公告日期：2025-04-26

China Securities Co., Ltd.

Hangzhou Hirisun Technology Incorporated

Stock-for-stock Merger of Hangzhou Turbine Power Group Co., Ltd.
& Related Party Transaction Report

Valuation Report

April 2025

Statement

I. The subjects of analysis in this report are Hangzhou Hirisun Technology Incorporated (hereinafter
referred to as "Hirisun") and Hangzhou Turbine Power Group Co., Ltd. (hereinafter referred to as "HTC").
The relevant data is sourced from publicly available information.

II. This report is issued by China Securities Co., Ltd. (hereinafter referred to as "China Securities") in
accordance with the requirements of the Administrative Measures for Major Asset Restructuring of Listed
Companies (hereinafter referred to as the "Administrative Measures on Restructuring"), the Content and
Format Standards for Information Disclosure of Companies Offering Securities to the Public No. 26 -
Major Asset Restructuring of Listed Companies, and other relevant laws, regulations, and normative
documents on major asset restructuring of listed companies, for reference by the Board of Directors of
HTC. This report does not constitute any advice, recommendation, or compensation to any third party.

III. The analysis, judgments, and conclusions in this report are subject to the assumptions and
limitations stated herein. Users shall fully consider the assumptions, limitations, and their impact on the
conclusions as set forth in the report.

IV. Although this report is prepared based on and relies on the accuracy and completeness of the
publicly available information involved herein, China Securities' use of any such information does not
imply that it has independently verified or endorsed such information. This report does not provide any
guarantee as to the accuracy, completeness, or appropriateness of such information.

V. This report does not conduct a comprehen……
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