实控人拟变更，夯实主营加持算力

⚫⚫⚫⚫⚫ Seethe last page for disclaimerAPPENDIX 1Summary➢The actual controller intends to change. On 10 February 2025, the company's controlling shareholder,Wenkui Group, and the actual controllers, Jin Bihua and Xia Yaping, signed a 'Framework Agreement forthe Acquisition of Control Rights' with the originalXinxiwang Partnership. Once the agreement to transfershares and issue stocks to specific targets has been completed, along with the waiver of voting rights byWenkui Group and Xia Yaping, the company's controlling shareholder will change to the originalXinxiwang Partnership and its actual controller will change to the State-owned Assets Management Officeof Huishan District, Wuxi City.➢Focus on the chemical industry sub-sector and continuously promote industrial upgrading. Founded in2005, the company's core business is green chemicals. Its production base is located in the first-classnational chemical park, the Ningbo Petrochemical Economic and Technological Development Zone. Thecompany has two major production bases with an annual production capacity of up to one million tonsand the ability to produce hydrogen gas independently. It is a national intelligent manufacturingdemonstration factory. Currently, the company's product range includes special oils, base oils, white oils,fuel oils, asphalt and other products which are widely used in energy storage materials, ship refuelling,lubricant processing and rubber processing. As new products are developed, the range of applications willcontinue to grow.➢Seize the opportunity in the international ship refuelling market. In May 2025, the company successfullydelivered the first domestically produced bonded high-sulphur fuel oil futures in China. Currently, it isthe only private refinery operating bonded high-sulphur fuel oil, ending the reliance on imports for thedelivery of this product. Zhoushan Ningbo Port is the largest port for refuelling bonded ships in China,with a fuel oil refuelling volume of 7.26 million tonnes for bonded ships in 2024—an increase of 3%year on year.➢The application for private placement has been accepted by the exchange, and a wholly-owned subsidiaryhas been established to enhance computing power. On July 11, 2025, the company's application to issuestocks to a specific target was accepted by the Shenzhen Stock Exchange. The issuing target is the originalXinxiwang Partnership, with a subscription price of 5.66 yuan per share and a total fundraising amount ofno more than 420 million yuan. The plan is to use all of it to supplement working capital andrepay bankloans. The company has established a subsidiary in Wuxi Extreme Liquid Cooling Technology, providingoverall solutions for liquid cooling management systems in IDC and AIDC intelligent computing centers.In the subdivision field of chemical newmaterials, the company has established wholly-owned Qihangand Qicheng subsidiaries to launch transformer oil (power insulation oil). By further improving itsindicators, its application areas will be extended to energy storage battery cooling, large-scale computingpower center immersion cooling and other fields. According to the company's announcement on thepurchase of assets by its subsidiary on July 19, 2025, based on its optimistic outlook on the developmentprospects of intelligent computing services and related business areas, the company plans to purchaseservers, data center rooms and supporting technical services, network equipment and services through itswholly-owned subsidiary Wuxi Jiji Liquid Cooling Technology Co., Ltd. for the purpose of carrying outintelligent computing services and related businesses. The total purchase amount is expected to not exceedRMB 390 million, and the counterparty is Hangzhou Xinfengwei Network Technology Co., Ltd.➢Risk warning. The risks of new business development falling short of expectations, operationalqualification risks, international policies, industry and domestic and international environmental risks, etc. 2 Seethe last page for disclaimer分析师介绍分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。该分析师曾在wind发布报告超过500篇，主要覆盖行业包括化肥、农药、气体、炸药、氟化工、分子筛、电解液和合成生物学等行业。覆盖的公司包括:东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工等。邮箱:charles.zhuang@gpf.com.hk电话:(852)97487114; (86) 188 01353 3537 3 SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingOutperform跑赢大市Neutral中性Underperform跑输大市DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization of the issuermentioned in this Research Repor