Xinnuowei: Announcement on the proposed change of accounting firm
Securities code: 300765 Securities abbreviation: Xinnuowei Announcement number: 2025-093
CSPC Innovative Pharmaceutical Co., Ltd.
Announcement on the proposed change of accounting firm
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete, and contains no false records, misleading statements or major omissions.
Special tips:
The accounting firm to be appointed: Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership) (hereinafter referred to as "Deloitte Huayong").
The accounting firm has been appointed: ShineWing Accounting Firm (Special General Partnership) (hereinafter referred to as "ShineWing").
Reasons for the proposed change of accounting firm: Based on its own business conditions, development needs and overall audit work needs, the company comprehensively considers the company's actual operation and management, and in accordance with the "Management Measures for the Selection of Accounting Firms by State-owned Enterprises and Listed Companies", the company plans to appoint Deloitte Huayong as the company's external auditor for the 2025 financial report and internal control.
The company has communicated with the previous accounting firm on matters related to the proposed change of accounting firm. The previous accounting firm has clearly understood the proposed change and confirmed that it has no objection. Neither the company's board of directors nor the audit committee have objections to the proposed change of the audit institution, which still needs to be submitted to the company's shareholders' meeting for review.
The proposed change of accounting firm is in compliance with the regulations of the "Administrative Measures for the Selection and Employment of Accounting Firms by State-owned Enterprises and Listed Companies" (Finance [2023] No. 4) issued by the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, and the China Securities Regulatory Commission.
The company held the 28th meeting of the sixth board of directors on December 5, 2025, and reviewed and approved the "Proposal on the Proposed Change of Accounting Firm", agreed to appoint Deloitte Huayong as the company's 2025 annual financial report and internal control audit agency, and agreed to submit the proposal to the company's shareholders' meeting for review. The specific situation is as follows:
1. Basic information about the accounting firm to be appointed
(1) Institutional information
- Basic information
(1) Organization name: Deloitte Touche Tohmatsu Certified Public Accountants LLP (Special General Partnership)
(2) Date of establishment: Deloitte Huayong’s predecessor was Shanghai-Jiang Deloitte Accounting Firm Co., Ltd. established in February 1993. It was renamed Deloitte Huayong Accounting Firm Co., Ltd. in 2002. In September 2012, it was converted into a special general partnership with the approval of the Ministry of Finance and other departments.
(3) Organizational form: special general partnership
(4) Registered address: 30th Floor, No. 222 Yan'an East Road, Huangpu District, Shanghai
(5) Chief Partner: Tang Lianjiong
Number of partners as of December 31, 2024: 204
Number of certified public accountants as of December 31, 2024: 1,169, including: more than 270 certified public accountants who have signed securities service business audit reports
(6) Audit income
Total business revenue in 2024: RMB 3.893 billion
Audit business income in 2024: RMB 3.352 billion
Securities business income in 2024: RMB 660 million
(7)Business situation
Number of audit clients of listed companies in 2024: 61
Main industries: The main industries are manufacturing, transportation, warehousing and postal services, information transmission, software and information technology services, finance and real estate.
Total audit fees for listed company annual reports in 2024: 197 million yuan
Number of audit clients of listed companies in the same industry of our company: 24
- investor protection capabilities
The cumulative compensation limit of the occupational insurance purchased by Deloitte Huayong exceeds RMB 200 million, which complies with relevant regulations. Deloitte Huayong has not been judged to bear civil liability in relevant civil lawsuits due to its professional conduct in the past three years.
- Integrity record
In the past three years, Deloitte Huayong and its employees have not been subject to any criminal penalties or disciplinary actions by self-regulatory organizations such as stock exchanges and industry associations for their professional conduct; Deloitte Huayong has been subject to administrative penalties once, administrative supervision measures from securities regulatory agencies twice, and self-regulatory supervision measures once; seventeen employees have been subject to administrative penalties once each, four practitioners have been subject to administrative supervision measures once, and five employees have been subject to self-regulatory supervision measures once; a former employee who resigned in 2021 was punished in 2022 due to personal conduct. He was subject to administrative penalties in 2016, and his personal behavior did not involve the quality of the audit project’s practice. According to relevant laws and regulations, the above matters do not affect Deloitte Huayong's continued undertaking or execution of securities service business.
(2) Project information
- Basic information
Project partner and signing certified public accountant: Ms. Wu Shan, joined Deloitte Huayong in 2003 and began to engage in auditing of listed companies and professional services related to capital markets. She became a Chinese Certified Public Accountant in 2008 and is currently a practicing member of the Chinese Certified Public Accountants. Ms. Wu Shan has signed or reviewed a total of 5 audit reports of listed companies in the past three years. Ms. Wu Shan has provided auditing professional services to the company since 2025.
Signing Certified Public Accountant: Ms. Wang Hanping, who joined Deloitte Huayong in 2018, became a Chinese Certified Public Accountant in 2019, and is currently a practicing member of the Chinese Certified Public Accountants. Ms. Wang Hanping began to engage in auditing of listed companies and professional services related to capital markets in 2019. She has signed or reviewed 2 audit reports of listed companies in the past three years. Ms. Wang Hanping has provided auditing professional services to the company since 2025.
The agreed project quality reviewer: Ms. Zheng Qun, who has long been engaged in auditing and professional services related to capital markets, and is currently a practicing member of the Chinese Certified Public Accountants. Ms. Zheng Qun joined Deloitte Huayong and has been engaged in the audit business for more than 23 years. She has provided professional audit services for a number of listed companies and served as a project partner and signing certified public accountant. She has corresponding professional competencies.
- Integrity record
The above persons have not been subject to criminal penalties or administrative penalties for their professional conduct in the past three years, nor have they been subject to supervision and management measures by the China Securities Regulatory Commission or self-regulatory measures or disciplinary sanctions by self-regulatory organizations such as stock exchanges and industry associations.
- independence
Deloitte Huayong, its project partners, signing certified public accountants, and agreed project quality reviewers have no circumstances that may affect the independence requirements.
- Audit charges
The audit fees for 2025 will be determined based on various factors such as the company's business scale, industry and accounting processing complexity, combined with the number of auditors required for annual report audits and the workload involved, and taking into account factors such as the responsibilities and risks of professional services. The board of directors will propose to the shareholders' meeting to authorize the company's management to negotiate with Deloitte Huayong. The audit fees in 2025 are expected to increase compared with the previous period, mainly due to the expansion of the company's business development scale, the increase in the complexity of accounting processing and audit service workload, as well as changes in accounting firms' charging standards.
2. Description of the proposed change of accounting firm
(1) Information about the predecessor accounting firm and audit opinions of the previous year
The previous accounting firm was ShineWing, which provided annual audit services for the company for 6 years, and issued a standard unqualified audit report for the company last year. There is no situation where the company has entrusted the previous accounting firm to carry out part of the audit work and then fired the previous accounting firm.
(2) Reasons for planning to change accounting firm
Based on its own business situation, development needs and overall audit work needs, and comprehensive consideration of the company's actual operation and management, and in accordance with the "Management Measures for the Selection of Accounting Firms by State-owned Enterprises and Listed Companies", the company plans to appoint Deloitte Huayong as the company's external auditor for the 2025 financial report and internal control. The company has no disagreements with the previous accounting firm in terms of work arrangements, fees, opinions, etc.
(3) Communication status between the company and its predecessor accounting firms
The company has fully communicated with Deloitte Touche Tohmatsu and ShineWing regarding the proposed change of accounting firm. Both the previous and former accounting firms are aware of the proposed change and have no objections to it. The predecessor and successor accounting firms will actively communicate and cooperate in accordance with the provisions of the "Audit Standards for Chinese Certified Public Accountants No. 1153 - Communication between the Previous Certified Public Accountant and the Successor Certified Public Accountant".
3. Procedures to be performed by the accounting firm to be changed
(1) Review status of the Audit Committee of the Board of Directors
On December 4, 2025, the company held the 15th meeting of the third audit committee, which reviewed and approved the company's proposed change of accounting firm. The audit committee of the company's board of directors believed that Deloitte Huayong can meet the company's requirements for an audit institution in terms of professional competence, investor protection capabilities, integrity, independence, etc., and has the experience and ability to provide audit services to the company. It agreed to appoint Deloitte Huayong as the external auditor of the company's 2025 financial report and internal control, and agreed to submit the proposal to the company's board of directors for review.
(2) Review opinions of special meetings of independent directors
On December 5, 2025, the company held the 14th special meeting of independent directors of the sixth board of directors, which reviewed and approved the company's proposed change of accounting firm. The independent directors unanimously believed that Deloitte Huayong can meet the company's requirements for an audit institution in terms of professional competence, investor protection capabilities, integrity, independence, etc., and has the experience and ability to provide audit services to the company. They agreed to appoint Deloitte Huayong Accounting Firm (Special General Partnership) as the company's 2025 The external audit agency for the annual financial report and internal control, and agreed to submit the matter to the company's board of directors for review.
(3) Review status of the board of directors
The company held the 28th meeting of the sixth board of directors on December 5, 2025, and reviewed and approved the "Proposal on the Proposed Change of Accounting Firm" with 9 votes in favor, 0 votes against, and 0 abstentions. It agreed to appoint Deloitte Huayong as the company's external auditor for the 2025 annual financial report and internal control, and agreed to submit the proposal to the company's shareholders' meeting for review.
(4) Effective date
The proposed change of accounting firm needs to be submitted to the company's shareholders' meeting for review and will take effect from the date of review and approval by the shareholders' meeting.
4. Documents for reference
Resolution of the 28th meeting of the 6th Board of Directors of CSPC Innovation Pharmaceutical Co., Ltd.;
Resolution of the 15th meeting of the third audit committee of CSPC Innovation Pharmaceutical Co., Ltd.;
Review opinions of the 14th special meeting of independent directors of the sixth session of the Board of Directors of CSPC Innovation Pharmaceutical Co., Ltd.;
Deloitte Huayong’s explanation of its basic situation.
Announcement is hereby made.
Board of Directors of CSPC Innovation Pharmaceutical Co., Ltd.
December 08, 2025