Fudan Zhangjiang’s Duty Performance Assessment Report on PricewaterhouseCoopers Zhongtian LLP (Special General Partnership)
Shanghai Fudan Zhangjiang Biopharmaceutical Co., Ltd.
To PricewaterhouseCoopers Zhongtian LLP (Special General Partnership)
Performance evaluation report
Shanghai Fudan Zhangjiang Biopharmaceutical Co., Ltd. (hereinafter referred to as the "Company") hired PricewaterhouseCoopers Zhongtian LLP (Special General Partnership) (hereinafter referred to as "PwC Zhongtian") as the accounting firm to issue an audit report on the company's 2025 financial report. According to the "Administrative Measures for the Selection and Employment of Accounting Firms by State-owned Enterprises and Listed Companies" promulgated 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 evaluated the performance of PwC Zhongtian's audit duties in the past year. After evaluation, the company believes that PwC Zhongtian has been compliant and effective in terms of qualifications and other aspects in the past year, and has been able to maintain independence in performing its duties, perform its duties diligently, and express its opinions fairly. The specific situation is as follows:
1. Situation of accounting firms
(1) Qualification conditions
PricewaterhouseCoopers Zhongtian was formerly PricewaterhouseCoopers Dahua Certified Public Accountants LLP, which was established on March 28, 1993. Upon approval, it was renamed PricewaterhouseCoopers Zhongtian Certified Public Accountants Co., Ltd. in June 2000. With the approval of the Ministry of Finance Accounting Letter [2012] No. 52 on December 24, 2012, it was transformed into PricewaterhouseCoopers Zhongtian Certified Public Accountants LLP (Special General Partnership) on January 18, 2013. The registered address is Units 4501 and 4504 on the 45th floor, No. 555 Haiyang West Road and No. 588 Dongyu Road, China (Shanghai) Pilot Free Trade Zone. The chief partner of PwC Zhongtian is Li Dan. As of December 31, 2025, PwC Zhongtian had 172 partners and more than 940 certified public accountants, including more than 200 certified public accountants who have signed securities service business audit reports since 2013.
PricewaterhouseCoopers Zhongtian has an accounting firm practice certificate and is qualified to engage in auditing business for H-share companies. In addition, PwC Zhongtian is a member of the PwC International Network and is also registered with the US Public Company Accounting Oversight Board (US PCAOB) to engage in relevant auditing services.
Project partner and signing certified public accountant: Zhou Qinjun, a practicing member of the Institute of Certified Public Accountants, has been a certified public accountant since 2008, and has been engaged in the audit of listed companies since 2005. From 2010 to 2015 and 2017, and from 2020 to 2024, he has provided audit services for the company. He has been practicing at PricewaterhouseCoopers Zhongtian since 2005 and has signed or reviewed the audit reports of 2 listed companies in the past three years.
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Project quality review partner: He Ting, a practicing member of the Institute of Certified Public Accountants. He has been a certified public accountant since 2007. He has been practicing at PricewaterhouseCoopers Zhongtian since 2004. He has been engaged in the audit of listed companies since 2004 and has provided audit services for the company since 2024. He has signed or reviewed the audit reports of 6 listed companies in the past three years.
Signing CPA: Sun Lini, a practicing member of the Institute of Certified Public Accountants. She has been a certified public accountant since 2015. She has been practicing at PricewaterhouseCoopers Zhongtian since 2009. She has been engaged in the audit of listed companies since 2009. She will start providing audit services to the company in 2025. In the past three years, she has signed or reviewed the audit reports of 2 listed companies.
There are no circumstances that may affect the independence of Mr. Zhou Qinjun, PwC Zhongtian project partner and signing CPA, Mr. He Ting, quality review partner, and Ms. Sun Lini, the signing CPA.
(2) Practice records
Project partner and signing certified public accountant Mr. Zhou Qinjun, quality review partner Mr. He Ting, and signing certified public accountant Ms. Sun Lini have not been subject to any criminal penalties or administrative penalties in the past three years. They have not been subject to administrative supervision and management measures by securities regulatory agencies due to their professional conduct, and have not been subject to self-regulatory measures or disciplinary sanctions by self-regulatory organizations such as stock exchanges and industry associations due to their professional conduct.
(3) Investor protection capabilities
In terms of investor protection capabilities, PwC Zhongtian has purchased occupational insurance in accordance with relevant laws and regulations. The sum of the cumulative compensation limit of occupational insurance and occupational risk funds exceeds RMB 200 million. The accrual of occupational risk funds or the purchase of occupational insurance are in compliance with relevant regulations. In the past three years, PricewaterhouseCoopers Zhongtian has assumed civil liability in relevant civil litigation due to its professional conduct: In the relevant civil litigation case, the court has made an effective judgment that PwC Zhongtian shall bear joint and several liability for 3% of the listed company's liability for investor losses, which is approximately RMB 20,000.
(4) Integrity record
PwC Zhongtian and its employees have not been subject to any criminal penalties or disciplinary actions by self-regulatory organizations such as industry associations for their professional behavior in the past three years. PricewaterhouseCoopers Zhongtian was once administratively punished by the securities regulatory authority and industry authorities for the same project, and was subject to disciplinary sanctions once by the Shanghai and Shenzhen Stock Exchanges. Three employees were administratively punished once by the securities regulatory authorities and industry authorities, and once by the Shanghai and Shenzhen Stock Exchanges. Eight employees were administratively punished once by industry authorities due to the project. In addition, PwC Zhongtian was subject to supervision and management measures issued by the securities regulatory agency four times with warning letters, and was subject to self-regulatory regulatory measures issued by the stock exchange with regulatory warnings three times. Nine employees were each subject to administrative penalties from industry authorities once, eight employees were each subject to administrative regulatory measures by the securities regulatory agency once, and six employees were subject to self-regulatory regulatory measures by the stock exchange once.
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2. Assessment of accounting firm’s performance of duties
(1) Allocation of human resources and other resources
PwC Zhongtian is equipped with an exclusive audit team. The project partner is a senior audit service partner. The core team members all have many years of experience in auditing listed companies and have the professional qualifications of Chinese certified public accountants.
(2) Audit work plan
During the audit process in the past year, PricewaterhouseCoopers Zhongtian formulated a comprehensive, reasonable, and highly operable audit work plan based on the company's service needs and the actual situation of the audited unit. The audit work focuses on the audit focus of the audited unit, involving multiple dimensions such as the company's business, finance, internal control and information systems, covering the company's important risk areas and important subsidiaries.
During the audit process in the past year, PwC Zhongtian carried out its annual audit work based on the timetable agreed with the company, fully meeting the report disclosure time requirements of listed companies. PwC Zhongtian formulated a detailed audit plan and schedule, and was able to submit various work results on time according to the plan.
(3) Audit quality management level
(1) Project consultation
In accordance with the policies and procedures related to project communication, supervision and review, PwC Zhongtian promptly consulted the Risk and Quality Management Department and relevant professional technical support departments on major audit and accounting judgment issues, and solved the company's key and difficult technical issues on time.
(2) Resolve differences of opinion
PwC Zhongtian has a clear policy on handling differences of professional opinion within the project team, which stipulates that no audit report can be issued unless there is a consensus within the project team or among the project leader, quality review partner and other consulted partners. During the audit process in the past year, PricewaterhouseCoopers Zhongtian had no disagreements on all major accounting audit matters of the company.
(3) Project quality review
PwC Zhongtian has formulated a series of policies and procedures for the communication, supervision and review of the project team. When project team members perform review work, they are reviewed by personnel at different levels based on factors such as the importance and complexity of different fields. Project partners actively participate in solving accounting, auditing and project management issues during project execution, and conduct appropriate supervision and review, including resolving important matters, identifying consulting matters, etc., to ensure that all sufficient and appropriate audit evidence to support the audit opinion has been obtained before issuing a report. In addition to the internal review procedures of the audit project team, PwC Zhongtian appoints a quality review partner for the company's audit projects.
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people to strengthen project quality control review and objectively evaluate major judgments and conclusions made by the project team. (4) Project quality inspection
PwC Zhongtian Risk and Quality Management Department implements a strict internal quality control and inspection system for audit projects to effectively prevent audit risks and ensure high-quality audit practice, which mainly includes real-time project quality control and inspection and quality control and inspection of completed projects. PwC Zhongtian always pays attention to the problems discovered during quality control inspections to continuously improve corresponding policies and procedures to maintain stable work quality.
(5) Quality management defect identification and rectification
PwC Zhongtian has formulated policies and procedures related to quality control inspections. The Risk and Quality Management Department promptly assesses whether there are defects in the firm's quality management system as well as the severity and breadth of the impact of the problems discovered during quality control inspections or external inspections, and quickly formulates effective rectification measures and supervises the implementation of rectification measures and their effectiveness.
During the 2025 annual audit process, PwC Zhongtian worked diligently and conscientiously, and various quality management measures for this project were effectively implemented.
(4) Information security management
PwC Zhongtian has formulated a systematic information security control system covering file management, confidentiality system, emergency incident handling, etc. It abides by its responsibility to keep the company’s confidential information confidential and strictly keeps confidential all client confidential information learned during the practice. In the process of formulating the audit plan and implementing the audit work, the inspection, processing, desensitization and archiving management of sensitive and confidential information were also considered. A series of relevant measures and systems were established and implemented at the firm and project team levels, and were effectively implemented.
(5) Risk-bearing ability level
PwC Zhongtian has purchased occupational insurance in accordance with relevant laws and regulations. The cumulative compensation limit of occupational insurance and the occupational risk fund exceed RMB 200 million. The accrual of the occupational risk fund or the purchase of occupational insurance complies with relevant regulations.
Shanghai Fudan Zhangjiang Biopharmaceutical Co., Ltd. March 30, 2026
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