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On August 8, Huamin Co., Ltd. issued the "Announcement on the Capital Increase and Share Expansion of the Controlling Subsidiary and the Introduction of Strategic Investors". The announcement stated that in order to further enhance the capital strength of the controlling subsidiary Hongxin New Energy Technology (Yunnan) Co., Ltd. (hereinafter referred to as "Hongxin New Energy"), strategic investors will be introduced in the form of capital increase and share expansion.

This round of capital increase and share expansion intends to introduce Zhejiang Chint New Energy Development Co., Ltd. as a strategic investor. Chint New Energy will increase Hongxin New Energy's capital by RMB 75 million in cash based on the pre-investment valuation of RMB 1 billion. All existing shareholders of Hongxin New Energy have waived their priority subscription rights for the aforementioned capital increase.

After the completion of this capital increase, Huamin Holdings' equity ratio in Hongxin New Energy will change to 83.60%, and Hongxin New Energy will remain a subsidiary within the scope of the company's consolidated financial statements.

The equity structure after the capital increase is as follows:

It is understood that in 2022Huamin Shares AcquisitionHongxin New EnergyOfficially entered the new energy photovoltaic field.

As the implementing entity of Huamin Co., Ltd.'s photovoltaic business, in 2023 and the first quarter of 2024, Hongxin New Energy achieved operating income of 1.056 billion yuan and 206 million yuan, respectively, and net profit losses of 195 million yuan and 47.1081 million yuan, respectively, with a cumulative loss of 242 million yuan.As of the end of March 2024, Hongxin New Energy had total assets of 2.052 billion yuan and net assets of -97.4651 million yuan, with liabilities exceeding assets.