Core Viewpoint - *ST Haihua has appointed Zhongrui Cheng Certified Public Accountants as its auditing firm for the fiscal year 2025, with a high approval rate of 99.2450% at the shareholders' meeting, marking a temporary resolution to the ongoing changes in auditing firms [1][10]. Group 1: Appointment of Auditing Firm - The appointment of Zhongrui Cheng as the auditing firm was approved with 99.2450% of votes in favor, indicating strong shareholder support [1][12]. - This appointment does not eliminate the core audit risks associated with the company's efforts to maintain its listing status, compounded by delayed regulatory inquiries and unverified performance forecasts [12][14]. Group 2: Audit Fee Increases - The audit fees have significantly increased during this transition, with Zhongrui Cheng's fees set at 1.5 million yuan, which is an increase of 87.5% compared to the previous year's fees from the former auditor [5][16]. - The breakdown of the fees shows that the financial audit fee has increased by 118.2%, indicating a focus on verifying the authenticity and compliance of revenue [16]. Group 3: Financial Performance and Regulatory Scrutiny - The company forecasts a revenue of 336 million yuan for 2025, just above the delisting threshold of 300 million yuan, with growth attributed to two acquisitions [5][16]. - Regulatory bodies have mandated monthly disclosures regarding the gas business's performance and have raised concerns about the revenue recognition practices of a newly established subsidiary [6][16]. Group 4: Audit Challenges Ahead - Despite the approval of the new auditing firm, uncertainties remain regarding the company's ability to meet the delisting criteria, as the new auditor has not yet commenced formal audits [7][17]. - The upcoming audit will be challenging due to the complexity of the company's finances and the need to provide thorough verification of revenue, especially given the limited experience of the new auditing firm in handling securities audits [17][18].

Meeting Overview - The shareholder meeting was held on December 25, 2025, at the China Shipbuilding Building in Shanghai [1] - The meeting was convened by the board of directors and chaired by Chairman Hu Xianfu, utilizing both on-site and online voting methods [1] Attendance - Out of 11 current directors, 10 attended the meeting, with Director Tao Tao absent due to official duties [2] - The company secretary, Guan Hong, was present at the meeting [3] Agenda and Resolutions - The following proposals were approved during the meeting: 1. Appointment of the auditing firm for the 2025 financial report [4] 2. Approval of the 2026 annual related party transactions [4] 3. Signing of the 2026 Financial Services Agreement with China Ship Financial Co., Ltd. [4] 4. Authorization for subsidiaries to provide guarantees and set limits for 2026 [5] 5. Approval for futures and derivatives trading in 2026 [5] 6. Amendments to the Articles of Association of China Shipbuilding Industry Co., Ltd. [5] 7. Amendments to the fundraising management system of China Shipbuilding Industry Co., Ltd. [5] Voting Details - Proposals 5 and 6 were classified as "special resolutions" requiring a two-thirds majority for approval, while the remaining proposals were "ordinary resolutions" needing a simple majority [4][5] - Related shareholders from China Shipbuilding Industry Group and other associated companies abstained from voting on proposals 2 and 3 due to conflicts of interest [5] Legal Verification - The meeting was witnessed by lawyers from Shanghai Jintiancheng Law Firm, confirming that the procedures and voting conformed to legal regulations and the company's articles of association [6]