New Blue Ocean! Conch New Cooperation Project Signing!

in the golden autumn and start a new journey across the border. On the occasion of national celebration, Conch Kechuang is a key player in the layout of new material industry! On September 30, 2025, the equity transfer agreement between Conch Kechuang and Hengguang New Materials (Jiangsu) Co., Ltd. (Hereinafter referred to as "Hengguang New Materials") was formally signed and entered into force, which marked that Conch Kechuang had taken a solid step towards a new industry and field, and also opened a new chapter in the field of polyurethane and additives. The project signing ceremony was held in Nantong, Jiangsu Province. Shi Xingkai, Deputy Secretary of the Party Working Committee of Tongzhou Bay, Nantong City, Ding Feng, Vice General Manager of Conch Group, Secretary of the Party Committee of Kechuang and Chairman of the Board, and Li Guang, Chairman of Hengguang New Material, attended the signing ceremony. In his speech,

Ding Feng said that Conch Group is actively building a new high-quality development model of "one base and five industries", and this equity cooperation with Hengguang New Material is the decisive measure for the Group to deepen its strategic layout and promote the development of the new material sector. We will rely on Conch Group's strong industrial resources and platform advantages to inject new momentum into Hengguang New Material, jointly promote technological breakthroughs in research and development and industrial upgrading, help it accelerate import substitution in core products such as special amines and modified TDI, build a more competitive product system in the market, and work together to move towards the high-end of the industrial chain and value chain.

Li Guang gave a brief introduction to the development of Hengguang New Material Company in recent years. He said that working hand in hand with Conch Kechuang is a key step for Hengguang New Material to move towards a new journey. Hengguang New Material will comprehensively enhance its innovation level and market competitiveness, accelerate technological breakthroughs and industrial upgrading, and realize the leap from industry leader to industry leader. At the

signing ceremony, Cheng Zhusong, Vice General Manager of Conch Branch, and Li Guang, Chairman of Hengguang New Material, signed the equity transfer agreement on behalf of both sides. The signing ceremony was also

attended by Ma Wei, Minister of Strategic Development of Conch Group, and cadres and staff of Conch Kechuang and Hengguang New Materials.

Before the meeting, the leaders of Conch also exchanged views on industrial cooperation with Lu Zhonghua, Secretary of the Party and Labor Committee of the Jianghai Linkage Development Demonstration Zone in Tongzhou Bay, Jiangsu Province, and Wu Changzi, Deputy Secretary of the Party and Labor Committee and Director of the Management Committee of the Demonstration Zone. After the

signing ceremony, representatives of Conch visited Nantong Hengjia Home Technology Co., Ltd., a subsidiary of Hengguang New Material.

Hengguang New Materials (Jiangsu) Co., Ltd. is a leading enterprise of special amine and organotin additives in the field of polyurethane materials in China, which was established in March 2016. Headquartered in Nantong, Jiangsu, with production bases and branches in Jiangsu, Anhui, Hebei, Zhejiang and other regions, the company has built a complete industrial chain of special amines, organotin, organosilicon, polyurethane additives and products, forming a large-scale product matrix. With annual production capacity of 30000 tons of special amines, 18000 tons of organotin, 20000 tons of silicone oil surfactants and 100000 tons/year modified TDI and other multi-product lines, its core technology of "etherification technology" and "amination technology" is mature and reliable, and its production system is complete. With the honors of national high-tech enterprises, national specialized and new "Little Giant" enterprises, private science and technology enterprises in Jiangsu Province, and top ten science and technology innovation enterprises, the company achieved revenue of 534 million yuan in 2024, with total assets of about 1.1 billion yuan. Hengguang New Material Equity Cooperation Project is a key strategic measure for Conch Kechuang to actively respond to the national policy of cultivating strategic emerging industries and improve the layout of new material industry. The project will help Conch Kechuang quickly enter the field of new materials for polyurethane and additives, further extend the fine chemical industry chain, and inject strong impetus into the high-quality development of the Group.