%</b></p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">50,838.82</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">87.18%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Over RMB10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">39,088.16</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">98.33%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">35,189.29</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">88.52%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB5-10 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,799.94</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">634.40</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">35.25%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">RMB1-5 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,845.73</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">63.87%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,448.56</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">84.73%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Below RMB1 million</p></td><td style="vertical-align:middle;width:18.65%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">169.92</p></td><td style="vertical-align:middle;width:15.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9.55%</p></td><td style="vertical-align:middle;width:16.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">149.26</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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8.39%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.16%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:18.65%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">42,903.75</b></p></td><td style="vertical-align:middle;width:15.26%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">92.82%</b></p></td><td style="vertical-align:middle;width:16.95%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38,421.51</b></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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Verification by product structure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Verification by major products of the Issuer during the reporting period is shown below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:102.33%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:25.01%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Test of details</b></p></td><td colspan="2" style="vertical-align:middle;width:25.01%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seeking confirmation procedure</b></p></td><td colspan="2" style="vertical-align:middle;width:25.01%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview procedure</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Semiconductor substrate material</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">26,549.50</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">42.36%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">47,592.26</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">75.93%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">50,505.74</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">80.58%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">PBN crucible and the related products</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,350.88</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">45.44%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,287.42</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">76.10%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,455.08</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">67.41%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,052.03</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">65.99%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,013.37</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">65.68%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,456.07</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">69.31%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,952.41</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">45.43%</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">62,893.05</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">73.36%</b></p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">65,416.89</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">76.30%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-71</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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;table-layout:auto;width:102.33%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Semiconductor substrate material</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">19,484.63</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">43.94%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">41,832.39</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">94.33%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">41,977.24</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">94.66%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">PBN crucible and the related products</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,305.25</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">97.06%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,937.36</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">78.88%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,801.63</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">77.08%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,380.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">61.45%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,507.78</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">63.76%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,059.95</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">55.62%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Others</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">547.57</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58.08%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">30,170.55</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51.74%</b></p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51,825.10</b></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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">88.87%</b></p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">50,838.82</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">87.18%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Semiconductor substrate material</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">16,576.38</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46.34%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">33,884.67</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">94.73%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">30,619.88</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">85.60%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">PBN crucible and the related products</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,487.74</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">86.89%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,698.19</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">89.70%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,066.36</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">81.24%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,531.92</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,320.88</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">91.67%</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,735.26</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">68.54%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;">Others</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">196.76</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">43.48%</p></td><td style="vertical-align:middle;width:13.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:13.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.96%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -5.4pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.34%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">25,792.80</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">55.80%</b></p></td><td style="vertical-align:middle;width:13.34%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">42,903.75</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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">92.82%</b></p></td><td style="vertical-align:middle;width:13.18%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,421.50</b></p></td><td style="vertical-align:middle;width:11.82%;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Verification divided by regions of the Issuer&#8217;s customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Verification divided by regions of the Issuer&#8217;s customers during the reporting period is shown below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.6%;"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:16.71%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:27.95%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Test of details</b></p></td><td colspan="2" style="vertical-align:middle;width:27.95%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seeking confirmation procedure</b></p></td><td colspan="2" style="vertical-align:middle;width:27.36%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Interview procedure</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Mainland China</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">18,758.31</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">42.76%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">32,500.47</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">74.08%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">32,646.15</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">74.41%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">United States</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">6,846.67</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">58.60%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,719.04</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">66.06%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11,684.09</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Europe</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,609.10</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">49.05%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,999.67</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">78.71%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">8,008.09</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">70.03%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Taiwan, China</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,363.02</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">46.60%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">5,829.37</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">62.26%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">7,832.00</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">83.64%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,957.33</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">43.71%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">4,370.91</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">97.60%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">3,884.27</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">86.73%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">South Korea</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">555.99</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">22.54%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,276.01</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">51.73%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,362.29</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">55.23%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">862.00</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">35.43%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,197.58</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">90.32%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">-</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,952.42</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">45.43%</b></p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">62,893.05</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">73.36%</b></p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">65,416.89</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">76.30%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Mainland China</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10,581.13</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">42.83%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">21,643.88</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">87.60%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">18,135.01</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">73.40%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">United States</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">14,538.99</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">51.19%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">25,398.26</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">89.43%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">28,202.84</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">99.30%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-72</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:99.6%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Europe</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,520.65</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">99.07%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,284.76</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">89.80%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,972.90</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">77.54%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,204.70</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.64%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,175.56</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">93.33%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,233.81</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">97.96%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">South Korea</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,325.07</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.33%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,322.64</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.16%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,294.25</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">93.11%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">30,170.54</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51.74%</b></p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">51,825.10</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">88.87%</b></p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">50,838.81</b></p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">87.18%</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 4.65pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Mainland China</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10,367.93</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">57.02%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">16,158.50</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">88.86%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">11,141.48</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">61.27%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">United States</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">10,022.36</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">44.87%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">21,360.28</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.62%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">22,144.98</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">99.14%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Europe</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,783.04</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">97.43%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,830.06</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,548.48</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">84.61%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,273.58</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">95.82%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,304.47</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">98.14%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,309.28</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">98.50%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">South Korea</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,345.90</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">92.60%</p></td><td style="vertical-align:middle;width:13.35%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,250.45</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">88.83%</p></td><td style="vertical-align:middle;width:12.76%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">2,277.29</p></td><td style="vertical-align:middle;width:14.6%;border-bottom:1px solid #000000;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:10.5pt;text-align:center;margin:0pt;">89.89%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:16.71%;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 5.27pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">25,792.81</b></p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">55.80%</b></p></td><td style="vertical-align:middle;width:13.35%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">42,903.75</b></p></td><td style="vertical-align:middle;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">92.82%</b></p></td><td style="vertical-align:middle;width:12.76%;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 5.27pt 0pt 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">38,421.51</b></p></td><td style="vertical-align:middle;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 5.27pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">83.12%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Prior to verification, the Reporting Accountant understand internal control related to the Issuer&#8217;s sales revenue, and implement the walk-through procedure and control test procedure for the key internal control points; and no abnormality is found in the test results. Therefore, while relying on the internal control of the Issuer, the Reporting Accountant conducts tests of details for the customers and transactions based on audit sampling according to the relevant provisions of the </font><i style="font-size:12pt;font-style:italic;">Sponsor Due Diligence Guidelines</i><font style="font-size:12pt;">, </font><i style="font-size:12pt;font-style:italic;">Auditing Standards for Chinese Certified Public Accountants No. 1314 - Audit Sampling</i><font style="font-size:12pt;">, and the application guide, following the principle of risk-oriented verification, and combining with the evidence obtained through verification of seeking confirmation, field interview and video interview, E-port data, VAT system data, post-period collection and bank statements, to ensure that customers of different transaction sizes in different regions and industries can be selected.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">4. Verification of accounts receivable</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant implemented the following verification procedures for the accounts receivable of the Issuer at the end of each phase of the reporting period:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The reason and rationality of the change in the balance of accounts receivable at the end of each phase of the reporting period in combination with the operating income was analyzed; the sales contracts signed between the Issuer and major customers were obtained, the credit policies agreed in the contracts, were viewed and </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-73</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">analyzed whether there were changes in the credit policies of major customers during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The financial principal of the Issuer was interviewed, the design effectiveness of the Company&#39;s internal control over the recognition of accounts receivable was understood and evaluated, and the operation effectiveness of key controls was tested;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) The balance of accounts receivable at the end of each phase of the reporting period of the Issuer was confirmed by letter, and alternative procedures were implemented for letters that were not replied, as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:50.26%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2021</b></p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2020</b></p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2020</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Original Value of accounts receivable</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">22,195.99</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">15,376.06</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">13,113.26</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount on the external confirmations</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">20,669.33</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">14,232.03</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,685.87</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion by confirmation request letter &#9314;=&#9313;/&#9312;</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">93.12%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">92.56%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">96.74%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount corresponding to the reply and after discrepancy adjustment</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">17,920.31</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">14,055.55</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,586.92</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Ratio of consistency with the reply</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">86.70%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">98.76%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">99.22%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount for implementing the alternative procedures</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">2,749.02</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">176.48</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">98.95</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion of implementing the alternative procedures</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">13.30%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">1.24%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">0.78%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Confirmable amount</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">20,669.33</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;text-align:right;margin:0pt;">14,232.03</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,685.87</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Proportion of identifiable amount</p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) The aging statement of the accounts receivable of the Issuer was obtained during the reporting period and the subsequent payment collection statement, and the subsequent payment collection was checked</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of May 31,2022, the post-period collection of receivables at the end of each phase of the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">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:29.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:justify;text-indent:10.5pt;margin:0pt;"><b style="font-weight:bold;">End of 2021</b></p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">End of 2020</b></p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Balance of accounts receivable</p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">22,195.99</p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">15,376.06</p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">13,113.26</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:29.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Amount subject to the post-period collected</p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">19,914.05</p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">15,128.70 </p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">13,034.47</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-74</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:19.85pt;"><td style="vertical-align:middle;width:29.74%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">Proportion of amount subject to the post-period collected</p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">89.72%</p></td><td style="vertical-align:middle;width:23.41%;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:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">98.39%</p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0pt;margin:0pt;">99.40%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) The risk of accounts receivable recovery was analyzed whether the provision for bad debts was sufficient in combination with the collection after the reporting period, and the uncollected exposure after the reporting period was compared with the provision for bad debts to determine whether there was insufficient provision for bad debts.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(6) The details of the Issuer&#39;s single provision for bad debt reserves were obtained during the reporting period, and the reasons and rationality of the single provision were analyzed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(7) The bad debt accrual policies of accounts receivable of comparable companies in the same industry were inquired, compared and analyzed whether there were significant differences between the Issuer&#39;s bad debt accrual policies of accounts receivable and the bad debt accrual ratio and comparable companies in the same industry, and the reasons and rationality of the difference were analyzed according to the situation of each entity;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(8) The internal valuation experts of the Reporting Accountant were introduced to review the rationality of the Issuer&#39;s expected credit loss model, and the results were recalculated and compared with the Issuer according to the model;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(9) The main customers of the Issuer were interviewed during the reporting period, the credit reports of the main overseas customers, the basic information of the domestic customers and the relevant public information were obtained through public channels, the transactions between both parties were confirmed, and the industry status, credit status, and business status, etc. of the customers were attended and analyzed.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Account believes that: the Issuer&#8217;s explanations with respect to that the amount of the accounts receivable is true, accurate and complete, the bad debt accrual policy of accounts receivable is reasonable, and the bad debt accrual is sufficient are in conformity with our understanding.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the Reporting Accountant carry out sufficient verification of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-75</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">substantive procedures such as the test of details, and the relevant verification matches with the stratified and regional characteristics of the Issuer&#8217;s customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The verification method, proportion and conclusion of terminal sales with sales revenue through AXT, and whether a third-party basis has been obtained</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For determining the authenticity of terminal sales with sales revenue through AXT, the Reporting Accountant conducts the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Check the sales contracts between AXT and major end customers, identify the terms related to the main risks of commodity ownership and remuneration/control transfer, and evaluate whether the revenue confirmation policy complies with the provisions of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises</i><font style="font-size:12pt;">;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Perform sampling inspection on the sales revenue through AXT, and check the original documents such as production orders and customs declaration forms, as detailed below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:37.03%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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:37.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Revenue covered by sampling</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:10.5pt;text-align:right;margin:0pt;">5,421.02</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:10.5pt;text-align:right;margin:0pt;">14,459.44</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">9,988.47</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.03%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Revenue of sales through AXT</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:10.5pt;text-align:right;margin:0pt;">5,979.70</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:10.5pt;text-align:right;margin:0pt;">28,196.51</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">22,144.98</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:37.03%;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:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Coverage ratio</p></td><td style="vertical-align:middle;width:20.66%;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:10.5pt;text-align:right;margin:0pt;">90.66%</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:10.5pt;text-align:right;margin:0pt;">51.28%</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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">45.10%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT will not engage in the sales business after executing the sales contract signed before March 2021. In 2021, the period of sales from the Company to AXT was from January to June.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Implement analytical procedures, check the fluctuations of major customers through AXT during the reporting period, and learn from the Issuer about the business cooperation background of new major end customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. Perform seeking confirmation for the products sold by major end customers during the reporting period after looking through AXT, as detailed below: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-76</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:50.26%;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:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:center;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:justify;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">Proportion of amount from major customers covered by confirmation request letter in AXT&#8217;s operating revenue</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">68.50%</p></td><td style="vertical-align:middle;width:16.57%;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:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">75.51%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">68.63%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:50.26%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:justify;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">Proportion of reply (calculated by the reply amount of operating revenue)</p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">77.41%</p></td><td style="vertical-align:middle;width:16.57%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">62.84%</p></td><td style="vertical-align:middle;width:16.57%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:1.05pt;text-align:right;text-indent:-1.05pt;margin:0pt 0pt 0pt -1.05pt;">53.43%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. Obtain the sales details of AXT during the reporting period, and check through comparison whether there is a significant difference between its revenue and the revenue of the Issuer during the reporting period. Meanwhile, perform a closed-loop analysis through combining the sales volume of the Issuer to AXT, the sales volume of AXT to its end customers and AXT&#8217;s inventory of finished products at the end of the period, to confirm whether the closed-loop discrepancy is reasonable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In each phase of the reporting period, the quantity of semiconductor substrate materials sold by the Issuer to AXT and by foreign sales of AXT in the current period is shown below:</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;table-layout:auto;width:98.79%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.28%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Year</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Quantity sold by the Company to AXT (pieces)</b><b style="font-weight:bold;">&#9312;</b></p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Quantity of foreign sales by AXT (pieces)</b><b style="font-weight:bold;">&#9313;</b></p></td><td style="vertical-align:middle;white-space:normal;width:25.89%;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:10.5pt;text-align:center;text-indent:21pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Discrepancy (pieces)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:21pt;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">&#9314;</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></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.28%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">2021</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">143,730.00</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">168,938.00</p></td><td style="vertical-align:middle;white-space:normal;width:25.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-25,208.00</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.28%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">2020</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">624,454.00 </p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">621,608.00</p></td><td style="vertical-align:middle;white-space:normal;width:25.89%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,846.00</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:normal;width:22.28%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">2019</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">596,976.00</p></td><td style="vertical-align:middle;white-space:normal;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:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">576,488.00</p></td><td style="vertical-align:middle;white-space:normal;width:25.89%;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:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">20,488.00</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As shown in the table above, the quantity of semiconductor substrate materials sold by the Company to AXT during the reporting period is basically consistent with the quantity of foreign sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. Interview with end customers after looking through AXT, to see whether the products sold by the Company through AXT have been finally sold; during the reporting period, the amount covered by the interview and its proportion in revenue from sales of AXT are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">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;width:24.37%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:26.27%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:33.08%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:16.26%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:24.37%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:middle;width:26.27%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Amount covered by the interview</b></p></td><td style="vertical-align:middle;width:33.08%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Revenue of sales through AXT</b></p></td><td style="vertical-align:middle;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:24.37%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">2021</p></td><td style="vertical-align:middle;width:26.27%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">4,377.73</p></td><td style="vertical-align:middle;width:33.08%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">5,979.70</p></td><td style="vertical-align:middle;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">73.21%</p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:24.37%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">2020</p></td><td style="vertical-align:middle;width:26.27%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">21,230.96</p></td><td style="vertical-align:middle;width:33.08%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">28,196.51</p></td><td style="vertical-align:middle;width:16.26%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">75.30%</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-77</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:19.55pt;"><td style="vertical-align:middle;width:24.37%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">2019</p></td><td style="vertical-align:middle;width:26.27%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">16,226.69</p></td><td style="vertical-align:middle;width:33.08%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">22,144.98</p></td><td style="vertical-align:middle;width:16.26%;border-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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">73.27%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7. Compare AXT&#8217;s receivables at the end of 2019 and 2020 with the Issuer&#8217;s receivables from AXT, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">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;width:16.89%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:43.46%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.13%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:14.5%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:16.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Time point</b></p></td><td style="vertical-align:middle;width:43.46%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">The Issuer&#8217;s receivables from AXT</b></p></td><td style="vertical-align:middle;width:25.13%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">AXT&#8217;s receivables</b></p></td><td style="vertical-align:middle;width:14.5%;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:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;"><b style="font-weight:bold;">Discrepancy ratio</b></p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:16.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">12/31/2020</p></td><td style="vertical-align:middle;width:43.46%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">5,376.26</p></td><td style="vertical-align:middle;width:25.13%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">6,267.96</p></td><td style="vertical-align:middle;width:14.5%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">-14.23%</p></td></tr><tr style="height:19.55pt;"><td style="vertical-align:middle;width:16.89%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 0pt 0pt -6pt;">12/31/2019</p></td><td style="vertical-align:middle;width:43.46%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">6,367.90</p></td><td style="vertical-align:middle;width:25.13%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">6,484.32</p></td><td style="vertical-align:middle;width:14.5%;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:10.5pt;text-align:right;margin:0pt 0pt 0pt -6pt;">-1.80%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">AXT&#8217;s receivables are slightly different from the Issuer&#8217;s receivables from AXT at the end of 2019 and 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8. Check the flow of AXT during the Reporting Period to determine whether all its receipts come from its final customers and whether there are large and abnormal non-operating capital transactions between AXT and the issuer and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">9. Check the credit reports and other publicly available information of major overseas end customers, 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 any correlation between overseas end customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">10. 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Reporting Accountant believes that the revenue of the Company from the sales with AXT is true, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) The verification method, proportion and conclusion of terminal sales with sales revenue through AXT-Tongmei, and whether a third-party basis has been obtained.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For determining the authenticity of the sales revenue realized through AXT-Tongmei, the Reporting Accountant conducts the following verification procedures:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-78</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Understand the key internal control related to revenue through AXT-Tongmei, 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Check the main sales contracts, identify the terms related to the main risks of commodity ownership and remuneration/control transfer, and evaluate whether the revenue confirmation policy complies with the provisions of the </font><i style="font-size:12pt;font-style:italic;">Accounting Standards for Business Enterprises</i><font style="font-size:12pt;">;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. AXT-Tongmei is responsible for the sales of semiconductor substrate materials in overseas regions, and in most cases, the products are directly declared at the customs and delivered by the domestic entity to the sites designated by the customers; the intermediary performs sampling inspection of sales revenue realized through AXT-Tongmei, and checks the original contracts, invoices, customs declaration forms, logistics records, as detailed below:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:64.24%;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:10.5pt;text-align:center;text-indent:0.85pt;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;text-indent:0.85pt;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:64.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0.85pt;margin:0pt;">Revenue covered by sampling</p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0.85pt;margin:0pt;">13,753.64</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:64.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0.85pt;margin:0pt;">Revenue of sales through AXT-Tongmei</p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0.85pt;margin:0pt;">31,353.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:64.24%;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:10.5pt;text-align:justify;text-indent:0.85pt;margin:0pt;">Coverage ratio</p></td><td style="vertical-align:middle;width:35.75%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:0.85pt;margin:0pt;">43.87%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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 outbound delivery orders, customs declaration forms, packing lists, bills of lading, logistics forms, invoices and other documents, and check whether the revenue is intertemporal;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. Implement analytical procedures, combine the revenue recognized through AXT-Tongmei with that recognized through AXT in 2021, and analyze the revenue recognized through AXT after looking through the end customers together with the same; check the fluctuations of revenue of end customers during the reporting period, and learn from the Issuer about the business cooperation background of new major end customers and the main reasons for revenue fluctuations;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. Implement seeking confirmation for sales through AXT-Tongmei, as detailed below: </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-79</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:81.23%;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:10.5pt;padding-left:0.2pt;text-align:center;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:18.76%;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:10.5pt;padding-left:0.2pt;text-align:center;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Amount covered by confirmation request letter&#9312;</p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">29,235.75</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Amount covered by reply&#9313;</p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">20,618.08</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Revenue of sales through AXT-Tongmei&#9314;</p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">31,353.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Proportion of amount covered by confirmation request letter in the revenue of sales through AXT-Tongmei&#9315;=&#9312;/&#9314;</p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">93.24%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Proportion of revenue corresponding to the reply and after discrepancy adjustment&#9316;=&#9313;/&#9312;</p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">70.52%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Revenue of alternative testing&#9317;</p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">8,617.67</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Proportion of alternative testing&#9318;=&#9317;/&#9312;</p></td><td style="vertical-align:middle;width:18.76%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">29.48%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:81.23%;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:10.5pt;padding-left:0.2pt;text-align:justify;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">Identifiable proportion&#9319;=&#9316;+&#9318;</p></td><td style="vertical-align:middle;width:18.76%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;padding-left:0.2pt;text-align:right;text-indent:-0.2pt;margin:0pt 0pt 0pt -0.2pt;">100.00%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7. Obtain the sales details of domestic companies with AXT-Tongmei, obtain the Issuer&#8217;s E-port data, the declaration form of tax exemption, offset or rebate and approval notice, to confirm the accuracy and completeness of such sales details. Later, perform a closed-loop analysis through combining the sales volume of domestic companies to AXT-Tongmei, the sales volume of AXT-Tongmei to its end customers and AXT-Tongmei&#8217;s inventory of finished products at the end of the period, to confirm whether the closed-loop discrepancy is reasonable;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8. Interview with AXT-Tongmei&#8217;s customers, to see whether the products sold by the Company through AXT-Tongmei have been finally sold; during the reporting period, the amount covered by the interview and its proportion in revenue from sales of AXT-Tongmei are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB0&#8217;000</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.63%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.32%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:middle;width:23.35%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount covered by the interview</b></p></td><td style="vertical-align:middle;width:32.78%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revenue of sales through AXT-Tongmei</b></p></td><td style="vertical-align:middle;width:19.53%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.32%;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:10.5pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:middle;width:23.35%;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:10.5pt;text-align:right;margin:0pt;">23,977.02</p></td><td style="vertical-align:middle;width:32.78%;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:10.5pt;text-align:right;margin:0pt;"><a name="OLE_LINK1"></a>31,353.89</p></td><td style="vertical-align:middle;width:19.53%;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:10.5pt;text-align:right;margin:0pt;">76.47%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">9. Obtain the flow of AXT-Tongmei in 2021, and check whether all its receipts come from the end customer, and whether there are large and abnormal non-operating capital transactions with the issuer and related parties; in 2021, the income and corresponding payment collection of AXT-Tongmei are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">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:49.87%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Items</b></p></td><td style="vertical-align:middle;width:50.12%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-80</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:49.87%;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:10.5pt;text-align:center;margin:0pt;">Sales revenue of AXT-Tongmei</p></td><td style="vertical-align:middle;width:50.12%;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:10.5pt;text-align:right;margin:0pt;">31,353.89</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.87%;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:10.5pt;text-align:center;margin:0pt;">Collected amount in 2021</p></td><td style="vertical-align:middle;width:50.12%;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:10.5pt;text-align:right;margin:0pt;">19,863.84</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.87%;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:10.5pt;text-align:center;margin:0pt;">Collected amount in January -April of 2022</p></td><td style="vertical-align:middle;width:50.12%;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:10.5pt;text-align:right;margin:0pt;">7,986.06</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.87%;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:10.5pt;text-align:center;margin:0pt;">Total collected amount</p></td><td style="vertical-align:middle;width:50.12%;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:10.5pt;text-align:right;margin:0pt;">27,849.90</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:49.87%;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:10.5pt;text-align:center;margin:0pt;">Proportion of Collected amount</p></td><td style="vertical-align:middle;width:50.12%;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:10.5pt;text-align:right;margin:0pt;">88.82%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">10. Check the credit reports and other publicly available information of AXT-Tongmei&#8217;s customers, 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 any correlation between overseas end customers and the Company and related parties;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">11. 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Reporting Accountant believes that the revenue of the Company from the sales with AXT-Tongmei is true, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Reporting Accountant believes that the domestic and overseas revenue of the Company is true, accurate and complete during the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc31366"></a>Q5. Inventory</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the reply to the first inquiry letter, (1) the book balance of the Issuer&#8217;s inventories increased significantly to RMB401,034,500 as at the end of 2021, which was partly because the Company has increased the procurement of raw materials due to the rising price of metal gallium and the short supply of germanium ingots in the market; (2) at the end of each period of the reporting period, the proportion of the Issuer&#8217;s provision for inventory depreciation to the inventory book balance was 8.76%, 4.87% and 4.92%, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to further disclose: the accounting policy and specific </p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="font-size:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-81</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt 0pt 7.8pt 0pt;">method for the provision for inventory depreciation, the method and basis for determining the net realizable value of inventories.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Issuer is required to explain: (1) the specific composition, amount and provision for depreciation of the Company&#8217;s inventories as at the end of 2021; (2) whether the provision for inventory depreciation is adequate in light of the changes in market prices of the Company&#8217;s main raw materials and whether there are any adverse factors that will affect the net realizable value of inventories subsequent to the period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor and the Reporting Accountant are required to explain: (1) the plan on the supervision of the domestic and overseas inventory counts, including the time and place, the personnel involved and the way of supervision; (2) the supervised amount and proportion for different types of inventories deposited in the domestic and overseas areas; (3) the method, proportion and conclusion of verification for the inventories deposited in the customers&#8217; premises; (4) the procedures, proportion and conclusion of verification performed for the accuracy and basis of the valuation of different types of inventories.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer has further disclosed the following information in &#8220;VI.(V).Inventories&#8221; in &#8220;Section VIII Financial Information and Management Analysis&#8221; of the Prospectus: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><a name="_Hlk97492976"></a><font style="font-size:12pt;">At the balance sheet date, inventories are measured at the lower of cost and net realizable value. If the cost of inventories is higher than the net realizable value, a provision for decline in value of inventories is recognized in the profit or loss for the current period. If factors that previously resulted in the provision for decline in value of inventories no longer exist so that the net realizable value of inventories is higher than their carrying amounts, the amount of the write-down is reversed. The reversal is limited to the amount originally provided for the provision for the decline in value of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-82</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">inventories, and is recognized in the profit or loss for the current period. Provision for decline in value of inventories is made for auxiliary materials, semi-finished products and finished products aged more than one year, while a separate provision is made for separately identified deteriorated, damaged or unusable inventories.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Net realizable value refers to the estimated selling price in the ordinary course of business deducted by the estimated costs to completion, the estimated selling expenses and the related taxes. Provision for decline in values of inventories is made on the basis of individual inventory items/categories for raw materials and finished products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><a name="_Hlk102945630"></a><b style="font-size:12pt;font-weight:bold;">1. Specific method for the provision for inventory depreciation:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">The Issuer made a full provision for inventory depreciation on auxiliary materials aged more than one year, a net realizable value test for semi-finished and finished products aged more than one year if they have been purchased by other internal companies for use as the main material for production, and a full provision for inventory depreciation if they have not been purchased by other internal companies for use as the main material for production, according to the respective inventory categories in the accounts. In addition, the Issuer and its subsidiaries made a provision for inventory depreciation on other inventories based on the net realizable value test.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Method and basis for determining the net realizable value:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(1) Since the Issuer has made a full provision for inventory depreciation for auxiliary materials aged more than one year as well as semi-finished and finished products aged more than one year that have not been purchased by other internal companies for use as the main material for production, no further net realizable value test shall be performed for these inventories.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(2) The specific methods for determining the net realizable value of GaAs, InP, germanium polycrystals, single crystal and substrates classified as semi-finished products and unfinished products are as follows: for single crystals, the proportion of the current production input amount to the total substrate cost is used to determine the proportion of single crystal stage completion, and then the </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-83</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">amount is recognized based on the ex-tax selling price of the substrate around the balance sheet date, less the estimated costs to be incurred from single crystal processing to the substrate, the possible selling expenses and related taxes. For polycrystals, the proportion of the current production input amount to the total single crystal cost is used to determine the proportion of polycrystalline stage completion, and then the proportion of single crystal stage completion is determined based on the aforementioned method, and then the amount is recognized based on the ex-tax selling price of the substrate around the balance sheet date, less the estimated costs to be incurred from polycrystalline to single crystal and from single crystal to substrate, possible selling expenses and related taxes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(3) For GaAs, InP and germanium substrates classified as unfinished products, the cost to be incurred to completion is estimated based on the approximate production volume of the processes in which they are used. The amount is recognized based on the ex-tax selling price around the balance sheet date, less the estimated costs to be incurred to completion, possible selling expenses and related taxes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(4) For GaAs, InP and germanium substrates classified as finished products, the amount is recognized based on the ex-tax selling prices around the balance sheet date, less possible selling expenses and related taxes.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(5) Please refer to the above method for PBN-related products and high-purity metals and compounds, etc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Specific composition, amount and provision for depreciation of the Company&#8217;s inventories as at the end of 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2021, the Company&#8217;s inventory mainly consisted of semiconductor substrate materials, PBN crucibles, high-purity metals and compounds, as well as raw materials, semi-finished products and unfinished products used in various production </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-84</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">processes, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:16.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Inventory category</b></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Inventory breakdown</b></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Book balance</b></p></td><td style="vertical-align:middle;width:15.44%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Provision for impairment</b></p></td><td style="vertical-align:middle;width:19.22%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Book value</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;">Main materials of raw materials</p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">Germanium ingots</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;">1,329.18</p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,329.18</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Red phosphorus</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;">238.33</p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">238.33</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;">210.78</p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">210.78</p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;">Auxiliary materials of raw materials</p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Packaging materials</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,152.72</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">85.17</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,067.55</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Cutting, grinding and polishing materials</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">886.31</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">74.75</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">811.56</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Quartz materials</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">580.80</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">4.39</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">576.41</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">C</font><font style="font-size:12pt;">hemical reagents</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">286.24</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">19.13</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">267.11</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:11pt;">Others</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,971.25</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">172.42</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,798.83</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total raw materials</b></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,655.61</b></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">355.86</b></p></td><td style="vertical-align:middle;width:19.22%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,299.75</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="8" style="vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;">Semi-finished products</p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">GaAs polycrystal</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">3,237.52</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">0.94</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">3,236.58</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">GaAs<font style="font-size:12pt;"> single crystal</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,663.58</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">57.02</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,606.56</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">InP single crystal</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,150.32</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">185.45</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,964.87</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">InP polycrystal</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,861.76</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,861.76</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">Germanium wafers</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,466.14</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">265.97</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,200.17</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">GaAs wafers</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">553.71</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">95.00</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">458.71</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">671.32</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">106.35</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">564.97</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total semi-finished products</b></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,052.81</b></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">616.29</b></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">11,436.52</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="8" style="vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Unfinished products</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">GaAs<font style="font-size:12pt;"> single crystal</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">4,059.51</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">4,059.51</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;">2,652.53</p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,652.53</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">InP single crystal</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,568.12</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">2,568.12</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">Germanium single crystal</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,057.19</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">1,057.19</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">GaAs wafers</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">994.92</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">32.81</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">962.11</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">InP wafers</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">850.81</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">850.81</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">579.93</font></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">579.93</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total </b><b style="font-size:12pt;font-weight:bold;">unfinished products</b></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,763.01</b></p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">32.81</b></p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">12,730.20</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="6" style="vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;">Goods in stock</p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">PBN<font style="font-size:12pt;"> crucibles</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;">2,455.07</p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;">370.12</p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,084.95</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.74%;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:10.5pt;text-align:center;margin:0pt;">InP<font style="font-size:12pt;"> substrates</font></p></td><td style="vertical-align:middle;width:19.24%;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:10.5pt;text-align:right;margin:0pt;">1,745.68</p></td><td style="vertical-align:middle;width:15.44%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:19.22%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,745.68</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-85</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:middle;width:16.33%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;">GaAs <font style="font-size:12pt;">substrates</font></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;">1,246.80</p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;">313.41</p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">933.39</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium substrates</font></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;">767.47</p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">767.47</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;">Others</p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;">406.47</p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;">33.17</p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">373.30</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total goods in stock</b></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">6,621.49</b></p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">716.70</b></p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">5,904.80</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Goods upon delivery</p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;">GaAs <font style="font-size:12pt;">substrates</font></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;">1,577.13</p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,577.13</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium substrates</font></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;">266.88</p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">266.88</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;">InP<font style="font-size:12pt;"> substrates</font></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;">90.88</p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">90.88</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;">PBN<font style="font-size:12pt;"> crucibles</font></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;">75.63</p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">75.63</p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:100%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:182.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total goods upon delivery</b></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,010.52</b></p></td><td style="vertical-align:middle;width:94.52%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">-</b></p></td><td style="vertical-align:middle;width:117.67%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,010.52</b></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:282.1%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:117.82%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">40,103.45</b></p></td><td style="vertical-align:middle;width:94.52%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">1,721.66</b></p></td><td style="vertical-align:middle;width:117.67%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">38,381.78</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. As for the composition of inventories, at the end of 2021, the amount and proportion of semi-finished products and unfinished products were relatively high, with the total book value accounting for 62.97% of the book value of inventory, mainly due to the combined effects of the following: on one hand, 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 and accelerating its production progress; on the other hand, the depletion of raw materials increased.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. In terms of inventory age composition, at the end of 2021, the balance of inventory within one year was RMB376,140,000, accounting for 93.79%, which was relatively high, mainly due to the relatively high proportion of the Company&#8217;s products manufactured in a customized manner and the relatively fast rate of inventory depletion. During the reporting period, the inventory turnover ratio of the Company was 1.36, 1.52 and 1.60, respectively, which increased year by year. In addition, at the end of each phase of the reporting period, the finished products coverage for orders on hand was 501.33%, 731.11% and 452.44%, respectively, which were high and reflected adequate orders.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Regarding the provision for inventory depreciation, at the end of 2021, the amount of provision for depreciation of inventory aged more than one year was RMB13,754,300, accounting for 79.89% of the overall provision for inventory </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-86</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">depreciation and 55.25% of the balance of inventory aged more than one year, which was a relatively high proportion of provision.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(II) Accrued provision for inventory depreciation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Basis for the accrued full provision of auxiliary materials aged more than 1 year</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Among the inventories held by the Issuer, the auxiliary materials are mainly packaging materials, cutting, grinding, and polishing materials, quartz materials, chemical reagents and other auxiliary materials. The Issuer&#8217;s full accrued provision for inventory depreciation for auxiliary materials aged more than 1 year is mainly determined by the nature of the auxiliary materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Due to the high cleanliness requirements for the Issuer&#8217;s semiconductor substrate material products, the Issuer&#8217;s products also have high cleanliness requirements for auxiliary materials during the production and packaging processes, and the auxiliary materials are subject to dust and other possible contamination under the impact of the storage environment during the long-term storage. The longer the storage time, the greater the possibility of contamination. Thus, the Issuer believes that the possibility of contamination is extremely high for auxiliary materials that have not been used for over 1 year. Upon the occurrence of the contamination, the Issuer needs to clean the auxiliary materials, and the unit value of this part of the auxiliary materials is low. During the cleaning process, materials such as high-purity reagents with a high unit value need to be used; as a result, the cleaning cost may be higher than that of the direct replacement of materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, compared with main materials during the production process, cutting, grinding, and polishing materials and chemical reagents are not chemically stable enough, and are subject to possible corrosion, deterioration and purity reduction, resulting in the failure to meet production needs. Therefore, for the long-term storage of cutting, grinding and polishing materials and chemical reagents, the Issuer believes that their quality has significantly declined compared to that at the time of purchase, and thus the quality requirements for production can hardly be met.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, it is reasonable for the Issuer to make full provision for inventory </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-87</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">depreciation for auxiliary materials aged more than 1 year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Basis for the full provision for semi-finished products and inventories aged more than 1 year that have not been claimed</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For semi-finished products and inventories held by the Issuer aged more than 1 year, the Issuer arranges the production schedule based on its orders in hand but there are uncontrollable damage and other conventional damages during the production process; as a result, the Issuer will arrange more raw materials than those required by the orders. If the customer does not purchase products with the same parameters subsequently, as the product parameters are fixed and different customers have different requirements for product parameters, products of the corresponding models are hard to sell, resulting in poor sales.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Issuer believes that as the Company&#8217;s products are mainly customized products, different customers have different requirements for product parameters, and due to the characteristics of semiconductor companies and the iteration risk in their products, products that have already been manufactured yet without any sales orders for a long time are unlikely to be sold in the future.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, it is reasonable for the Issuer to accrue full provision for inventory depreciation for semi-finished products and inventories aged more than 1 year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. Other inventories</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Except the foregoing inventories, for other inventories, the Company recognizes the net realizable value and make provision for depreciation based on the tax-exclusive selling price of relevant finished products before and after the balance sheet date, less the estimated costs to be incurred, possible sales expenses and relevant taxes.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. About comparable companies in the same industry</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From the perspective of product composition, NSIG&#8217;s products are silicon substrate materials, SICC&#8217;s products are silicon carbide substrates, and the Company&#8217;s products are III-VI compound substrate materials. Their products are different, but the Company&#8217;s policy for the provision for inventory depreciation are not significantly different from that of NSIG and SICC. The specific comparison is as follows:</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-88</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.777672%;width:109.55%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Item</p></td><td style="vertical-align:middle;width:28.01%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Issuer</p></td><td style="vertical-align:middle;width:28.02%;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:10.5pt;text-align:center;margin:0pt;">SICC</p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:center;margin:0pt;">NSIG</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Method for the provision of Inventory depreciation</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">On the balance sheet date, inventories are measured at the cost or the net realizable value, whichever is lower. If the cost is higher than the net realizable value, the provision for inventory depreciation will be accrued to the current profits and losses. If the influencing factors of the previous provision for inventory depreciation have disappeared, so that the net realizable value of the inventory is higher than its book value, the previously written down amount will be recovered within the originally amount of provision of inventory depreciation, and the amount reversed will be accrued to the current profits and losses.</p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">The Company evaluates the inventories at the end of the reporting period based on the market demand, product technical indicators and estimated selling prices</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Inventories are evaluated, and a provision for inventory depreciation is made if the inventory is lower than the net realizable value.</p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">During the reporting period, the balance of inventories on the balance sheet date is measured at the cost or the net realizable value, whichever is lower. If the cost is higher than the net realizable value on the balance sheet date, the provision for inventory depreciation will be accrued to the current profits and losses.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Provision by inventory age</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">For auxiliary materials aged more than 1 year, a full provision for inventory depreciation will made. If the semi-finished products and finished products aged more than 1 year have been purchased by other companies within the group as main materials for production, net realizable value testing will be conducted. For those that have not been purchased by other companies within the group as main materials for production, a full provision </p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">For finished products aged more than 2 years, due to the characteristics of semiconductor companies and the iteration risk in their products, the Company prudently determines that its net realizable value is 0, and makes a full provision for depreciation for relevant products.</p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">N/A</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-89</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.777672%;width:109.55%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">for inventory depreciation will be made.</p></td><td style="vertical-align:top;width:28.02%;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;"></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Separate provision</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">Separate provision for separately identified deteriorated, damaged or unusable inventories</p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">N/A</p></td><td style="vertical-align:middle;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Carry out inventory check to confirm whether there are any damaged, unsalable and other inventories that cannot be sold or used. If there are any, the net realizable value of the inventories will be recognized as zero</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Method for the recognition of net realizable value</p></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">(1) As the Issuer has made a full provision for inventory depreciation for auxiliary materials aged more than 1 year, semi-finished products and finished products aged more than 1 year that have not been purchased by other companies within the group as main materials for production, these inventories are no longer subject to net realizable value testing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(2) The specific method for the determination of the net realizable value of GaAs, InP, germanium polycrystals, single crystals and substrates classified as semi-finished products and goods in process in the account book is as follows: For single crystals, the completion proportion at the single crystal stage is determined according to the proportion of the current production cost to the total cost of the substrates, and the estimated cost for </p></td><td style="vertical-align:middle;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">For finished products, materials for sale and other inventories directly for sale, during the normal production and operation processes, the net realizable value of inventories is the estimated selling price of the inventory less the estimated selling expenses and the relevant taxes; for material inventories that need to be processed, in the normal production and operation processes, the net realizable value is the estimated selling price of the finished product produced less the estimated cost to be incurred upon completion, the estimated sales expenses and the relevant taxes; for inventories held for the performance of sales contracts or labor contracts, the net realizable value is based on the contract prices, and if the quantity of the inventories held is more than the that ordered under the sales contracts, the net </p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The net realizable value of inventories is the estimated selling prices of the inventories less the cost to be incurred upon completion, the selling expenses and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(1) Carry out inventory check to confirm whether there are any damaged, unsalable and other inventories that cannot be sold or used. If there are any, the net realizable value of the inventories will be recognized as zero.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(2) For finished products and other inventories that are directly for sale, during the normal production and operation processes, the net realizable value is the estimated market prices of the inventories less the estimated sales expenses and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(3) For materials and raw materials for commissioned processing that need to be processed, during the normal production and </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-90</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.777672%;width:109.55%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">processing the single crystals to substrates, the possible selling expenses to be incurred and the relevant taxes are deducted from the tax-exclusive selling price of the substrates before and after the balance sheet date; for polycrystals, the completion proportion at the polycrystalline stage is determined according to the proportion of the current production cost to the total cost of the single crystals, the completion proportion at the single crystal stage is determined by the foregoing method, and finally the estimated costs for processing the polycrystals to single crystals and processing the single crystals to substrates, the possible selling expenses to be incurred and the relevant taxes are deducted from the tax-exclusive selling price of the substrates before and after the balance sheet date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(3) For GaAs, InP, germanium substrates, <i style="font-style:italic;">etc.</i> that are classified as goods in process in the account book, the cost to be incurred upon completion is estimated based on the approximate output of the process where they are involved. It is recognized on the basis of the tax-exclusive selling price </p></td><td style="vertical-align:top;width:28.02%;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:10.5pt;text-align:justify;margin:0pt;">realizable value of the excess inventories is calculated on the basis of the general sales prices.</p></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">operation processes, the net realizable value is the estimated market price of the finished products that are manufactured less the estimated costs to be incurred upon completion, the estimated sales expenses and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(4) For finished products held and commodities delivered for the performance of signed sales orders, the net realizable value is calculated on the basis of the order prices.</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-91</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-4.777672%;width:109.55%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.93%;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 5.15pt 0pt 4.65pt;"></td><td style="vertical-align:top;width:28.01%;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:10.5pt;text-align:justify;margin:0pt;">before and after the balance sheet date less the estimated cost upon completion, the possible sales expenses to be incurred and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(4) For GaAs, InP, germanium substrates, <i style="font-style:italic;">etc.</i> classified as finished products in the account book, it is recognized according to the tax-exclusive selling price before and after the balance sheet date less the possible sales expenses to be incurred and the relevant taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(5) For PBN-related products and products such as high-purity metals and compounds, the above methods should be referred to.</p></td><td style="vertical-align:middle;width:28.02%;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;"></td><td style="vertical-align:top;width:28.02%;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 4.65pt 0pt 5.15pt;"></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of the inventory depreciation provision policy, there are no significant differences &#160;between the Company and comparable companies in the same industry, which is demonstrated by: compared to SICC, there is a circumstance where deprecation for long-aged inventories is prudently accrued, while the Company makes a full provision for inventory depreciation for relevant inventories aged more than 1 year according to the characteristics of its own products, while SICC chooses inventories aged more than 2 years; compared to NSIG, for deteriorated, damaged or unusable inventories after individual identification, both the Issuer and NSIG make a full provision. In addition, there are no significant differences between the subjects in the method for determining the net realizable value.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company has formulated a reasonable inventory depreciation policy in accordance with the Accounting Standards for Business Enterprises as well as characteristics of its own products and conditions of the industry, which is reasonable </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-92</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">and is not significantly different from that of comparable companies in the same industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) About the post-period depletion of inventories</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of May 31, 2022, the depletion of the Company&#8217;s inventories at the end of each phase of the reporting period is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">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:29.7%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.44%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2021</b></p></td><td style="vertical-align:middle;width:23.44%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2020</b></p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">End of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:29.7%;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:10.5pt;text-align:center;margin:0pt;">Book balance of inventory</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">40,103.45</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">29,919.80</p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">26,929.21</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:29.7%;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:10.5pt;text-align:center;margin:0pt;">Post-period carried-forward amount</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">33,366.36</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">28,737.71</p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">26,013.41</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:29.7%;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:10.5pt;text-align:center;margin:0pt;">Post-period carry-forward rate</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">83.20%</p></td><td style="vertical-align:middle;width:23.44%;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:10.5pt;text-align:right;margin:0pt;">96.05%</p></td><td style="vertical-align:middle;width:23.41%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">96.60%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) Whether the provision for inventory depreciation is adequate in light of the changes in market prices of the Company&#8217;s main raw materials and whether there are any adverse factors that will affect the net realizable value of inventories subsequent to the period.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The main raw materials required for the Company&#8217;s production include gallium, germanium ingots, quartz materials, high-purity arsenic, </font>InP<font style="font-size:12pt;"> polycrystals, boron trichloride, etc. The changes in the purchase prices of the above raw materials during the reporting period are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt 0pt 0pt 21pt;">In RMB/kg</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.2440834%;width:110.48%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:22.84%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:20.29%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">January - April 2022</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:22.14%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:22.46%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020 </b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019 </b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:10.4%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Change</b></p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Unit price</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">Gallium</font></p></td><td style="vertical-align:middle;width:10.4%;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:10.5pt;text-align:right;margin:0pt;">2,266.37</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:10.5pt;text-align:right;margin:0pt;">24.32%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">1,823.03</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">80.45%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">1,010.25</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">12.69%</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">896.50</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">Germanium ingots</font></p></td><td style="vertical-align:middle;width:10.4%;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:10.5pt;text-align:right;margin:0pt;">7,601.22</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:10.5pt;text-align:right;margin:0pt;">8.46%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">7,008.32</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">12.42%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">6,234.17</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">-3.31%</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">6,447.44</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">Quartz materials</font></p></td><td style="vertical-align:middle;width:10.4%;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:10.5pt;text-align:right;margin:0pt;">457.55</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:10.5pt;text-align:right;margin:0pt;">3.06%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">443.95</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">-4.38%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">464.29</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">-4.74%</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">487.41</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;width:10.4%;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:10.5pt;text-align:right;margin:0pt;">958.70</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:10.5pt;text-align:right;margin:0pt;">14.76%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">835.39</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">-0.17%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">836.79</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;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:10.5pt;text-align:right;margin:0pt;">0.21%</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">835.06</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.84%;border-bottom: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:10.5pt;margin:0pt;"><font style="font-size:12pt;">Boron trichloride</font></p></td><td style="vertical-align:middle;width:10.4%;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:10.5pt;text-align:right;margin:0pt;">123.85</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:10.5pt;text-align:right;margin:0pt;">-9.09%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">136.24</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">13.17%</p></td><td style="vertical-align:middle;white-space:nowrap;width:12.24%;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:10.5pt;text-align:right;margin:0pt;">120.39</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.21%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">-14.71%</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">141.14</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-93</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-5.436207%;width:110.87%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:22.85%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:10.41%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.89%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:12.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:9.89%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:12.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:10.22%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:12.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;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;white-space:nowrap;width:22.85%;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:10.5pt;margin:0pt;">InP <font style="font-size:12pt;">polycrystals</font></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,764.56</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:10.5pt;text-align:right;margin:0pt;">-1.06%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">6,837.00</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">-6.37%</p></td><td style="vertical-align:middle;white-space:nowrap;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">7,301.99</p></td><td style="vertical-align:middle;white-space:nowrap;width:10.22%;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:10.5pt;text-align:right;margin:0pt;">-8.58%</p></td><td style="vertical-align:middle;white-space:nowrap;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:10.5pt;text-align:right;margin:0pt;">7,987.13</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: Data for January-April 2022 is unaudited.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">It can be seen from the aforesaid table that the purchase unit price of gallium showed a significant increase as a whole during and after the reporting period; the price of germanium ingot has increased since 2021; the price of high-purity arsenic has been basically the same in the past three years, and has increased after the period; the prices of quartz materials and boron trichloride have fluctuated, while that of </font>InP<font style="font-size:12pt;"> polycrystals has declined slightly year by year. The main production uses of each main raw material 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;white-space:nowrap;width:31.71%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main raw material</b></p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Main corresponding products</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Gallium</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">GaAs substrates, high-purity gallium, gallium compounds</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Germanium ingots</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">Germanium substrates</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Quartz materials</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">InP substrates, GaAs substrates, germanium substrates</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">High-purity arsenic</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">GaAs substrates</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Boron trichloride</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">PBN crucibles</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;white-space:nowrap;width:31.71%;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:10.5pt;margin:0pt;">InP polycrystals</p></td><td style="vertical-align:middle;width:68.28%;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:10.5pt;text-align:justify;margin:0pt;">InP substrates</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Whether the provision for inventory depreciation is adequate in light of the changes in market prices of the Company&#8217;s main raw materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) The impact of the increase in the price of gallium on the cost and selling price of GaAs substrates </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The increase in the price of gallium has less impact on the cost and selling price of GaAs substrates, which was mainly due to:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1) Low proportion of gallium in the cost composition</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In terms of cost composition, the proportion of semiconductor substrate materials in the direct materials is relatively low. In 2021, the Company&#8217;s GaAs substrates accounted for 43.88% of direct materials, while the direct material proportion in the cost composition of NSIG was 44.25% and that of SICC was 35.46%, according to the 2021 annual reports of comparable listed companies in the same industry.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As for the composition of direct materials, the main direct materials consumed in </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-94</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the production of GaAs substrates include 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. The proportion of gallium in the direct materials is also not high.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In the case that the price of gallium was relatively high in 2021, 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><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.0785408%;padding-left:2.85pt;padding-right:0pt;width:100.15%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:24.27%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item in 2021</b></p></td><td colspan="5" style="vertical-align:middle;width:75.72%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Unit price of gallium</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:24.27%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+20%</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">+10%</b></p></td><td style="vertical-align:middle;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">0</b></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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-10%</b></p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">-20%</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.27%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Revenue of GaAs substrates</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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</p></td><td style="vertical-align:middle;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,547.46</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.27%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Cost of GaAs substrates</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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19,955.94 </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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19,482.36 </p></td><td style="vertical-align:middle;width:14.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">19,008.77</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">18,535.18 </p></td><td style="vertical-align:middle;width:15.68%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">18,061.60 </p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:24.27%;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 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;margin:0pt;">Gross margin of GaAs substrates</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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">21.89%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">23.74%</p></td><td style="vertical-align:middle;width:14.81%;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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25.59%</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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">27.45%</p></td><td style="vertical-align:middle;width:15.68%;border-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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">29.30%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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&#8217; cost and gross margin if other conditions remain unchanged. Similarly, the offer price of GaAs substrates will not fluctuate significantly due to the price fluctuation of gallium.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2) Lagging impact of the increase in the price of raw materials</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the market law, the price of raw materials will cause the price change of end products to a certain extent, but such impact takes some time, so the price increase of end products often lags behind; in addition, the selling price of GaAs substrates will be locked in advance according to the orders between the Company and customers. In 2021, with a significant increase in the price of gallium, due to the relatively low labor costs and gas power costs and other prices in Baoding, Hebei and Chaoyang, Liaoning, coupled with the increasing operating rate, the gross profit margin of our GaAs substrate products maintained at 25.59%. There is still certain room for the gross margin to increase in the future as the price gradually affects the end products.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-95</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The impact of the increase in the price of gallium on the cost and selling price of high-purity gallium and gallium compounds</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">High-purity gallium is mainly obtained by purification of gallium, while gallium compounds are produced from chemical reaction of high-purity gallium with other elements, and gallium is the main material required for the production of the above products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Concerning cost composition, with the significant increase in the purchase price of gallium in 2021, the proportion of direct materials in the cost composition of high-purity gallium and gallium compounds rose to 96.38%. Therefore, the increase in the price of gallium has a greater impact on the cost and selling price of high-purity gallium and gallium compounds.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">With the price increase of gallium, the unit price of high-purity metal and compounds increased by 17.62% and 55.91%, respectively during the reporting period. The overall rising trend is consistent with that of gallium, but the rate of increase is different. Due to the price impact on end products and locked order price in advance, the unit price of high-purity metal and compounds increased less than the price increase of gallium in 2021, and its gross margin decreased to 10.26% from 17.14% in 2020, but it still saw a certain profitability prospect. And in the future, as the price impact is further transmitted to the end products, its gross margin still has some room for recovery.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 0pt 5.25pt;"><font style="font-size:12pt;">(3) The impact of the increase in the price of germanium ingots on the cost and selling price of germanium substrates</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From January to March 2022, the average unit price of germanium substrates decreased by 3.12% (unaudited) compared to 2021, while the raw material germanium ingots remained on an upward price trend. Based on the above, the Company conducted a net realizable value test of the germanium substrates at the end of 2021 in conjunction with the prices around the balance sheet date at the end of 2021, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</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;width: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;white-space:normal;width:48.99%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">At the end of 2021</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-96</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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;table-layout:auto;width:100%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Book amount of finished products</p></td><td style="vertical-align:middle;white-space:normal;width:48.99%;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:10.5pt;text-align:right;margin:0pt;">767.47</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Expected sales revenue</p></td><td style="vertical-align:middle;white-space:normal;width:48.99%;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:10.5pt;text-align:right;margin:0pt;">784.72</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Estimated selling expenses and taxes</p></td><td style="vertical-align:middle;white-space:normal;width:48.99%;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:10.5pt;text-align:right;margin:0pt;">12.71</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Net realizable value</p></td><td style="vertical-align:middle;white-space:normal;width:48.99%;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:10.5pt;text-align:right;margin:0pt;">772.01</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Relation</p></td><td style="vertical-align:middle;width:48.99%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Book value</font> &lt; Net realizable value</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width: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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Impaired or not</p></td><td style="vertical-align:middle;white-space:normal;width:48.99%;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:10.5pt;text-align:center;margin:0pt;">No</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon test, the net realizable value of germanium substrates was greater than the book value at the end of 2021, and no impairment occurred. Therefore, the net realizable value of raw materials, unfinished products and semi-finished products held for production, and finished products used for production were greater than their book value, and there was no obvious indication of impairment.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) Adequate provision for inventory depreciation</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In conclusion, the price fluctuation of gallium has a small impact on the cost and selling price of </font>GaAs<font style="font-size:12pt;"> substrates; in the event of a significant price increase of gallium in 2021, the Company&#8217;s </font>GaAs<font style="font-size:12pt;"> substrates, high-purity metal and compound products still have a certain profitability prospect in the current period, and there is no significant increase in the price of related raw materials after the period. Therefore, the Company has made adequate provision for inventory depreciation on the above products and related semi-finished products, unfinished products and raw materials.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, influenced by the short supply of germanium ingots and other factors, the Company also increased the purchase of germanium ingots on this basis, resulting in a relatively high amount of germanium ingots at the end of 2021, but the purchase cost did not show any significant and substantial increase, and after testing, there was no indication of impairment for germanium substrate products at the end of the period. In addition, the main raw materials such as quartz materials, high-purity arsenic, boron trichloride and InP polycrystals have not experienced significant price increases during and after the reporting period, and the impact on the end products is relatively small.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In summary, fluctuations in the market prices of main raw materials will not significantly increase the corresponding costs of finished products of the Company, and the Company will also adjust the prices negotiated with customers for end products in</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-97</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-98</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">accordance with the fluctuations in raw material prices. The prices and costs of the Company&#8217;s products of the same type have not been inverted around the balance sheet dates during the reporting period, and the Company has made adequate provision for the depreciation of goods in stock and other types of inventories.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether there are any adverse factors that will affect the net realizable value of inventories subsequent to the period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The main products of the Company include semiconductor substrate materials, PBN crucibles and high-purity metals and compounds. Inventories are mainly composed of the above finished products as well as semi-finished products, unfinished products and raw materials related to the production of the above products. Therefore, the net realizable value of inventory at the end of the period is determined mainly based on the selling prices of the above-mentioned end products.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As of the date of this reply, there are no adverse factors that significantly affect the net realizable value of inventories, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) Sound market development and stable cooperation with customers</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Up to now, the market demand for the Company&#8217;s main products is on the rise, and the Company has maintained good cooperation with its major customers, with sales of most products further improving year-on-year, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:2.85pt;padding-right:0pt;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">January - March 2022</b></p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">January - March 2021</b></p></td><td style="vertical-align:middle;width:25.33%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Increase</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">InP substrates</p></td><td style="vertical-align:middle;width:25.33%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">9,823.95</p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,788.77</p></td><td style="vertical-align:middle;width:25.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">105.15%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">GaAs substrates</p></td><td style="vertical-align:middle;width:25.33%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">7,491.52</p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5,599.62</p></td><td style="vertical-align:middle;width:25.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">33.79%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Germanium substrates</p></td><td style="vertical-align:middle;width:25.33%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,697.56</p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,159.04</p></td><td style="vertical-align:middle;width:25.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">24.94%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">PBN crucibles</p></td><td style="vertical-align:middle;width:25.33%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,920.27</p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,199.56</p></td><td style="vertical-align:middle;width:25.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">60.08%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">High-purity metals and compounds</p></td><td style="vertical-align:middle;width:25.33%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,477.58</p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">2,871.51</p></td><td style="vertical-align:middle;width:25.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-13.72%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Others</p></td><td style="vertical-align:middle;width:25.33%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">853.56</p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,165.41</p></td><td style="vertical-align:middle;width:25.33%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-26.76%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:25.33%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Total revenue from main business</p></td><td style="vertical-align:middle;width:25.33%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">25,264.44</p></td><td style="vertical-align:middle;width:23.98%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">17,783.91</p></td><td style="vertical-align:middle;width:25.33%;border-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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">42.06%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt;">Note: The above data is unaudited</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 21pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-99</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2022, the Company further expanded the production of GaAs substrates, resulting in increasing internal procurement of high-purity metals and compounds. As there is no significant change in the year-over-year production capacity of high-purity metals and compounds, the Company will give priority to meet internal use. Considering the internal procurement, the sales revenue of high-purity metals and compounds from January to March 2022 was RMB43,054,300 (unaudited), which is basically consistent with the revenue of RMB43,772,400 (unaudited) from January to March 2021, and the overall sales in the market is stable.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) Stable selling prices of main products and increasing prices of some products </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Due to market supply and demand, raw material price transmission and business negotiations with customers, the selling prices of the Company&#8217;s main products have maintained stability with a rising momentum, details of which 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:2.85pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.44%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.49%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">January - March 2022</b></p></td><td style="vertical-align:middle;width:16.9%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:12pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:16.15%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-weight:bold;">Change</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.44%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">InP substrates (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,459.75</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">1,196.23</p></td><td style="vertical-align:middle;width:16.15%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">22.03%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.44%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">GaAs substrates (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">439.50</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">437.66</p></td><td style="vertical-align:middle;width:16.15%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">0.42%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.44%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">Germanium substrates (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">278.76</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">287.74</p></td><td style="vertical-align:middle;width:16.15%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-3.12%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.44%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">PBN crucibles (RMB/piece)</p></td><td style="vertical-align:middle;width:22.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">4,775.32</p></td><td style="vertical-align:middle;width:16.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">5,318.45</p></td><td style="vertical-align:middle;width:16.15%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">-10.21%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.44%;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 -0.25pt 0pt 2.09pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt 5.25pt 0pt 5.25pt;">High-purity metals and compounds (RMB0&#8217;000/ton)</p></td><td style="vertical-align:middle;width:22.49%;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 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">194.41</font></p></td><td style="vertical-align:middle;width:16.9%;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 -0.25pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:11pt;">148.07</font></p></td><td style="vertical-align:middle;width:16.15%;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 -0.75pt 0pt 2.59pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;">31.30%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:21pt;margin:0pt;">Note: Data for January-March 2022 are unaudited</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">From January to March 2022, the average selling price of PBN crucibles decreased, mainly due to the increase in the proportion of sales of small-sized PBN crucibles and the relative decrease in the overall unit price as a result of orders from downstream customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) No significant increase in labor costs and gas power costs </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the Company&#8217;s labor costs after the reporting period and the prices of water, electricity and gas in each production area, there was no significant increase in the above related costs after the reporting period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, as of the date of this reply, there are no adverse factors that significantly affect the net realizable value of inventories.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-100</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(V) Completeness of purchase, sales and inventory of raw materials</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The main raw materials of InP substrates are InP polycrystals synthesized by red phosphorus and high-purity indium, of which some InP polycrystals are purchased by the Company and meanwhile some are synthesized by itself using purchased red phosphorus and high-purity indium. The main raw materials of GaAs substrates are GaAs polycrystals synthesized by high-purity arsenic and high-purity gallium, of which high-purity arsenic is obtained through purchase, and high-purity gallium is obtained through self purification of metal gallium. The main raw materials of GaAs substrates are purchased germanium ingot. At the same time, the high-purity gallium purified by the Company is also sold externally.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The current consumption is calculated according to the opening quantity, purchase quantity and closing quantity of relevant raw materials, and the unit consumption is calculated by dividing the consumption by the output of finished or semi-finished products. The results are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">1. InP substrate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(1) The unit consumption of red phosphorus for producing each kilogram of InP polycrystal is 0.30kg, 0.30kg and 0.29kg respectively, which is relatively stable. The unit consumption of high-purity indium for producing each kilogram of InP polycrystal is 0.87 kg, 0.83 kg and 0.86 kg respectively. The unit consumption of high-purity indium in 2021 was relatively low mainly because the fact that some InP polycrystals were still in production in 2019 and 2021, after considering the factor of which, such figure in 2019 and 2021 will be 0.85 kg. The above indicators are slightly higher than the molar mass ratio of phosphorus atom and indium atom in the indium phosphide molecular formula, which is mainly due to the large actual loss caused by production residues and subsequent grinding, etc.. The actual unit consumption is basically consistent with that described in the 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).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) The mass of InP polycrystals required for producing each 10,000 pieces of InP </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-101</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">substrates (converted into 2 inches) is 175.85kg, 174.83kg and 175.62kg respectively, which is relatively stable, and is basically consistent with the theoretical consumption of InP polycrystals i.e. 173.23kg per 10,000 pieces of InP substrates calculated by the Company taking into account of each procedure according to the standard product parameters of each product and under the general stable production process.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. GaAs substrate and high-purity gallium</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(1) The unit consumption of metal gallium for producing each kilogram of high-purity gallium is 1.22kg, 1.30kg and 1.21kg respectively. The level in 2020 was higher, mainly because on the one hand, Nanjing Jinmei relocated its production line to Chaoyang Jinmei in 2019, and the production process was gradually debugged and restored in 2020, and on the other hand, high-purity gallium with higher purity at 7N level produced in 2020 accounted for a relatively high proportion, resulting in a comparatively large consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(2) For producing each kilogram of GaAs polycrystal, the unit consumption of high-purity arsenic is 0.52kg, 0.55kg and 0.54kg, and the unit consumption of high-purity gallium is 0.48kg, 0.51kg and 0.50kg, respectively, which are relatively stable. The above indicators are basically consistent with the molar mass ratios of arsenic atom and gallium atom in gallium arsenide molecular formula.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">(3) The mass of GaAs polycrystals required for producing each 10,000 pieces of GaAs substrates (converted into 2 inches) is 148.06kg, 146.74kg and 159.92kg respectively. The higher mass in 2021 is mainly due to the effect by the increase in the proportion of large-size (thicker) substrates and the decline in personnel proficiency after relocation of the production line. If 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, the unit consumption of GaAs polycrystals required for the production of each 10,000 pieces of 2-inch GaAs substrate will arrive at 146.93kg, with less discrepancy from the actual unit consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. GaAs substrate</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-102</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The mass of germanium ingots required for producing each 10,000 pieces of Germanium substrates (converted into 2 inches) is 55.35 kg, 60.47kg and 57.09kg respectively. The level in 2020 is relatively high, mainly because the Company&#8217;s downstream customers put forward higher requirements for the dislocation density of products that year, resulting in an increase in the loss of germanium ingots during the production in order to ensure the low dislocation density requirements of substrate products. If 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, the unit consumption of germanium ingots required for the production of each 10,000 pieces of 2-inch Germanium substrate will arrive at 61.83kg, with less discrepancy from the actual unit consumption.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">To sum up, the consumption of raw materials for the production of each unit of substrates is relatively stable. In light of the Issuer&#8217;s inventory count at the end of the reporting period, the procurement of each period in the reporting period, the collection, sales and closing balance of finished products, and the carry-forward cost, the Issuer&#8217;s raw materials purchase, sales, and inventory during the reporting period are complete.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(VI) Related-party purchases</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, related-party purchases are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">Unit: 0&#8217;000</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:9.61%;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:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Related party</b></p></td><td rowspan="2" style="vertical-align:middle;white-space:nowrap;width:34.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Transaction</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:19.29%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2021</b></p></td><td colspan="2" style="vertical-align:middle;width:18.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2020</b></p></td><td colspan="2" style="vertical-align:middle;white-space:nowrap;width:18.3%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1.5pt solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:middle;white-space:nowrap;width:34.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Proportion in operating cost</b></p></td><td style="vertical-align:middle;width:8.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Proportion in operating cost</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Proportion in operating cost</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">AXT</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic and other raw materials</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 779.53 </font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1.39%</font></p></td><td style="vertical-align:middle;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2,178.75</font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">5.03%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,020.97</font></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.74%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Xing&#8217;an Gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Metal gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 6,366.75 </font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">11.34%</font></p></td><td style="vertical-align:middle;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">3,075.53</font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">7.10%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">609.98</font></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1.64%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Dongfang Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic, etc</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">380.63</font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">0.68%</font></p></td><td style="vertical-align:middle;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">906.54</font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.09%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">789.97</font></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.12%</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-103</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:9.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Tongli Germanium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium ingot</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 469.50 </font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">0.84%</font></p></td><td style="vertical-align:middle;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">764.57</font></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">2.05%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Beijing Jiya</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Metal gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 692.57 </font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1.23%</font></p></td><td style="vertical-align:middle;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:9.61%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Jiamei Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:34.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;white-space:pre-wrap;"> 88.65 </font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">0.16%</font></p></td><td style="vertical-align:middle;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.49%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:44.09%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.79%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;white-space:pre-wrap;"> 8,777.63 </b></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">15.64%</b></p></td><td style="vertical-align:middle;width:8.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">6,160.82</b></p></td><td style="vertical-align:middle;width:9.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">14.22%</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:8.8%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">3,185.49</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.49%;border-bottom:1.5pt solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0.5pt 0.37pt 0pt 0.37pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><b style="font-size:12pt;font-weight:bold;">8.55%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Note: The amount on purchase from Dongfang Hi-purity includes the amount on purchase from Donghai Juqing Trading Co., Ltd. controlled by LI Bo, the actual controller of Dongfang Hi-purity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company purchased raw materials from related parties such as AXT, Xing&#8217;an Gallium, Dongfang Hi-purity, Tongli Germanium and Beijing Jiya. The comparison of the price of raw materials purchased from related parties and non-related parties is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">Unit: RMB/kg</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="2" style="vertical-align:middle;white-space:nowrap;width:71.66%;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:0.5pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt 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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt 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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt 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:10.5pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Metal gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of metal gallium purchased from Xing&#8217;an Gallium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,800.50</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">965.14</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">870.41</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-2.20%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-8.66%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-7.74%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of metal gallium purchased from geeya</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,822.54</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-1.00%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of metal gallium purchased from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,840.95</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,056.65</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">943.48</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="5" style="vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">High-purity arsenic</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of high-purity arsenic from Dongfang Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">755.92</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">788.28</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">801.92</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-11.89%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-22.85%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-19.51%</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;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:54.96%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of high-purity arsenic from Jiamei Hi-purity</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">929.20</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.42%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.48%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-104</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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 rowspan="2" style="vertical-align:middle;white-space:nowrap;width:16.69%;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:10.5pt;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:329.16%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">8.31%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:100%;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:10.5pt;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:329.16%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of high-purity arsenic from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">857.94</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">1,021.79</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">996.30</font></p></td></tr><tr style="height:19.85pt;"><td rowspan="3" style="vertical-align:middle;white-space:nowrap;width:100%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-size:12pt;">Germanium ingot</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:329.16%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Purchase price of germanium ingots from Tongli Germanium</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">8,015.33</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">6,358.11</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:100%;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:10.5pt;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:329.16%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Price of germanium ingots purchased from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">6,910.10</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">6,480.62</font></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;white-space:nowrap;width:100%;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:10.5pt;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:329.16%;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:10.5pt;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">Discrepancy of purchase price from non-related parties</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">15.99%</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.43%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-</font></p></td><td style="vertical-align:middle;white-space:nowrap;width:56.8%;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:10.5pt;text-align:right;margin:0pt 5.25pt 0pt 5.25pt;"><font style="font-size:12pt;">-1.89%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. During the reporting period, the Company purchased high-purity arsenic and other raw materials through AXT, with the transaction amount of RMB10.2097 million, RMB21.7875 million and RMB7.7953 million respectively. The main reason why the Company purchased raw materials through AXT lies in that AXT is a U.S. enterprise which is more convenient to purchase products from suppliers in the U.S. and Japan.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company purchased raw materials from AXT at the price which is the same as that for AXT to purchase them from its suppliers, without involving any obvious unfairness in price in related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Since March 2021, AXT-Tongmei has been the main entity for overseas procurement, and the Company has no longer purchased raw materials through AXT.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. During the reporting period, the Company purchased metal gallium from its invested company Xing&#8217;an Gallium, with the amount of RMB6.0998 million, RMB30.7553 million and RMB63.6675 million respectively. A stable supply of metal gallium can be guaranteed given Metal gallium is extracted from bauxite and Xing&#8217;an Gallium is located in Xiaoyi City, Shanxi Province which is close to alumina enterprises.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company purchased metal gallium from Xing&#8217;an Gallium based on a market-oriented price without significant discrepancy from the purchase price of non-related parties, so there is no obvious unfairness in price in related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. During the reporting period, the Company purchased high-purity arsenic from Dongfang Hi-purity, an invested company of it, with the transaction amount of RMB7.8997 million, RMB9.0654 million and RMB3.7701 million respectively. </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-105</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Dongfang Hi-purity has a mature technology for arsenic production, with stable product quality. However, the Company has no longer purchased high-purity arsenic from Dongfang Hi-purity since June 2021 because the latter&#8217;s production permit has expired and the new permit is still pending. In the second half of 2021, the Company purchased a small volume of welding rods from Dongfang Hi-purity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company mainly purchased high-purity arsenic from Dongfang Hi-purity and Jiamei Hi-purity, as well as from overseas supplier YONEDA CORPORATION through AXT. The high-purity arsenic imported has a slightly higher quality than &#160;that from domestic enterprises, whose price (including customs duties, customs declaration fees, logistics, inspection, storage and other expenses) is higher than the domestic purchase price as a whole. A market-oriented price was adopted by the Company for the purchase of arsenic from Dongfang Hi-purity, without obviously unfair price in the related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. In 2019 and 2021, the Company purchased germanium ingots from Tongli Germanium, an invested company of AXT, with the amount of RMB7.6457 million and RMB4.695 million respectively. Germanium usually exists in silicate mines, sulfide mines and various types of coal mines of various metals in a dispersed state. Tongli Germanium, located in Xilingol, Inner Mongolia Autonomous Region, was once an important domestic enterprise for smelting and purifying germanium containing lignite. Since 2020, Tongli Germanium has not carried out production due to environmental problems, and the Company has not purchased products from Tongli Germanium in 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The price of germanium ingots purchased by the Company from Tongli Germanium was market-oriented. In 2021, such price had a discrepancy from the purchase price of the non-related parties principally because the purchase from Tongli Germanium in 2021 was mainly concentrated in December when the germanium ingots had a highest price throughout the year, which, nevertheless, was basically consistent with the average unit price of germanium ingots, i.e. RMB8,091.58/kg, in December indicated by ASIAN METAL. As such, there is no obvious unfairness in the price of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-106</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">germanium ingots purchased by the Company from Tongli Germanium in the related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. In 2021, the Company purchased gallium from Beijing Jiya, an invested company of AXT, for an amount of RMB6.9257 million. Beijing Jiya extracts metal gallium from the Alumina Bayer Process Solution using advanced ion exchange technology, with a high product quality. Since 2021, the Company has purchased some metal gallium from Beijing Jiya.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The price of metal gallium purchased by the Company from Beijing Jiya was market-oriented, which has no significant discrepancy from the purchase price of the non-related parties, without involving any obviously unfair price in the related-party transactions.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. In 2021, the Company purchased arsenic and other raw materials from Jiamei Hi-purity, an invested company of AXT, for an amount of RMB886,500. Jiamei Hi-purity is primarily engaged in the production and sales of high-purity arsenic, resuming its production and operation in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The price of high-purity arsenic purchased by the Company from Jiamei Hi-purity was market-oriented, which had no significant discrepancy from the purchase price of non-related parties, without involving any obviously unfair price in the related-party transactions. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the related-party purchases between the Company and the related parties occurred on a necessary and reasonable basis, at a fair transaction price having no significant discrepancy from the market price for the corresponding period, without any tunneling or adjustment of profits through related-party transactions, which have no material effect on the Company&#8217;s financial status and operating results.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">III. Explanations from the Sponsor and the Reporting Accountant</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant has verified the Issuer&#8217;s inventory at the end of 2020 and 2021, and the distribution of the Company&#8217;s inventory at the end of each of the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-107</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">reporting periods is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-8.875061%;table-layout:auto;width:117.75%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:21.82%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:23.27%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2020</b></p></td><td colspan="2" style="vertical-align:middle;width:22.62%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2019</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:32.27%;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:10.5pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Onshore</b></p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Offshore</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Onshore</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Offshore</b></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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Onshore</b></p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Offshore</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Original value of inventories at the end of the period</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">37,309.05</b></p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,794.40</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">29,906.65</b></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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">13.15</b></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:10.5pt;text-align:right;margin:0pt;">26,929.21</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;margin:0pt;">Including: offshore inventories of the Issuer</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:10.5pt;text-align:right;margin:0pt;">37,255.92</p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;">783.88</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:10.5pt;text-align:right;margin:0pt;">29,792.14</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:10.5pt;text-align:right;margin:0pt;">-</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:10.5pt;text-align:right;margin:0pt;">26,821.40</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;text-indent:31.5pt;margin:0pt;">Goods upon delivery</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;">2,010.52</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:10.5pt;text-align:right;margin:0pt;">64.85</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:10.5pt;text-align:right;margin:0pt;">13.15</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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:32.27%;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:10.5pt;text-align:justify;text-indent:31.5pt;margin:0pt;">Inventories deposited in third-party warehouses</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">53.13</p></td><td style="vertical-align:middle;width:10.18%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">49.66</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">-</p></td><td style="vertical-align:middle;width:11.63%;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:10.5pt;text-align:right;margin:0pt;">107.81</p></td><td style="vertical-align:middle;width:10.99%;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:10.5pt;text-align:right;margin:0pt;">-</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">1. Onshore inventories of the Issuer</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">Our inventories mainly are those stored at our own plants. At the end of each of the reporting periods, the balance of this type of inventory was RMB 269,292,100, RMB297,921,400, and RMB372,559,200, respectively, accounting for 99.60%, 99.57%, and 92.90% of the total inventory, respectively. The Reporting Accountant has supervised the counts of this type of inventory at the end of 2020 and 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">At the end of 2021, the amount of inventory deposited in AXT-Tongmei, a subsidiary of the Company, was RMB7,838,800, accounting for 1.95% of the inventory balance at the end of 2021, with a relatively low percentage. The Reporting Accountant has verified the inventory by adopting post-period test.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">2. Goods upon delivery</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">At the end of each of reporting periods, the total amount of goods upon delivery of the Company was RMB0, RMB780,000, and RMB20,105,200, accounting for 0%, 0.04%, and 5.01% of the inventory balance at the end of each period, respectively. The goods upon delivery were mainly inventories on consignment at customers. The Reporting Accountant has verified the inventories by adopting post-period test upon issuing letters to the customers related to the goods upon delivery at the end of 2020 and 2021.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-108</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">3. Inventories deposited in third-party warehouses</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">At the end of each of reporting periods, the balance of the Company&#8217;s inventories deposited in third-party warehouses was RMB1,078,100, RMB496,600 and RMB531,300, respectively, accounting for 0.40%, 0.317% and 0.13% of the inventory balance at the end of each period. The Reporting Accountant has verified the inventories by issuing verification letters to the third-party warehouses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Plan on the supervision of the domestic and overseas inventory counts, including the time and place, the personnel involved and the way of supervision;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The Issuer conducted inventory counts for the year 2020 and the year 2021 from January 1 to 3, 2021, and December 25 to 31, 2021, respectively, covering raw materials, unfinished products, semi-finished products and goods in stock deposited in the Issuer&#8217;s warehouse, and confirmed the quantity of goods upon delivery deposited with customers through reconciliation with consignment customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Domestic inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant executed supervision procedures for the Issuer&#8217;s inventory counts at the end of 2020 and 2021. The intermediary obtained the inventory counts plan of the Issuer before the supervision, and the Company processed all the outgoing and incoming orders one day before the inventory count, and stopped the inventory movement during the inventory count. If the unfinished products complete the production step during the inventory count, the transfer to the next production step is suspended. The specific supervision plan 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:21.39%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:17.21%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Raw materials</b></p></td><td style="vertical-align:middle;width:16.79%;border-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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Semi-finished products</b></p></td><td style="vertical-align:middle;width:16.81%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Finished products</b></p></td><td style="vertical-align:middle;width:27.76%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">unfinished products</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Time</p></td><td colspan="4" style="vertical-align:middle;width:78.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">End of 2020: January 1 to 3, 2021;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">End of 2021: December 25 to 31, 2021</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Place</p></td><td colspan="4" style="vertical-align:middle;width:78.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Beijing Tongzhou Warehouse of Beijing Tongmei, Hebei Dingxing Warehouse of Baoding Tongmei, Liaoning Kazuo Warehouse of Chaoyang Tongmei, Liaoning Kazuo Warehouse of Chaoyang Jinmei, and Beijing Tongzhou Warehouse, Tianjin Baodi Warehouse and Liaoning Kazuo </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-109</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"></td><td colspan="4" style="vertical-align:top;width:78.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Warehouse of Beijing Boyu</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Personnel involved</p></td><td colspan="4" style="vertical-align:middle;width:78.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The Reporting Accountant, warehouse personnel, finance personnel and other supporting persons</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Way</p></td><td colspan="3" style="vertical-align:middle;width:50.83%;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:10.5pt;text-align:justify;margin:0pt;">When supervising the inventory counts, we observe the execution of the Issuer&#8217;s inventory counts plan, and randomly select samples based on the warehouse number during the supervision process to conduct two-way inventory counts of raw materials, semi-finished products and finished products from accounts to physical and from physical to accounts. We also pay attention to the status of inventory, whether there is any inventory breakage, backlog, etc., and register the inventory in abnormal status.</p></td><td style="vertical-align:middle;width:27.76%;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:10.5pt;text-align:justify;margin:0pt;">When supervising the inventory counts, we observe the execution of the Issuer&#8217;s inventory counts plan and randomly select samples during the supervision process to conduct two-way inventory counts from account to physical and from physical to account based on the work order number of unfinished products.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procedures</p></td><td colspan="4" style="vertical-align:middle;width:78.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">(1) Before the supervision, obtain information about inventory counts, prepare the inventory counts plan, observe the site before inventory counts, and observe whether there is a separation between the scope of inventory counts and the scope of non-inventory counts; (2) During the supervision, implement observation and other procedures to verify that all warehouses of the Company have been included in the scope of inventory counts; for warehouses that are not included in the scope of inventory counts, identify the reasons for non-inclusion, and observe whether inventory personnel are performing their duties during the inventory counts and whether they have accurately recorded the inventory counts results; (3) Test the accuracy of the inventory records by selecting items from the inventory records and tracing them to the physical inventory. Select items from the physical inventory and trace them to the inventory records to test the completeness of the inventory count. For unfinished products, check the production records of each in-process item and check the production status in the field; (4) Check the incoming and outgoing documents before and after the inventory count date to check the inventory cut-off.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom:1px solid #000000;border-left:1.5pt solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Supervision of inventory counts</p></td><td colspan="4" style="vertical-align:middle;width:78.6%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">The percentage of supervision of domestic inventory counts was 81.34%, and 75.25% at the end of 2020 and 2021, respectively, and external confirmation procedures have been implemented for inventories deposited in third-party warehouses.</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom: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:10.5pt;text-align:justify;margin:0pt;">Conclusion</p></td><td colspan="4" style="vertical-align:middle;width:78.6%;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;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">1. The instructions used by the management to control inventory counts have been consistently carried out, and the inventory count procedures established by the management have been effectively implemented;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">2. The small discrepancy between the inventory accounts and the actual condition is due to the sporadic production for temporary use. The results of the Company&#8217;s inventory counts can accurately reflect the actual </font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-110</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><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:19.85pt;"><td style="vertical-align:middle;width:21.39%;border-bottom: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;"></td><td colspan="4" style="vertical-align:top;width:78.6%;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;text-align:justify;margin:0pt;"><font style="font-size:10.5pt;">inventory balance.</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">2. Overseas inventory</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">At the end of 2020 and 2021, the balance of the Company&#8217;s overseas inventory was RMB131,500 and RMB27,944,000, respectively, which mainly consisted of goods upon delivery from consignment customers and goods in stock deposited in AXT-Tongmei. The Reporting Accountant has verified the inventories by issuing confirmation letters to the customers related to the goods upon delivery in the overseas inventories at the end of 2021, and in conjunction with post-period test, details of which are 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:95.91%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td colspan="2" style="vertical-align:middle;width:55.06%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td 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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:26.98%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of goods upon delivery on the confirmation letters </p></td><td 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:10.5pt;text-align:right;margin:0pt;">1,651.70</p></td><td style="vertical-align:middle;width:26.98%;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:10.5pt;text-align:right;margin:0pt;">59.11%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount subject to the post-period test</p></td><td 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:10.5pt;text-align:right;margin:0pt;">2,794.40</p></td><td style="vertical-align:middle;width:26.98%;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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:44.93%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:28.08%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">2,794.40</b></p></td><td style="vertical-align:middle;width:26.98%;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:10.5pt;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:10.5pt;text-align:justify;text-indent:21pt;margin:0pt 0pt 6pt 0pt;">Note: The total amount and proportion have excluded the effect of duplicated parts of different verification procedures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The supervised amount and proportion for different types of inventories deposited in the domestic and overseas areas;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">As for the overseas inventories, since they are mainly goods upon delivery from consignment customers, the amount and proportion of the inventory deposited in AXT-Tongmei is relatively low, coupled with the pandemic and other factors, the Reporting Accountant did not perform the supervision procedure, but used the post-period test to verify the inventories. For details, please refer to &#8220;(1). 2. Overseas Inventories&#8221; in the reply to this question.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The domestic inventories consist of inventories at our own plants and inventories deposited in third-party warehouses. The supervised amount and proportion for different types of inventories by the Reporting Accountant are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.531662%;table-layout:auto;width:101.06%;" align="center"><tr style="height:19.85pt;"><td rowspan="2" style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Inventory counts supervision and external confirmation</b></p></td><td colspan="2" style="vertical-align:middle;width:29.44%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td><td colspan="2" style="vertical-align:middle;width:34.07%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2020</b></p></td></tr><tr style="height:19.85pt;"><td style="display:none;vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Amount</b></p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-111</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.531662%;table-layout:auto;width:101.06%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;">Inventory counts supervision at our own plants</p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:right;margin:0pt;">28,073.61</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">75.25%</p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;">24,325.62</p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:right;margin:0pt;">81.34%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;">External confirmation from third-party warehouses</p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:right;margin:0pt;">53.13</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">100.00%</p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;">49.66</p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:right;margin:0pt;">100.00%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:36.47%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.72%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">28,126.74</b></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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">75.39%</b></p></td><td style="vertical-align:middle;width:13.55%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">24,375.28</b></p></td><td style="vertical-align:middle;width:20.51%;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:10.5pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">81.50%</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) The way, proportion and conclusion of verification for the inventories deposited in the customers&#8217; premises;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In March 2021, the switch of sales operations and customers to AXT-Tongmei resulted in three new consignment customers of the Issuer, namely Osram, Broadcom and Sumika Electronic Materials, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, in response to the demand of our customer Freiberger, our subsidiary Beijing Boyu adjusted its sales model to a consignment model in consensus with it.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As a result, starting in 2021, the Issuer began to have inventories on deposit with customers.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant performed video interviews and external confirmation procedures for the inventories deposited with customers to ensure that the Issuer&#8217;s inventories deposited with customers are real, accurate in quantity and commercially rational.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant confirmed through video interviews that the transaction method and settlement method between the Issuer and the consignment customer are consistent with the sales contract, and confirmed that the transaction method between the Issuer and the consignment customer has reasonable commercial reasons. The verification ratios conducted by the Reporting Accountant through video interviews are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:56.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:43.93%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:56.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of inventories on consignment</p></td><td style="vertical-align:middle;width:43.93%;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:10.5pt;text-align:right;margin:0pt;">1,771.39</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:56.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of inventories through video interviews</p></td><td style="vertical-align:middle;width:43.93%;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:10.5pt;text-align:right;margin:0pt;">1,634.71</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:56.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ratio of inventories through video interviews</p></td><td style="vertical-align:middle;width:43.93%;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:10.5pt;text-align:right;margin:0pt;">92.28%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Reporting Accountant confirmed the transaction amount and other information between the Issuer and the consignment customers by sending external </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-112</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">confirmations, and the closing consignment inventory details as of December 31, 2021, and confirmed that the varieties and quantities are consistent with the Issuer&#8217;s data. The verification ratios conducted by the Reporting Accountant through external confirmations 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:46.08%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:53.91%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">At the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of inventories on consignment</p></td><td style="vertical-align:middle;width:53.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,771.39</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount on the external confirmations</p></td><td style="vertical-align:middle;width:53.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,708.29</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount consistent with the reply </p></td><td style="vertical-align:middle;width:53.91%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,651.70</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:46.08%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Ratio of consistency with the reply</p></td><td style="vertical-align:middle;width:53.91%;border-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:10.5pt;text-align:right;margin:0pt;">93.24%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In addition, the Reporting Accountant performed post-period test procedures for all closing consignment inventories, and the proportion for test was 100%.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Reporting Accountant is of the opinion that the Issuer&#8217;s inventories deposited with customers are real and accurate in quantity.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The procedures, proportion and conclusion of verification performed for the accuracy and basis of the valuation of different types of inventories.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For the accuracy of the valuation of different types of inventories of the Issuer, the Reporting Accountant performed the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">1. Understand the key internal controls related to procurement payment and evaluate whether the relevant internal controls are operating effectively. For the Issuer&#8217;s procurement-related internal control processes, the Reporting Accountant performed pass-through tests to obtain and verify procurement-related departmental systems, purchase orders, incoming orders, accounting vouchers, invoices, payment approval documents, bank slips and other information;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">2. Obtain a list of the Company&#8217;s suppliers, review the terms of contracts with suppliers on a sample basis, analyze and evaluate the Issuer&#8217;s credit period, terms of receipt, and other policies, and check the contract amount and quantity against the procurement amount and quantity to confirm that the procurement have reasonable commercial arrangements and are true and accurate.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The specific verification of suppliers during the reporting period was as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;margin:0pt;">In RMB0&#8217;000</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-113</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:42.24%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td 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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021 </b></p></td><td 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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.23%;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:10.5pt;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:42.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts from verified suppliers</p></td><td style="vertical-align:middle;width:19.26%;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:10.5pt;text-align:right;margin:0pt;">23,746.72</p></td><td style="vertical-align:middle;width:19.26%;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:10.5pt;text-align:right;margin:0pt;">20,552.31</p></td><td style="vertical-align:middle;width:19.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">13,451.05</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.24%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts</p></td><td style="vertical-align:middle;width:19.26%;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:10.5pt;text-align:right;margin:0pt;">40,542.39</p></td><td style="vertical-align:middle;width:19.26%;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:10.5pt;text-align:right;margin:0pt;">26,762.39</p></td><td style="vertical-align:middle;width:19.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1.5pt solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,231.96</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.24%;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:10.5pt;text-align:center;margin:0pt;">Verification ratio</p></td><td style="vertical-align:middle;width:19.26%;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:10.5pt;text-align:right;margin:0pt;">58.57%</p></td><td style="vertical-align:middle;width:19.26%;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:10.5pt;text-align:right;margin:0pt;">76.80%</p></td><td style="vertical-align:middle;width:19.23%;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:10.5pt;text-align:right;margin:0pt;">78.06%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">3. For the procurement made by the Company from domestic suppliers, data from the Company&#8217;s VAT system was obtained and the relevant VAT input tax data was checked against the Company&#8217;s domestic procurement amounts. No abnormalities were found. The details of the verified procurement amounts are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:41.02%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.68%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:19.65%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.63%;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:10.5pt;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:41.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts from verified suppliers</p></td><td style="vertical-align:middle;width:19.68%;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:10.5pt;text-align:right;margin:0pt;">30,232.44</p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">16,709.66</p></td><td style="vertical-align:middle;width:19.63%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">8,763.69</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Domestic procurement amounts</p></td><td style="vertical-align:middle;width:19.68%;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:10.5pt;text-align:right;margin:0pt;">33,950.71</p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">21,634.18</p></td><td style="vertical-align:middle;width:19.63%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">13,115.20</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:41.02%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Verification ratio</p></td><td style="vertical-align:middle;width:19.68%;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:10.5pt;text-align:right;margin:0pt;">89.05%</p></td><td style="vertical-align:middle;width:19.65%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">77.24%</p></td><td style="vertical-align:middle;width:19.63%;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 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">66.82%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">4. External confirmation was made on the transaction amounts and accounts payable balances of major suppliers during the reporting period, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:center;margin:0pt -5.25pt 0pt -5.25pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:center;margin:0pt -5.25pt 0pt -5.25pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt -5.25pt 0pt -5.25pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procurement amounts A</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;">40,542.39</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;">26,762.39</p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,231.96</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procurement amounts for external confirmation B</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">37,964.59</font></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">22,959.40</font></p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">14,316.44</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Procurement external confirmation ratio C=B/A</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">93.64%</font></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">85.79%</font></p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">83.08%</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount consistent with the reply D</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">36,066.10</font></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">22,167.67</font></p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">13,938.90</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Amount after reconciliation of differences E</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">254.52</font></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">-</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Total amount consistent with the reply F=D+E</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">36,320.62</font></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">22,167.67</font></p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">13,938.90</font></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:42.06%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;margin:0pt;">Ratio of consistency with the reply G=F/B</p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">95.67%</font></p></td><td style="vertical-align:middle;width:19.32%;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:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">96.55%</font></p></td><td style="vertical-align:middle;width:19.29%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;"><font style="font-size:11pt;">97.36%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">5. Interview with the main suppliers of the Issuer to understand the basic information of the suppliers, their main business, the business background with the Company, the settlement cycle of the goods payments, the payment of goods, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-114</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">signing of relevant contracts, the amount of transactions and the relationship with the Issuer and intermediaries, and obtain the business license, articles of association, industry and commerce brief file and the statement letter for no affiliation of the suppliers, details of which are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;text-indent:21pt;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:31.29%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:22.89%;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:10.5pt;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:31.29%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Procurement amounts for interviewed suppliers </p></td><td style="vertical-align:middle;width:22.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">30,469.60</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">18,844.47</p></td><td style="vertical-align:middle;width:22.89%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">12,099.21</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.29%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Total procurement amounts</p></td><td style="vertical-align:middle;width:22.9%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">40,542.39</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">26,762.39</p></td><td style="vertical-align:middle;width:22.89%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">17,231.96</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:31.29%;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 5.02pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Interview ratio</p></td><td style="vertical-align:middle;width:22.9%;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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">75.15%</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 5.02pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">70.41%</p></td><td style="vertical-align:middle;width:22.89%;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 4.65pt 0pt 5.02pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">70.21%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">6. Access the corporate credit information registration information of the Issuer&#8217;s major domestic suppliers by obtaining credit reports of major overseas suppliers and logging into the National Enterprise Credit Information Publicity System and www.tianyancha.com; obtain the </font><i style="font-size:12pt;font-style:italic;">Questionnaire</i><font style="font-size:12pt;"> filled out by the Issuer&#8217;s directors, supervisors, senior management and controlling shareholders; inquire through www.tianyancha.com and www.qcc.com whether there is any direct relationship between the major suppliers and their shareholders and the Issuer and its directors, supervisors, senior management and controlling shareholders;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">7. The Issuer adopted the weighted average method for valuation of all inventories. The Reporting Accountant performed the valuation test and reviewed whether the incoming quantity, outgoing quantity, incoming unit price and outgoing unit price for the sample months were correct, and no abnormality was found after the test;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">8. Review the accuracy of the enterprise&#8217;s cost calculation and check the material cost and the amount of outgoing raw materials, with no difference; review the Issuer&#8217;s method of allocating manufacturing and labor costs, review whether the amount of products into the warehouse is correct, and analyze the changes in the input-output ratio for each period of the reporting period. No abnormality was found;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">9. Understand the Issuer&#8217;s provision policy for inventory depreciation and evaluate its reasonableness based on the status of inventory at the end of the period, sales and the age of the inventory;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-115</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">10. Obtain a breakdown of the Company&#8217;s inventory depreciation tests and review the management&#8217;s methodology and related parameters for estimating the net realizable value of inventories, including primarily the recent selling price, expected selling expenses to be incurred and related taxes;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">11. Check the public disclosure information of comparable listed companies in the same industry to obtain the method for determining their net realizable value of inventories, compare and analyze the provision for inventory depreciation with that of the Issuer, and check whether there are material differences between the method for determining the net realizable value of the Issuer and that of comparable companies in the same industry, and whether there are significant differences in the method and results of provision for inventory depreciation;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">After verification, the Reporting Accountant is of the opinion that the Issuer&#8217;s inventory has been accurately valued.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;"><a name="_Toc105879764"></a><a name="_Toc23757"></a>Q6. R&amp;D Personnel and R&amp;D Expenses</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">According to the submissions, (1) the Issuer had 187 &#8220;technical R&amp;D personnel&#8221; at the end of 2021, accounting for 13.40% of the total number of employees; (2) at the end of each phase of the reporting period, the number of contract employees of the Issuer was 196, 202, 208 and 102 respectively; (3) The Issuer&#8217;s R&amp;D expenses in 2021 were RMB90,166,400. The R&amp;D expenses were mainly composed of employee compensation, raw materials and finished products consumed, which increased significantly compared with 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 0pt 0pt;">The Issuer is required to explain: (1) <a name="OLE_LINK4"></a>the distinction and specific composition of technicians and R&amp;D personnel; (2) the reasons for the significant reduction in the number of contract employees in 2021, the replacement method of the original position functions, whether there is external undertaking of cost expenses, the detailed whereabouts of reduced contract employees, whether labor contract is signed for those becoming regular employees, and their continuous employment </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-116</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;margin:0pt 0pt 7.8pt 0pt;">condition after the reporting period; (3) Combining with the aforesaid conditions, what is the impact of the Company&#8217;s calculation and classification accuracy of employees on calculation accuracy of proportion of R&amp;D personnel. Whether proportion of R&amp;D personnel conforms to relevant requirements for science and technology innovation evaluation indicators; (4) The reason for the large increase in employee compensation, raw materials and finished products consumed in the composition of R&amp;D expenses in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">The Sponsor and the Issuer&#8217;s Attorney are required to explain the verification procedures, verification proportion and verification conclusion regarding the whereabouts of reduced contract employees in 2021 and the signing of labor contracts with the Company for the employees who have become regular employees, etc.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:1.79;text-align:justify;text-indent:24.1pt;margin:7.8pt 0pt 7.8pt 0pt;">Reply:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) The distinction and specific composition of technicians and R&amp;D personnel;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Management and composition of R&amp;D personnel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s R&amp;D personnel belong to the R&amp;D Department and are full-time employees directly engaged in the Company&#8217;s R&amp;D activities, and they will not engage in non-R&amp;D activity as a part-time job. The Company manages R&amp;D personnel in accordance with relevant systems, and has formulated the </font><i style="font-size:12pt;font-style:italic;">Measures for the Administration of R&amp;D Projects</i><font style="font-size:12pt;"> and the </font><i style="font-size:12pt;font-style:italic;">Regulations on the Management of R&amp;D personnel</i><font style="font-size:12pt;"> for the purpose of achieving effective management of R&amp;D personnel, which cover, among other things, the rights and obligations of R&amp;D personnel, the management of R&amp;D tasks of R&amp;D personnel, the management of R&amp;D results of R&amp;D personnel and the confidentiality obligations of R&amp;D personnel.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the relevant systems, the Company&#8217;s R&amp;D personnel will be directly engaged in the following R&amp;D activities, including but not limited to: (1) the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-117</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">The composition of the R&amp;D personnel of the Company is as follows:</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2928963%;width:102.58%;" align="center"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">R&amp;D Process</b></p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Main R&amp;D Duties</b></p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Number of personnel at the end of 2021</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D and process improvement of substrate material crystal</p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on polycrystalline synthesis: be responsible for research on precise control of polycrystalline synthesis temperature gradient and related technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on single crystal growth technology: be responsible for the research on internal stress, dislocation density, slip line defects, twin control, radial doping, doping concentration control and other technologies of single crystal growth;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">VGF method long crystal furnace manufacturing technology: be responsible for the R&amp;D of single crystal furnace required for crystal growth under VGF method;</p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">68</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D and process improvement of substrate material wafer</p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Cutting technology research: responsible for the research of diamond wire cutting technology, low stress cutting technology, automatic cutting and other technologies;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on grinding technology: be responsible for the research on technologies, such as impression control, damage control and automatic grinding;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on cleaning technology: be responsible for the research on contamination and impurity control and automatic cleaning technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on polishing technology: be responsible for the control of scratches, orange peel, drug marks and other defects, and research on automatic polishing technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on other wafer technology: research on heat treatment oxygen content control, epitaxial open box technology;</p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">79</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D of high </p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on extraction technology: be responsible for the research on </p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">14</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-118</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-1.2928963%;width:102.58%;" align="center"><tr><td style="vertical-align:top;width:15.73%;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:10.5pt;text-align:justify;margin:0pt;">purity materials</p></td><td style="vertical-align:top;width:71.4%;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:10.5pt;text-align:justify;margin:0pt;">liquid extraction technology;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on electrolytic purification technology: be responsible for the research on technologies, such as refining of high-efficiency electrolytic and improvement of electrolytic cell;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on gallium crystallization technology: be responsible for the research on longitudinal temperature gradient solidification method and partial crystallization method;</p></td><td style="vertical-align:middle;width:12.86%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:15.73%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">R&amp;D of PBN material </p></td><td style="vertical-align:middle;width:71.4%;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:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on chemical vapor deposition technology: be responsible for the improvement of chemical vapor deposition furnace, as well as the experimental research on temperature, pressure and mold;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt;">Research on heating preparation technology: research on temperature control, resistivity control and stability control of specific materials based on chemical vapor deposition technology;</p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;">26</p></td></tr><tr style="height:19.85pt;"><td colspan="2" style="vertical-align:middle;width:87.13%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:middle;width:12.86%;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:10.5pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">187</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Management and composition of other personnel who are not R&amp;D personnel but have professional knowledge</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The production and sales of the Company&#8217;s products require a high level of professionalism. Therefore, the Company&#8217;s Quality Department, Sales Department and some other non-R&amp;D departments also reserve professionals who have professional knowledge and understand the production and technical characteristics of the Company&#8217;s products. The above-mentioned personnel with professional knowledge are required for the Company to improve the product production quality and enhance the sales and after-sales capabilities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For example, the Company has formulated the </font><i style="font-size:12pt;font-style:italic;">Product Monitoring and Measurement Procedures</i><font style="font-size:12pt;"> and other systems to manage the product quality of all products in process and finished products, and personnel from the Quality Department, Production Department and other departments participate in product quality monitoring activities; the Company has formulated the </font><i style="font-size:12pt;font-style:italic;">Customer Complaint Handling Procedures</i><font style="font-size:12pt;"> to handle and improve the technical or non-technical problems reported by customers during the actual use of the Company&#8217;s products, and improve customer satisfaction. The problems reported by customers are usually received by the Sales Department or the Quality Department, the Quality Department will transfer the relevant problems to </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-119</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">the corresponding responsible department for investigation, and the Quality Department, Production Department and Sales Department will jointly ensure the production quality of the products or collect customer feedback on the Company&#8217;s product quality and solve the problems properly.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">As mentioned above, other non-R&amp;D employees with professional knowledge do not participate in the Company&#8217;s R&amp;D activities, and are not included in the R&amp;D personnel management scope and R&amp;D system of the Company. In addition, the Company does not manage such personnel independently, who are under the direct management of their own departments and participate in the production and operation activities of the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Composition of R&amp;D personnel or technicians of comparable companies in the same industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the prospectus of SICC and National Silicon Industry, which are comparable companies in the same industry, the disclosure of R&amp;D personnel or technicians is as follows:</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:15.56%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Companies in the same industry</b></p></td><td style="vertical-align:middle;width:51.01%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Disclosure of R&amp;D personnel or technicians</b></p></td><td style="vertical-align:middle;width:33.42%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Comparison with the Company</b></p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:15.56%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">SICC</p></td><td style="vertical-align:middle;width:51.01%;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:10.5pt;text-align:center;margin:0pt;">The conditions of the technicians are not mentioned</p></td><td style="vertical-align:middle;width:33.42%;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:10.5pt;text-align:center;margin:0pt;">Unable to compare</p></td></tr><tr style="height:22.7pt;"><td style="vertical-align:middle;width:15.56%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">National Silicon Industry</p></td><td style="vertical-align:middle;width:51.01%;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:10.5pt;text-align:center;margin:0pt;">The personnel involved in the R&amp;D expenses include the Company&#8217;s R&amp;D engineers and technicians. The Company collects and calculates the remunerations of the personnel included in the R&amp;D expenses according to the specific R&amp;D projects carried out. The remunerations of the technical R&amp;D personnel not included in the specific R&amp;D projects are not included in the R&amp;D expenses; the specific conditions of the technicians are not disclosed.</p></td><td style="vertical-align:middle;width:33.42%;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:10.5pt;text-align:center;margin:0pt;">The Company&#8217;s R&amp;D personnel are full-time employees directly engaged in the Company&#8217;s R&amp;D activities, and the other non-full-time employees with technical capabilities are not managed or calculated separately.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(II) The reasons for the significant reduction in the number of contract employees in 2021, the replacement method of the original position functions, whether </b><b style="font-size:12pt;font-weight:bold;">there is external undertaking of cost expenses</b><b style="font-size:12pt;font-weight:bold;">, the detailed whereabouts of reduced contract employees, whether labor contract is signed for those </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-120</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">becoming regular employees, and their continuous employment condition after the reporting period;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. The reasons for the significant reduction in the number of contract employees in 2021, and the replacement method of the original position functions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s contract employees were mainly engaged in cleaning, catering and production assistance, which belonged to auxiliary and alternative work. The number of the Company&#8217;s contract employees and its proportion in the total number of employees at the end of 2020 and at the end of 2021 are shown in the table below:</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:20.37%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Deadline</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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of contract employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Persons)</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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of regular employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Persons)</b></p></td><td 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total number of employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Persons)</b></p></td><td style="vertical-align:middle;width:21.38%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Proportion of the number of contract employees to the total number of employees</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:center;margin:0pt;">December 31, 2020</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:10.5pt;text-align:center;margin:0pt;">208</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,055</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,263</p></td><td style="vertical-align:middle;width:21.38%;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:10.5pt;text-align:center;margin:0pt;">16.47%</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:center;margin:0pt;">December 31, 2021</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:10.5pt;text-align:center;margin:0pt;">81</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,396</p></td><td style="vertical-align:middle;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">1,477</p></td><td style="vertical-align:middle;width:21.38%;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:10.5pt;text-align:center;margin:0pt;">5.48%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to the </font><i style="font-size:12pt;font-style:italic;">Interim Provisions on Labor Dispatching</i><font style="font-size:12pt;">, the employers shall strictly control the number of contract employees, which shall not exceed 10% of the total number of employees. During the Reporting Period, the Issuer&#8217;s labor dispatch proportion exceeded the upper limit of 10% stipulated in the </font><i style="font-size:12pt;font-style:italic;">Interim Regulations on Labor Dispatching.</i><font style="font-size:12pt;"> In order to ensure that the Company&#8217;s contract employees conditions comply with the requirements of relevant laws and regulations, combined with past work performance and other relevant factors, the Company began to gradually negotiate and sign labor contracts with some contract employees, and hire them as regular employees of the Company. 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;width:17.6%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:17.47%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of employees at the beginning of the period</b></p></td><td style="vertical-align:top;width:15.33%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of new employees in the current period</b></p></td><td style="vertical-align:middle;width:15.86%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of dimission employees in the current period</b></p></td><td style="vertical-align:middle;width:15.86%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of employees who become regular employees </b></p></td><td style="vertical-align:middle;width:17.85%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of employees at the end of the period</b></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-121</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></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:17.6%;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;"></td><td style="vertical-align:middle;width:17.47%;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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:15.33%;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;"></td><td style="vertical-align:middle;width:15.86%;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 5.15pt 0pt 5.15pt;"></td><td style="vertical-align:top;width:15.86%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">in the current period</b></p></td><td style="vertical-align:middle;width:17.85%;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;"></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:17.6%;border-bottom: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:10.5pt;text-align:center;margin:0pt;">Contract employees</p></td><td style="vertical-align:middle;width:17.47%;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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">208</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">162</p></td><td style="vertical-align:middle;width:15.86%;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:10.5pt;text-align:center;margin:0pt;">64</p></td><td style="vertical-align:middle;width:15.86%;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:10.5pt;text-align:center;margin:0pt;">225</p></td><td style="vertical-align:middle;width:17.85%;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:10.5pt;text-align:center;margin:0pt;">81</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The above table indicates that the number of contract employees of the Company substantially decreased from 208 at the end of 2020 to 81 at the end of 2021. The main reason is that the relevant personnel have been converted into regular employees of the Company, and they are still engaged in the relevant work of their original positions after becoming regular employees, the original position functions do not change significantly.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Whether there is external undertaking of cost expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">According to relevant materials such as the Labor Dispatch Agreement signed by the Company, relevant transaction vouchers and qualification certificates of the labor dispatch company, for contract personnel that haven&#8217;t become regular employees by 2021, their labor remuneration, social insurance and housing provident fund shall be paid by the labor dispatch unit first, and then the Company will verify the number of contract personnel and corresponding expenses with the labor dispatch company every month, and make payment and settlement according to verified amount, therefore, there is no external undertaking of cost expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In accordance with relevant payment vouchers of labor contract, detailed payroll list, social insurance and housing provident fund, etc. of relevant personnel of the Company, for contract personnel that have become regular employees by 2021, their labor remuneration, social insurance and housing provident fund shall be paid by the Company, without major abnormal circumstance or external undertaking of cost expenses. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">3. Detailed whereabouts of reduced contract employees, whether labor contract is signed for those becoming regular employees, and their continuous employment condition after the reporting period</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The whereabouts of the reduced contract workers in 2021 (including the contract </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-122</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">workers at the beginning of the Period and the newly added contract workers in the current period) include two aspects: some of the employees terminated the labor dispatch relationship with the Company and no longer provide relevant services for the Company, and the other employees directly sign labor contracts with the Company and become regular employees of the Company. Among the above-mentioned regular employees, except for leaving for personal reasons, relevant personnel are currently in continuous employment after the Reporting Period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(III) Combining with the aforesaid conditions, what is the impact of the Company&#8217;s calculation and classification accuracy of employees on calculation accuracy of proportion of R&amp;D personnel. Whether proportion of R&amp;D personnel conforms to relevant requirements for science and technology innovation indicator;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Based on </font><i style="font-size:12pt;font-style:italic;">Regulations on the Management of R&amp;D personnel</i><font style="font-size:12pt;"> and other relevant systems, the Company executes strict management of R&amp;D personnel, and the Company&#8217;s R&amp;D personnel participated in R&amp;D activities directly, without the circumstance of undertaking non-R&amp;D responsibilities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s contract employees were reduced, and except some employees made resignation for personal reasons, the remaining employees have all become regular employees, and are currently under continuous employment. There is no change in work contents of the contract employees before and after becoming regular employees, therefore, there is not the circumstance of turning into R&amp;D personnel. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">To sum up, the Company has reasonable classification basis and correct accounting classification toward R&amp;D personnel and non-R&amp;D personnel, without inflated R&amp;D personnel or improper collection of R&amp;D personnel, and the Company makes accurate accounting of R&amp;D personnel. At the end of 2021, the Company had 187 R&amp;D personnel, accounting for 13.40% of total employees at the end of 2021, which conformed to requirements in Article 1 (2) of</font><i style="font-size:12pt;font-style:italic;"> Guidelines for Evaluation of Science and Technology Attributes (For Trial Implementation)</i><font style="font-size:12pt;">. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(IV) The reason for the great increase in employee compensation, raw </b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-123</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">materials and finished products consumed in the composition of R&amp;D expenses in 2021. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the Company&#8217;s amount of employee compensation, raw materials and finished products consumed for research and development is as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">In RMB0,000</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:38.88%;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:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="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:1.5pt solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:20.37%;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:10.5pt;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:38.88%;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:10.5pt;text-align:justify;margin:0pt;">Employee compensation</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">4,809.18</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,068.61</p></td><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:right;margin:0pt;">1,039.83</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:middle;width:38.88%;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:10.5pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;">Raw materials and finished products 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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">2,894.58</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 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:right;margin:0pt;">1,773.22</p></td><td style="vertical-align:middle;width:20.37%;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:10.5pt;text-align:right;margin:0pt;">1,213.60</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">1. Employee compensation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, employee compensation in the Company&#8217;s R&amp;D expenses was RMB10,398,300, RMB20,686,100 and RMB48,091,800, respectively.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2019, influenced by relocation matters of Beijing Tongmei and Nanjing Jinmei, some of the Company&#8217;s R&amp;D activities and arrangement were relatively lagged behind, and the employee investment was also reduced relatively. In 2020, </font><a name="_Hlk102134136"></a><font style="font-size:12pt;">on one hand, the R&amp;D activities were recovered relatively with gradual implementation of the relocation matters; on the other hand, the Company&#8217;s 8-inch GaAs substrates and 6-inch InP substrates began to enter R&amp;D milestone node, </font><font style="font-size:12pt;">and the Company enhanced R&amp;D input in the above large-size substrate materials as well as in research on process of semiconductor substrate in chip processing link, thus having enhanced employee investment; furthermore, the remuneration of the personnel increased to some extent.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In 2021, employee compensation in R&amp;D expenses was further increased, which was mainly because: (1) the Company continued to enhance R&amp;D investment in process development and optimization of 8-inch GaAs substrates and 6-inch InP substrates, etc., the relevant R&amp;D projects covered 8-inch GaAs and 6-inch InP crystal growth link and cutting, polishing, cleaning, packaging and other back-end procedures, and R&amp;D personnel continued to increase; (2) with the increase in labor cost, the employee compensation also increased; (3) the branch AXT-Tongmei increased some overseas R&amp;D personnel in 2021, with relatively high compensation; (4) in 2020, the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-124</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">social security relief policy was no longer executed. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The Company&#8217;s R&amp;D personnel was all engaged in R&amp;D work, without the condition that the R&amp;D personnel was engaged in non-R&amp;D activities or non-R&amp;D personnel participated in R&amp;D, and compensations of the R&amp;D personnel were all included in R&amp;D expenses. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">2. Raw materials and finished products consumed</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">During the reporting period, the amount of raw materials and finished products consumed by the Company was RMB12,136,000, RMB17,732,200 and RMB28,945,800, respectively, showing a trend of increase year by year. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">The raw materials and finished products consumed in 2020 showed year-on-year growth compared with that in 2019. On one hand, the R&amp;D activities were recovered relatively with gradual implementation of the relocation matters, while on the other hand, the Company&#8217;s 8-inch GaAs substrates and 6-inch InP substrates began to enter R&amp;D milestone node, and the company increased many R&amp;D projects such as research on 6-inch InP crystal process, development of new superfine wire cutting process, development of 4-inch InP double-sided high flatness chips, and development of new double-sided polishing process, etc., which has increased R&amp;D material requisition. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">In 2021, the raw materials and finished products consumed by the Company&#8217;s R&amp;D activities increased continuously, mainly because the R&amp;D projects of 8-inch GaAs and 6-inch InP substrate materials entered the intensive implementation stage. The Company increased the R&amp;D investment continuously in the process development and optimization projects of large-size compound substrate. In the R&amp;D process of crystal growth, R&amp;D materials for long crystal testing were added in the R&amp;D of 8-inch GaAs single crystal growth process and 6-inch InP crystal process; in the wafer sector, the Company has added new wafer cutting, grinding, cleaning and polishing process R&amp;D projects, covering the whole process of large-size compound substrate production. The R&amp;D and material requisition of the above-mentioned new projects increased in 2021.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">3. About R&amp;D projects</b></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-125</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">The Company attaches much importance to the upgrading of its own technologies and products, always pays attention to the development of industry technologies and maintains exchanges with existing and potential end customers. Globally, the mass production of GaAs substrates of 6 inches and below has been realized, and the new production lines in downstream 5G RF devices, Mini LED devices, Micro LED devices, automotive LiDAR and other fields are also developing towards the 8-inch scale. 8-inch GaAs substrates have already become a focus of market attention, with a broad market space. Meanwhile, InP substrates are mainly applied to downstream devices including optical module devices, sensor devices, RF devices, and the corresponding downstream terminal fields include 5G communications, data centers, AI, unmanned driving, wearable devices and other fields, which also have huge demands and a large space for growth. As a result, the Company&#8217;s InP substrate business has grown dramatically fast, while there is also a demand for 6-inch InP products in the downstream market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:0pt;margin:0pt;"><font style="font-size:12pt;">Based on the development trend of the industry, the Company has combined product R&amp;D with the future development direction and demand of the downstream sector, and carried out R&amp;D activities on 6-inch InP and 8-inch GaAs during the reporting period. In 2020, the Company&#8217;s 8-inch GaAs substrates and 6-inch InP substrates started &#160;entering an R&amp;D milestone node, and the Company continued to invest in the 6-inch InP R&amp;D project; meanwhile, the Company carried out more R&amp;D activities in crystal growth of substrate materials, wafer processing and other parts, with an increasing R&amp;D investment. In 2021, the Company further increased the R&amp;D investment in the process development and optimization projects for 8-inch GaAs substrates, 6-inch InP substrates, </font><i style="font-size:12pt;font-style:italic;">etc.</i><font style="font-size:12pt;">, and the relevant R&amp;D projects cover the 8-inch GaAs and 6-inch InP crystal growth process as well as subsequent procedures such as cutting, polishing, cleaning and packaging, mainly involving the increasing R&amp;D investment in the research on the 8-inch GaAs single crystal growth process, the research on the 6-inch InP crystal process and other projects, as well as the establishment of and investment in the development of the automatic polishing process for InP wafers, the development of </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-126</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;">the automatic single-wafer cleaning process for InP wafers, the evaluation of the new grinding equipment and process optimization for InP, the development of 6-inch germanium wafers and the automatic cleaning process and other new projects. The above reasons lead to a large increase in the current R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:6pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">II. The intermediaries&#8217; verification condition</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">(I) Verification procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">For the Issuer&#8217;s R&amp;D expenses, the Sponsor and the Reporting accountant have carried out the following verification procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(1) check the Issuer&#8217;s internal control documents for R&amp;D expenses and evaluate the effectiveness of the implementation;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(2) check various rules on the Issuer&#8217;s R&amp;D management, obtain and check the project approval forms, project conclusion reports, patent certificates, R&amp;D project management measures and other documents for the Issuer&#8217;s major R&amp;D projects during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(3) interview the person in charge of the R&amp;D division and the head of finance to understand the process of R&amp;D material requisition, the final destination of R&amp;D material requisition, and the handling of R&amp;D surplus materials, scraps and samples, and check whether the relevant accounting treatment complies with the Accounting Standards for Business Enterprises;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(4) obtain and check the project approval forms, project conclusion reports, patent certificates, R&amp;D project management measures and other documents for the Issuer&#8217;s major R&amp;D projects during the reporting period;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(5) check the detailed account of R&amp;D expenses to check the raw materials and finished products consumed by R&amp;D as well as the water and electricity expenses, depreciation costs, wages for employees, share-based payments and other expenses arising from R&amp;D; understand the composition and changes of the R&amp;D personnel, as well as their average wages and distribution status; obtain and review the depreciation and amortization calculation table for fixed assets, machinery and equipment for </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-127</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:always;width:69.76%;border-width:0;"><div style="max-width:100%;padding-left:15.12%;padding-right:15.12%;position:relative;"><div style="margin-top:30pt;min-height:29.45pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;border-bottom:1px solid #000000;margin:0pt;"><b style="font-size:11pt;font-weight:bold;">Exhibit 99.3</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;margin:0pt;"><font style="font-size:12pt;">laboratories, office equipment and software for R&amp;D as well as the share-based payment calculation table, and do the calculation again; run a spot check on material requisition forms, expenditure application forms and approval documents, invoices and payment slips, and verify the authenticity of the expenses and the accuracy of the collection of expenses. The details are as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:right;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">In RMB0&#8217;000</font></p><div style="padding-left:0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.87%;"><tr style="height:19.85pt;"><td style="vertical-align:middle;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Item</b></p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:middle;width:23.08%;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 4.65pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of verification</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">6,924.82</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">3,887.82</p></td><td style="vertical-align:middle;width:23.08%;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:10.5pt;text-align:right;margin:0pt;">2,463.61</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Amount of R&amp;D expenses</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">9,016.64</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">4,510.84</p></td><td style="vertical-align:middle;width:23.08%;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:10.5pt;text-align:right;margin:0pt;">2,682.64</p></td></tr><tr style="height:19.85pt;"><td style="vertical-align:top;width:30.72%;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 5.15pt 0pt 4.65pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;text-align:center;margin:0pt;">Verification proportion</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">76.80%</p></td><td style="vertical-align:middle;width:23.09%;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:10.5pt;text-align:right;margin:0pt;">86.19%</p></td><td style="vertical-align:middle;width:23.08%;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:10.5pt;text-align:right;margin:0pt;">91.84%</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(6) compare and analyze the R&amp;D expenses for each phase, and analyze the rationality of the R&amp;D expenses according to the progress of the R&amp;D projects;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">(7) obtain the Issuer&#8217;s income tax final settlement and payment report during the reporting period, check the regulations on the super deduction of R&amp;D expenditures, the scope of the allowable pre-tax super deduction for R&amp;D expenditures, and match the R&amp;D expenses.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin: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:10.5pt;line-height:1.79;text-align:justify;text-indent:24pt;margin:0pt;"><font style="font-size:12pt;">Upon verification, the Reporting Accountant believe that during the reporting period, the Issuer&#8217;s R&amp;D expenses are true, accurate and complete.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:22.4pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8-1-128</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:15.12%;margin-right:15.12%;margin-top:30pt;page-break-after:avoid;width:69.76%;border-width:0;"></body></html>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>22
<FILENAME>axti-20220617_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>23
<FILENAME>axti-20220617_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<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) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140575016815624">
<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>Jun. 17, 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">Jun. 17,  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>
</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_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>
</table></div>
</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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</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_SecurityExchangeName">
<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 Exchange on which a security is registered.</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 d1-1<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_SecurityExchangeName</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:edgarExchangeCodeItemType</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_SolicitingMaterial">
<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 soliciting material pursuant to Rule 14a-12 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> -Section 14a<br> -Number 240<br> -Subsection 12<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_SolicitingMaterial</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>
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<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 Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
