Zhiyang Innovation: Plans to increase capital of Lingming Photonics by 300 million yuan in cash, holding a stake of approximately 9.09% to 10.00%.

Zhiyang Innovation Announcement: The company has signed a strategic investment intention agreement with Shenzhen Lingming Photonic Technology Co., Ltd., agreeing to terminate the relevant transactions in which the company acquires the equity of the target company through the issuance of RMB ordinary shares and/or convertible corporate bonds, cash, etc. However, at the same time, the company plans to increase its capital and purchase part of the equity of the target company in cash, with a preliminary investment amount of 300 million yuan. Based on the valuation of the latest round of financing, the preliminary pre-investment valuation of the target company is tentatively set at 27 billion to 30 billion yuan, with a post-investment shareholding ratio of approximately 9.09% to 10.00%. The source of funds is from self-owned and self-raised funds. After this investment is completed, the company is expected to become an important shareholder of the target company with a stake of more than 9%, and is expected to have the right to nominate a director candidate of the target company and the right to veto the overall sale of the target company. The target company is expected to become an associate company of the company.