Core Viewpoint - The equity change in Jiangsu Farsen Co., Ltd. is due to the transfer of 5.03% of shares from Miao Qin to Liu Lihua, resulting in a new agreement among the controlling shareholders, which does not affect the total shareholding percentage in the company [1][2][13]. Group 1: Equity Change Details - Miao Qin transferred 5.03% of shares in Hongsheng Group to Liu Lihua, leading to a change in the actual controllers of the company [2][14]. - The new agreement signed on July 29, 2025, among Zhou Jiang, Deng Feng, Liu Lihua, and Huang Xiang establishes them as the new actual controllers [2][11]. - The total shareholding controlled by the new actual controllers remains at 26.82% [14]. Group 2: Information Disclosure Obligations - The report complies with the relevant laws and regulations regarding equity changes and has been prepared in accordance with the guidelines for public companies [1][12]. - The information disclosing parties have not engaged in any other transactions that would alter their shareholding in the company outside of this report [1][12]. Group 3: Business Operations and Independence - The main business of Jiangsu Farsen includes the production and sale of various steel wire products, which are primarily sold to deep-processing enterprises [10]. - The company maintains a clear separation from the businesses controlled by the information disclosing parties, ensuring no substantial competition or conflict of interest exists [21][22]. - The company has committed to maintaining its independence in operations, assets, and finances, ensuring no interference from the controlling parties [20][21]. Group 4: Future Plans and Governance - There are no immediate plans for significant changes to the company's main business or management structure within the next twelve months [17][19]. - The information disclosing parties have no plans to alter the company's dividend policy or make significant organizational changes [18][19].

Core Viewpoint - The financial advisory opinion from Pacific Securities regarding Jiangsu Farsen Co., Ltd. confirms that the equity change report complies with relevant laws and regulations, ensuring the information disclosed is true, accurate, and complete [5]. Group 1: Financial Advisory Opinion - The financial advisor has conducted due diligence and reviewed the equity change report, affirming its compliance with the Securities Law and other relevant regulations [5][6]. - The financial advisor believes that the information disclosure obligations have been met, and the report reflects the actual circumstances of the equity change [5][6]. Group 2: Information Disclosure Obligations - The information disclosure obligations are fulfilled by the individuals involved, ensuring that all provided materials are truthful and complete [3][6]. - The financial advisor has verified the qualifications of the information disclosure obligors, confirming their capability to execute the equity change [6][9]. Group 3: Equity Change Details - The equity change involves a new agreement signed on July 29, 2025, resulting in a change of actual controllers of the company [4][19]. - The new actual controllers, including Zhou Jiang, Deng Feng, and Liu Lihua, collectively hold 26.82% of the shares through Hongsheng Group [19][25]. Group 4: Future Plans and Management - The information disclosure obligors have no immediate plans for significant changes to the company's main business or management structure within the next 12 months [21][22]. - There are no plans for major asset disposals, mergers, or adjustments to the company's dividend policy in the near future [21][22][23]. Group 5: Independence and Competition - The equity change will not compromise the company's independence from its controlling shareholders or related enterprises [24]. - There is a commitment from the information disclosure obligors to avoid any direct competition with the company and to ensure fair dealings in any potential related transactions [25].