# EDGAR Filing Document

**Accession Number:** 0001806904
**File Stem:** 0001213900-25-126219
**Filing Date:** 2025-12
**Character Count:** 875304
**Document Hash:** a8480969d64c79ccb040375dbaafbb7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-126219.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001213900-25-126219

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 148

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EZGO Technologies Ltd.
- **CENTRAL INDEX KEY:** 0001806904
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTORCYCLES, BICYCLES & PARTS [3751]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39833
- **FILM NUMBER:** 251610835

**BUSINESS ADDRESS:**
- **STREET 1:** BUIDLING A FLOOR 2
- **CITY:** WUJIN DISTRICT CHANGZHOU CITY
- **STATE:** F4
- **ZIP:** 213164
- **BUSINESS PHONE:** 8651983683805

**MAIL ADDRESS:**
- **STREET 1:** BUIDLING A FLOOR 2
- **CITY:** WUJIN DISTRICT CHANGZHOU CITY
- **STATE:** F4
- **ZIP:** 213164

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 20-F**

**☐** **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

**☒** **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended September 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of event requiring this shell company report:

**For the transition period from _____________.to _____________.**

Commission file number: 001-39833

**EZGO Technologies Ltd.**

(Exact name of Registrant as specified in its charter)

**British Virgin Islands** 

(Jurisdiction of incorporation or organization)

**Building #A, Floor 2, Changzhou Institute of Dalian University of Technology, Science and Education Town, Wujin District, Changzhou City** 

**Jiangsu, China 213164**

(Address of principal executive offices)

**Jianhui Ye**

**Tel: (86) 0519-83683805**

**Building #A, Floor 2, Changzhou Institute of Dalian University of Technology, Science and Education Town, Wujin District, Changzhou City** 

**Jiangsu, China 213164**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| Ordinary shares, no par value | EZGO | Nasdaq Capital Market |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act:

<u>None</u>

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

<u>None</u>

(Title of Class)

The number of outstanding shares of each of the issuer's classes of capital or common stock as of September 30, 2025 is: 18,300,706 ordinary shares, par value $US0.04 per share (the "Ordinary Shares") (This amount does not give effect to the 1-for-25 reverse share split that became effective on November 21, 2025 or the change in par value of the Ordinary Shares that was effective on 10 November 2025).

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ <br> Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to section 12(b) of Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

☒ U.S. GAAP ☐ International Financial Reporting Standards as issued ☐ Other <br> by the International Accounting Standards Board

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

**EZGO TECHNOLOGIES LTD.**

**FORM 20-F ANNUAL REPORT**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | [PART I](#a_001) | 1 |
| Item 1. | [Identity of Directors, Senior Management and Advisers](#a_002) | 8 |
| Item 2. | [Offer Statistics and Expected Timetable](#a_003) | 8 |
| Item 3. | [Key Information](#a_004) | 9 |
| Item 3A. | [\[Reserved\]](#a_041) | 23 |
| Item 4. | [Information on the Company](#a_005) | 61 |
| Item 4A. | [Unresolved Staff Comments](#a_006) | 86 |
| Item 5. | [Operating and Financial Review and Prospects](#a_007) | 87 |
| Item 6. | [Directors, Senior Management and Employees](#a_008) | 103 |
| Item 7. | [Major Shareholders and Related Party Transactions](#a_009) | 108 |
| Item 8. | [Financial Information](#a_010) | 111 |
| Item 9. | [The Offer and Listing](#a_011) | 111 |
| Item 10. | [Additional Information](#a_012) | 112 |
| Item 11. | [Quantitative and Qualitative Disclosures About Market Risk](#a_013) | 128 |
| Item 12. | [Description of Securities Other than Equity Securities](#a_014) | 128 |
|  | [PART II](#a_015) | 129 |
| Item 13. | [Defaults, Dividend Arrearages and Delinquencies](#a_016) | 129 |
| Item 14. | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#a_017) | 129 |
| Item 15. | [Controls and Procedures](#a_018) | 129 |
| Item 16. | [\[Reserved\]](#a_019) | 130 |
| Item 16A. | [Audit Committee Financial Expert](#a_020) | 130 |
| Item 16B. | [Code of Ethics](#a_021) | 131 |
| Item 16C. | [Principal Accountant Fees and Services](#a_022) | 131 |
| Item 16D. | [Exemptions from the Listing Standards for Audit Committees](#a_023) | 131 |
| Item 16E. | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#a_024) | 131 |
| Item 16F. | [Change in Registrant's Certifying Accountant](#a_025) | 132 |
| Item 16G. | [Corporate Governance](#a_026) | 133 |
| Item 16H. | [Mine Safety Disclosure](#a_027) | 133 |
| Item 16I | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#a_028) | 133 |
| Item 16J | [Insider Trading Policies](#a_029) | 133 |
| Item 16K | [Cybersecurity](#a_030) | 133 |
|  | [PART III](#a_031) | 134 |
| Item 17. | [Financial Statements](#a_032) | 134 |
| Item 18. | [Financial Statements](#a_033) | 134 |
| Item 19. | [Exhibits](#a_034) | 134 |

---

i

**PART I**

**CERTAIN INFORMATION**

In this annual report on Form 20-F, unless otherwise indicated, "EZGO" refers to EZGO Technologies Ltd., a British Virgin Islands business company; "we," "us," "our," "our company," the "Company" or similar terms refer to EZGO Technologies Ltd. and/or its consolidated subsidiaries, unless the context otherwise indicates.

Prior to 2025, certain operations were conducted through a variable interest entity ("VIE"), Jiangsu EZGO Electronic Technologies Co., Ltd. (formerly Jiangsu Baozhe Electric Technologies Co., Ltd.), a PRC company. As used throughout this annual report, "VIE Agreements" refers to the contractual arrangements among the Company's wholly foreign-owned enterprise, the variable interest entity and its equity holders that provided the Company with control over the operations and economic benefits of the variable interest entity without direct equity ownership. In 2025, EZGO materially changed its corporate structure and the board approved the disposal of the VIE and its subsidiaries on March 30, 2025, and the contractual arrangements comprising the VIE structure were formally terminated by a termination agreement between Changzhou EZGO, the VIE and the VIE shareholders on September 25, 2025. As of the date of this annual report, EZGO no longer employs a VIE structure and controls its operating subsidiaries through equity ownership.

Unless the context indicates otherwise, all references to "China" and the "PRC" refer to the People's Republic of China, including Hong Kong and Macau. The term "Chinese" has a correlative meaning for the purpose of this annual report. All references to "Renminbi" or "RMB" are to the legal currency of China and all references to "U.S. dollars," "dollars," "US$" and "$" are to the legal currency of the United States of America (the "United States"). We make no representation that the Renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. On September 30, 2025, the middle price of RMB exchange rate announced by the People's Bank of China was RMB7.1190 to $1.00.

Investing in EZGO's securities is highly speculative and involves a significant degree of risk. EZGO is not an operating company established in the PRC, but a holding company incorporated in the British Virgin Islands, or the BVI. As a holding company with no material operations of its own, EZGO conducts part of its operations through its subsidiaries. Previously, EZGO conducted a portion of its operations in China through a variable interest entity (VIE) structure, in which it held no equity interest but obtained control and economic benefits via contractual arrangements that have not been tested in a court of law. EZGO materially changed its corporate structure and the board approved the disposal of the VIE and its subsidiaries on March 30, 2025, and the contractual arrangements comprising the VIE structure were formally terminated by a termination agreement between Changzhou EZGO, the VIE and the VIE shareholders on September 25, 2025.

As a result of the contractual arrangements previously in place, EZGO and its subsidiaries were historically treated as the primary beneficiary of the VIE for accounting purposes, and the VIE was consolidated into our financial statements as a PRC consolidated entity under U.S. generally accepted accounting principles ("U.S. GAAP"). However, following the Board-approved disposal of the VIE and its subsidiaries on March 30, 2025 and the formal termination of all VIE Agreements on September 25, 2025, we no longer consolidate the financial results of the VIE or any of its subsidiaries. Neither we nor EZGO's shareholders ever held any equity ownership in, direct foreign investment in, or control through such ownership in the VIE, and the contractual arrangements that previously provided us with control had not been tested in a court of law in PRC. As a result of the termination and disposal of the VIE structure, EZGO's shareholders now hold equity interests solely in EZGO, the BVI holding company, which conducts its current operations exclusively through its subsidiaries.

EZGO's shareholders hold equity interests only in EZGO, the BVI holding company, and not in our PRC subsidiaries that conduct our operations in China. As with other companies operating through foreign-owned subsidiaries in the PRC, changes in PRC laws or regulatory actions affecting foreign investment or the operations of our PRC subsidiaries could result in a material change in our business, financial condition, or results of operations. Such regulatory developments could also materially affect the value of the securities we have registered for sale. For a description of our corporate structure, see "*Item 4. Information on the Company - C. Organizational Structure*" in this annual report. See also "*Item 3. Key Information - D. Risk Factors - Risks Related to Our Corporate Structure*" beginning on page 49 for certain risks related to the contractual arrangements with the VIE.

In addition, as EZGO conducts substantially all of its operations in China through its subsidiaries in China, it is subject to legal and operational risks associated with having substantially all of its operations in China, which risks could result in a material change in its operations and/or the value of the securities EZGO is registering for sale or could significantly limit or completely hinder its ability to offer or continue to offer its securities to investors and cause the value of its securities to significantly decline or be worthless. Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. Our PRC counsel, AllBright Law Offices (Fuzhou), is of the view that as of the date of this annual report, we are not directly subject to these regulatory actions or statements, as we have not implemented any monopolistic behavior and EZGO's business operations through its subsidiaries in China do not involve large-scale collection of user data, implicate cybersecurity, or involve any other type of restricted industry. As further advised by our PRC counsel, as of the date of this annual report, except for CSRC filing procedures, no other relevant laws or regulations in the PRC explicitly require us to seek approval from the China Securities Regulatory Commission (the "CSRC") or any other PRC governmental authorities for our overseas securities offering plans, nor has our company or any of received any inquiry, notice, warning or sanctions regarding our offering of securities from the CSRC or any other PRC governmental authorities. However, since these statements and regulatory actions by the PRC government are newly published and official guidance and related implementation rules have not been issued, it is highly uncertain what potential impact such modified or new laws and regulations will have on the daily business operations, or ability to accept foreign investments and list on a U.S. or other foreign exchange. The Standing Committee of the National People's Congress (the "SCNPC") or other PRC regulatory authorities may in the future promulgate laws, regulations or implementing rules that require our Company or any of its subsidiaries to obtain regulatory approval from Chinese authorities before offering securities in the U.S. Any future Chinese, U.S., British Virgin Islands or other rules and regulations that place restrictions on capital raising or other activities by companies with extensive operations in China could adversely affect EZGO's business through its subsidiaries in China and results of operations. See "Risk Factors - Risks Related to Doing Business in China" beginning on page 24 of this annual report for a detailed description of various risks related to doing business in China.

Our Ordinary Shares may be prohibited from trading on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCAA") if the Public Company Accounting Oversight Board (the "PCAOB") is unable to inspect our auditors for three consecutive years beginning in 2021. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which AHFCAA, and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to the AHFCAA and amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and that as a result an exchange may determine to delist its securities.

On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"), establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC, the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators shall have a right to see all audit documentation without redaction. Under the PCAOB's rules, a reassessment of a determination under the HFCAA may result in the PCAOB reaffirming, modifying or vacating the determination.

On December 2, 2021, the U.S. Securities and Exchange Commission ("SEC") adopted final amendments to its rules implementing the HFCAA. The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate (Commission-Identified Issuers) and require Commission-Identified Issuers identified by the SEC to submit documentation and make disclosures required under the HFCAA. In addition, the final amendments also establish procedures the SEC will follow in (i) determining whether a registrant is a "Commission-Identified Issuer" and (ii) prohibiting the trading on U.S. securities exchanges and in the over-the-counter market of securities of a "Commission-Identified Issuer" under the HFCAA. The final amendments are effective on January 10, 2022. The SEC has begun to identify and list Commission-Identified Issuers on its website shortly after registrants begin filing their annual reports for 2021. Pursuant to the HFCAA, the PCAOB issued a Determination Report on December 16, 2021, which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong, a Special Administrative Region of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations. On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "Statement of Protocol") with the China Securities Regulatory Commission and the Ministry of Finance of China. The terms of the Statement of Protocol would grant the PCAOB complete access to audit work papers and other information so that it may inspect and investigate PCAOB-registered accounting firms headquartered in China and Hong Kong.

On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control. The PCAOB continues to demand complete access in mainland China and Hong Kong and has made plans to resume regular inspections since early 2023, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.

As of the date of this annual report, our current auditor, HTL International, LLC, has not been inspected by the PCAOB, but is subject to PCAOB inspection. Our former auditor, Wei, Wei & Co., LLP has been inspected by the PCAOB on a regular basis, and it is not subject to the determinations announced by the PCAOB on December 16, 2021. If trading in our Ordinary Shares is prohibited under the HFCAA in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time, Nasdaq may determine to delist our Ordinary Shares. If our Ordinary Shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares. See "Risk Factors — Risks Related to Doing Business in the PRC — *EZGO's Ordinary Shares may be delisted or prohibited from trading under the HFCA Act if the PCAOB is unable to adequately inspect our auditors. The delisting of EZGO's Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of EZGO's Ordinary Shares. Additionally, the inability of the PCAOB to conduct adequate inspection deprives EZGO shareholders of the benefits of such inspections. Furthermore, AHFCA Act amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus EZGO's Ordinary Shares could be prohibited from trading and delisted after two years instead of three*" on page 40

On February 17, 2023, the CSRC issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines, which became effective on March 31, 2023 (the "Overseas Listing Regulations"). The Overseas Listing Regulations are applicable to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC ("PRC domestic companies") and (ii) companies incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas stock market. As for subsequent securities offerings of the company in the same overseas market where it has previously offered and listed securities, which requires a company, such as ours, to file with the CSRC. When securities are issued through a phased distribution method within the authorized scope, the company shall file with the CSRC within three working days after the completion of the first issuance, stating the total number of securities to be issued. After all subsequent issuances are completed, the company shall submit a consolidated report on the issuance situation to the CSRC. The required filing materials shall include, but not be limited to, (1) filing report and relevant commitment letter and (2) domestic legal opinions. The Overseas Listing Regulations may subject us to additional compliance requirements in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Overseas Listing Regulations on a timely basis, or at all. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our Ordinary Shares to significantly decline in value or become worthless.

As a holding company, EZGO relies on dividends and other distributions on equity paid by its operating subsidiaries for cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders or to service any expenses it may incur. Our PRC subsidiaries' ability to distribute dividends is based upon their distributable earnings. Current PRC regulations permit our PRC subsidiaries to pay dividends to their respective shareholders only out of their accumulated profits, if any, as determined in accordance with PRC accounting standards and regulations. In addition, under PRC law, each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. These reserves are not distributable as cash dividends. If any of our PRC subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to EZGO. To date, there have not been any such dividends or other distributions from our PRC subsidiaries to our subsidiaries located outside of China. In addition, as of the date of this annual report, none of our PRC subsidiaries have ever issued any dividends or distributions to EZGO or its shareholders outside of China. Furthermore, as of the date of this annual report, neither EZGO nor any of its subsidiaries have ever paid dividends or made distributions to U.S. investors. EZGO is permitted under PRC laws and regulations as an offshore holding company to provide funding to its PRC subsidiaries in China through shareholder loans or capital contributions, subject to satisfaction of applicable government registration, approval and filing requirements. According to the relevant PRC regulations on foreign-invested enterprises in China, there are no quantity limits on EZGO's ability to make capital contributions to its PRC subsidiaries. However, our PRC subsidiaries may not procure loans which exceed the difference between their total investment amount as recorded in the Foreign Investment Comprehensive Management Information System and their respective registered capital or 2.5 times of their net worth. In the future, cash proceeds raised from overseas financing activities may continue to be transferred by EZGO to the PRC subsidiaries via capital contribution or shareholder loans, as the case may be. EZGO intends to retain most, if not all, of its available funds and any future earnings for the development and growth of its business in China. EZGO does not expect to pay dividends or distribute earnings in the foreseeable future.

Under existing PRC foreign exchange regulations, currently our PRC subsidiaries may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, without the approval of the State Administration of Foreign Exchange, or SAFE, by complying with certain procedural requirements. However, the relevant PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. Since a significant amount of our PRC revenue is denominated in Renminbi, any existing and future restrictions on currency exchange or outbound capital flows may limit our ability to utilize revenue generated in Renminbi to fund EZGO's business activities outside of the PRC, make investments, service any debt we may incur outside of China or pay dividends or make distributions in foreign currencies to our shareholders, including holders of EZGO's Ordinary Shares. In addition, any transfer of funds by EZGO to our PRC subsidiaries, either as a shareholder loan or as an increase in the registered capital, is subject to a series of procedural requirements imposed by SAFE, SAMR, MOFCOM or their local counterparts. This may hinder or delay EZGO's deployment of cash into its subsidiaries' business, which could result in a material and adverse effect on EZGO's operations through its subsidiaries in China. See risks disclosed under "*Risk Factors— Risks Related to Doing Business in China – Restrictions on currency exchange or outbound capital flows may limit our ability to utilize our PRC revenue effectively." on page 32, "Risk Factors— Risks Related to Doing Business in China – PRC regulations relating to foreign exchange registration of overseas investment by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into these subsidiaries, limit PRC subsidiaries' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us." on page 33 and Risk Factors— Risks Related to Doing Business in China – The PRC government could prevent the cash maintained from leaving the PRC, restrict deployment of the cash into the business of its subsidiaries and restrict the ability to pay dividends to U.S. shareholders, which could could materially adversely affect EZGO's operations through its subsidiaries in China.*" on page 35 of this annual report.

Prior to the termination of the VIE Agreements on September 25, 2025, transfers have occurred between EZGO, its subsidiaries, and the VIE. Prior to the completion of EZGO's initial public offering in January 2021, the sources of funds of the VIE and its subsidiaries primarily consisted of shareholders capital injection and cash generated from operations.

After the completion of our initial public offering, our holding company EZGO transferred funds through a shareholder loan to EZGO's wholly-owned subsidiary, China EZGO Group Ltd. ("EZGO HK"). EZGO HK transferred funds through an increase in the registered capital to EZGO HK's subsidiary, EZGO Technologies Group Co., Ltd. ("Changzhou EZGO"). EZGO and Changzhou EZGO provided loans to the VIE, subject to statutory limits and restrictions.

For the fiscal year ended September 30, 2023, EZGO provided an additional interest-free loan of US$31,848,983 to Changzhou EZGO, and Changzhou EZGO provided additional interest-free loans of US$8,696,766 to its wholly-owned subsidiaries. As of September 30, 2023, Changzhou EZGO had US$14,092,722 of receivables from its wholly-owned subsidiaries and had US$15,971,124 of payables due to the VIE and VIE's subsidiaries.

For the fiscal year ended September 30, 2024, EZGO provided an interest-free loan of US$3,378,947 to Changzhou EZGO; and EZGO HK injected registered capital of US$7,000,000 into Changzhou EZGO; Changzhou EZGO provided loans of US$2,094,692 to its wholly-owned subsidiaries. As of September 30, 2024, Changzhou EZGO had US$15,500,819 of receivables from its wholly-owned subsidiaries and US$1,769,990 of payables due to the VIE and its subsidiaries

For the fiscal year ended September 30, 2025, EZGO did not provided interest-free loan to Changzhou EZGO; and EZGO HK injected registered capital of US$23,000,000 into Changzhou EZGO; Changzhou EZGO provided loans of US$4,702,957 to its wholly-owned subsidiaries. As of September 30, 2025, Changzhou EZGO had US$20,231,892 of receivables from its wholly-owned subsidiaries and US$2,499,461 of payables due to Jiangsu EZGO and its subsidiaries.

**The details of loans provided by Changzhou EZGO as of September 30, 2025 are shown below:**

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| | | | |
|:---|:---|:---|:---|
| **Start Date** | **Maturity Date** | **Amount** | **Annual Interest Rate** |
| April 8, 2021 | April 6, 2026 | $3511729 | 5% |
| June 11, 2021 | June 10, 2026 | 46355 | 5% |
| June 22, 2021 | June 21, 2026 | 2060683 | 5% |
| October 14, 2021 | August 13, 2026 | 3511729 | Chinese Loan Prime Rate (LPR)+0.25% |
| **Total** |  | $**9130496** |  |

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For details of the transfers between EZGO, its subsidiaries, and the VIE, see "*Item 3. Key Information - Transfer of Cash through Our Organization*." For details of VIE's financial information, see "*Item 3. Key Information - VIE Financial Information*" for the condensed consolidating schedule and pages 14 to 18 of this annual report.

We maintain bank accounts in China, including cash in Renminbi in the amount of RMB3,617,662 and cash in USD in the amount of US$8,296 as of September 30, 2025. Funds are transferred between EZGO, its subsidiaries and the VIE for their daily operation purposes. The transfer of funds between our PRC subsidiaries and the VIE are subject to the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases (2020 Revision) (the "Provisions on Private Lending Cases"), which was implemented on August 20, 2020 to regulate the financing activities between natural persons, legal persons and unincorporated organizations. The Provisions on Private Lending Cases set forth that private lending contracts will be upheld as invalid under the circumstance that (i) the lender swindles loans from financial institutions for relending; (ii) the lender relends the funds obtained by means of a loan from another profit-making legal person, raising funds from its employees, illegally taking deposits from the public; (iii) the lender who has not obtained the lending qualification according to the law lends money to any unspecified object of the society for the purpose of making profits; (iv) the lender lends funds to a borrower when the lender knows or should have known that the borrower intended to use the borrowed funds for illegal or criminal purposes; (v) the lending is in violation of public orders or good morals; or (vi) the lending is in violation of mandatory provisions of laws or administrative regulations. Due to that the circumstances aforementioned do not exist in the PRC subsidiaries' operations, our PRC counsel, AllBright Law Offices (Fuzhou), is of the view that the Provisions on Private Lending Cases does not prohibit using cash generated from one subsidiary to fund another subsidiary's operations. We have not been notified of any other restriction which could limit our PRC subsidiaries' ability to transfer cash between subsidiaries. As of the date of this annual report, we have not adopted any cash management policies that dictate how funds are transferred between EZGO, our subsidiaries, and the VIE.

Most of our cash is in Renminbi, and the PRC government could prevent the cash maintained in mainland China or Hong Kong from leaving, could restrict deployment of the cash into the business of its subsidiaries and restrict the ability to pay dividends. For details regarding the restrictions on our ability to transfer cash between us and our subsidiaries, see "*Risk Factors—Risks Related to Doing Business in China— Restrictions on currency exchange or outbound capital flows may limit our ability to utilize our PRC revenue effectively," "Risk Factors—Risks Related to Doing Business in China— PRC regulation on loans to, and direct investment in, PRC entities by offshore holding companies and governmental control in currency conversion may delay or prevent us from using the proceeds of any financing we raise, including any offerings made pursuant to this annual report to make loans to or make additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand EZGO's business," and "Risk Factors—Risks Related to Doing Business in China—The PRC government could prevent the cash maintained from leaving the PRC, restrict deployment of the cash into the business of its subsidiaries and restrict the ability to pay dividends to U.S. shareholders, which could materially adversely affect EZGO's operations through its subsidiaries in China*."

**Effect of Holding Foreign Companies Accountable Act**

The Holding Foreign Companies Accountable Act (the "HFCA Act"), which was signed into law on December 18, 2020, requires a foreign company to submit that it is not owned or manipulated by a foreign government or disclose the ownership of governmental entities and certain additional information, if the Public Company Accounting Oversight Board, or PCAOB, is unable to inspect completely a foreign auditor that signs the company's financial statements. If the PCAOB is unable to inspect the Company's auditors for three consecutive years, the Company's securities will be prohibited from trading on a national exchange. The Accelerating Holding Foreign Companies Accountable Act ("AHFCA Act"), which was enacted on December 29, 2022, amended the HFCA Act and requires the Securities and Exchange Commission (the "SEC") to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. Due to a position taken by the CSRC, the PCAOB is prevented from fully inspecting auditing records and evaluating quality control procedures of the auditors based in China. As a result, EZGO's shareholders may be deprived of the benefits of such PCAOB inspections. Any inability of the PCAOB to conduct inspections of auditors in China could make it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause existing and potential shareholders of EZGO to lose confidence in our reported financial information and the quality of our financial statements.

On December 16, 2021, the PCAOB issued its determination report that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, and the PCAOB included in the report of its determination a list of the accounting firms that are headquartered in mainland China or Hong Kong. This report does not include our former auditor, Wei, Wei & Co., LLP ("Wei Wei"), or our current auditor, HTL International, LLC ("HTL"). On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "Statement of Protocol") with the CSRC and the Ministry of Finance of China ("MOF"). The terms of the Statement of Protocol would grant the PCAOB complete access to audit work papers and other information so that it may inspect and investigate PCAOB-registered accounting firms headquartered in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that it had secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate the previous 2021 determination report to the contrary. Our current auditor, HTL, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Notwithstanding the foregoing, in the future, if there is any regulatory change or step taken by PRC regulators that does not permit our auditor to provide audit documentations located in China to the PCAOB for inspection or investigation, EZGO's shareholders may be deprived of the benefits of such inspection. Any audit reports not issued by auditors that are completely inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken in China that prevents the PCAOB from regularly evaluating our auditors' audits and their quality control procedures, could result in a lack of assurance that our financial statements and disclosures are adequate and accurate, then such lack of inspection could cause EZGO's securities to be delisted from the stock exchange.

On December 2, 2021, the SEC adopted final amendments to its rules implementing the HFCA Act. Such final rules establish procedures that the SEC will follow in (i) determining whether a registrant is a "Commission-Identified Issuer" (a registrant identified by the SEC as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction) and (ii) prohibiting the trading of an issuer that is a Commission-Identified Issuer for three consecutive years under the HFCA Act. The SEC began identifying Commission-Identified Issuers for the fiscal years beginning after December 18, 2020. A Commission-Identified Issuer is required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended, for example, September 30, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended September 30, 2022. As of the date of this annual report, we have not been, and do not expect to be identified by the SEC under the HFCA Act. However, whether the PCAOB will continue to conduct inspections and investigations completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's control including positions taken by authorities of the PRC. The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future. The PCAOB is required under the HFCA Act to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in the mainland China and Hong Kong. The possibility of being a "Commission-Identified Issuer" and risk of delisting could continue to adversely affect the trading price of our securities. Should the PCAOB again encounter impediments to inspections and investigations in mainland China or Hong Kong as a result of positions taken by any authority in either jurisdiction, the PCAOB will make determinations under the HFCA Act as and when appropriate.

For details on the effects of HFCA Act on us, see "*Item 3. Key Information - D. Risk Factors- Risks Related to Doing Business in China - EZGO's Ordinary Shares may be delisted or prohibited from trading under the HFCA Act if the PCAOB is unable to adequately inspect our auditors. The delisting of EZGO's Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of EZGO's Ordinary Shares. Additionally, the inability of the PCAOB to conduct adequate inspection deprives EZGO shareholders of the benefits of such inspections. Furthermore, AHFCA Act amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus EZGO's Ordinary Shares could be prohibited from trading and delisted after two years instead of three*" on page 40.

**FORWARD-LOOKING STATEMENTS**

This annual report contains "forward-looking statements" for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are "forward-looking statements," including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management's beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in the future tense, identify forward-looking statements.

These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and management's belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings "*Item 3. Key Information - D. Risk Factors*," "*Item 5. Operating and Financial Review and Prospects*," and elsewhere in this annual report.

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3. KEY INFORMATION**

**Contractual Arrangements and Corporate Structure**

EZGO is a holding company incorporated in the BVI on January 24, 2019, with operating subsidiaries and with substantially all of its operations and assets located in the PRC. As a holding company with no material operations of its own, EZGO conducts its business in China through its subsidiaries. EZGO's wholly-owned subsidiary, EZGO HK, formerly known as Hong Kong JKC Group Co., Limited, was incorporated in Hong Kong on February 13, 2019. EZGO HK currently holds 95.24% of the capital stock of our WFOE, which was incorporated in China on June 12, 2019, and 100% of Changzhou Langyi Electronic Technologies Co., Ltd., which was incorporated in China on August 6, 2021.

*Current Corporate Structure*

Following the termination of the VIE Agreements, EZGO's operations are carried out entirely through its subsidiaries in China. EZGO HK currently holds 95.24% of the equity interests in Changzhou EZGO and 100% of Changzhou Langyi. Changzhou EZGO holds equity interests in a number of PRC subsidiaries engaged in the manufacturing and sale of battery packs, intelligent devices, and other IoT-related products and services. An organizational chart of our corporate structure is set forth below in this annual report.

Although the VIE Agreements have been terminated and the VIE structure is no longer used in our operations, a historical description of the VIE and related risks remains relevant to understanding the development of our business, prior operational structure, and the basis for our financial reporting in earlier periods.

 

*Historical VIE Structure*

Prior to September 2025, a significant portion of EZGO's business operations in China was conducted through the VIEs and its subsidiaries. Changzhou EZGO had obtained the contractual rights to determine the most significant economic activities of the VIE and to receive the majority of the economic benefits of the VIE through a series of VIE Agreements. As a result of such arrangements, EZGO and its subsidiaries were considered the primary beneficiary of the VIE for accounting purposes and consolidated the financial results of the VIE and its subsidiaries under U.S. GAAP. Neither EZGO nor its shareholders owned any equity interest in, direct foreign investment in, or control through such ownership of the VIE. Shareholders held only an equity interest in EZGO, the BVI holding company. These contractual arrangements had not been tested in a court of law in the PRC.

Through the VIE and its subsidiaries, EZGO historically (i) designed, manufactured, rented and sold e-bicycles and e-tricycles; and (ii) sold, franchised and operated smart charging piles for e-bicycles and other electronic devices. EZGO also operated an IoT-based platform and engaged in the business of battery pack sales, electronic control systems, and intelligent robots through both VIE and non-VIE subsidiaries in China. The e-bicycles sold by the VIE were models under the PRC Safety Technical Specification for Electric Bicycles (GB 17761-2018) (the "New National Standards for Electric Bicycles"), and neither EZGO, Changzhou EZGO, the VIE nor any subsidiary produced any non-new-standards e-bicycles.

*Termination of the VIE Agreements*

On September 25, 2025, EZGO terminated the VIE Agreements due to declined sales of e-bicycles. As a result, EZGO no longer conducts business operations through the VIE structure. Following the termination, EZGO continues to operate its business in China solely through Changzhou EZGO, Changzhou Langyi, and its other non-VIE subsidiaries.

![](image_001.jpg)

**Subsidiaries of the Company**

China EZGO Group Ltd, a company formed in Hong Kong, is wholly owned by the Company.

Changzhou Langyi Electronic Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by China EZGO Group Ltd.

EZGO Technologies Group Ltd, a company formed in the People's Republic of China, is 95.2381% owned by China EZGO Group Ltd.

Jiangsu EZGO Energy Supply Chain Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Sichuan EZGO Energy Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Jiangsu EZGO New Energy Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Tianjin EZGO Electric Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Changzhou Youdi Electric Bicycle Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Changzhou Sixun Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by Jiangsu EZGO New Energy Technologies Co., Ltd.

Changzhou Higgs Intelligent Technologies Co., Ltd., a company formed in the People's Republic of China, is 60% owned by Changzhou Sixun Technologies Co., Ltd.

Changzhou Zhuyun Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by Changzhou Higgs Intelligent Technologies Co., Ltd.

**Contractual Arrangements with the VIE and Its Shareholders and the Termination thereof**

Due to PRC legal restrictions on foreign ownership in internet-based businesses, neither we nor our subsidiaries own any equity interest in the VIE. Instead, we receive the economic benefits of the VIE's business operations through the VIE Agreements. Changzhou EZGO, the VIE and its equity holders entered into the VIE Agreements on November 8, 2019. The VIE Agreements are designed to provide Changzhou EZGO with contractual rights, and obligations, including certain control rights and the rights in the assets, property and revenue of the VIE, to (i) determine the most significant economic activities of the VIE, (ii) receive the majority of the economic benefits of the VIE, most importantly the ability to consolidate the financial statements of the VIE with the financial statements of our holding company, EZGO under U.S. GAAP, for which we are the primary beneficiary of the VIE for accounting purposes, and (iii) have an exclusive option to purchase or designate any third party to purchase all or part of the equity interests in and assets of the VIE when and to the extent permitted by PRC law. However, The VIE Agreements may not be as effective as direct ownership in providing us with control over the VIE and its subsidiaries, and the enforceability of the VIE Agreements has not been tested in a court of law, and the PRC government may take actions to exert more oversight and control over offerings by China based issuers conducted overseas and/or foreign investment in such companies, or could disallow the VIE Agreements, which would likely result in a material change in EZGO's operations through the VIE and its subsidiaries in China and/or a material change in the value of the securities we have registered for sale, including that it could cause the value of EZGO's securities could to significantly decline or become worthless. Specifically, the legal environment in the PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability, as a BVI holding company, to enforce these contractual arrangements and doing so may be quite costly. There are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of Changzhou EZGO with respect to its contractual arrangements with the VIE and its shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structure will be adopted or if adopted, what they would provide. If we or the VIE are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. In addition, the enforceability of the various contracts described above by our company against the VIE is dependent upon the shareholders of the VIE. If the shareholders of the VIE fail to perform their obligations under the contractual arrangements, we could be unable to enforce the contractual arrangements that enable us to consolidate the VIE's operations and financial results in our financial statements in accordance with U.S. GAAP as the primary beneficiary. If this happens, we would need to deconsolidate the VIE. The majority of our assets, including the necessary licenses to conduct business in China are held by the VIE and its subsidiaries and part of our revenues are generated by the VIE and its subsidiaries. An event that results in the deconsolidation of the VIE would have a material effect on EZGO's operations through the VIE and its subsidiaries in China and result in the value of its securities diminishing substantially or even become worthless. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under "*Item 3. Key Information-D. Risk Factors-Risks Related to Our Corporate Structure*" on page 49.

As a result of our direct ownership in Changzhou EZGO and the VIE Agreements, we are regarded as the primary beneficiary of Jiangsu EZGO, and we treat the VIE as our consolidated variable interest entity under U.S. GAAP, which generally refers to an entity in which we do not have any equity interests but whose financial results are consolidated into our consolidated financial statements in accordance with U.S. GAAP because we have a controlling financial interest in, and thus are the primary beneficiary of, that entity. We have consolidated the financial results of the VIE up to September 25, 2025, and its subsidiaries in our consolidated financial statements in accordance with U.S. GAAP.

***Exclusive Management Consulting and Technical Service Agreement***

Pursuant to the Exclusive Management Consulting and Technical Service Agreement, dated November 8, 2019, between Changzhou EZGO and the VIE (the "VIE Exclusive Management Agreement"), the VIE agrees to engage Changzhou EZGO as its exclusive provider of management consulting, technical support, intellectual property license and relevant services, including all services within the VIE's business scope and decided by Changzhou EZGO from time to time as necessary. The VIE pays to Changzhou EZGO service fees within three months after each fiscal year end. The service fees are set at 95% (or a percentage adjusted by Changzhou EZGO in its sole discretion) of the after-tax profit after the deficit of the prior fiscal year is covered and the statutory common reserve is extracted. Changzhou EZGO exclusively owns any intellectual property arising from the performance of the VIE Exclusive Management Agreement. The VIE Exclusive Management Agreement is effective for twenty years unless earlier terminated as set forth in the agreement or other written agreements entered into by the parties thereto. The VIE Exclusive Management Agreement shall be extended automatically at the end of its term, until Changzhou EZGO's business term or the VIE's business term expires, unless otherwise notified by Changzhou EZGO in writing. During the term of the VIE Exclusive Management Agreement, the VIE may not terminate the VIE Exclusive Management Agreement except in the case of Changzhou EZGO's gross negligence or fraud, or VIE Exclusive Management Agreement or applicable PRC laws provide otherwise. Changzhou EZGO may terminate the VIE Exclusive Management Agreement by 30-day written notice to the VIE at any time.

 ****

***Equity Pledge Agreement***

Pursuant to the Equity Pledge Agreement, dated November 8, 2019, among Changzhou EZGO, the VIE and the equity holders of the VIE (the "VIE Equity Pledge Agreement"), the equity holders of the VIE have pledged 100% of their equity interests in the VIE to Changzhou EZGO to guarantee performance of all obligations under the VIE Exclusive Management Agreement, the VIE Loan Agreement (defined hereafter), the VIE Exclusive Call Option Agreement (defined hereafter) and the VIE Proxy Agreement (defined hereafter). If any event of default as provided for therein occurs, Changzhou EZGO, as the pledgee, will be entitled to dispose of the pledged equity interests according to applicable PRC laws. On November 28, 2019, Changzhou EZGO, the VIE and all its equity holders completed the registration of the equity pledge with the relevant office of SAMR in accordance with the PRC Property Rights Law.

***Exclusive Call Option Agreement***

Pursuant to the Exclusive Call Option Agreement, dated November 8, 2019, among Changzhou EZGO, the VIE and the equity holders of the VIE (the "VIE Exclusive Call Option Agreement"), each of the equity holders of the VIE has irrevocably granted Changzhou EZGO an exclusive option to purchase, or to designate other persons to purchase, to the extent permitted by applicable PRC laws, rules and regulations, all of the equity interests and assets in the VIE from its equity holders. The equity holders of the VIE agree that, without the prior written consent of Changzhou EZGO, they will not dispose of their equity interests in the VIE or create or allow any encumbrance on their equity interests. The purchase price for the equity interest is to be the minimum price permitted by applicable PRC laws, rules and regulations, or the amount that the equity holders actually pay to the VIE regarding the equity, whichever is lower. The purchase price for the assets is to be the minimum price permitted by applicable PRC laws, rules and regulations, or the net book value of the assets, whichever is lower. The VIE Exclusive Call Option Agreement expires when all the equity interests or all the assets are transferred pursuant to the agreement.

 ****

***Proxy Agreement***

Pursuant to the Proxy Agreement, dated November 8, 2019, among Changzhou EZGO, the VIE and each of equity holders of the VIE (the "VIE Proxy Agreement"), each of the equity holders irrevocably authorizes Changzhou EZGO to exercise his or her rights as an equity holder of the VIE, including the right to attend equity holders meetings, to exercise voting rights and to transfer all or a part of his or her equity interests therein pursuant to the VIE Exclusive Call Option Agreement. During the term of the VIE Proxy Agreement, the VIE and all its equity holders may not terminate the VIE Proxy Agreement except when the VIE Proxy Agreement or applicable PRC laws provide otherwise.

 ****

***Loan Agreement***

Pursuant to the Loan Agreement, dated November 8, 2019 (the "VIE Loan Agreement"), Changzhou EZGO agrees to provide the VIE with loans of different amounts at an annual interest rate of 24% according to the VIE's needs from time to time. The term of each loan is 20 years, which can be extended with the written consent of both parties. During the term of the loan or the extended term of the loan, the VIE may not prepay any loan without the written consent of Changzhou EZGO while in case of certain circumstances, the VIE must repay the loan in advance upon Changzhou EZGO' written request.

 ****

***Spousal Consent Letter***

The spouses of individual equity holders of the VIE have each signed a spousal consent letter. Under the spousal consent letter, the signing spouse unconditionally and irrevocably has agreed to the execution by his or her spouse of the VIE Equity Pledge Agreement, the VIE Exclusive Call Option Agreement and the VIE Proxy Agreement, and that his or her spouse may perform, amend or terminate such agreements without his or her consent. In addition, in the event that the spouse obtains any equity interest in the VIE held by his or her spouse for any reason, he or she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by his or her spouse, as may be amended from time to time.

Through the current contractual arrangements, we have established a contractual relationship with all equity holders of the VIE. Pursuant to these agreements, all equity holders of the VIE have irrevocably authorized Changzhou EZGO to exercise voting rights and all other rights as the equity holder and pledged all of his or her equity interests in the VIE to Changzhou EZGO as collateral to secure performance of all of his or her obligations under these agreements. However, the equity holders of the VIE may have potential conflicts of interest with us and may breach, or cause the VIE to breach, or refuse to renew, the existing contractual arrangements we have with them and the VIE. Any failure by the VIE or equity holders of the VIE to perform his or her obligations under our contractual arrangements with them would have a material adverse effect on EZGO's business through the VIE and its subsidiaries in China and financial condition. See "*Item 3. Key Information - D. Risk Factors - Risks Related to Our Corporate Structure*" on page 49.

Based on the advice of our PRC counsel, AllBright Law Offices (Fuzhou):

● the ownership structure of the VIE and Changzhou EZGO in China does not violate any applicable PRC laws or regulations currently in effect; and

● the contractual arrangements among Changzhou EZGO, the VIE and the VIE's shareholders governed by PRC law are valid, binding and enforceable in accordance with their terms and applicable PRC laws or regulations currently in effect and do not and will not violate any applicable PRC laws or regulations currently in effect.

However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules, and the VIE Agreements have not been tested in a court of law. Accordingly, we may incur substantial costs to enforce the terms of the VIE Agreements, and the PRC regulatory authorities may in the future take a view that is contrary to or otherwise different from the above opinion of our PRC legal counsel.

On March 30, 2025, the Board of Directors of the Company approved the disposal of the VIE and its subsidiaries due to the declining performance of sales of e-bicycle business. The VIE and subsidiaries mainly operated in sales of e-bicycles business in PRC. The disposal of the sales of e-bicycles business represented strategic shifts of the Company that had a major impact on the Company's financial results, and met the held-for-sale criteria, which trigger discontinued operations accounting in accordance with ASC 205-20-45.

On September 25, 2025, WFOE, the VIE, and shareholders of the VIE entered into a termination agreement and terminated the VIE Agreements. As of the date of this annual report, the Company does not have a VIE structure.

**VIE Financial Information**

The Group previously conducted rental business operations through a VIE's subsidiary in the PRC. In connection with the Group's decision to discontinue its e-bicycle business conducted through the VIE structure, the Group has determined to terminate the VIE Agreements with Jiangsu EZGO and its subsidiaries, which was approved by the Board of Directors of the Group on March 30, 2025. On September 25, 2025, Changzhou EZGO, Jiangsu EZGO, and the shareholders of Jiangsu EZGO entered into a termination agreement pursuant to which the VIE Agreements were terminated. As a result, the Group ceased to be the primary beneficiary of the VIE and no longer consolidated the VIE and its subsidiaries as of that date. The termination of the VIE structure and the related discontinuation of the e-bicycle business represented a strategic shift that had a major effect on the Group's operations and financial results and, accordingly, the historical financial results of the e-bicycle business were classified as discontinued operations in accordance with ASC 205-20.

Set forth below is selected consolidated statements of operations and cash flows for the fiscal years ended September 30, 2023, 2024 and 2025, and selected balance sheet information as of September 30, 2023, 2024 and 2025 showing financial information for the parent company - EZGO, non-VIE subsidiaries, Changzhou EZGO, the VIE and VIE's subsidiaries (i.e. through the date of termination), eliminating entries and consolidated information (dollars in thousands). The consolidated column represents a mechanical aggregation of the components shown and does not correspond to the consolidated amounts presented in the consolidated financial statements. See also Note 1 to the consolidated financial statements.

● "parent" refers to EZGO Technologies Ltd., a BVI business company;

● "non-VIE subsidiaries" refer to the sum of (i) China EZGO Group Ltd., our wholly-owned Hong Kong subsidiary; (ii) Changzhou Langyi Electronic Technology Co., Ltd. a wholly-owned PRC subsidiary; (iii) Jiangsu EZGO Energy Supply Chain Technology Co., Ltd.; (iv) Jiangsu EZGO New Energy Technologies Co., Ltd.; (v) Sichuan EZGO Energy Technologies Co., Ltd.; (vi) Tianjin EZGO Electric Technologies Co., Ltd.; (vii) Changzhou Youdi Electric Bicycle Co., Ltd.; (viii) Changzhou Sixun Technologies Co., Ltd.; (ix) Changzhou Higgs Intelligent Technologies Co., Ltd.; and (x) Changzhou Zhuyun Technologies Co., Ltd.

● EZGO Technologies Group Co., Ltd. (formerly known as Changzhou EZGO Enterprise Management Co., Ltd., and Changzhou Jiekai Enterprise Management Co., Ltd., "Changzhou EZGO"), of which 95.25% of the equity interests are owned by China EZGO Group Ltd.;

● "VIE and its subsidiaries" refer to the sum of (i) Jiangsu EZGO Electronic Technologies, Co., Ltd., (ii) Changzhou Hengmao Power Battery Technology Co., Ltd., (iii) Changzhou Yizhiying IoT Technologies Co., Ltd., and (iv) Jiangsu Cenbird E-Motorcycle Technologies Co., Ltd., which were consolidated through September 25, 2025 and deconsolidated thereafter;

● "VIE" refers to Jiangsu EZGO Electronic Technologies, Co., Ltd., which was consolidated through September 25, 2025 and deconsolidated thereafter.

 

*Consolidated Statements of Operations Information*

 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** |
|  | **Parent** | **Non-VIE<br> subsidiaries** | **Changzhou <br> EZGO** | **VIE and its<br> subsidiaries** | **Eliminations** | **Consolidated** |
| Net revenues | $- | $3849454 | $16636613 | $2239090 | $- | $22725157 |
| Cost of revenues |  | (2964727) | (16186530) | (2193053) |  | (21344310) |
| Gross profit |  | 884727 | 450083 | 46037 |  | 1380847 |
| Operating expenses | (1054266) | (2968403) | (667375) | (339983) |  | (5030027) |
| Loss from operations | (1054266) | (2083676) | (217292) | (293946) |  | (3649180) |
| Share of (loss) income from subsidiaries | (7638111) | (5733847) | 277145 |  | 13094813 |  |
| Other income (loss), net | 7 | (56409) | (4950387) | 556421 |  | (4450368) |
| (Loss) income before income tax benefit (expense) | (8692370) | (7873932) | (4890534) | 262475 | 13094813 | (8099548) |
| Income tax benefit (expense) |  | (208696) | (814261) |  |  | (1022957) |
| Share of losses of equity method investments |  | (44506) | (29052) | (82632) |  | (156190) |
| Net (loss) income | (8692370) | (8127134) | (5733847) | 179843 | 13094813 | (9278695) |
| Less: net loss attributable to non-controlling interests |  | (489023) |  | (97302) |  | (586325) |
| Net (loss) income attributable to EZGO's shareholders | (8692370) | (7638111) | (5733847) | 277145 | 13094813 | (8692370) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended September 30, 2024** | **For the fiscal year ended September 30, 2024** | **For the fiscal year ended September 30, 2024** | **For the fiscal year ended September 30, 2024** | **For the fiscal year ended September 30, 2024** | **For the fiscal year ended September 30, 2024** |
|  | **Parent** | **Non-VIE<br> subsidiaries** | **Changzhou <br> EZGO** | **VIE and its<br> subsidiaries** | **Eliminations** | **Consolidated** |
| Net revenues | $- | $4863027 | $13359133 | $2912265 | $- | $21134425 |
| Cost of revenues |  | (3684292) | (12841630) | (3099220) |  | (19625142) |
| Gross profit |  | 1178735 | 517503 | (186955) |  | 1509283 |
| Operating expenses | (1502523) | (1628229) | (898986) | (1696616) |  | (5726354) |
| Loss from operations | (1502523) | (449494) | (381483) | (1883571) |  | (4217071) |
| Share of loss from subsidiaries | (5904310) | (4109002) | (2243597) |  | 12256909 |  |
| Other income (expense), net | 122041 | (1581894) | (2253741) | (972576) |  | (4686170) |
| Loss before income tax expenses (benefit) | (7284792) | (6140390) | (4878821) | (2856147) | 12256909 | (8903241) |
| Net loss | (7284792) | (6082439) | (4109002) | (2866472) | 12256909 | (8085796) |
| Less: net loss attributable to non-controlling interests |  | (178129) |  | (622875) |  | (801004) |
| Net loss attributable to EZGO's shareholders | (7284792) | (5904310) | (4109002) | (2243597) | 12256909 | (7284792) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended September 30, 2023** | **For the fiscal year ended September 30, 2023** | **For the fiscal year ended September 30, 2023** | **For the fiscal year ended September 30, 2023** | **For the fiscal year ended September 30, 2023** | **For the fiscal year ended September 30, 2023** |
|  | **Parent** | **Non-VIE<br> subsidiaries** | **Changzhou EZGO** | **VIE and its<br> subsidiaries** | **Eliminations** | **Consolidated** |
| Net revenues | $- | $4792821 | $5852450 | $6757558 | $(1482170) | $15920659 |
| Cost of revenues |  | (4066673) | (5544860) | (6651897) | 1482170 | (14781260) |
| Gross profit |  | 726148 | 307590 | 105661 |  | 1139399 |
| Operating expenses | (2252709) | (1059040) | (908775) | (1710953) |  | (5931477) |
| Loss from operations | (2252709) | (332892) | (601185) | (1605292) |  | (4792078) |
| Share of loss from subsidiaries | (206966) | (205147) |  |  | 412113 |  |
| Other income (expense), net | (408) | 47720 | 654230 | (2180789) | (844907) | (2324154) |
| Loss before income tax expenses (benefit) | (2460083) | (490319) | 53045 | (3786081) | (432794) | (7116232) |
| Net loss | (2460083) | (523744) | (42100) | (3799592) | (432794) | (7258313) |
| Less: net loss attributable to non-controlling interests |  | (153737) |  | (321490) |  | (475227) |
| Net loss attributable to EZGO's shareholders | (2460083) | (370007) | (42100) | (3478102) | (432794) | (6783086) |

---

 

*Condensed Consolidated Balance Sheets Information*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  |<br>**Parent** | **Non-VIE**<br>**subsidiaries** | **Changzhou**<br>**EZGO** | **VIE and its**<br>**subsidiaries** |<br>**Eliminations** |<br>**Consolidated** |
| Amounts due from a subsidiary of EZGO | $24366787 | $- | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(24366787) | $- |
| Amounts due from Non-VIE and its subsidiaries | 8080448 |  | 20897661 |  | (28978109) |  |
| Amounts due from Changzhou EZGO | 32828571 | 663831 |  |  | (33492402) |  |
| Current assets | 65284900 | 10940951 | 47611551 |  | (86286659) | 37550743 |
| Amounts due to VIE and its subsidiaries |  | 47 | 2499461 |  | (2499508) |  |
| Amounts due to Changzhou EZGO |  | (20897661) |  |  | 20897661 |  |
| Amounts due to non-VIE and its subsidiaries |  |  | (663831) |  | 663831 |  |
| Amounts due to EZGO |  | (32447235) | (32828571) |  | 65275806 |  |
| Working capital (deficit) | 63803628 | (46065600) | 8626770 |  | (495987) | 25868811 |
| Investment in non-VIE subsidiaries |  |  | 5691811 |  | (5691811) |  |
| Assets | 65284900 | 74172406 | 60291938 |  | (130689566) | 69059678 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  | **Parent** | **Non-VIE<br> subsidiaries** | **Changzhou EZGO** | **VIE and its<br> subsidiaries** | **Eliminations** | **Consolidated** |
| Amounts due from a subsidiary of EZGO | $24635125 | $- | $- | $- | $(24635125) | $- |
| Amounts due from VIE and its subsidiaries |  |  | 9575923 |  | (9575923) |  |
| Service fee receivable from VIE |  |  | 116190 |  | (116190) |  |
| Amounts due from Non-VIE and its subsidiaries | 8371538 |  | 16194733 |  | (24566271) |  |
| Amounts due from Changzhou EZGO | 32707247 | 691948 |  | 11345913 | (44745108) |  |
| Current assets | 65719690 | (8960931) | 53349617 | 17946055 | (86650772) | 41403659 |
| Amounts due to VIE and its subsidiaries |  |  | (11345913) |  | 11345913 |  |
| Amounts due to Changzhou EZGO |  | (16194733) |  | (9575923) | 25770656 |  |
| Amounts due to non-VIE and its subsidiaries |  |  | (691948) |  | 691948 |  |
| Service fee payable to Changzhou EZGO |  |  |  | (116190) | 116190 |  |
| Amounts due to EZGO |  | (33006663) | (32707247) |  | 65713910 |  |
| Working capital (deficit) | 64709137 | (44026860) | 3101722 | 10923332 | (10195518) | 24511813 |
| Investment in non-VIE subsidiaries |  |  | 5774054 |  | (5774054) |  |
| Assets | 65719690 | 39619722 | 70278357 | 19548669 | (109806775) | 85359663 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** | **As of September 30, 2023** |
|  | **Parent** | **Non-VIE<br> subsidiaries** | **Changzhou EZGO** | **VIE and its<br> subsidiaries** | **Eliminations** | **Consolidated** |
| Amounts due from a subsidiary of EZGO | $16132200 | $- | $- | $- | $(16132200) | $- |
| Prepaid on behalf of VIE | 2940601 |  |  |  | (2940601) |  |
| Amounts due from VIE and its subsidiaries |  | 12061404 |  |  | (12061404) |  |
| Service fee receivable from VIE |  |  | 116190 |  | (116190) |  |
| Amounts due from non-VIE subsidiaries | 9574449 |  | 102873896 | 15971826 | (128420171) |  |
| Amounts due from Changzhou EZGO | 29328300 | 16107637 |  |  | (45435937) |  |
| Amounts due from EZGO |  |  |  | 1240629 | (1240629) |  |
| Current assets | 66903734 | 2700294 | 36136611 | 25321902 | (85148253) | 45914288 |
| Amounts due to VIE and its subsidiaries | (1240629) | (15971826) |  |  | 17212455 |  |
| Amounts due to Changzhou EZGO |  | (102873896) |  |  | 102873896 |  |
| Service fee payable to WFOE |  |  |  | (116190) | 116190 |  |
| Amounts due to non-VIE and its subsidiaries |  |  | (16107637) | (12061404) | 28169041 |  |
| Amounts due to EZGO |  | (25706649) | (29328300) | (2940601) | 57975550 |  |
| Working capital | 65723174 | (21683899) | (10530672) | 14623762 | (13257034) | 34875331 |
| Investment in non-VIE subsidiaries |  | 14237988 |  |  | (14237988) |  |
| Assets | 66903734 | 36087012 | 53581072 | 28372723 | (103037022) | 81907519 |

---

*Consolidated Cash Flows Information*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** | **For the fiscal year ended September 30, 2025** |
|  |<br>**Parent** | **Non-VIE**<br>**subsidiaries** | **Changzhou**<br>**EZGO** | **VIE and its**<br>**subsidiaries** |<br>**Eliminations** |<br>**Consolidated** |
| **Total cash (used in) provided by operating activities** | $**(99067)** | $**9095891** | $**(15108551)** | $**3927147** | $**(22389)** | $**(2206969)** |
| Collection of loans to VIE and its subsidiaries |  |  |  |  |  |  |
| Amounts due from non-VIE subsidiaries | (559428) |  | 4702928 | (47) | (4143453) |  |
| Amounts due from Changzhou EZGO | 121324 | (28117) |  | (4153261) | 4060054 |  |
| Purchase of long-term investments |  |  |  | (3009) |  | (3009) |
| Net cash inflow from disposal of a subsidiary |  |  | (22099) | 206586 |  | 184487 |
| Proceed from redemption of a short-term investment |  | 1573650 |  |  |  | 1573650 |
| Others<sup>(1)</sup> |  | (3307554) | (1942656) | (686) |  | (5250896) |
| **Total cash (used in) provided by investing activities** | **(438104)** | **(1762021)** | **2738173** | **(3950417)** | **(83399)** | **(3495768)** |
| Amounts due to EZGO |  | 559428 | (121324) |  | (438104) |  |
| Amounts due to non-VIE subsidiaries |  |  | 28117 |  | (28117) |  |
| Amounts due to Changzhou EZGO |  | (4702928) |  |  | 4702928 |  |
| Amounts due to VIE and its subsidiaries |  | 47 | 4153261 |  | (4153308) |  |
| Equity issuance by subsidiary to non-controlling interest |  | (2300000) | 5300000 |  |  | 3000000 |
| Repayments of short-term borrowings |  | (1885615) | (3161179) |  |  | (5046794) |
| Others<sup>(2)</sup> | 540000 |  | 3295347 | (8344) |  | 3827003 |
| **Total cash provided by (used in) financing activities** | **540000** | **(8329068)** | **9494222** | **(8344)** | **83399** | **1780209** |
| Effect of exchange rate changes |  |  | (18238) | (1203) |  | (19441) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | **2829** | **(995198)** | **(2894394)** | **(32817)** | **(22389)** | **(3941969)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year September 30, 2024** | **For the year September 30, 2024** | **For the year September 30, 2024** | **For the year September 30, 2024** | **For the year September 30, 2024** | **For the year September 30, 2024** |
|  | **Parent** | **Non-VIE<br> subsidiaries** | **Changzhou EZGO** | **VIE and its<br> subsidiaries** | **Eliminations** | **Consolidated** |
| **Total cash (used in) provided by operating activities** | $**(437396)** | $**2675835** | $**97013** | $**(582781)** | $**(12061404)** | $**(10308733)** |
| Collection of loans to VIE and its subsidiaries | 2940601 |  | (9575923) |  | 6635322 |  |
| Amounts due from EZGO |  |  |  | 1240629 | (1240629) |  |
| Amounts due from non-VIE subsidiaries | (7300014) |  | (2094692) | 15971826 | (6577120) |  |
| Loans to Changzhou EZGO | (3378947) | 15415689 |  | (11345913) | (690829) |  |
| Purchase of long-term investments |  | (3996882) |  | (2915) |  | (3999797) |
| Net cash inflow from disposal of a subsidiary |  |  |  | 861291 |  | 861291 |
| Purchase of a short-term investment |  | (1557104) |  |  |  | (1557104) |
| Invest in subsidiary |  | (7000000) |  |  | 7000000 |  |
| Others<sup>(1)</sup> |  | (7653540) | 961926 | 144703 |  | (6546911) |
| **Total cash (used in) provided by investing activities** | **(7738360)** | **(4791837)** | **(10708689)** | **6869621** | **5126744** | **(11242521)** |
| Amounts due to EZGO |  | 7300014 | 3378947 | (2940601) | (7738360) |  |
| Amounts due to non-VIE subsidiaries |  |  | (15415689) |  | 15415689 |  |
| Amounts due to Changzhou EZGO |  | 2094692 |  | (2485481) | 390789 |  |
| Amounts due to VIE and its subsidiaries | (1240629) | (15971826) | 11345913 |  | 5866542 |  |
| Contribution from a shareholder |  |  | 7000000 |  | (7000000) |  |
| Proceeds from short-term borrowings |  | 1887761 | 3747762 |  |  | 5635523 |
| Repayments of short-term borrowings |  |  | (1318657) | (277612) |  | (1596269) |
| Proceeds from long-term borrowings |  | 3443777 |  |  |  | 3443777 |
| Others<sup>(2)</sup> | 480940 |  | 1277015 | (608758) |  | 1149197 |
| **Total cash (used in) provided by financing activities** | **(759689)** | **(1245582)** | **10015291** | **(6312452)** | **6934660** | **8632228** |
| Effect of exchange rate changes |  |  | 124338 |  |  | 124338 |
| **Net decrease in cash, cash equivalents and restricted cash** | **(8935445)** | **(3361584)** | **(472047)** | **(25612)** | **-** | **(12794688)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year September 30, 2023** | **For the year September 30, 2023** | **For the year September 30, 2023** | **For the year September 30, 2023** | **For the year September 30, 2023** | **For the year September 30, 2023** |
|  | **Parent** | **Non-VIE<br> subsidiaries** | **Changzhou EZGO** | **VIE and its<br> subsidiaries** | **Eliminations** | **Consolidated** |
| **Total cash (used in) provided by operating activities** | $**6720013** | $**(7313523)** | $**(7644249)** | $**6346133** | $**-** | $**(1891626)** |
| Loans to VIE and its subsidiaries |  | (3796) | 313236 |  | (309440) |  |
| Amounts due from EZGO |  |  |  | (823491) | 823491 |  |
| Amounts due from non-VIE subsidiaries | (9149944) |  | (8126807) | (610) | 17277361 |  |
| Loans to Changzhou EZGO | (21723605) |  |  | (8865949) | 30589554 |  |
| Net cash outflow due to acquisition of Changzhou Sixun |  | (572296) |  |  |  | (572296) |
| Net cash inflow from disposal of a subsidiary |  |  |  | 5089321 |  | 5089321 |
| Purchase of long-term investments |  |  | (10687851) | (1425574) |  | (12113425) |
| Prepayment for intent long-term investment |  |  | (2835552) |  |  | (2835552) |
| Cash paid for advances on customized equipment purchases |  | (7221017) |  |  |  | (7221017) |
| Others<sup>(1)</sup> |  | (3564461) |  | 28314 |  | (3536147) |
| **Total cash used in provided by investing activities** | **(30873549)** | **(11361570)** | **(21336974)** | **(5997989)** | **48380966** | **(21189116)** |
| Loans from EZGO |  | 9149944 | 21723605 |  | (30873549) |  |
| Loans from Changzhou EZGO |  |  |  | (309440) | 309440 |  |
| Amounts due to Changzhou EZGO |  | 8126807 |  |  | (8126807) |  |
| Amounts due to VIE and its subsidiaries | 823491 | 610 | 8865949 |  | (9690050) |  |
| Cash receipts from equity issuance, net of issuance cost | 31848983 |  |  |  |  | 31848983 |
| Proceeds from short-term borrowings |  |  | 751422 | 283555 |  | 1034977 |
| Repayments of short-term borrowings |  |  |  | (2835552) |  | (2835552) |
| Proceeds from long-term borrowings |  | 4536883 |  |  |  | 4536883 |
| Others<sup>(2)</sup> | 420067 |  |  | 1164549 |  | 1584616 |
| **Total cash provided by (used in) financing activities** | **33092541** | **21814244** | **31340976** | **(1696888)** | **(48380966)** | **36169907** |
| Effect of exchange rate changes |  | (309440) |  | 61052 |  | (248388) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | **8939005** | **2829711** | **2359753** | **(1287692)** | **-** | **12840777** |

---

(1) Other cash flows from investing activities mainly include the purchase of property, plants and equipment and land use right, purchase of short-term investments, loans to related parties and collection of loans to related parties.

(2) Other cash flows from financing activities mainly include the collection of receivables from a shareholder, loan from related parties, and repayments of loan from related parties.

**Transfer of Cash through Our Organization**

EZGO can transfer cash to its subsidiaries through capital contributions and/or intercompany loans, and EZGO's subsidiaries can transfer cash to EZGO through dividends or other distributions and/or intercompany loans. Additionally, EZGO's subsidiaries can transfer cash to the VIE through loans, and the VIE can transfer cash to EZGO as service fees under the VIE Agreements and/or through loans. We intend to settle amounts owed under the VIE Agreements.

Prior to the completion of our initial public offering in January 2021, the sources of funds of the VIE and its subsidiaries primarily consisted of shareholders capital injection and cash generated from operations.

After the completion of our initial public offering, our holding company, EZGO, transferred funds through a shareholder loan to EZGO HK. EZGO HK transferred funds through an increase in the registered capital to Changzhou EZGO. EZGO and Changzhou EZGO provided loans to the VIE, subject to statutory limits and restrictions.

For the fiscal year ended September 30, 2023, EZGO provided an additional interest-free loan of US$31,848,983 to Changzhou EZGO, and Changzhou EZGO provided an additional interest-free loans of US$8,696,766 to its wholly-owned subsidiaries. As of September 30, 2023, Changzhou EZGO had US$14,092,722 receivables from its wholly-owned subsidiaries and had US$15,971,124 of payables due to the VIE and VIE's subsidiaries.

For the fiscal year ended September 30, 2024, EZGO provided an interest-free loan of US$3,378,947 to Changzhou EZGO; and EZGO HK injected registered capital of US$7,000,000 into Changzhou EZGO; Changzhou EZGO provided loans of US$2,094,692 to its wholly-owned subsidiaries. As of September 30, 2024, Changzhou EZGO had US$15,500,819 of receivables from its wholly-owned subsidiaries and US$1,769,990 of payables due to the VIE and its subsidiaries.

For the fiscal year ended September 30, 2025, EZGO did not provided interest-free loan to Changzhou EZGO; and EZGO HK injected registered capital of US$23,000,000 into Changzhou EZGO; Changzhou EZGO provided loans of US$4,702,957 to its wholly-owned subsidiaries. As of September 30, 2025, Changzhou EZGO had US$20,231,892 of receivables from its wholly-owned subsidiaries and US$2,499,461 of payables due to Jiangsu EZGO and its subsidiaries.

The details of loans provided by Changzhou EZGO as of September 30, 2025 are shown below:

---

| | | | |
|:---|:---|:---|:---|
| **Start Date** | **Maturity Date** | **Amount** | **Annual Interest Rate** |
| April 8, 2021 | April 6, 2026 | $3511729 | 5% |
| June 11, 2021 | June 10, 2026 | 46355 | 5% |
| June 22, 2021 | June 21, 2026 | 2060683 | 5% |
| October 14, 2021 | August 13, 2026 | 3511729 | Chinese Loan Prime Rate (LPR)+0.25% |
| **Total** |  | $**9130496** |  |

---

Foresaid transactions including capital injection and loans would be eliminated upon consolidation.

We maintain bank accounts in China, including cash in Renminbi in the amount of RMB3,617,662 and cash in USD in the amount of US$8,296 as of September 30, 2025. Funds were transferred between EZGO, its subsidiaries, and the VIE for their daily operation purposes. The transfer of funds between our PRC subsidiaries and the VIE, prior to the termination of the VIE Agreements, are subject to the Provisions on Private Lending Cases, which was implemented on August 20, 2020 to regulate the financing activities between natural persons, legal persons and unincorporated organizations. The Provisions on Private Lending Cases set forth that private lending contracts will be upheld as invalid under the circumstance that (i) the lender swindles loans from financial institutions for relending; (ii) the lender relends the funds obtained by means of a loan from another profit-making legal person, raising funds from its employees, illegally taking deposits from the public; (iii) the lender who has not obtained the lending qualification according to the law lends money to any unspecified object of the society for the purpose of making profits; (iv) the lender lends funds to a borrower when the lender knows or should have known that the borrower intended to use the borrowed funds for illegal or criminal purposes; (v) the lending is in violation of public orders or good morals; or (vi) the lending is in violation of mandatory provisions of laws or administrative regulations. Due to the circumstances aforementioned do not exist in the PRC subsidiaries' operations, our PRC counsel, AllBright Law Offices (Fuzhou), is of the view that the Provisions on Private Lending Cases does not prohibit using cash generated from one subsidiary to fund another subsidiary's operations. We have not been notified of any other restriction which could limit our PRC subsidiaries' ability to transfer cash between subsidiaries. As of the date of this annual report, we have not adopted any cash management policies that dictate how funds are transferred between us and our subsidiaries.

There is no assurance that the PRC government will not intervene or impose restrictions on the ability of us and our subsidiaries to transfer cash. Most of our cash is in Renminbi, and the PRC government could prevent the cash maintained from leaving the PRC, could restrict deployment of the cash into the business of the subsidiaries and restrict the ability to pay dividends. For details regarding the restrictions on our ability to transfer cash between us and our subsidiaries, see "*Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - The PRC government could prevent the cash maintained from leaving the PRC, restrict deployment of the cash into the business of Changzhou EZGO, and its subsidiaries and restrict the ability to pay dividends to U.S. shareholders, which could materially adversely affect EZGO's operations through Changzhou EZGO, and its subsidiaries in China*" on page 35. We currently do not have cash management policies that dictate how funds are transferred between us and our subsidiaries.

**Dividends and Other Distributions**

EZGO is a holding company incorporated in the BVI with no material operations of its own and does not generate any revenue. It currently conducts its business in China through its subsidiaries, with substantially all of its operations and assets in China. We are permitted under PRC laws and regulations to provide funding to our wholly foreign-owned enterprise, WFOE only through loans or capital contributions, and to the VIE, prior to the termination of the VIE Agreements, only through loans, and only if we satisfy the applicable government registration and approval requirements. See "Risk Factors — *Risks Related to Doing Business in China - PRC regulation on loans to, and direct investment in, PRC entities by offshore holding companies and governmental control in currency conversion may delay or prevent us from using the proceeds from any financing we raise, including any offerings made pursuant to this annual report, to make loans to or make additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand EZGO's business*."

Under our current corporate structure, we rely on dividend payments from our PRC subsidiaries to fund any cash and financing requirements we may have, including the funds necessary to pay dividends and other cash distributions to our shareholders or to service any debt we may incur. Our subsidiaries and VIE, prior to the termination of the VIE Agreements, in the PRC generate and retain cash generated from operating activities and re-invest it in their business, respectively. If any of our PRC subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us.

Our PRC subsidiaries are permitted to pay dividends only out of their retained earnings. However, each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profits each year, after making up for previous year's accumulated losses, if any, to fund certain statutory reserves, until the aggregate amount of such funds reaches 50% of its registered capital. This portion of our PRC subsidiaries' respective net assets are prohibited from being distributed to their shareholders as dividends. However, neither any of our subsidiaries nor the VIE has paid any dividends or made any other distributions to our holding company or any U.S. investors as of the date of this annual report. See also "Risk Factors — *Risks Related to Doing Business in China - Our PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements, and any limitation on the ability of our PRC subsidiaries to make remittance to pay dividends to us could limit our ability to access cash generated by the operations of those entities.*"

Under existing PRC foreign exchange regulations, currently our PRC subsidiaries may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, without the approval of SAFE, by complying with certain procedural requirements. However, the relevant PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. Since a significant amount of our PRC revenue is denominated in Renminbi, any existing and future restrictions on currency exchange or outbound capital flows may limit our ability to utilize revenue generated in Renminbi to fund EZGO's business activities outside of the PRC, make investments, service any debt we may incur outside of China or pay dividends or make distributions in foreign currencies to our shareholders, including holders of EZGO's Ordinary Shares. In addition, any transfer of funds by EZGO to our PRC subsidiaries, either as a shareholder loan or as an increase in the registered capital, is subject to a series of procedural requirements imposed by SAFE, SAMR, MOFCOM or their local counterparts. This may hinder or delay EZGO's deployment of cash into its subsidiaries' business, which could result in a material and adverse effect on EZGO's operations through its subsidiaries in China. See also "*Risk Factors— Risks Related to Doing Business in China – Restrictions on currency exchange or outbound capital flows may limit our ability to utilize our PRC revenue effectively*." on page 32, "*Risk Factors— Risks Related to Doing Business in China – PRC regulations relating to foreign exchange registration of overseas investment by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into these subsidiaries, limit PRC subsidiaries' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us*." on page 33 and *Risk Factors— Risks Related to Doing Business in China – The PRC government could prevent the cash maintained from leaving the PRC, restrict deployment of the cash into the business of its subsidiaries and restrict the ability to pay dividends to U.S. shareholders, which could materially adversely affect our EZGO's operations through its subsidiaries in China*." on page 35 of this annual report.

As of the date of this annual report, none of our subsidiaries have paid any dividends or made any other distributions to us or their respective holding companies nor have we or any of our subsidiaries ever paid dividends or made any other distributions to U.S. investors. EZGO intends to retain most, if not all, of its available funds and any future earnings and cash proceeds from overseas financing activities to fund the development and growth of its business. As a result, we do not expect to pay any cash dividends in the foreseeable future.

In addition, the PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies to our shareholders. See "*Risk Factors — Risks Related to Doing Business in China - Restrictions on currency exchange or outbound capital flows may limit our ability to utilize our PRC revenue effectively.*"

A 10% PRC withholding tax is applicable to dividends payable to investors that are non-resident enterprises. Any gain realized on the transfer of Ordinary Shares by such investors is also subject to PRC tax at a current rate of 10% which in the case of dividends will be withheld at source if such gain is regarded as income derived from sources within the PRC. See also "*Risk Factors — Risks Related to Doing Business in China- There are significant uncertainties under the PRC EIT Law relating to the withholding tax liabilities of our PRC subsidiaries, and dividends payable by our PRC subsidiaries to our offshore subsidiaries may not qualify to enjoy certain treaty benefits*".

**Recent Regulatory Developments in China**

Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement.

Among other things, the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (the "M&A Rules") and Anti-Monopoly Law of the People's Republic of China promulgated by the SCNPC which became effective in 2008 ("Anti-Monopoly Law"), established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time-consuming and complex. Such regulation requires, among other things, that the SAMR be notified in advance of any change-of-control transaction in which a foreign investor acquires control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators, issued by the State Council in 2008, are triggered. Moreover, the Anti-Monopoly Law requires that transactions which involve national security, the examination on the national security shall also be conducted according to the relevant provisions of the State. In addition, the PRC Measures for the Security Review of Foreign Investment which became effective in January 2021 require acquisitions by foreign investors of PRC companies engaged in military-related or certain other industries that are crucial to national security be subject to security review before consummation of any such acquisition.

On July 6, 2021, the relevant PRC government authorities made public the "Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law," or the "Opinions." The Opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. See "*Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - Our PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements, and any limitation on the ability of our PRC subsidiaries to make remittance to pay dividends to us could limit our ability to access cash generated by the operations of those entities*" on page 38.

In addition, on December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and became effective on February 15, 2022, which iterates that any "online platform operators" controlling personal information of more than one million users which seeks to list on a foreign stock exchange should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version) further elaborates the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. Our PRC counsel, AllBright Law Offices (Fuzhou), is of the view as a result of: (i) EZGO is listed on the Nasdaq Stock Market ("Nasdaq") and does not "seek to list on any other foreign stock exchange"; (ii) EZGO does not hold personal information on more than one million users in its business operations through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries; and (iii) data processed in EZGO's business does not have a bearing on national security and thus may not be classified as core or important data by the authorities, EZGO is not required to apply for a cybersecurity review under the Measures for Cybersecurity Review (2021 version).

On February 17, 2023, the CSRC issued the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines, which became effective on March 31, 2023 (the "Overseas Listing Regulations"). The Overseas Listing Regulations are applicable to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC ("PRC domestic companies") and (ii) companies incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas stock market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an overseas stock market, it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion of the offering. The required filing materials shall include, but not be limited to, (1) filing report and relevant commitment letter and (2) domestic legal opinions. The Overseas Listing Regulations may subject us to additional compliance requirements in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Overseas Listing Regulations on a timely basis, or at all. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our securities to significantly decline in value or become worthless.

On February 24, 2023, the CSRC, together with the MOF, National Administration of State Secrets Protection and National Archives Administration of China, revised the Provisions on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing, which were issued by the CSRC and National Administration of State Secrets Protection and National Archives Administration of China in 2009, or the "Provisions." The revised Provisions were issued under the title the "Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies", and came into effect on March 31, 2023, together with the Overseas Listing Regulations. One of the major revisions to the revised Provisions is expanding their application to cover indirect overseas offering and listing, as is consistent with the Overseas Listing Regulations. The revised Provisions require that, among other things, (a) a domestic company that plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (b) a domestic company that plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfill relevant procedures stipulated by applicable national regulations. Any failure or perceived failure by our company or our PRC subsidiaries to comply with the above confidentiality and archives administration requirements under the revised Provisions and other PRC laws and regulations may result in the relevant entities being held legally liable by competent authorities and referred to the judicial organ to be investigated for criminal liability if suspected of committing a crime.

According to the Notice by the General Office of the State Council of Comprehensively Implementing the List-based Management of Administrative Licensing Items (No. 2 [2022] of the General Office of the State Council) and its attachment, the List of Administrative Licensing Items Set by Laws, Administrative Regulations, and Decisions of the State Council (2022 Edition), as of the date of this annual report, we, our PRC subsidiaries, the VIE, and its subsidiaries have received from PRC authorities all requisite licenses, permissions or approvals needed to engage in the businesses currently conducted in China, and no permission or approval has been denied. Such licenses and permissions include, but not be limited to, business registration, pollutant discharge permit, construction planning permit, fire protection design review of construction project, and fire protection acceptance of construction project. The following table provides details on the licenses and permissions held by our PRC subsidiaries:

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| | | | |
|:---|:---|:---|:---|
| **Company** | **License/Permission** | **Issuing Authority** | **Validity** |
| EZGO HK | Business Registration Certificate | Registrar of Companies Hong Kong Special Administrative Region | February 13, 2024 -<br> February 12, 2026 |
| Changzhou EZGO | Business License | Market Supervision Administrative Bureau of Changzhou Wujin | June 12, 2019 -<br> Long-term |
| Jiangsu EZGO Energy Supply Chain Technologies Co., Ltd. | Business License | Administrative Examination and Approval Bureau of Changzhou Wujin | December 10, 2021 -<br> Long-term |
| Changzhou Langyi | Business License | Administrative Examination and Approval Bureau of Changzhou Wujin | August 6, 2021 -<br> Long-term |

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As of the date of this annual report, as advised by our PRC legal counsel, AllBright Law Offices (Fuzhou), none of our company, our subsidiaries, or the VIE are covered by permissions requirements from the CSRC, the Cyberspace Administration of China (the "CAC"), or any other governmental agency that is required to approve the VIE's operations, and therefore no such permission or approval has been denied.

As of the date of this annual report, no relevant laws or regulations in the PRC explicitly require us, our subsidiaries, or the VIE to seek approval from the CSRC or any other PRC governmental authorities for our overseas listing or securities offering plans, nor has our company, any of our subsidiaries, or the VIE or any of its subsidiaries, received any inquiry, notice, warning or sanctions regarding any securities offering from the CSRC or any other PRC governmental authorities. However, since these statements and regulatory actions by the PRC government are newly published and official guidance and related implementation rules have not been issued, it is highly uncertain what the potential impact such modified or new laws and regulations will have on our daily business operations, or the ability to accept foreign investments and list on a U.S. or other foreign exchange. The SCNPC or other PRC regulatory authorities may in the future promulgate laws, regulations or implementing rules that require our company, Changzhou EZGO, the VIE or its subsidiaries to obtain regulatory approval from Chinese authorities before offering securities in the U.S., British Virgin Islands or other rules and regulations that place restrictions on capital raising or other activities by companies with extensive operations in China could adversely affect EZGO's business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China and results of operations. See "*Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - The PRC government exerts substantial influence over the manner in which EZGO conducts part of its business activities through its subsidiaries in China. The PRC government may also intervene or influence EZGO's operations through its subsidiaries in China at any time, which could result in a material change in its operations and its Ordinary Shares could decline in value or become worthless*" on page 27 for a discussion of these legal and operational risks and other information that should be considered before making a decision to purchase EZGO's securities. In the event that (i) we, our subsidiaries, or the VIE do not receive or maintain any requisite permissions or approvals, (ii) we inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we are required to obtain such permissions or approvals in the future, we, our subsidiaries, and the VIE may be subject to sanctions imposed by the relevant PRC regulatory authority, including fines and penalties, revocation of the licenses of Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries and suspension of these entities' business, restrictions or limitations on our ability to pay dividends outside of China, regulatory orders, including injunctions requiring Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries to cease collecting or processing data, litigation or adverse publicity, the delisting of EZGO's securities on Nasdaq, and other forms of sanctions, which may materially and adversely affect its business, financial condition, and results of operations.

**A. [Reserved]**

**B. Capitalization and Indebtedness**

Not applicable.

**C. Reasons for the Offer and Use of Proceeds**

Not applicable.

**D. Risk Factors**

 

*Investing in EZGO's Ordinary Shares is highly speculative and involves a significant degree of risk. You should carefully consider the following risks as well as all other information contained in this annual report, including the matters discussed under the headings "Forward-Looking Statements" and "Item 5. Operating and Financial Review and Prospects" before you decide to make an investment in EZGO's Ordinary Shares. We are a holding company with substantial operations in China and are subject to a legal and regulatory environment that in many respects differs from the United States. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of EZGO's Ordinary Shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends, and you may lose all or part of your investment.*

 

*Such risks are not exhaustive. We may face additional risks that are presently unknown to us or that we believe to be immaterial as of the date of this annual report. Known and unknown risks and uncertainties may significantly impact and impair EZGO's business operations through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries in China.*

**RISK FACTORS SUMMARY**

EZGO's business is subject to numerous risks described in the section titled "*Risk Factors*" and elsewhere in this annual report. The main risks set forth below and others you should consider are discussed more fully in the section entitled "*Risk Factors,*" which you should read in its entirety.

 ****

***Risks Related to Doing Business in China***

We are subject to risks and uncertainties relating to doing business in China in general, including, but are not limited to, the following:

● Uncertai nties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.

● We may be adversely affected by the complexity, uncertainties, and changes in PRC regulation of internet retailers.

● Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on EZGO's business and operations. The enforcement of laws and rules and regulations in China may change quickly with little advance notice, which could result in a material adverse change in EZGO's operations and the value of EZGO's Ordinary Shares.

● Restrictions on currency exchange or outbound capital flows may limit our ability to utilize our PRC revenue effectively.

● PRC regulations relating to foreign exchange registration of overseas investment by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into these subsidiaries, limit PRC subsidiaries' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us.

● PRC regulation on loans to, and direct investment in, PRC entities by offshore holding companies and governmental control in currency conversion may delay or prevent us from using the proceeds of any financing we raise, including any offerings made pursuant to this annual report, to make loans to or make additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand EZGO's business.

● Our PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements, and any limitation on the ability of our PRC subsidiaries to make remittance to pay dividends to us could limit our ability to access cash generated by the operations of those entities.

● The CSRC issued the Overseas Listing Regulations for China-based companies seeking to offer its securities in foreign markets. The Chinese government may exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers, which could significantly limit or completely hinder EZGO's ability to continue to offer its Ordinary Shares to investors and could cause the value of its securities to significantly decline or become worthless.

● You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named in this annual report based on foreign laws. Substantially all of EZGO's current operations are conducted in the PRC through its subsidiaries, and substantially all of its assets are located in the PRC. A majority of EZGO's current directors and officers are nationals and residents of the PRC and a substantial portion of their assets are located outside the United States. As a result, it may be difficult for an EZGO shareholder to effect service of process within the United States upon these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

● EZGO's Ordinary Shares may be delisted or prohibited from trading under the HFCA Act if the PCAOB is unable to adequately inspect our auditors. The delisting of EZGO's Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of EZGO's Ordinary Shares. Additionally, the inability of the PCAOB to conduct adequate inspection deprives EZGO shareholders of the benefits of such inspections. Furthermore, AHFCA Act amen ded the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus EZGO's Ordinary Shares could be prohibited from trading and delisted after two years instead of three.

***Risks Related to Our Business and Industry***

Risks and uncertainties related to EZGO's business operations through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries in China, and industry include, but are not limited to, the following:

● We may incur losses in the future.

● If we are unable to manage our growth or execute our strategies effectively, our business and prospects may be materially and adversely affected.

● Our marketing strategy of appealing to and growing sales to a more diversified group of users may not be successful.

● We face intense competition in the electric bicycle accessories market, and if we fail to compete effectively, we may lose market share and customers.

● Our products and services may experience quality problems from time to time, which could result in decreased sales, adversely affect our results of operations and harm our reputation.

● We may be subject to product liability claims if people or properties are harmed by our products and we may be compelled to undertake product recalls or take other actions, which could adversely affect our brand image and results of operations.

● Our products are subject to safety and other standards and failure to satisfy such mandated standards would have a material adverse effect on our business and operating results.

***Risks Related to Our Corporate Structure***

● Our current corporate structure and business operations may be affected by the Foreign Investment Law.

● Our previous contractual arrangements were governed by PRC law. We also have contract engagements that are currently governed by PRC laws. Accordingly, these contracts would be interpreted in accordance with PRC law, and any disputes would be resolved in accordance with PRC legal procedures, which may not protect you as much as those of other jurisdictions, such as the United States.

● Previous contractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that the VIE owes additional taxes, which could negatively affect our financial condition and the value of your investment.

● We may lose the ability to use and enjoy assets held by our subsidiaries that are material to the operation of our business if the entity goes bankrupt or becomes subject to a dissolution or liquidation proceeding.

 ****

***Risks Related to EZGO's Ordinary Shares***

In addition to the risks and uncertainties described above, we are subject to risks relating to EZGO's Ordinary Shares, including, but not limited to, the following:

● An active trading market for EZGO's Ordinary Shares may not continue and the trading price for EZGO's Ordinary Shares may fluctuate significantly.

● The trading price of EZGO's Ordinary Shares may be volatile, which could result in substantial losses to EZGO's shareholders.

● We may not be able to maintain our listing on Nasdaq which could limit EZGO's shareholders' ability to make transactions in EZGO's securities and subject us to additional trading restrictions.

● Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of EZGO's Ordinary Shares for return on your investment.

● Restrictive covenants related to our previous registered direct offering may restrict our ability to obtain future financing.

**Risks Related to Doing Business in China**

 ****

***Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.***

Our PRC subsidiaries are subject to various PRC laws and regulations generally applicable to companies in China. The PRC legal system is based on written statutes. Unlike common law systems, it is a system in which legal cases have limited value as precedents. In the late 1970s, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The overall effect of legislation over the past four decades has significantly increased the protections afforded to various forms of foreign or private-sector investment in China.

As relevant laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties.

From time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system is based in part on government policies and internal rules (some of which are not published in a timely manner or at all) that may have retroactive effect. As a result, we may not be aware of our violation of these policies and rules until sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural rights, and any failure to respond to changes in the regulatory environment in China could materially and adversely affect EZGO's business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China and impede its ability to continue its operations.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the Opinions, which was made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity and data privacy protection requirements and similar matters.

On December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and will become effective on February 15, 2022, which iterates that any "online platform operators" controlling personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review. We do not believe EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China would be considered an "operator of critical information infrastructure" or "data processor" as mentioned above, however, the revised draft of the Measures for Cybersecurity Review is in the process of being formulated and the Opinions remain unclear on how it will be interpreted, amended, and implemented by the relevant PRC governmental authorities. Thus, it is still uncertain how PRC governmental authorities will regulate overseas listing in general and whether we are required to obtain any specific regulatory approvals. Furthermore, if the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that EZGO obtains their approvals for any follow-on offering, EZGO may be unable to obtain such approvals which could significantly limit or completely hinder its ability to offer or continue to offer its securities to its investors.

On February 17, 2023, the CSRC issued the Overseas Listing Regulations. The Overseas Listing Regulations are applicable to overseas securities offerings and/or listings conducted by issuers who are (i) PRC domestic companies and (ii) companies incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas stock market. The Overseas Listing Regulations may subject us to additional compliance requirements in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Overseas Listing Regulations on a timely basis, or at all. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our securities to significantly decline in value or become worthless.

Furthermore, the PRC government authorities may strengthen oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers like us. Such actions taken by the PRC government authorities may intervene or influence EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries in China at any time, which are beyond its control. Therefore, any such action may adversely affect EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries in China and significantly limit or hinder its ability to offer or continue to offer its securities to investors and reduce the value of such securities.

Uncertainties regarding the enforcement of laws and the fact that rules and regulations in China can change quickly with little advance notice, along with the risk that the Chinese government may intervene or influence EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers could result in a material change in its operations, financial performance and/or the value of EZGO's Ordinary Shares or impair its ability to raise money.

***The PRC government exerts substantial influence over the manner in which EZGO conducts part of its business activities through its subsidiaries in China. The PRC government may also intervene or influence EZGO's operations through its subsidiaries in China at any time, which could result in a material change in its operations and its Ordinary Shares could decline in value or become worthless.***

Based on the advice of our PRC counsel, AllBright Law Offices (Fuzhou), that we are currently not required to obtain approval from Chinese authorities for our overseas securities offering plans, nor the execution of the VIE Agreements. However, if the VIE or the holding company were required to obtain approval in the future and were denied permission from Chinese authorities for listing on U.S. or other foreign exchanges, EZGO will not be able to continue listing on a U.S. or other foreign exchange, continue to offer its securities to investors, or materially affect the interest of investors and cause significantly depreciation of the price of its Ordinary Shares.

The Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property, and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic conditions in China or particular regions thereof, and could require EZGO to divest ourselves of any interest it then holds in its operations in China. Accordingly, the Chinese government may intervene or influence EZGO's operations through Changzhou EZGO, the VIE and its subsidiaries in China at any time, which could result in a material change in its operations and/or the value of the securities EZGO has registered.

For example, the Chinese cybersecurity regulator announced on July 2, 2021, that it had begun an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that the company's app be removed from smartphone app stores. Similarly, EZGO's business segments may be subject to various government and regulatory interference in the regions in which it operates through Changzhou EZGO, the VIE and its subsidiaries in China. We could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government sub-divisions. We may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply.

Furthermore, it is uncertain when and whether we will be required to obtain permission from the PRC government for listing on U.S. or other foreign exchanges, or enter into VIE Agreements in the future, and even when such permission is obtained, whether it will be denied or rescinded. Although, in the opinion of our PRC legal counsel, AllBright Law Offices (Fuzhou), we are currently not required to obtain permission from any of the PRC central or local government and has not received any denial for listing on the U.S. or other foreign exchange or enter into VIE Agreements, EZGO's operations through Changzhou EZGO, the VIE and its subsidiaries in China could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to its business or industry. Recent statements by the Chinese government indicating an intent, and the PRC government may take actions to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, which could significantly limit or completely hinder EZGO's ability to offer or continue to offer its securities to investors and cause the value of its securities to significantly decline or become worthless.

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***The CSRC issued the Overseas Listing Regulations for China-based companies seeking to offer its securities in foreign markets. The Chinese government may exert more oversight and control over offerings that are conducted overseas and foreign investment in China-based issuers, which could significantly limit or completely hinder EZGO's ability to continue to offer its Ordinary Shares to investors and could cause the value of its securities to significantly decline or become worthless.***

On February 17, 2023, the CSRC issued the Overseas Listing Regulations, which became effective on March 31, 2023. The Overseas Listing Regulations lay out the filing regulation arrangement for both direct and indirect overseas listing, and clarify the determination criteria for indirect overseas listing in overseas markets.

The Overseas Listing Regulations are applicable to overseas securities offerings and/or listings conducted by issuers who are (i) PRC domestic companies and (ii) companies incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas stock market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an overseas stock market, it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion of the offering. The required filing materials shall include, but not be limited to, (1) filing report and relevant commitment letter and (2) domestic legal opinions.

In addition, an overseas offering and listing is prohibited under any of the following circumstances: (1) that the intended securities offering and listing is specifically prohibited by national laws and regulations and relevant provisions; (2) that the intended securities offering and listing may constitute a threat to or endangers national security as reviewed and determined by competent authorities under the State Council in accordance with law; (3) that, in the past three years, the domestic enterprise or its controlling shareholders or actual controllers have committed corruption, bribery, embezzlement, misappropriation of property, or other criminal offenses disruptive to the order of the socialist market economy; (4) that the domestic enterprise is currently under judicial investigation for suspicion of criminal offenses or is under investigation for suspicion of major violations, and there are no clear conclusions yet; and (5) that there are material ownership disputes over the equity of the domestic enterprise held by the controlling shareholder, a shareholder controlled by the controlling shareholder or the actual controller. The Overseas Listing Regulations stipulate the legal consequences for breaches, including failure to fulfill filing obligations or engaging in fraudulent filing behavior, which may result in a fine ranging from RMB1 million to RMB10 million, and in cases of severe violations, the relevant responsible persons may also be barred from entering the securities market.

The Overseas Listing Regulations may subject us to additional compliance requirements in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Overseas Listing Regulations on a timely basis, or at all. We believe that none of the situations that would clearly prohibit overseas offering and listing applies to us. In reaching this conclusion, based on the advice of our PRC counsel, AllBright Law Offices (Fuzhou), the Company is currently not required to obtain permissions from the Chinese government that is required to approve of EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China and/or offering. Any failure of EZGO to fully comply with new regulatory requirements may significantly limit or completely hinder EZGO's ability to continue to offer its securities to investors, cause significant disruption to its business operations, and severely damage its reputation, which could materially and adversely affect our financial condition and results of operations and cause its securities, including the securities EZGO has registered for sale in a prospectus, to significantly decline in value or become worthless.

***We may be adversely affected by the complexity, uncertainties, and changes in PRC regulation of Internet retailers.***

The PRC government extensively regulates the Internet industry, including foreign ownership of, and the licensing and permit requirements pertaining to, companies in the Internet industry. These internet-related laws and regulations are relatively new and evolving, and their interpretation and enforcement involve significant uncertainties. As a result, in certain circumstances it may be difficult to determine what actions or omissions may be deemed to be in violation of applicable laws and regulations. Issues, risks, and uncertainties relating to PRC government regulation of the Internet industry include, but are not limited to, the following:

● Due to the lack of clarity under the existing PRC regulatory regime, we may be required to comply with additional legal and licensing requirements. For example, we are providing mobile applications to mobile device users and we are in the process of applying for the valued-added telecommunications business operating license for electronic data interchange business, or the EDI License. It is uncertain if our PRC subsidiaries will be required to obtain a separate valued-added telecommunications business operating license for Internet content provision, or the ICP License in addition to the EDI License. Although we believe that we are not required to obtain such separate license which is in line with the current market practice, there can be no assurance that we will not be required to apply for an operating license for our mobile applications in the future.

● The evolving PRC regulatory system for the Internet industry may lead to the establishment of new regulatory agencies. For example, in May 2011, the State Council announced the establishment of a new department, the State Internet Information Office (with the involvement of the State Council Information Office, the MIIT, and the Ministry of Public Security). The primary role of this new agency is to facilitate the policy-making and legislative development in this field to direct and coordinate with the relevant departments in connection with online content administration and to deal with cross-ministry regulatory matters in relation to the Internet industry.

● New laws and regulations may be promulgated that will regulate internet activities, including online retail. If these new laws and regulations are promulgated, additional licenses may be required for EZGO's operations. If EZGO's operations do not comply with these new regulations at the time they become effective, or if EZGO fails to obtain any licenses required under these new laws and regulations, it could be subject to penalties.

The interpretation and application of existing PRC laws, regulations and policies and possible new laws, regulations or policies relating to the Internet industry have created substantial uncertainties regarding the legality of existing and future foreign investments in, and the businesses and activities of, internet businesses in China, including EZGO's business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China. We cannot assure you that Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries have obtained all the permits or licenses required for conducting our business in China or will be able to maintain existing licenses or obtain new ones.

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***EZGO's business, through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China, is subject to complex and evolving Chinese laws and regulations regarding data privacy and security. Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, penalties, changes to EZGO's business practices, increased cost of operations, damages to its reputation and brand, or otherwise harm its business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China.***

In the PRC, governmental authorities have enacted a series of laws and regulations to enhance the protection of data privacy and cybersecurity. The Cybersecurity Law of the PRC and relevant regulations require network operators, which may include us, to ensure the security and stability of the services provided via network and protect individual privacy and the security of personal data in general by requiring the consent of internet users prior to the collection, use or disclosure of their personal data. Under the Cybersecurity Law, the owners and administrators of networks and network service providers have various personal information security protection obligations, including restrictions on the collection and use of personal information of users, and they are required to take steps to prevent personal data from being divulged, stolen, or tampered with. Regulatory requirements regarding the protection of personal information are constantly evolving and can be subject to differing interpretations or significant changes, making the extent of our responsibilities in that regard uncertain. An example of such evolving regulatory requirements is the Measures for Cybersecurity Review (2021 version), which was promulgated on December 28, 2021 and took effect on February 15, 2022. The measures, among others, stipulate that any "online platform operators" controlling personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review by the CAC. The cybersecurity review, among others, evaluates the potential risks of critical information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments after the overseas listing of an operator. The procurement of network products and services, data processing activities and overseas listing should also be subject to the cybersecurity review if the CAC concerns or they potentially pose risks to national security. Our PRC counsel, AllBright Law Offices (Fuzhou), is of the view that EZGO is not subject to the cybersecurity review by the CAC, since (i) the cybersecurity review is not applicable to further equity or debt offerings by companies that have completed their initial public offerings in the United States; (ii) data processed in EZGO's business operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China do not have a bearing on national security and may not be classified as core or important data by the PRC governmental authorities. However, we cannot assure you that the PRC governmental authorities will not hold opposing views or interpretations regarding the applicability of the cybersecurity review to us. As of the date of this annual report, we have not been identified as an "operator of critical information infrastructure" by any PRC governmental authority, nor have we been informed by any PRC governmental authority to undergo a cybersecurity review.

In addition, the Data Security Law of the People's Republic of China (the "Data Security Law") was promulgated by the SCNPC on June 10, 2021 and took effect on September 1, 2021. Further, on July 7, 2022, the CAC released the Measures for the Security Assessment of Cross-Border Data, which will become effective on September 1, 2022. According to the Measures for the Security Assessment of Cross-Border Data, where a data processor provides data abroad under any of the following circumstances, it shall apply for exit security assessment of data to the national cyberspace administration through the local provincial cyberspace administration: (i) the data processor provides important data abroad; (ii) the operators of key information infrastructure and data processors that process the personal information of more than 1 million people provide personal information abroad; (iii) data processors who have provided 100,000 personal information or 10,000 sensitive personal information abroad since January 1 of last year provide personal information abroad; and (iv) other situations required for security assessment as stipulated by the state cyberspace administration. Given the recency of the issuance of the Measures for the Security Assessment of Cross-Border Data and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation. On November 14, 2021, the CAC released the Regulations on Cyber Data Security Management (Draft for Comments), or the draft regulations, which shall apply to the processing of personal and organizational data out of the territory of China, under the following circumstances: (i) for the purpose of providing products or services in the PRC; (ii) conducting analysis and evaluation of domestic individuals and organizations; (iii) processing of important domestic data; or (iv) other circumstances provided by laws and administrative regulations. The draft regulations classify data into three categories-general data, important data and core data. Data processors that transfer data collected and generated in the PRC outside of the territory of China are required to prepare a data security assessment report to the local cyberspace administration if (i) the data to be transmitted outside of the territory of China include important data, (ii) critical information technology infrastructure operators and data processors holding over one million users that transfer data outside the territory of China, or (iii) other circumstances that the CAC deems necessary. Meanwhile, a data processor that transfers personal information and important data out of the territory of China shall report to the local cyberspace administration of the following in the past calendar year: (i) the identities and contact information of all data receivers, (ii) the types, quantities and purposes of the transmitted data, (iii) the locations and periods of storage as well as the scope and method of use of the transmitted data, (iv) user complaints and the corresponding treatments related to the transmitted data, (v) violation of data security and the corresponding treatments related to the transmitted data, (vi) the re-transmission of the transmitted data, and (vii) other circumstances that the CAC deems necessary. A maximum of RMB10 million can be imposed on a data processor that is in violation of the draft regulations. It is uncertain whether and when the abovementioned draft measures and regulations will be adopted, and if adopted, whether the final version will contain the same provisions as the draft regulations.

The Data Security Law and the Cybersecurity Law, together with other relevant regulations, are promulgated to jointly regulate China's online spheres in relation to personal information cybersecurity protection. There remain uncertainties regarding the further interpretation and implementation of those laws and regulations. Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection and information security, we cannot assure you that we will be compliant with such new laws, regulations and obligations in all respects, and we may be ordered to rectify and terminate any actions that are deemed non-compliant by the regulatory authorities and become subject to fines and other sanctions. As of the date of this annual report, we have not been involved in any investigations on cybersecurity review made by the CAC on such basis, and we have not received any inquiry, notice, warning, or sanctions in such respect. We believe that that we are compliant with the regulations and policies that have been issued by the CAC to date.

In order for us to maintain or achieve compliance with applicable laws as they come into effect, it may require substantial expenditures of resources to continually evaluate our policies and processes and adapt to new requirements that are or become applicable to us. Complying with any additional or new regulatory requirements may impose significant burdens and costs on EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China or require it to alter its business practices. While we strive to protect our users' privacy and data security and to comply with data protection laws and regulations applicable to us, however, we cannot assure that our existing user information protection system and technical measures will be considered sufficient under all applicable laws and regulations in all respects. Any failure or perceived failure by us to comply with applicable data privacy laws and regulations, including in relation to the collection of necessary end-user consents and providing end-users with sufficient information with respect to our use of their personal data, may result in fines and penalties imposed by regulators, governmental enforcement actions (including enforcement orders requiring us to cease collecting or processing data in a certain way), litigation and/or adverse publicity. Proceedings against us-regulatory, civil or otherwise-could force us to spend money and devote resources in the defense or settlement of, and remediation related to, such proceedings. EZGO's business operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China could be adversely affected if the existing or future laws and regulations are interpreted or implemented in a manner that is inconsistent with our current business practices or requires changes to these practices.

***The enforcement of the PRC Labor Contract Law and other labor-related regulations in the PRC may adversely affect EZGO's business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China and its results of operations.***

The PRC Labor Law and the Labor Contract Law require that employers must execute written employment contracts with full-time employees. All employers must compensate their employees with wages equal to at least the local minimum wage standards. Violations of the PRC Labor Law and the Labor Contract Law may result in the imposition of fines, compensations and other administrative sanctions, and serious violations may constitute criminal offenses.

The PRC Labor Contract Law became effective and was implemented on January 1, 2008, which was amended on December 28, 2012. It has reinforced the protection of employees who, under the PRC Labor Contract Law, have the right, among others, to enter into written labor contracts, to enter into labor contracts with no fixed terms under certain circumstances, to receive overtime wages and to terminate or alter terms in labor contracts. According to the PRC Social Insurance Law, which became effective on July 1, 2011, and the Administrative Regulations on the Housing Funds, companies operating in China are required to participate in pension insurance, work-related injury insurance, medical insurance, unemployment insurance, maternity insurance and housing funds plans, and the employers must pay all or a portion of the social insurance premiums and housing funds for their employees.

As the interpretation and implementation of these laws and regulations are still evolving, our employment practice may not at all times be deemed in compliance with the new laws and regulations. If we are subject to severe penalties or incur significant liabilities in connection with labor disputes or investigations, EZGO's business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China and results of operations may be adversely affected.

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***Failure to make adequate contributions to various employee benefit plans and withhold individual income tax on employees' salaries as required by PRC regulations may subject us to penalties.***

Companies operating in China are required to participate in various government-mandated employee benefit contribution plans, including certain social insurance, housing funds and other welfare-oriented payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of EZGO's employees up to a maximum amount specified by the local government from time to time at locations where EZGO, through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China, operates its businesses. The requirement of employee benefit contribution plans has not been implemented consistently by the local governments in China given the different levels of economic development in different locations. Companies operating in China are also required to withhold individual income tax on employees' salaries based on the actual salary of each employee upon payment. We may be subject to late fees and fines in relation to the underpaid employee benefits and under-withheld individual income tax, EZGO's financial condition and results of operations may be adversely affected.

***Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on EZGO's business and operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China.***

Currently substantially all of EZGO's business operations are conducted in China through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries, and substantially all of EZGO's sales are made in China. Accordingly, EZGO's business through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries in China, financial condition, results of operations and prospects may be influenced to a significant degree by political, economic, and social conditions in China generally and by continued economic growth in China as a whole.

China's economy differs from the economies of most developed countries in many respects, including the level of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. Although the PRC government has implemented measures since the late 1970's emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of improved corporate governance in business enterprises, which are generally viewed as a positive development for foreign business investment, a substantial portion of productive assets in China is still owned by the PRC government. In addition, the PRC government continues to play a significant role in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over the PRC economic growth through allocating resources, controlling payments of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.

While China's economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy, and the rate of growth has been slowing down. Some of the governmental measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations. Any stimulus measures designed to boost the Chinese economy may contribute to higher inflation, which could adversely affect our results of operations and financial condition. For example, certain operating costs and expenses, such as employee compensation and office operating expenses, may increase as a result of higher inflation. In addition, the PRC government has implemented in the past certain measures to control the pace of economic growth. These measures may cause decreased economic activity, which in turn could lead to a reduction in demand for EZGO's products and services provided through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China, and consequently have a material adverse effect on its businesses, financial condition, and results of operations. Since the end of 2022, raw materials for lithium battery have continued to fall from a high level, with a maximum decline of 85%. As of September 30, 2025 and September 30, 2024, raw materials for lithium battery still maintain a relatively low level, which forms a greater support for the company's lithium battery sales. As a result, recent inflationary pressures have not materially impacted EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China.

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***Restrictions on currency exchange or outbound capital flows may limit our ability to utilize our PRC revenue effectively.***

All of our revenue is denominated in Renminbi. The Renminbi is currently convertible under the "current account," which includes dividends, trade, and service-related foreign exchange transactions, but requires approval from or registration with appropriate government authorities or designated banks under the "capital account," which includes foreign direct investment and loans, such as loans we may secure from our onshore subsidiaries. Currently, our PRC subsidiaries, a foreign invested enterprise, may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, without the approval of the SAFE by complying with certain procedural requirements. However, the relevant PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions.

Since 2016, PRC governmental authorities have imposed more stringent restrictions on outbound capital flows, including heightened scrutiny over "irrational" overseas investments for certain industries, as well as over four kinds of "abnormal" offshore investments, which are:

● investments through enterprises established for only a few months without substantive operation;

● investments with amounts far exceeding the registered capital of onshore parent and not supported by its business performance shown on financial statements;

● investments in targets that are not related to onshore parent's main business; and

● investments with abnormal sources of Renminbi funding suspected to be involved in illegal transfer of assets or illegal operation of underground banking.

On January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification, which tightened the authenticity and compliance verification of cross-border transactions and cross-border capital flow. In addition, the Outbound Investment Sensitive Industry Catalogue (2018) lists certain sensitive industries that are subject to the National Development and Reform Commission ("NDRC") pre-approval requirements prior to remitting investment funds offshore, which subjects us to increased approval requirements and restrictions with respect to our overseas investment activity. Since a significant amount of our PRC revenue is denominated in Renminbi, any existing and future restrictions on currency exchange or outbound capital flows may limit our ability to utilize revenue generated in Renminbi to fund EZGO's business activities outside of the PRC, make investments, service any debt we may incur outside of China or pay dividends in foreign currencies to EZGO's shareholders, including holders of EZGO's Ordinary Shares.

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***PRC regulations relating to foreign exchange registration of overseas investment by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into these subsidiaries, limit PRC subsidiaries' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us.***

On July 4, 2014, SAFE promulgated the Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, which replaced the former Notice on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents to Engage in Financing and Inbound Investment via Overseas Special Purpose Vehicles (generally known as SAFE Circular 75) promulgated by SAFE on October 21, 2005. On February 13, 2015, SAFE further promulgated the Circular on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment, or SAFE Circular 13, which took effect on June 1, 2015. This SAFE Circular 13 has amended SAFE Circular 37 by requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their direct establishment or indirect control of an offshore entity established for the purpose of overseas investment or financing with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or interests. Qualified local banks will directly examine and accept foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration, under SAFE Circular 37 from June 1, 2015.

These circulars further require amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as an increase or decrease of capital contributed by PRC residents, share transfer or exchange, merger, division, or other material events. In the event that a PRC resident holding interests in a special purpose vehicle fails to complete the required SAFE registration, the PRC subsidiary of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary. Furthermore, it is unclear how this regulation, and any future regulation concerning offshore or cross-border transactions, will be interpreted, amended, and implemented by the relevant PRC government authorities, and we cannot predict how these regulations will affect EZGO's business operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China or future strategy. Failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for evasion of foreign exchange controls. This may have a material adverse effect on EZGO's business, financial condition, and results of operations.

According to SAFE Circular 37 and SAFE Circular 13, EZGO's shareholders or beneficial owners who are PRC residents are subject to SAFE Circular 37 or other foreign exchange administrative regulations in respect of their investment in our company. To the best of our knowledge, EZGO's PRC resident shareholders who directly or indirectly hold shares in our BVI holding company and who are known to us have completed the application for foreign exchange registrations for their foreign investment in our company in accordance with SAFE Circular 37 and SAFE Circular 13. We have taken steps to notify significant beneficial owners of Ordinary Shares whom we know are PRC residents of their filing obligations. However, we may not at all times be fully aware or informed of the identities of all EZGO's shareholders or beneficial owners that are required to make such registrations, and we may not always be able to compel them to comply with all relevant foreign exchange regulations. As a result, we cannot assure you that all of EZGO's shareholders or beneficial owners who are PRC residents will at all times comply with, or in the future make or obtain any applicable registrations or approvals required by all relevant foreign exchange regulations. The failure or inability of such individuals to comply with the registration procedures set forth in these regulations may subject us to fines or legal sanctions, restrictions on our cross-border investment activities or our PRC subsidiaries' ability to distribute dividends to, or obtain foreign-exchange-dominated loans from, our company, or prevent us from making distributions or paying dividends. As a result, EZGO's business operations through Changzhou EZGO, the VIE and its subsidiaries in China and its ability to make distributions to EZGO's shareholders could be materially and adversely affected.

Furthermore, as these foreign exchange regulations are still relatively new and their interpretation and implementation have been constantly evolving, it is unclear how these regulations, and any future regulation concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the relevant government authorities. We cannot predict how these regulations will affect EZGO's business operations through Changzhou EZGO, the VIE and its subsidiaries in China or future strategy. In addition, if we decide to acquire a PRC domestic company, we cannot assure you that we or the owners of such company, as the case may be, will be able to obtain the necessary approvals or complete the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect EZGO's business through Changzhou EZGO, the VIE and its subsidiaries in China and prospects.

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***PRC regulation on loans to, and direct investment in, PRC entities by offshore holding companies and governmental control in currency conversion may delay or prevent us from using the proceeds of any financing we raise, including any offerings made pursuant to this annual report to make loans to or make additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand EZGO's business.***

EZGO is a company incorporated in the BVI structured as a holding company conducting its operations in China through its PRC subsidiaries. As permitted under PRC laws and regulations, in utilizing the proceeds of its initial public offering or follow-on offering, EZGO may make loans to its PRC subsidiaries subject to the approval from governmental authorities and limitation of amount, or EZGO may make additional capital contributions to its PRC subsidiaries. Furthermore, loans by EZGO to its PRC subsidiaries to finance their activities cannot exceed the difference between their respective total project investment amount and registered capital or 2.5 times of their net worth and capital contributions to its PRC subsidiaries are subject to the requirement of making necessary filings in the Foreign Investment Comprehensive Management Information System and registration with other governmental authorities in China.

The SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises, or SAFE Circular 19, effective on June 1, 2015, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration of the Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, the Notice from the State Administration of Foreign Exchange on Relevant Issues Concerning Strengthening the Administration of Foreign Exchange Businesses, and the Circular on Further Clarification and Regulation of the Issues Concerning the Administration of Certain Capital Account Foreign Exchange Businesses. According to SAFE Circular 19, the flow and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company is regulated such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment of bank loans that have been transferred to a third party. Although SAFE Circular 19 allows RMB capital converted from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within the PRC, it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business scope. Thus, it is unclear whether the SAFE will permit such capital to be used for equity investments in the PRC in actual practice. The SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective on June 9, 2016, which reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to grant loans to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result in administrative penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including the net proceeds from our initial public offering or follow-on offering, to our PRC subsidiaries, which may adversely affect our liquidity and our ability to fund and expand EZGO's business in the PRC through Changzhou EZGO, the VIE and its subsidiaries.

In light of the various requirements imposed by PRC regulations on loans to, and direct investment in, PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future loans by us to our PRC subsidiaries or with respect to future capital contributions by us to our PRC subsidiaries. If we fail to complete such registrations or obtain such approvals, our ability to use the proceeds from our initial public offering or follow-on offering and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand EZGO's business.

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***The PRC government could prevent the cash maintained from leaving the PRC, restrict deployment of the cash into the business of its subsidiaries and restrict the ability to pay dividends to U.S. shareholders, which could materially adversely affect EZGO's operations through its subsidiaries in China.***

The PRC government controls the conversion of Renminbi into foreign currencies and the remittance of currencies out of the PRC. We receive substantially all of our revenues in Renminbi, and most of our cash is in Renminbi. Under our corporate structure, EZGO, a BVI holding company, primarily relies on dividend payments from our PRC subsidiaries to fund any cash and financing requirements it may have. Under the existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade- and-service-related foreign exchange transactions, can be made in foreign currencies without prior approval from the SAFE by complying with certain procedural requirements. As such, under the existing exchange restrictions, cash generated from the operations of our PRC subsidiaries is able to be paid as dividends in foreign currencies to EZGO without prior approval from the SAFE by complying with certain procedural requirements. However, approval from or registration with appropriate government authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion in the future restrict access to foreign currencies for current account transactions. There is no assurance that the PRC government will not intervene or impose restrictions on the ability of us, our subsidiaries or the VIE to transfer cash. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies from the PRC subsidiary to the offshore subsidiaries, across borders, and to EZGO's shareholders, including the U.S. shareholders. These foreign exchange restrictions and limitations could prevent the cash maintained from leaving the PRC, and restrict our ability to pay dividends to EZGO and the U.S. shareholders.

There are limitations on our PRC subsidiaries' and the VIE's ability to distribute earnings to their respective shareholders. On the one hand, under the current PRC laws and regulations, our PRC subsidiaries may pay dividends only out of their accumulated profits. In addition, our PRC subsidiaries are required to set aside at least 10% of their accumulated after-tax profits each year, if any, to fund certain statutory reserve funds, until the aggregate amount of such fund reaches 50% of their registered capital. Our PRC subsidiaries may at their discretion allocate a portion of their after-tax profits to staff welfare and bonus funds in accordance with relevant PRC rules and regulations. These reserve funds and staff welfare and bonus funds cannot be distributed as cash dividends. Moreover, if the PRC subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us. On the other hand, through the VIE Agreements among Changzhou EZGO, the VIE and its shareholders, we receive substantially all of the economic benefits of the VIE, most importantly, the ability to consolidate the financial statements of the VIE with the financial statements of our holding company, EZGO under U.S. GAAP, for which we are the primary beneficiary of the VIE for accounting purposes, in consideration for the services provided by Changzhou EZGO. For more information, see "*Item 3. Key Information—Contractual Arrangements and Corporate Structure*" in this annual report. The VIE Agreements are not equivalent to equity ownership, and may limit our ability to settle amounts owed by the VIE under the VIE Agreements. For example, the contractually bound shareholders of the VIE could potentially breach their contractual agreements with us by failing to fulfill their contractual obligations, failing to act in our interest, or acting to the detriment of our interest. Moreover, as these shareholders, rather than Changzhou EZGO, are the actual shareholders of the VIE, we are unable to independently exercise any rights as a shareholder of the VIE and force the VIE to distribute its earnings to us. In addition, the legality or enforceability of the VIE Agreements have never been tested in a court of law in China. If any relevant contractual provisions were to ultimately be held unenforceable by the PRC courts or other governmental authorities, such uncertainty could result in us facing a reduced ability or complete inability to receive the economic benefits of the business operations of the VIE. These restrictions and limitations could limit our ability to settle amounts owed under the VIE Agreements and our subsidiaries' ability to pay dividends.

In addition, any transfer of funds by EZGO to our PRC subsidiaries, either as a shareholder loan or as an increase in the registered capital, is subject to a series of procedural requirements imposed by SAFE, SAMR, MOFCOM, or their local counterparts. This may hinder or delay EZGO's deployment of cash into its subsidiaries' and the VIE' business, which could result in a material and adverse effect on EZGO's operations through Changzhou EZGO, the VIE and its subsidiaries in China.

***Under the PRC EIT Law, we may be classified as a PRC "resident enterprise" for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and EZGO's non-PRC shareholders and has a material adverse effect on our results of operations and the value of your investment.***

Under the PRC EIT Law, that became effective in January 2008 and was amended in February 2017 and December 2018, as well as its implementing rules, an enterprise established outside the PRC with "de facto management bodies" within the PRC is considered a "resident enterprise" for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation rules to the EIT Law, a "de facto management body" is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. In addition, a circular, known as SAT Circular 82, issued in April 2009 by the State Administration of Taxation, or the SAT, specifies that certain offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise groups will be classified as PRC resident enterprises if the following are located or resident in the PRC: senior management personnel and departments that are responsible for daily production, operation and management; financial and personnel decision making bodies; key properties, accounting books, company seal, and minutes of board meetings and shareholders' meetings; and half or more of the senior management or directors having voting rights. Further to SAT Circular 82, the SAT issued a bulletin, known as SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the implementation of SAT Circular 82 and clarify the reporting and filing obligations of such "Chinese-controlled offshore incorporated resident enterprises." SAT Bulletin 45 provides procedures and administrative details for the determination of resident status and administration on post-determination matters. Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreign individuals, the determining criteria set forth in SAT Circular 82 and SAT Bulletin 45 may reflect the SAT's general position on how the "de facto management body" test should be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, PRC enterprise groups or by PRC or foreign individuals.

We do not believe that EZGO, as a company incorporated in the BVI, meets all of the conditions above thus we do not believe that EZGO is a PRC resident enterprise, though all members of our management team as well as the management team of our offshore holding company are located in China. However, if the PRC tax authorities determine that we are a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow. First, we will be subject to the uniform 25% enterprise income tax on our world-wide income, which could materially reduce our net income. In addition, we will also be subject to PRC enterprise income tax reporting obligations. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."

Finally, dividends payable by us to EZGO's shareholders and gains on the sale of our shares may become subject to PRC withholding tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources. It is unclear whether non-PRC shareholders of EZGO would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in the Ordinary Shares.

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***There are significant uncertainties under the PRC EIT Law relating to the withholding tax liabilities of our PRC subsidiaries, and dividends payable by our PRC subsidiaries to our offshore subsidiaries may not qualify to enjoy certain treaty benefits.***

Under the PRC EIT Law and its implementation rules, we, as a non-resident enterprise, that is, an enterprise lawfully incorporated pursuant to the laws of a foreign country (region) that has an office or premises established in China with no actual management functions performed in China, or an enterprise that has income derived from or accruing in China although it does not have an office or premises in China, will be subject to a withholding tax rate of 10%. Pursuant to a special arrangement between Hong Kong and mainland China, such rate may be reduced to 5% if a Hong Kong resident enterprise owns more than 25% of the equity interest in the PRC company. Changzhou EZGO is 95.24% owned by EZGO HK, EZGO's wholly-owned subsidiary. Accordingly, EZGO HK may qualify for a 5% tax rate in respect of distributions from Changzhou EZGO. Under the Notice of the State Administration of Taxation on Issues regarding the Administration of the Dividend Provision in Tax Treaties promulgated on February 20, 2009, the taxpayer needs to satisfy certain conditions to enjoy the benefits under a tax treaty. These conditions include: (1) the taxpayer must be the beneficial owner of the relevant dividends, and (2) the corporate shareholder to receive dividends from the PRC subsidiaries must have continuously met the direct ownership thresholds during the 12 consecutive months preceding the receipt of the dividends. Further, under Announcement of the State Administration of Taxation on Issues Relating to "Beneficial Owner" in Tax Treaties, which took effect on April 1, 2018, a "Beneficial Owner" shall mean a person who has ownership and control over the income and the rights and property from which the income is derived. To determine the "beneficial owner" status of a resident of the treaty counterparty who needs to enjoy the tax treaty benefits, a comprehensive analysis shall be carried out, taking into account actual conditions of the specific case.

Entitlement to a lower tax rate on dividends according to tax treaties or arrangements between the PRC central government and governments of other countries or regions is subject to State Administration of Taxation Circular 60 ("Circular 60"). Circular 60 provides that non-resident enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax. Instead, non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities. As a result, we cannot assure you that we will be entitled to any preferential withholding tax rate under tax treaties for dividends received from WFOE.

***Enhanced scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue in the future.***

Pursuant to the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises, or SAT Circular 698, issued by the SAT on December 10, 2009, where a foreign investor transfers the equity interests of a resident enterprise indirectly via disposition of the equity interests of an overseas holding company, or an "indirect transfer," and such overseas holding company is located in a tax jurisdiction that (i) has an effective tax rate less than 12.5% or (ii) does not tax foreign income of its residents, the foreign investor shall report the indirect transfer to the competent tax authority. The PRC tax authority will examine the true nature of the indirect transfer, and if the tax authority considers that the foreign investor has adopted an "abusive arrangement" in order to avoid PRC tax, it may disregard the existence of the overseas holding company and re-characterize the indirect transfer and as a result, gains derived from such indirect transfer may be subject to PRC withholding tax at a rate of up to 10%.

On February 3, 2015, the SAT issued the Announcement of the State Administration of Taxation on Several Issues Concerning the Enterprise Income Tax on Indirect Property Transfer by Non-Resident Enterprises, or SAT Bulletin 7, to supersede existing provisions in relation to the "indirect transfer" as set forth in SAT Circular 698, while the other provisions of SAT Circular 698 remain in force. Pursuant to SAT Bulletin 7, where a non-resident enterprise indirectly transfers properties such as equity in PRC resident enterprises without any justifiable business purposes and aiming to avoid the payment of enterprise income tax, such indirect transfer must be reclassified as a direct transfer of equity in PRC resident enterprise. To assess whether an indirect transfer of PRC taxable properties has reasonable commercial purposes, all arrangements related to the indirect transfer must be considered comprehensively and factors set forth in SAT Bulletin 7 must be comprehensively analyzed in light of the actual circumstances. SAT Bulletin 7 also provides that, where a non-PRC resident enterprise transfers its equity interests in a resident enterprise to its related parties at a price lower than the fair market value, the competent tax authority has the power to make a reasonable adjustment to the taxable income of the transaction.

On October 17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Matters Concerning Withholding of Income Tax of Non-resident Enterprises as Source, or SAT Bulletin 37, which repealed the entire SAT Circular 698 and the provision in relation to the time limit for the withholding agent to declare to the competent tax authority for payment of such tax of SAT Bulletin 7. Pursuant to SAT Bulletin 37, the income from a property transfer, as stipulated in the second item under Article 19 of the Law on Enterprise Income Tax, shall include the income derived from transferring such equity investment assets as stock equity. The balance of deducting the equity's net value from the total income from equity transfer shall be taxable income from equity transfer. Where a withholding agent enters into a business contract, involving the income specified in the third paragraph of Article 3 in the Law on Enterprise Income Tax, with a non-resident enterprise, the tax-excluding income of the non-resident enterprise will be treated as the tax-including income, based on which the tax payment will be calculated and remitted, if it is agreed in the contract that the withholding agent shall assume the tax payable.

There has been very limited application of SAT Bulletin 7 and SAT Bulletin 37 because these regulations were newly issued and came into force in February 2015 and in December 2017 respectively. During the effective period of SAT Circular 698, some intermediary holding companies were actually looked through by the PRC tax authorities, and consequently the non-PRC resident investors were deemed to have transferred the PRC subsidiary and PRC corporate taxes were assessed accordingly. It is possible that we or our non-PRC resident investors may become at risk of being taxed under SAT Bulletin 7 and SAT Bulletin 37 and may be required to expend valuable resources to comply with SAT Bulletin 7 and SAT Bulletin 37 or to establish that we or our non-PRC resident investors should not be taxed under SAT Bulletin 7 and SAT Bulletin 37, which may have an adverse effect on our financial condition and results of operations or such non-PRC resident investors' investment in EZGO.

***Our PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements, and any limitation on the ability of our PRC subsidiaries to make remittance to pay dividends to us could limit our ability to access cash generated by the operations of those entities.***

EZGO is a company incorporated in the BVI structured as a holding company. EZGO may need dividends and other distributions on equity from our PRC subsidiaries to satisfy EZGO's liquidity requirements. Current PRC regulations permit our PRC subsidiaries to pay dividends to EZGO only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, EZGO's PRC subsidiaries are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of their respective registered capital. EZGO's PRC subsidiaries may also allocate a portion of its after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves are not distributable as cash dividends. Furthermore, if our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. Any limitation on the ability of EZGO's subsidiaries to distribute dividends or to make payments to it may restrict EZGO's ability to satisfy its liquidity requirements.

We have relied on the opinion of our PRC counsel, AllBright Law Offices (Fuzhou), that we do not need to obtain prior approval from the CSRC pursuant to the M&A Rules. However, uncertainties still exist as to how the M&A Rules will be interpreted and implemented, and we may subject to any new laws, rules, and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. If the CSRC or other PRC regulatory body subsequently determines that we need to obtain the CSRC's approval for any future offering or if the CSRC or any other PRC government authorities promulgates any interpretation or implements rules before our listing that would require us to obtain CSRC or other governmental approvals for any future offering, we may face adverse actions or sanctions by the CSRC or other PRC regulatory agencies. In any such event, these regulatory agencies may impose fines and penalties on EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China, limit its operating privileges in China, delay or restrict the repatriation of the proceeds from any future offering into the PRC or take other actions that could have a material adverse effect on its business, financial condition, results of operations, reputation and prospects, as well as its ability to complete any future offering. The CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable for us, to halt any future offering before settlement and delivery. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that such settlement and delivery may not occur.

In addition, the security review rules issued by the MOFCOM that became effective in September 2011 specify that mergers and acquisitions by foreign investors that raise "national defense and security" concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise "national security" concerns are subject to strict review by the MOFCOM, and the rules prohibit any activities attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement. Furthermore, according to the security review, foreign investments that would result in acquiring the actual control of assets in certain key sectors, such as critical agricultural products, energy and resources, equipment manufacturing, infrastructure, transport, cultural products and services, information technology, Internet products and services, financial services, and technology sectors, are required to obtain approval from designated governmental authorities in advance.

In the future, EZGO may grow its business by acquiring complementary businesses. Complying with the requirements of the above-mentioned regulations and other relevant rules to complete such transactions could be time-consuming, and any required approval processes, including obtaining approval from the MOFCOM or its local counterparts may delay or inhibit our ability to complete such transactions. It is unclear whether EZGO's business operations through Changzhou EZGO, the VIE, its subsidiaries and other non-VIE subsidiaries in China would be deemed to be in an industry that raises "national defense and security" or "national security" concerns. However, the MOFCOM or other government agencies may publish explanations in the future determining that EZGO's business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China is in an industry subject to the security review, in which case our future acquisitions in the PRC, including those by way of entering into contractual control arrangements with target entities, may be closely scrutinized or prohibited. EZGO's ability to expand its business or maintain or expand its market share through future acquisitions would as such be materially and adversely affected. Furthermore, according to the M&A Rules, if a PRC entity or individual plans to merge or acquire its related PRC entity through an overseas company legitimately incorporated or controlled by such entity or individual, such a merger and acquisition will be subject to examination and approval by the MOFCOM. There is a possibility that the PRC regulators may promulgate new rules or explanations requiring that we obtain the approval of the MOFCOM or other PRC governmental authorities for our completed or ongoing mergers and acquisitions. There is no assurance that, if we plan to make an acquisition, we can obtain such approval from the MOFCOM or any other relevant PRC governmental authorities for our mergers and acquisitions, and if we fail to obtain those approvals, we may be required to suspend our acquisition and be subject to penalties. Any uncertainties regarding such approval requirements could have a material adverse effect on EZGO's business, results of operations and corporate structure.

In addition, on July 6, 2021, the relevant PRC government authorities made public the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As these opinions were recently issued, official guidance and related implementation rules have not been issued yet and the interpretation of these opinions remains unclear at this stage. If the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that EZGO obtains their approvals for any future follow-on offering, EZGO may be unable to obtain such approvals which could significantly limit or completely hinder its ability to offer or continue to offer its securities to its investors outside China.

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***U.S. regulatory bodies may be limited in their ability to conduct investigations or inspections of EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China.***

Any disclosure of documents or information located in China by foreign agencies may be subject to jurisdiction constraints and must comply with China's state secrecy laws, which broadly define the scope of "state secrets" to include matters involving economic interests and technologies. There is no guarantee that requests from U.S. federal or state regulators or agencies to investigate or inspect EZGO's operations through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China will be honored by us, by entities who provide services to us or with whom we associate, without violating PRC legal requirements, especially as those entities are located in China. Furthermore, under the current PRC laws, an on-site inspection of our facilities by any of these regulators may be limited or prohibited.

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***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named in this annual report based on foreign laws.***

EZGO is a company incorporated under the laws of the BVI, and EZGO conduct substantially all of its operations in China through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries and substantially all of its assets are located in China. In addition, a majority of EZGO's current directors and officers, including Mr. Jianhui Ye, Mr. Zebin Zhao, Mr. Yuehan Ling, Ms. Peiyao Jin, Mr. Guanghui Yang and Mr. Zhenguo Wu are nationals and residents of the PRC and a substantial portion of their assets are located outside the United States. As a result, it may be difficult for you to effect service of process upon us or those persons inside mainland China. It may also be difficult for you to enforce in U.S. courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors as none of them currently resides in the United States or has substantial assets located in the United States. In addition, there is uncertainty as to whether the courts of the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state.

The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States.

***EZGO's Ordinary Shares may be delisted or prohibited from trading under the HFCA Act if the PCAOB is unable to adequately inspect our auditors. The delisting of EZGO's Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of EZGO's Ordinary Shares. Additionally, the inability of the PCAOB to conduct adequate inspection deprives EZGO shareholders of the benefits of such inspections. Furthermore, AHFCA Act amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus EZGO's Ordinary Shares could be prohibited from trading and delisted after two years instead of three.***

The HFCA Act was enacted on December 18, 2020. The HFCA Act states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit such Ordinary Shares from being traded on a national securities exchange or in the over the counter trading market in the U.S.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. Furthermore, AHFCA Act amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus, would reduce the time before EZGO's securities may be prohibited from trading or delisted. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 2, 2021, the SEC adopted final amendments to its rules implementing the HFCA Act. Such final rules establish procedures that the SEC will follow in (i) determining whether a registrant is a "Commission-Identified Issuer" (a registrant identified by the SEC as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction) and (ii) prohibiting the trading of an issuer that is a Commission-Identified Issuer for three consecutive years under the HFCA Act. The SEC began identifying Commission-Identified Issuers for the fiscal years beginning after December 18, 2020. A Commission-Identified Issuer is required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended, for example, September 30, 2025, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended September 30, 2026. As of the date of this annual report, we have not been, and do not expect to be identified by the SEC under the HFCA Act.

On December 16, 2021, the PCAOB issued its determination report that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, and the PCAOB included in the report of its determination a list of the accounting firms that are headquartered in mainland China or Hong Kong. This report does not include our former auditor, Wei, Wei & Co., LLP, or our current auditor, HTL International, LLC.

On August 26, 2022, the PCAOB announced that it had signed the Statement of Protocol with the CSRC and the MOF. The terms of the Statement of Protocol would grant the PCAOB complete access to audit work papers and other information so that it may inspect and investigate PCAOB-registered accounting firms headquartered in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that it has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate the previous 2021 determination report to the contrary. As a result, we do not expect to be identified as a "Commission-Identified Issuer" under the HFCA Act for the fiscal year ended September 30, 2022 after we file our annual report on Form 20-F for such fiscal year. However, whether the PCAOB will continue to conduct inspections and investigations completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's control including positions taken by authorities of the PRC. The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future and states that it has already made plans to resume regular inspections in early 2023 and beyond. The PCAOB is required under the HFCA Act to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in the mainland China and Hong Kong. The possibility of being a "Commission-Identified Issuer" and risk of delisting could continue to adversely affect the trading price of our securities. Should the PCAOB again encounter impediments to inspections and investigations in mainland China or Hong Kong as a result of positions taken by any authority in either jurisdiction, the PCAOB will make determinations under the HFCA Act as and when appropriate.

Furthermore, various equity-based research organizations have recently published reports on China-based companies after examining their corporate governance practices, related party transactions, sales practices and financial statements, and these reports have led to special investigations and listing suspensions on U.S. national exchanges. Any similar scrutiny on us, regardless of its lack of merit, could cause the market price of EZGO's Ordinary Shares to fall, divert management resources and energy, cause us to incur expenses in defending ourselves against rumors, and increase the premiums we pay for director and officer insurance.

Our former auditor, Wei, Wei & Co., LLP, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Wei, Wei & Co., LLP is headquartered in Flushing, New York, and is subject to inspection by the PCAOB on a regular basis with the last inspection completed in September 2025.

Our current auditor as of the date of this annual report, HTL International, LLC, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. HTL International, LLC is headquartered in Houston, TX, and is subject to inspection by the PCAOB on a regular basis.

Notwithstanding the foregoing, in the future, if there is any regulatory change or step taken by PRC regulators that does not permit our auditor to provide audit documentations located in China to the PCAOB for inspection or investigation, EZGO's shareholders may be deprived of the benefits of such inspection. Any audit reports not issued by auditors that are completely inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken in China that prevents the PCAOB from regularly evaluating our auditors' audits and their quality control procedures, could result in a lack of assurance that our financial statements and disclosures are adequate and accurate, then such lack of inspection could cause EZGO's securities to be delisted from the stock exchange. The recent developments would add uncertainties to our offering pursuant to a prospectus and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of such auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

The SEC may propose additional rules or guidance that could impact us if such auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President's Working Group on Financial Markets, or the PWG, issued, to the then President of the United States, the Report on Protecting United States Investors from Significant Risks from Chinese Companies. This report recommended the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCA Act. However, some of the recommendations were more stringent than the HFCA Act. For example, if a company's auditor was not subject to PCAOB inspection, the report recommended that the transition period before a company would be delisted would end on January 1, 2022.

The SEC has announced that the SEC staff is preparing a consolidated proposal for the rules regarding the implementation of the HFCA Act and to address the recommendations in the PWG report. It is unclear when the SEC will complete its rulemaking and when such rules will become effective and what, if any, of the PWG recommendations will be adopted. The implications of this possible regulation in addition to the requirements of the HFCA Act are uncertain. While we understand that there has been dialogue among the CSRC, the SEC and the PCAOB regarding the inspection of PCAOB-registered accounting firms in China, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators. Such uncertainty could cause the market price of EZGO's Ordinary Shares to be materially and adversely affected, and EZGO's securities could be delisted and prohibited from being traded on a national securities exchange earlier than would be required by the HFCA Act. If EZGO's securities are unable to be listed on another securities exchange by then, such a delisting would substantially impair the ability to sell or purchase EZGO's Ordinary Shares when desired, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of EZGO's Ordinary Shares.

Should the PCAOB be unable to fully conduct inspections in China, which prevents it from fully evaluating the audits and quality control procedures of our independent registered public accounting firm, we, EZGO's shareholders and potential investors in EZGO's securities may be deprived of the benefits of such PCAOB inspections. Any inability of the PCAOB to conduct inspections of auditors in China could make it more difficult to evaluate the effectiveness of our independent registered public accounting firm's audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause EZGO's shareholders and potential investors in our shares to lose confidence in our audit procedures and reported financial information and the quality of our financial statements, which could materially and adversely affect the value of in its securities. Further, new laws and regulations or changes in laws and regulations in both the United States and China could affect our ability to list EZGO's Ordinary Shares on Nasdaq, which could materially impair the market for and market price of its Ordinary Shares.

**Risks Related to Our Business and Industry**

***We may incur losses in the future.***

We had net loss from continuing operations of approximately $3.86 million, $5.86 million and $9.46 million, for the fiscal years ended September 30, 2023, 2024, and 2025, respectively. We anticipate that our operating expenses (such as sale expense, marketing expense and research and development expense), together with general administrative expenses of a growing public company, will continue to be significant. While we are implementing cost reduction and efficiency improvement measures, including streamlining our operations following the disposal of our former VIE-related businesses, certain expenses may increase due to public company requirements and our efforts to develop and market our products and services. These efforts may prove more expensive than we currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses. As a result of the foregoing and other factors, we may incur net losses in the future and may be unable to achieve or maintain profitability on an interim or annual basis for the foreseeable future.

***If we are unable to manage our growth or execute our strategies effectively, our business and prospects may be materially and adversely affected.***

To accommodate our growth, we anticipate that we will need to implement a variety of new and upgraded operational and financial systems, procedures, and controls, including the improvement of our accounting and other internal management systems. We will also need to continue to expand, train, manage and motivate our workforce and manage our relationships with customers and third-party suppliers. All of these endeavors involve risks, and will require substantial management effort and significant additional expenditures. We may not be able to manage our growth or execute our strategies effectively, and any failure to do so may have a material adverse effect on our business and prospects.

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***Our marketing strategy of appealing to and growing sales to a more diversified group of customers may not be successful.***

To grow the business over the long term, we must be successful in selling products and services and promoting our brand experience to a broader and more customer base. We must also execute our diversification strategy without adversely impacting the strength of the brand with core customers. Failure to successfully drive demand for our battery cells and packs and electronic control systems may have a material adverse effect on our business and results of operations.

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***We face intense competition in the electric bicycle accessories market, and if we fail to compete effectively, we may lose market share and customers.***

New and enhanced technologies may increase the competition in the electric bicycle accessories industry. Increased competition may reduce our profitability, market share, customer base and brand recognition. There can be no assurance that we will be able to compete successfully against current or future competitors, and such competitive pressures may have a material and adverse effect on our business, financial condition, and results of operations.

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***Our products and services may experience quality problems from time to time, which could result in decreased sales, adversely affect our results of operations and harm our reputation.***

Our products and services may contain design and manufacturing defects. There can be no assurance that we will be able to detect and fix all defects in the products and services we offer. Failure to do so could result in lost in revenue, significant warranty and other expenses and harm to our reputation.

***We may be subject to product liability claims if people or properties are harmed by our products and we may be compelled to undertake product recalls or take other actions, which could adversely affect our brand image and results of operations.***

We are subject to product liability claims for our products sold or rented through online and offline channels. As a result, sales of such products on our platform could expose us to product liability claims relating to personal injury or property damage and may require product recalls or other actions. Third-parties subject to such injury or damage may bring claims or legal proceedings against us as retailer, and manufacturer of the products. In the future, we may at various times, voluntarily or involuntarily, initiate a recall if any of our products, including any systems or parts sourced from our suppliers, prove to be defective or noncompliant with applicable laws and regulations. Such recalls, whether voluntary or involuntary or caused by systems or components engineered or manufactured by us or our suppliers, could involve significant expense and could adversely affect our brand image in our target markets, as well as our business, prospects, financial condition and results of operations.

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***Our products are subject to safety and other standards and failure to satisfy such mandated standards would have a material adverse effect on our business and operating results.***

Our batteries must comply with the national standard GB/T 36972-2018 Lithium Batteries for Electric Bicycles, which was officially released on December 28, 2018 and implemented on July 1, 2019. Lithium batteries that do not meet standard may be returned by customers, harm our reputation and subject us to additional regulatory actions. This could harm our relationship with our business partners and reputation in the industry. Any of these occurrences could have a material adverse effect on our operations and financial results.

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***We were dependent upon our core customers for substantial portions of the sale and rental of our e-bicycles and batteries. Any interruption in our relationship with our core customers could materially and adversely affect our growth and financial condition.***

We relied on our four major customers in sales of batteries, including Ningbo Yiqi New Energy Technology Co., Ltd., Guangzhou Shengkang Power Equipment Co., Ltd., Changzhou Kepaidi Energy Technology Co., Ltd. and Hangzhou Xingruihe Technology Co., Ltd, each accounted for approximately 30%, 27%, 20%, and 12%, respectively, of our sales of batteries for the fiscal year ended September 30, 2025. We relied on our three major customers in sales of batteries, including Ningbo Yiqi New Energy Technology Co., Ltd., Changzhou Copidi Energy Co., Ltd., and Guangzhou Shengkang Power Equipment Co., Ltd., each accounted for approximately 40%, 28% and 14%, respectively, of our sales of batteries for the fiscal year ended September 30, 2024. We relied on three major customers in sales of batteries, including Ningbo Yiqi New Energy Technology Co., Ltd., Chengdu Baiya Technologies Co., Ltd. and Changzhou Copidi Energy Co., Ltd., each accounted for approximately 51%, 26% and 16%, respectively, of our sales of batteries for the fiscal year ended September 30, 2023.

We relied on two major customers, Jiangsu Biyaqiao Motorcycle Sales Co., Ltd., and Youon Technology Co., Ltd., which accounted for approximately 56% and 36% of our e-bicycles sales revenue for the fiscal year ended September 30, 2025. We relied on one major customer, Youon Technology Co., Ltd., which accounted for approximately 86% of our e-bicycles sales revenue for the fiscal year ended September 30, 2024. We relied on our two major customers in sales of e-bicycles, including Piesat Information Technology Co., Ltd. and Jiangsu Biyaqiao Motorcycle Sales Co., Ltd., each accounted for approximately 35% and 20%, respectively, of our e-bicycles sales revenue for the fiscal year ended September 30, 2023. Any disputes with our business partners could have a material adverse effect on our business and results of operations.&nbsp;&nbsp;&nbsp;&nbsp;

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***Our success depends on our ability to retain our core management team and other key personnel.***

Our performance depends on the continued service and performance of our directors and senior management as they are expected to play an important role in guiding the implementation of our business strategies and future plans. Specifically, Mr. Qixiang Liu, a prior director of the Company, resigned on July 30, 2025, and Ms. Jingyan Wu, our prior Chief Financial Officer, resigned on August 31, 2025. While we were able to appoint Mr. Zhenguo Wu as a new director on July 31, 2025 and Mr. Yuehan Ling as the new Chief Financial Officer on September 4, 2025, if any of our current directors or any members of our senior management were to terminate their service or employment, there can be no assurance that we would be able to find suitable replacements in a timely manner, at acceptable cost or at all. The loss of services of key personnel or the inability to identify, hire, train and retain other qualified and managerial personnel in the future may materially and adversely affect our business, financial condition, results of operations and prospects. Additionally, we rely on our research and development personnel for product development and technology innovation. If any of our key research and development personnel were to leave us, we cannot assure you that we can secure equally competent research and development personnel in a timely manner, or at all.

***Competition for our employees is intense, and we may not be able to attract and retain the highly skilled employees needed to support our business.***

We believe our success depends on the efforts and talents of our employees, including management team and financial personnel. Our future success depends on our continued ability to attract, develop, motivate and retain highly qualified and skilled employees. Competition for highly skilled personnel is extremely intense. We may not be able to hire and retain these personnel at compensation levels consistent with our existing compensation and salary structure. Many of the companies with which we compete for experienced employees have greater resources than we do and may be able to offer more attractive terms of employment.

In addition, we invest significant time and expense in training our employees, which increases their value to competitors who may seek to recruit them. If we fail to retain our employees, we could incur significant expenses in hiring and training their replacements, and the quality of our services and our ability to serve customers could diminish, resulting in a material adverse effect on our business.

***We may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.***

We regard our trademarks, domain names, trade secrets, proprietary technologies and other intellectual property as critical to our business. We rely on a combination of intellectual property laws and contractual arrangements, including confidentiality agreements with our employees, partners and others, to protect our proprietary rights. As of the date of this annual report, we have obtained eight registered patents from the PRC related to technologies used in our battery cell manufacturing, battery packing and two-stroke permanent magnet engines as well as e-bicycle manufacturing. We have also registered 1 trademark with the China Trademark Office and 4 copyright registrations with the PRC. See *"Item 4. Information on the Company - B. Business Overview - Intellectual Property"*.

It is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation. Accordingly, we may not be able to effectively protect our intellectual property rights or to enforce our contractual rights in China. Policing any unauthorized use of our intellectual property is difficult and costly and the steps we have taken may be inadequate to prevent the misappropriation of our intellectual property. In the event that we resort to litigation to enforce our intellectual property rights, such litigation could result in substantial costs and a diversion of our managerial and financial resources. We can provide no assurance that we will prevail in such litigation. In addition, our trade secrets may be leaked or otherwise become available to, or be independently discovered by, our competitors. Any failure in protecting or enforcing our intellectual property rights could materially and adversely affect our business, financial condition and results of operations.

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***As our patents may expire and may not be extended, our patent applications may not be granted and our patent rights may be contested, circumvented, invalidated or limited in scope, our patent rights may not protect us effectively.***

As of the date of this annual report, we own 16 registered patents relating to various aspects of our operations. The rights granted under any issued patents, however, may not provide us with proprietary protection or The rights granted under any issued patents, however, may not provide us with proprietary protection or competitive advantages. The claims under any patents that issue from our patent applications may not be broad enough to prevent others from developing technologies that are similar or that achieve results similar to ours. It is also possible that the intellectual property rights of others will bar us from licensing. Numerous patents owned by others exist in the fields in which we have developed and are developing our technology. These patents and patent applications might have priority over our patent applications and could subject our patent applications to invalidation. Finally, in addition to those who may claim priority, any of our existing patents may also be challenged by others on the basis that they are otherwise invalid or unenforceable. Any failure in extending our existing patents, or if our patent rights were to be contested, circumvented, invalidated or limited in scope could materially and adversely affect our business, financial condition and results of operations.

***We may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.***

We cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate patents, copyrights or other intellectual property rights held by third parties. We have been, and from time to time in the future may be, subject to legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be other third-party intellectual property that is infringed by our products, services or other aspects of our business. There could also be existing patents of which we are not aware that our products may inadvertently infringe. Holders of patents purportedly relating to some aspect of our products or business, if any such holders exist, may seek to enforce such patents against us in China, the United States or any other jurisdictions. Further, the application and interpretation of China's patent laws and the procedures and standards for granting patents in China are still evolving and are uncertain, and PRC courts or regulatory authorities may not agree with our analysis. If we are found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our own. In addition, we may incur significant expenses, and may be forced to divert management's time and other resources from our business and operations to defend against these third-party infringement claims, regardless of their merits. Infringement of our intellectual property rights or successful licensing claims made against us may result in significant monetary liabilities and may materially disrupt our business and operations by restricting or prohibiting our use of the intellectual property in question.

***Our business, financial condition and results of operations may be adversely affected by a downturn in the global or Chinese economies.***

Because our sales are mostly generated in China, our business and prospects may be affected by economic conditions in China or globally. Although the Chinese economy has grown steadily in the past decade, there is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal policies adopted by the People's Bank of China and financial authorities of some of the world's leading economies, including the United States and China. There have been concerns over unrest and terrorist threats in the Middle East, Europe, and Africa, which have resulted in volatility in oil and other markets. There have also been concerns on the relationship among China and other Asian countries, which may result in or intensify potential conflicts in relation to territorial disputes. In addition, the economic conditions in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate in China. A decline in the economic prospects in the mechanics and other industries could alter current or prospective customers' spending priorities. We cannot assure you that the spending in general or with respect to our product offerings in particular will increase, or not decrease, from current levels. Therefore, a slowdown in China's economy or the global economy may lead to a reduction in demand for our products and services, which could materially and adversely affect our financial condition and results of operations.

***We have identified material weaknesses in our internal control over financial reporting. If we fail to develop and maintain an effective system of internal control over financial reporting, we may be unable to accurately report our financial results or prevent fraud.***

In connection with the preparation of our financial statements for the fiscal years ended September 30, 2023, 2024 and 2025, we have identified material weaknesses and other control deficiencies including significant deficiencies in our internal control over financial reporting. These material weaknesses remained unremediated as of September 30, 2025. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

One material weakness that has been identified related to our lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP and SEC financial reporting requirements. The other material weakness that has been identified related to our lack of key monitoring mechanisms such as internal control department to oversee and monitor Company's risk management, business strategies and financial reporting procedures.

We have already taken some steps and have continued to implement measures to remediate the material weakness identified, including but not limited to (a) continuing our efforts to set up the internal audit department, and enhance the effectiveness of the internal control system; and (b) pertaining to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; and (c) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel. For details on these initiatives, please see *"Item 15. Controls and Procedures - (b) Internal Control Over Financial Reporting".*

 

Pursuant to Section 404 of the Sarbanes-Oxley Act, we are required to file a report by our management on our internal control over financial reporting, including an attestation report on internal control over financial reporting issued by our independent registered public accounting firm. However, while we remain an emerging growth company, we will not be required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.

We cannot be certain that these measures will successfully remediate the material weakness or that other material weaknesses will not be discovered in the future. If we fail to achieve and maintain an effective internal control environment, it could result material misstatements in our financial statements and we could fail to meet our reporting obligations, which would likely cause EZGO's shareholders and potential investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of EZGO's Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods.

***Any significant cybersecurity incident or disruption of our information technology systems or those of third-party partners could materially damage user relationships and subject us to significant reputational, financial, legal and operation consequences.***

We depend on our information technology systems, as well as those of third parties, to develop new products and services, host and manage our services, store data and process transactions. Any material disruption or slowdown of our systems or those of third parties whom we depend upon could cause outages or delays in our services, particularly in the form of interruption of services delivered by our website, which could harm our brand and adversely affect our operating results. If changes in technology cause our information technology systems, or those of third parties whom we depend upon, to become obsolete, or if our or their information systems are inadequate to handle our growth, we could lose users, and our business and operating results could be adversely affected.

***We have limited insurance coverage, which could expose us to significant costs and business disruption.***

We are exposed to various risks associated with our business and operations, and we have limited liability insurance coverage. A successful liability claim against us due to injuries or damages suffered by our users could materially and adversely affect our reputation, results of operations and financial conditions. Even if unsuccessful, such a claim could cause us adverse publicity, require substantial costs to defend, and divert the time and attention of our management. In addition, we do not have any business disruption insurance. Any business disruption event could result in substantial costs to us and a diversion of our resources.

***Changes in U.S. and Chinese regulations or in relations between the United States and China may adversely impact our business, our operating results, our ability to raise capital and the market price of EZGO's Ordinary Shares. Any such changes may take place quickly and with very little notice***

The U.S. government, including the SEC, has recently made statements and taken certain actions that may lead to significant changes to U.S. and international relations, and will impact companies with connections to the United States or China. It is unknown whether and to what extent new tariffs or other new laws or regulations will be adopted, or the effect that any such actions would have on us or our industry and users. Although cross-border business may not be an area of our major focus, if we increase the selling of our products internationally in the future, any unfavorable government policies on international trade, such as capital controls or tariffs, may affect the demand for our products and services, impact the competitive position of our products or prevent us from being able to sell products in certain countries. If any new tariffs, legislation and/or regulations are implemented, or if existing trade agreements are renegotiated or, in particular, if the U.S. government takes retaliatory trade actions due to the recent U.S.-China trade tension, such changes could have an adverse effect on our business, financial condition, results of operations.

In addition, the SEC has issued statements primarily focused on companies with significant China-based operations, such as us. For example, on July 30, 2021, Gary Gensler, Chairman of the SEC, issued a Statement on Investor Protection Related to Recent Developments in China, pursuant to which Chairman Gensler stated that he has asked the SEC staff to engage in targeted additional reviews of filings for companies with significant China-based operations. The statement also addressed risks inherent in companies with variable interest entity structure. It is possible that the Company's filings with the SEC may be subject to enhanced review by the SEC and this additional scrutiny could affect our ability to effectively raise capital in the United States.

In response to the SEC's July 30, 2021 statement, the CSRC announced on August 1, 2021, that "[i]t is our belief that Chinese and U.S. regulators shall continue to enhance communication with the principle of mutual respect and cooperation, and properly address the issues related to the supervision of China-based companies listed in the U.S. so as to form stable policy expectations and create benign rules framework for the market." While the CSRC will continue to collaborate "closely with different stakeholders including investors, companies, and relevant authorities to further promote transparency and certainty of policies and implementing measures," it emphasized that it "has always been open to companies' choices to list their securities on international or domestic markets in compliance with relevant laws and regulations." If any new legislation, executive orders, laws and/or regulations are implemented, if the U.S. or Chinese governments take retaliatory actions due to the recent U.S.-China tension or if the Chinese government exerts more oversight and control over securities offerings that are conducted in the United States, such changes could have an adverse effect on our business, financial condition and results of operations, our ability to raise capital and the market price of EZGO's Ordinary Shares.

***Operating as a publicly traded company in the United States subjects us to additional rules and regulations, require us to incur substantial costs and require substantial management attention. In addition, our management team has limited experience managing a public company.***

As a publicly traded company in the United States, we incur substantial legal, accounting, director and officer insurance and other expenses that we did not incur as a private company. For example, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the rules and regulations of the SEC. The Nasdaq listing requirements, as well as other applicable securities rules and regulations, also apply to us. We need to establish and maintain effective disclosure and financial controls and make changes to our corporate governance practices. Compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time consuming.

Most of our management and other personnel have little experience managing a public company and preparing public filings. In addition, we expect that our management and other personnel will need to divert attention from other business matters to devote substantial time to the reporting and other requirements of being a public company. In particular, we expect to incur significant expense and devote substantial management effort to complying with the requirements of Section 404 of the Sarbanes-Oxley Act. We may need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against us and our business may be adversely affected.

These new rules and regulations may make it more expensive for us to obtain director and officer liability insurance, and in the future, we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our Board of Directors, particularly to serve on our audit committee, compensation committee, and nominating and corporate governance committee, and qualified senior management.

By disclosing information in this annual report and in filings required of a public company, our business and financial condition become visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If those claims are successful, our business could be seriously harmed. Even if the claims do not result in litigation or are resolved in our favor, the time and resources needed to resolve them could divert our management's resources and seriously harm our business.

***The occurrence of natural disasters may adversely affect our business, financial condition, and results of operations.***

The occurrence of natural disasters, including hurricanes, floods, earthquakes, tornadoes, fires, and pandemic disease may adversely affect our business, financial condition, or results of operations. The potential impact of a natural disaster on our results of operations and financial position is speculative and would depend on numerous factors. The extent and severity of these natural disasters determines their effect on a given economy. Although the long-term effect of diseases such as the COVID-19 "coronavirus," H5N1 "avian flu," or H1N1, the swine flu, cannot currently be predicted, previous occurrences of avian flu and swine flu had an adverse effect on the economies of those countries in which they were most prevalent. An outbreak of a communicable disease in our market could adversely affect our business, financial condition and results of operations, and timely reporting obligations under Regulation S-X and Regulation S-K following our business combination. We cannot assure you that natural disasters will not occur in the future or that our business, financial condition and results of operations will not be adversely affected.

**Risks Related to Our Corporate Structure**

***Our current corporate structure and business operations may be affected by the Foreign Investment Law.***

On March 15, 2019, the National People's Congress, China's national legislative body, approved the Foreign Investment Law, which took effect on January 1, 2020. Since it is relatively new, uncertainties exist in relation to its interpretation. The Foreign Investment Law does not explicitly classify whether variable interest entities that are controlled through contractual arrangements would be deemed as foreign-invested enterprises if they are ultimately "controlled" by foreign investors. However, it has a catch-all provision under definition of "foreign investment" that includes investments made by foreign investors in China through other means as provided by laws, administrative regulations, or the State Council. Therefore, it still leaves leeway for future laws, administrative regulations, or provisions of the State Council to provide for contractual arrangements being viewed as a form of foreign investment.

The Foreign Investment Law grants national treatment to foreign-invested entities, except for those foreign-invested entities that operate in industries specified as either "restricted" or "prohibited" from foreign investment in a "negative list" that is yet to be published. It is unclear whether the "negative list" to be published will differ from the current Special Administrative Measures for Market Access of Foreign Investment (Negative List). The Foreign Investment Law provides that foreign-invested entities operating in "restricted" or "prohibited" industries will require market entry clearance and other approvals from relevant PRC government authorities. If any of our business of is "restricted" from foreign investment under the "negative list" effective at the time, we may be deemed to be in violation of the Foreign Investment Law and we may be required to restructure our business operations, any of which may have a material adverse effect on our business operation.

***Our previous contractual arrangements were governed by PRC law. We also have contract engagements that are currently governed by PRC laws. Accordingly, these contracts would be interpreted in accordance with PRC law, and any disputes would be resolved in accordance with PRC legal procedures, which may not protect you as much as those of other jurisdictions, such as the United States.***

All the VIE agreements were governed by PRC law and provide for the resolution of disputes through arbitration in China. We also have contract engagements that are currently governed by PRC laws and are subject to arbitration. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. The legal system in the PRC is not as developed as in some other jurisdictions, such as the U.S. As a result, uncertainties in the PRC legal system could limit our ability to enforce these contractual arrangements. Meanwhile, there are very few precedents and formal guidelines as to how such agreements should be interpreted or enforced under PRC laws. There remain significant uncertainties regarding the ultimate outcome of such arbitration should legal action become necessary. In addition, under PRC laws, rulings by arbitrators are final and parties cannot appeal arbitration results in court unless such rulings are revoked or determined unenforceable by a competent court. If the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would require additional expenses and delay. In the event that we are unable to enforce these contractual arrangements, or if we encounter significant delay or other obstacles in the process of enforcing these contractual arrangements, we may not be able to enforce our rights under such agreements, and our revenue and our business may be negatively affected. See *"Risks Related to Doing Business in China - Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us*."

The arbitration provisions under these contractual arrangements have no effect on the rights of EZGO's shareholders to pursue claims against us under the United States federal securities laws.

***Previous Contractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that the VIE owes additional taxes, which could negatively affect our financial condition and the value of your investment.***

Under applicable PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the PRC tax authorities. The PRC Enterprise Income Tax Law, or the EIT Law, requires every enterprise in China to submit its annual enterprise income tax return together with a report on transactions with its related parties to the relevant tax authorities. The tax authorities may impose reasonable adjustments on taxation if they identify any related party transactions that are inconsistent with the arm's length principles. We may face material and adverse tax consequences if the PRC tax authorities determine that the contractual arrangements among Changzhou EZGO, the VIE and its shareholders were not entered into on an arm's length basis in such a way as to result in an impermissible reduction in taxes under applicable PRC laws, regulations and rules, and adjust their income in the form of a transfer pricing adjustment. A transfer pricing adjustment could, among other things, result in a reduction of expense deductions recorded by Changzhou EZGO or the VIE for PRC tax purposes, which could in turn increase their tax liabilities without reducing their tax expenses. Furthermore, the PRC tax authorities may impose late payment fees and other penalties on Changzhou EZGO for adjusted but unpaid taxes according to applicable regulations. Our financial position could be materially and adversely affected if the tax liabilities of Changzhou EZGO increase, or if they are required to pay late payment fees and other penalties.

***We may lose the ability to use and enjoy assets held by our subsidiaries that are material to the operation of our business if the entity goes bankrupt or becomes subject to a dissolution or liquidation proceeding.***

Our subsidiaries hold substantially all of our assets. In the event that any subsidiary declares bankruptcy and all or part of its assets become subject to liens or rights of third-party creditors, or are otherwise disposed of without our consent, we may be unable to continue some or all of our business activities, which could materially and adversely affect our business, financial condition and results of operations. If any subsidiary undergoes a voluntary or involuntary liquidation proceeding, independent third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business, which could materially and adversely affect our business, financial condition and results of operations.

**Risks Related to EZGO's Ordinary Shares**

***The market price of EZGO's Ordinary Shares has recently declined significantly, and EZGO's Ordinary Shares could be delisted from the Nasdaq or trading could be suspended.***

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The listing of EZGO's Ordinary Shares on the Nasdaq Capital Market is contingent on our compliance with the Nasdaq Capital Market's conditions for continued listing. On October 19, 2023, we announced that we received written notification, or the Notification Letter, from Nasdaq on October 18, 2023 that we were not in compliance with the minimum bid price requirement of US$1.00 per share under the Nasdaq Listing Rules (the "Minimum Bid Price Requirement"). In accordance with Nasdaq Listing Rules, we were required to regain compliance with the Minimum Bid Price Requirement within 180 calendar days, or by April 15, 2024. To regain compliance, EZGO's Ordinary Shares were required to have had a closing bid price of at least US$1.00 for a minimum of 10 consecutive trading days or before April 15, 2024.

On March 22, 2024, the Board of Directors of EZGO approved a reverse share split (the "Reverse Share Split") of the Company's Ordinary Shares at a ratio of 1-for-40 so that every forty (40) shares are combined into one (1) share (with the fractional shares rounding off to the nearest whole share). The Company's Ordinary Shares began trading on the Nasdaq Stock Market on a post-split basis on April 12, 2024. As a result of the Reverse Share Split, the par value of the Ordinary Shares of the Company was changed from $0.001 per share to $0.04 per share, and the Company's issued and outstanding Ordinary Shares was reduced from 102,165,549 to approximately 2,554,139.

On March 26, 2024, the Company received a delisting determination notice (the "Delisting Notice") from Nasdaq notifying the Company that, as of March 26, 2024, the Ordinary Shares had a closing bid price of $0.10 or less for ten consecutive trading days and that, consistent with Nasdaq Listing Rule 5810(c)(3)(A)(iii), Nasdaq had determined to begin the process to delist the Ordinary Shares from the Nasdaq Stock Market. On April 2, 2024, the Company submitted a request for a hearing before the Nasdaq Hearings Panel to appeal the Delisting Notice, which was scheduled on May 23, 2024.

On May 1, 2024, the Company received a written notification from Nasdaq that the Company has regained compliance with the Minimum Bid Price Requirement and the matter was closed. Consequently, the scheduled hearing before the Nasdaq Hearings Panel was cancelled.

On December 31, 2024, we announced that we received written notification, or the Notification Letter, from Nasdaq on December 30, 2024 that we were not in compliance with the Minimum Bid Price Requirement. In accordance with Nasdaq Listing Rules, we were required to regain compliance with the Minimum Bid Price Requirement within 180 calendar days, or by June 30, 2025. On July 2, 2025, the Company received a letter from Nasdaq, indicating that the Company is granted an additional 180 calendar days, until December 29, 2025, to regain compliance with the minimum bid price requirement of $1 per share, as stipulated by Nasdaq Listing Rule 5550(a)(2).

On November 7, 2025, the Board of Directors of EZGO approved a reverse share split (the "2025 Reverse Share Split") of the Company's Ordinary Shares at a ratio of 1-for-25 so that every twenty-five (25) shares are combined into one (1) share (with the fractional shares rounding off to the nearest whole share). The Company's Ordinary Shares began trading on the Nasdaq Stock Market on a post-split basis on November 21, 2025. Shortly after the 2025 Reverse Share Split, the par value of the Ordinary Shares of the Company was changed from $0.04 per share to US$1.00 per share (as a result of the 2025 Reverse Share Split) and then to no par value per share, and the Company's issued and outstanding Ordinary Shares was reduced from 21,700,706 to approximately 868,029.

On December 11, 2025, the Staff determined that, for 13 consecutive business days, from November 21, 2025, through December 10, 2025, the closing bid price of the Company's Ordinary Shares has been at or above US$1.00 per share. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and Nasdaq has confirmed that the matter is now closed.

We cannot assure you that we will be able to regain compliance with the Minimum Bid Price Requirement under the Nasdaq Listing Rules, or that we will not receive other deficiency notifications from Nasdaq in the future. A decline in the closing price of EZGO's Ordinary Shares could result in a breach of the requirements for listing on the Nasdaq Capital Market. If we do not maintain compliance, Nasdaq could commence suspension or delisting procedures in respect of EZGO's Ordinary Shares. The commencement of suspension or delisting procedures by an exchange remains at the discretion of such exchange and would be publicly announced by the exchange. If a suspension or delisting were to occur, there would be significantly less liquidity in the suspended or delisted securities. In addition, our ability to raise additional necessary capital through equity or debt financing would be greatly impaired. Furthermore, with respect to any suspended or delisted Ordinary Shares, we would expect decreases in institutional and other investor demand, analyst coverage, market making activity and information available concerning trading prices and volume, and fewer broker-dealers would be willing to execute trades with respect to such Ordinary Shares. A suspension or delisting would likely decrease the attractiveness of EZGO's Ordinary Shares to investors and cause the trading volume of EZGO's Ordinary Shares to decline, which could result in a further decline in the market price of EZGO's Ordinary Shares.

***In the event that EZGO's Ordinary Shares are delisted from Nasdaq, U.S. broker-dealers may be discouraged from effecting transactions in EZGO's Ordinary Shares because they may be considered penny stocks and thus be subject to the penny stock rules.***

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The SEC has adopted a number of rules to regulate "penny stock" that restricts transactions involving stock which is deemed to be penny stock. Such rules include Rules 3a51-1, 15g-1, 15g-2, 15g-3, 15g-4, 15g-5, 15g-6, 15g-7, and 15g-9 under the Exchange Act. These rules may have the effect of reducing the liquidity of penny stocks. "Penny stocks" generally are equity securities with a price of less than $5.00 per share (other than securities registered on certain national securities exchanges or quoted on Nasdaq if current price and volume information with respect to transactions in such securities is provided by the exchange or system). EZGO's Ordinary Shares could be considered to be a "penny stock" within the meaning of the rules. The additional sales practice and disclosure requirements imposed upon U.S. broker-dealers may discourage such broker-dealers from effecting transactions in shares of EZGO's Ordinary Shares, which could severely limit the market liquidity of such Ordinary Shares and impede their sale in the secondary market.

A U.S. broker-dealer selling a penny stock to anyone other than an established customer or "accredited investor" (generally, an individual with a net worth in excess of $1,000,000 or an annual income exceeding $200,000, or $300,000 together with his or her spouse) must make a special suitability determination for the purchaser and must receive the purchaser's written consent to the transaction prior to sale, unless the broker-dealer or the transaction is otherwise exempt. In addition, the "penny stock" regulations require the U.S. broker-dealer to deliver, prior to any transaction involving a "penny stock", a disclosure schedule prepared in accordance with SEC standards relating to the "penny stock" market, unless the broker-dealer or the transaction is otherwise exempt. A U.S. broker-dealer is also required to disclose commissions payable to the U.S. broker-dealer and the registered representative and current quotations for the securities. Finally, a U.S. broker-dealer is required to submit monthly statements disclosing recent price information with respect to the "penny stock" held in a customer's account and information with respect to the limited market in "penny stocks".

The market for "penny stocks" has suffered in recent years from patterns of fraud and abuse. Such patterns include (i) control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer; (ii) manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases; (iii) "boiler room" practices involving high-pressure sales tactics and unrealistic price projections by inexperienced sales persons; (iv) excessive and undisclosed bid-ask differentials and markups by selling broker-dealers; and (v) the wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, resulting in losses to EZGO's shareholders. Our management is aware of the abuses that have occurred historically in the penny stock market. Although we do not expect to be in a position to dictate the behavior of the market or of broker-dealers who participate in the market, management will strive within the confines of practical limitations to prevent the described patterns from being established with respect to EZGO's securities.

***An active trading market for EZGO's Ordinary Shares may not continue and the trading price for EZGO's Ordinary Shares may fluctuate significantly.***

We cannot assure you that a liquid public market for EZGO's Ordinary Shares will continue. If an active public market for EZGO's Ordinary Shares does not continue, the market price and liquidity of EZGO's Ordinary Shares may be materially and adversely affected. We can provide no assurance that the trading price of EZGO's Ordinary Shares will not decline. As a result, EZGO's shareholders and potential investors in EZGO's securities may experience a significant decrease in the value of their Ordinary Shares.

***The trading price of EZGO's Ordinary Shares may be volatile, which could result in substantial losses to EZGO's shareholders and potential investors.***

The trading price of EZGO's Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in China that have listed their securities in the United States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings. The trading performances of these Chinese companies' securities after their offerings may affect the attitudes of investors toward Chinese companies listed in the United States in general and consequently may impact the trading performance of EZGO's Ordinary Shares, regardless of our actual operating performance.

In addition to market and industry factors, the price and trading volume for EZGO's Ordinary Shares may be highly volatile for factors specific to our own operations, including the following:

● variations in our revenues, earnings, cash flow and data related to our user base or user engagement;

● announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;

● announcements of new product and service offerings, solutions and expansions by us or our competitors;

● changes in financial estimates by securities analysts;

● detrimental adverse publicity about us or our industry;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which EZGO's Ordinary Shares will trade.

In the past, shareholders of public companies often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

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***We may not be able to maintain our listing on Nasdaq which could limit EZGO's shareholders' and potential investors' ability to make transactions in EZGO's securities and subject us to additional trading restrictions.***

EZGO's Ordinary Shares are listed on Nasdaq. We cannot assure you that EZGO's Ordinary Shares will continue to be listed on Nasdaq in the future. In order to continue listing EZGO's securities on Nasdaq, we must maintain certain financial, distribution and share price levels. Generally, we must (i) maintain a minimum amount in shareholders' equity (generally above $2,500,000), maintain a minimum market value of listed securities (generally above $35,000,000) or have a minimum net income from operations for the prior year of for two of the preceding years (generally above $500,000); and (ii) a minimum number of publicly held shares (generally greater than 500,000) and a minimum number of public shareholders (generally greater than 300 shareholders). EZGO's Ordinary Shares also cannot have a bid price of less than $1.00. Moreover, we must comply with certain listing standards regarding the independence of our Board of Directors and members of our audit committee. We intend to fully comply with these requirements, but we may not be able to meet these requirements in the future.

If Nasdaq delists EZGO's securities from trading on its exchange and we are not able to list EZGO's securities on another national securities exchange, we expect EZGO's securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:

● a limited availability of market quotations for EZGO's securities;

● reduced liquidity for EZGO's securities;

● a determination that EZGO's Ordinary Shares are "penny stocks" which will require brokers trading in EZGO's Ordinary Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for EZGO's securities;

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

The National Securities Markets Improvement Act of 1996, which is a U.S. federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because EZGO's Ordinary Shares are listed on Nasdaq, such securities will be covered securities. Although the states are preempted from regulating the sale of EZGO's securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed on Nasdaq, EZGO's securities would not be covered securities and we would be subject to regulations in each state in which we offer EZGO's securities.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding EZGO's Ordinary Shares, the market price for EZGO's Ordinary Shares and trading volume could decline.***

The trading market for EZGO's Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who cover us downgrade EZGO's Ordinary Shares, the market price for EZGO's Ordinary Shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for EZGO's Ordinary Shares to decline.

***The sale or availability for sale of substantial amounts of EZGO's Ordinary Shares could adversely affect their market price.***

Sales of substantial amounts of EZGO's Ordinary Shares in the public market in the future, or the perception that these sales could occur, could adversely affect the market price of EZGO's Ordinary Shares and could materially impair our ability to raise capital through equity offerings in the future. EZGO's Ordinary Shares are freely tradable without restriction or further registration under the Securities Act of 1933, as amended (the "Securities Act"), and shares held by EZGO's existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up agreements. We cannot predict what effect, if any, market sales of securities held by EZGO's significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of EZGO's Ordinary Shares.

***We may need additional capital and may sell additional Ordinary Shares or other equity securities or incur indebtedness, which could result in additional dilution to EZGO's shareholders or increase our debt service obligations.***

We may require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity securities or equity-linked debt securities could result in additional dilution to EZGO's shareholders. The incurrence of indebtedness would result in debt service obligations and could result in operating and financing covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or terms acceptable to us, if at all.

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***Techniques employed by short sellers may drive down the market price of the Ordinary Shares.***

Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of EZGO's Ordinary Shares for return on your investment.***

We currently retain all of our available funds and any future earnings to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in EZGO's Ordinary Shares as a source for any future dividend income.

Our Board of Directors has complete discretion as to whether to distribute dividends. Even if our Board of Directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our Board of Directors. Accordingly, the return on your investment in EZGO's Ordinary Shares will likely depend entirely upon any future price appreciation of EZGO's Ordinary Shares. There is no guarantee that EZGO's Ordinary Shares will appreciate in value in the future or even maintain the price at which you purchased EZGO's Ordinary Shares. You may not realize a return on your investment in EZGO's Ordinary Shares and you may even lose your entire investment.

***EZGO's principal shareholders have substantial influence over our company. Their interests may not be aligned with the interests of EZGO's other shareholders, and they could prevent or cause a change of control or other transactions.***

As of the date of this annual report, our executive officers and directors, together with each of EZGO's principal shareholders owning 5% or more of our issued and outstanding Ordinary Shares, beneficially own approximately 159,374 Ordinary Shares, or approximately 18.01% of our outstanding Ordinary Shares.

Accordingly, EZGO's executive officers and directors, together with principal shareholders owning 5% or more of our issued and outstanding Ordinary Shares, could have a significant influence in determining the outcome of any corporate transaction or other matter submitted to the shareholders for approval, including mergers, consolidations, the election of directors and other significant corporate actions. In cases where their interests are aligned and they vote together, these principal shareholders will also have the power to prevent or cause a change in control. Without the consent of some or all of these principal shareholders, we may be prevented from entering into transactions that could be beneficial to us or EZGO's minority shareholders. In addition, our directors and officers could violate their fiduciary duties by diverting business opportunities from us to themselves or others. The interests of EZGO's principal shareholders may differ from the interests of EZGO's other shareholders. The concentration in the ownership of EZGO's Ordinary Shares may cause a material decline in the value of EZGO's Ordinary Shares.

***As a company incorporated in the BVI, we are relying on certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.***

As a business company incorporated in the BVI that is listed on Nasdaq, EZGO is subject to Nasdaq corporate governance listing standards. However, Nasdaq rules permit a foreign private issuer like EZGO to follow the corporate governance practices of its home country. Certain corporate governance practices in the BVI, which is EZGO's home country, may differ significantly from Nasdaq corporate governance listing standards, including, but not limited to, Board of Directors independent requirements, director nomination procedures, compensation committee matters. EZGO is following its home country law instead of the Nasdaq listing rules that require EZGO to obtain shareholder approval for certain dilutive events, such as certain transactions other than a public offering involving issuances of a 20% or greater interest in the company, and acquisitions of the stock or assets of another company. As a result, EZGO's shareholders may be afforded less protection than they otherwise would enjoy under Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

***EZGO is a BVI company and, because judicial precedent regarding the rights of shareholders is more limited under BVI law than under U.S. law, you may have less protection for your shareholder rights than you would under U.S. law.***

Our corporate affairs are governed by our memorandum and articles of association as amended and restated from time to time, the BVI Business Company Act, 2004 (as amended) ("BVI Act") and the common law of the BVI. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under BVI law are to a large extent governed by the common law of the BVI. The common law of the BVI is derived in part from comparatively limited judicial precedent in the BVI as well as that from English common law, which has persuasive, but not binding, authority on a court in the BVI. The rights of EZGO's shareholders and the fiduciary responsibilities of our directors under BVI law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the BVI has a different body of securities laws than the United States. In addition, some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the BVI. There is no statutory recognition in the BVI of judgments obtained in the United States, although the courts of the BVI will in certain circumstances recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the Board of Directors or controlling shareholders than they would as shareholders of a U.S. public company.

***We are a foreign private issuer and, as a result, will not be subject to U.S. proxy rules and will be subject to more lenient and less frequent Exchange Act reporting obligations than a U.S. issuer.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempted from certain provisions of the Exchange Act that are applicable to U.S. public companies, including:

● the sections of the Exchange Act that regulate the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

● the sections of the Exchange Act that require insiders to file public reports of their stock ownership and trading activities and impose liability on insiders who profit from trades made in a short period of time; and

● the rules under the Exchange Act that require the filing of quarterly reports on Form 10-Q containing unaudited financial and other specified information and current reports on Form 8-K upon the occurrence of specified significant events.

In addition, foreign private issuers are not required to file their annual report on Form 20-F until 120 days after the end of each fiscal year, while U.S. domestic issuers that are not large accelerated filers or accelerated filers are required to file their annual report on Form 10-K within 90 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation FD, aimed at preventing issuers from making selective disclosures of material information. As a result, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.

***We have incurred increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."***

We are a public company and, as a result, have incurred significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements on the corporate governance practices of public companies. As a company with less than US$1.235 billion in revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC. For example, as a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our Board of Directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

In the past, shareholders of a public company often brought securities class action suits against the company following periods of instability in the market price of that company's securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on March 31, 2024. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and EZGO's officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

***As an "emerging growth company" under the Jumpstart Our Business Startups Act, or JOBS Act, we are permitted to, and relying on exemptions from certain disclosure requirements.***

As an "emerging growth company" under the JOBS Act, we are permitted to, and relying on exemptions from certain disclosure requirements. We are an emerging growth company until the earliest of:

● the last day of the fiscal year during which we have total annual gross revenues of $1.235 billion or more;

● the last day of the fiscal year following the fifth anniversary of our initial public offering;

● the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or

● the date on which we are deemed a "large accelerated issuer" as defined under the federal securities laws.

For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of section 404 of the Sarbanes-Oxley Act for up to five fiscal years after the date of our initial public offering. We cannot predict if investors will find EZGO's Ordinary Shares less attractive because we may rely on these exemptions. If some investors find EZGO's Ordinary Shares less attractive as a result, there may be a less active trading market for EZGO's Ordinary Shares and the trading price of EZGO's Ordinary Shares may be more volatile. In addition, our costs of operating as a public company may increase when we cease to be an emerging growth company.

***There can be no assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which could subject United States investors in EZGO's Ordinary Shares to significant adverse United States income tax consequences.***

A non-United States corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income.

Based on our current composition of assets, subsidiaries and market capitalization (which will fluctuate from time to time), we do not expect to be or become a PFIC for U.S. federal income tax purposes. However, the determination of whether we will be or become a PFIC will depend, in part, upon the value of our goodwill and other unrecorded intangibles. Furthermore, the determination of whether we will be or become a PFIC will depend, in part, on the composition of our income and assets. Fluctuations in the market price of EZGO's Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in our offerings. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets.

Because determination of PFIC status is a fact-intensive inquiry made on an annual basis that depends upon the composition of our assets and income, no assurance can be given that we are not or will not become classified as a PFIC. If we were to be or become classified as a PFIC in any taxable year, a U.S. Holder (as defined in "*Item 10. Additional Information - 10.E. Taxation - United States Federal Income Taxation*") may incur significantly increased U.S. federal income tax on gain recognized on the sale or other disposition of EZGO's Ordinary Shares and on the receipt of distributions on the Ordinary Shares to the extent such gain or distributions is treated as an "excess distribution" under the U.S. federal income tax rules. Further, if we are classified as a PFIC for any year during which a U.S. Holder holds EZGO's Ordinary Shares, we generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds EZGO's Ordinary Shares. You are urged to consult your tax advisor concerning the United States federal income tax consequences of acquiring, holding, and disposing of Ordinary Shares if we are or become classified as a PFIC. For more information, see "*Item 10. Additional Information - 10.E. Taxation - United States Federal Income Taxation*."

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under BVI law.***

EZGO is a company incorporated under the laws of the BVI. As a result, it may be difficult for investors to enforce judgments obtained in the United States courts against our directors or officers.

Our corporate affairs are governed by our amended and restated memorandum and articles of association, the BVI Act and the common law of the BVI. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under BVI law are governed by the BVI Act and the common law of the BVI. The common law of the BVI is derived from English common law, and while the decisions of the English courts are of persuasive authority, they are not binding on a court in the BVI. The rights of EZGO's shareholders and the fiduciary responsibilities of our directors under BVI law may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the BVI has a less developed body of securities laws as compared to the United States, and some states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. In addition, while statutory provisions do exist in BVI law for derivative actions to be brought in certain circumstances, shareholders in BVI companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The circumstances in which any such action may be brought, and the procedures and defenses that may be available with respect to any such action, may result in the rights of shareholders of a BVI company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred.

The BVI courts are also unlikely:

● to recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws where that liability is in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company; and

● to impose liabilities against us, in original actions brought in the BVI, based on certain civil liability provisions of U.S. securities laws that are penal in nature.

There is no statutory recognition in the BVI of judgments obtained in the United States, although the courts of the BVI will in certain circumstances recognize such a foreign judgment and treat it as a cause of action in itself which may be sued upon as a debt at common law so that no retrial of the issues would be necessary provided that:

● the U.S. court issuing the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process;

● The judgement is final and for a liquidated sum;

● the judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;

● in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the U.S. court;

● recognition or enforcement of the judgment would not be contrary to public policy in the BVI; and

● the proceedings pursuant to which judgment was obtained were not contrary to natural justice.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by our Board of Directors, management or controlling shareholders than they would as public shareholders of a U.S. company.

***Judgments obtained against us by EZGO's shareholders may not be enforceable.***

We are a BVI company and substantially all of our assets are located outside of the United States. Substantially all of our current operations are conducted in China. In addition, certain of our directors and officers reside outside the United States. As a result, it may be difficult for you to effect service of process within the United States or elsewhere outside China upon these persons. It may also be difficult for you to enforce in China or BVI courts judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors, most of whom are not residents in the United States and the substantial majority of whose assets are located outside of the United States. It may be difficult or impossible for you to bring an action against us in the BVI if you believe your rights under the U.S. securities laws have been infringed. In addition, there is uncertainty as to whether the courts of the BVI or China would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state and it is uncertain whether such BVI or China courts would hear original actions brought in the BVI or China against us or such persons predicated upon the securities laws of the United States or any state.

***Provisions in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our shares and could entrench management.***

Our amended and restated memorandum and articles of association contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their best interests. These provisions include a staggered Board of Directors and the ability of the Board of Directors to designate the terms of and issue new series of preferred shares, which may make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our shares.

***Restrictive covenants related to our previous registered direct offering may restrict our ability to obtain future financing.***

Under the securities purchase agreement with certain accredited investors (the "previous registered direct offering investors") in connection with the previous registered direct offering, we are prohibited from entering into any Variable Rate Transaction (defined below) until such date that no warrants in connection with the previous registered direct offering remain outstanding. "Variable Rate Transaction" means a transaction in which the company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive additional Ordinary Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the company or the market for the Ordinary Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the company may issue securities at a future determined price.

In addition, we granted the previous registered direct offering investors a 30% right of participation (on a pro-rata basis) with respect to any debt or equity linked financings undertaken by us for one year following the closing of the previous registered direct offering. These participation rights could severely impact our ability to engage investment bankers to structure a financing transaction and raise additional financing on favorable terms. Furthermore, negotiating and obtaining a waiver to these participation rights may either not be possible or may be costly to us.

***We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.***

We are subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our efforts to comply with new and changing laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention from revenue generating activities to compliance activities.

Moreover, because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If EZGO fails to address and comply with these regulations and any subsequent changes, EZGO may be subject to penalty and its business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China may be harmed.

***None of EZGO, its directors, officers, advisors or service providers (including the organization which provides registered office services in the BVI) will bear any responsibility for any delay caused in mail reaching the forwarding address.***

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Mail addressed to EZGO and received at its registered office will be forwarded unopened to the forwarding address supplied by EZGO to be dealt with. None of EZGO, its directors, officers, advisors or service providers (including the organization which provides registered office services in the BVI) will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.

**ITEM 4. INFORMATION ON THE COMPANY**

**A. History and Development of the Company**

EZGO was incorporated in BVI on January 24, 2019. EZGO's wholly-owned subsidiary, EZGO HK, was incorporated in Hong Kong on February 13, 2019. EZGO HK holds all of the capital stock of Changzhou EZGO, which was incorporated in China on June 12, 2019, and Changzhou Langyi, which was incorporated in China on August 6, 2021. EZGO is a holding company with no material operations of its own, and substantially all of its operations and assets are located in China. EZGO conducts its business in China through its subsidiaries.

Beginning in November 2019, EZGO conducted a portion of its business in China through VIE and the VIE's subsidiaries. During this period, Changzhou EZGO controlled the VIE through a series of contractual arrangements and EZGO was considered the primary beneficiary of the VIE for accounting purposes. As a result, EZGO consolidated the financial results of the VIE and its subsidiaries under U.S. GAAP, even though neither EZGO nor its shareholders held any equity ownership in the VIE. Through the VIE structure, EZGO engaged in the design, manufacture, rental and sale of e-bicycles and e-tricycles, and in the sale, franchising and operation of smart charging piles for e-bicycles and other electronic devices.

On September 25, 2025, EZGO terminated the VIE Agreements due to declined sales of e-bicycles. Following the termination of the VIE Agreements, EZGO no longer conducts any business through a VIE structure, and its operations are carried out solely through its wholly-owned or controlled PRC subsidiaries.

After the termination of the VIE structure, EZGO's business is centered on its Internet of Things ("IoT") product and service platform. EZGO has preliminarily established a business model focused on electric vehicle accessories, including battery cells and packs and electronic control systems.

**Recent Developments:**

On February 18, 2025, the Board of Directors of the Company approved and adopted an equity incentive plan (the "2025 Equity Incentive Plan"), which became effective on February 18, 2025. The 2025 Equity Incentive Plan authorizes the Company to issue up to 500,000 Ordinary Shares to its directors, officers, managers, employees, consultants and advisors. On February 18, 2025, 500,000 restricted shares with 12-month service condition were granted to management under the 2025 Equity Incentive Plan, which was issued on March 3, 2025 and shall vest after first anniversary of date of grant.

On July 30, 2025, Qixiang Liu resigned as a director and as Chair of the Nominating and Corporate Governance Committee and as a member of the Audit and Compensation Committees. Effective July 31, 2025, the Board appointed Zhenguo Wu as a director and as Chair of the Nominating and Corporate Governance Committee and a member of the Audit and Compensation Committees.

Effective August 31, 2025, Jingyan Wu resigned as Chief Financial Officer. Effective September 4, 2025, the Board appointed Yuehan Ling as Chief Financial Officer.

On August 27, 2025, the Company entered into a warrant exchange agreement with certain holders of 5,389,126 outstanding warrants issued in September 2023. The holders agreed to cancel these warrants in exchange for 1,246,000 Ordinary Shares and 10,879,534 pre-funded warrants, each exercisable for one Ordinary Share. The pre-funded warrants carried a $0.04 exercise price, were immediately exercisable subject to beneficial ownership limits, and were fully exercised as of the date of this filing. The securities issued in the exchange were made pursuant to Section 3(a)(9) of the Securities Act.

On March 30, 2025, the Board approved the disposal of the VIE and its subsidiaries due to declining e-bicycle sales, which met the held-for-sale criteria and resulted in discontinued operations accounting under ASC 205-20-45. On September 25, 2025, Changzhou EZGO, the VIE and its shareholders entered into a termination agreement, formally ending the VIE arrangements. Following this termination, the Company no longer has a VIE structure.

On October 1, 2025, the Board approved the October 2025 Equity Incentive Plan authorizing up to 3,400,000 Ordinary Shares (This amount does not give effect to the 1-for-25 reverse share split that became effective on November 21, 2025). On October 2, 2025, the Company issued 3,400,000 Ordinary Shares under the plan to WXYZ Group Ltd., an entity wholly owned by Mr. Jianhui Ye, the Company's CEO and director, as compensation for his continued service. The issuance was made pursuant to exemptions under Section 4(a)(2) and/or Regulation S of the Securities Act.

In November 2025, the Company's shareholders approved the 2025 Reverse Share Split and certain amendments to its authorized shares and memorandum and articles of association which resulted in (a) an increase in the number of shares it is authorized to issue from 110,000,000 shares divided into up to 100,010,000 Ordinary Shares of US$0.04 each and up to 10,000 preferred shares of no par value each (b) a subsequent decrease in the number of shares it is authorized to issue to 14,000,000 shares divided into up to 4,000,000 Ordinary Shares of US$1.00 each and up to 10,000 preferred shares of no par value each and (c) a further increase in the number of shares it is authorized to issue to a maximum of 1,010,000,000 shares divided into up to 1,000,000,000 Ordinary Shares (of no par value) each and 10,000,000 Preferred Shares (of no par value) each. Ordinary Shares carry one vote per share and Preferred Shares carry 20 votes per share. The Company amended and restated its memorandum and articles of association on November 6, 2025 to reflect these changes.

***Minimum Bid Price Deficiency & Reverse Split***

On December 31, 2024, we announced that we received written notification, or the Notification Letter, from Nasdaq on December 30, 2024 that we were not in compliance with the Minimum Bid Price Requirement. In accordance with Nasdaq Listing Rules, we were required to regain compliance with the Minimum Bid Price Requirement within 180 calendar days, or by June 30, 2025. On July 2, 2025, the Company received a letter from Nasdaq, indicating that the Company is granted an additional 180 calendar days, until December 29, 2025, to regain compliance with the minimum bid price requirement of $1 per share, as stipulated by Nasdaq Listing Rule 5550(a)(2).

On November 7, 2025, the Board of Directors of EZGO approved a reverse share split (the "2025 Reverse Share Split") of the Company's Ordinary Shares at a ratio of 1-for-25 so that every twenty-five (25) shares are combined into one (1) share (with the fractional shares rounding off to the nearest whole share). The Company's Ordinary Shares began trading on the Nasdaq Stock Market on a post-split basis on November 21, 2025. Shortly after the 2025 Reverse Share Split, the par value of the Ordinary Shares of the Company was changed from $0.04 per share to US$1.00 per share (as part of the 2025 Reverse Share Split) to no par value per share, and the Company's issued and outstanding Ordinary Shares was reduced from 21,700,706 to approximately 868,029.

On December 11, 2025, the Staff determined that, for 13 consecutive business days, from November 21, 2025, through December 10, 2025, the closing bid price of the Company's Ordinary Shares has been at or above US$1.00 per share. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2), and Nasdaq has confirmed that the matter is now closed.

**Corporate Information**:

Our principal executive offices are located at Building #A, Floor 2, Changzhou Institute of Dalian University of Technology, Science and Education Town, Wujin District, Changzhou City, Jiangsu, China 213164, and our phone number is + 86 51983683805. We maintain a corporate website at *www.ezgotech.com.cn*. The information contained in, or accessible from, our website or any other website does not constitute a part of this annual report.

**B. Business Overview**

EZGO is a holding company incorporated in the BVI with operating subsidiaries in China. Historically, the Company conducted certain operations through the VIE structure; however, following the Board's approval of the disposal of the VIE and its subsidiaries in March 2025 due to declining e-bicycle sales, the Company terminated the VIE Agreements on September 25, 2025. As of the date of this annual report, EZGO no longer maintains a VIE structure and conducts its business solely through Changzhou EZGO and other wholly owned non-VIE subsidiaries in China.

As a holding company with no material operations of its own, EZGO conducts its business in China through its subsidiaries. Leveraging its IoT product and service platform, EZGO has preliminarily established a business model centered on electric vehicle accessories, including battery cells and packs and electronic control systems, and on certain smart hardware applications. Following the disposal of the e-bicycle sales business in 2025, EZGO's operations now consist of (i) designing, manufacturing and selling battery packs; (ii) designing, manufacturing and selling intelligent robots and electronic control systems; and (iii) sales of second-hand machinery; and (iv) provision of maintenance services.

The e-bicycles sold under the VIE were models under the PRC Safety Technical Specification for Electric Bicycles (GB 17761-2018) (also referred to generally as the "New National Standards for Electric Bicycles" and referred to herein as the "New National Standards") ("new standards e-bicycles") and there are no domestic law and regulations related to urban e-tricycles. In addition, the two-wheel electric vehicle models that do not comply with the new standards e-bicycles that are manufactured under the New National Standards ("non-new standards e-bicycles") are manufactured under the PRC National Standard General Specification for Electric Motorcycle and Electric Mopeds (GB/T24158-2018) ("General Specification Standard"), which came into effect on April 1, 2019. None of EZGO, Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China produces any non-new standards e-bicycles. As of the date of this annual report, EZGO, through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China, did not have non-new standards e-bicycles as our property, plants and equipment and no impairment was recognized for the fiscal years ended September 30, 2023, 2024 and 2025.

To date, EZGO, through Changzhou EZGO, and Changzhou EZGO's subsidiaries in China, has engaged in the business of battery packs sales, which accounted for approximately 52%, 77% and 83% of its total revenues for the fiscal years ended September 30, 2023, 2024 and 2025, respectively. The revenue from e-bicycles sales accounted for approximately 27%, 14% and 10% of its total revenues for the fiscal years ended September 30, 2023, 2024 and 2025, respectively and the Company discontinued its e-bicycle sales business in 2025 following the disposal of the VIE. During the fiscal year ended September 30, 2023, 2024, and 2025, electronic control system and intelligent robots sales accounted for approximately 15%, 7% and 5% of EZGO's total revenues. For the fiscal years ended September 30, 2023, 2024 and 2025, as the self-developed smart charging piles for e-bicycles and other electronic devices, second-hand machinery, maintenance services, and photovoltaic engineering contracting have not yet entered into large-scale production and sales, the revenue from this business accounted for a small proportion of EZGO's total revenues. For the fiscal year ended September 30, 2024 the revenue from our smart charging piles business accounted for 2% of EZGO's total revenues and nil in 2025.

EZGO remains committed to providing cost-effective and technology-driven solutions for short-distance mobility and related IoT applications. Following the termination of the VIE structure and the Company's exit from the e-bicycle sales business, EZGO intends to strengthen its battery technologies, expand its intelligent robotics and electronic control system product offerings, and grow its smart charging infrastructure operations.

**History and Milestones**

The chart below illustrates the history and milestones of our company:

![](image_002.jpg)

We commenced lithium battery pouch cell manufacture in May 2014 through Hengmao Power Battery and were one of the earliest private enterprises to manufacture lithium battery pouch cell in China. We established a mature lithium battery production process in a facility of approximately 15,000 square meters (approximately 161,460 square feet), equipped with four high-capacity lithium battery cell production lines and an annual production capacity of 100 million Ah lithium battery cells. However, due to changes in the Chinese government's energy subsidy policies, and the concentration of industrial production capacity in a few leading companies in China, competition in the lithium battery industry intensified. As a result, we gradually shifted our focus from lithium battery cell manufacturing to battery packing since October 2018. We launched our lithium battery rental business in January 2017, targeting delivery service professionals, such as EMS, express service providers, and online meal deliverymen for platforms such as Meituan and Elema in Changzhou. In September 2017, we launched our e-bicycle rental business, targeting deliverymen, students, business travelers, migrant workers and also entered into agreements with our individual sublease agents to provide such service. However, we do not have any contractual arrangement with specific delivery service provider. We had not provided any online service until May 2018 whereby we launched our first online mobile application, Yidianxing, to run our IoT battery rental business. In October 2018, we decided to make a strategic shift from battery cell manufacturing to focus on the packing and sale of lithium batteries and the rental of lithium batteries and e-bicycles. In August 2018, we established Yizhiying IoT to develop and manage our IoT platform. Through Yizhiying IoT, we have continued to upgrade and enhance our IoT operating platform. In December 2018, we renewed a new version of our Yidianxing mobile application for the e-bicycles and battery rental business. For the ease of convenience for end-users' experience and our system maintenance, we launched Wechat applet to replace the old mobile application in December 2019. To date, Yizhiying IoT has expanded our IoT platform to cover cities including Changzhou, Wenzhou and Wuhu.

In December 2018, we sold all of Hengmao Power Battery's battery cell production lines and fully concentrated our business on the packing, rental and sale of lithium battery and e-bicycles.

On April 15, 2019, the New National Standards became effective in China. The New National Standards set out requirements for e-bicycles that include a pedal-riding function i.e. the speed of such e-bicycles cannot exceed 25 km/h and their weight should be no more than 55 kg. The New National Standards also mandate that the voltage shall not exceed 48V and that motor power shall not exceed 400W, among other limitations. The New National Standards also prohibits any sale of e-bicycles that do not comply with the standards. As to the use of non-new standards e-bicycles, the State Administration of Market Supervision, the Ministry of Industry and Information Technology and the Ministry of Public Security jointly issued an order "2019 No. 53 - Strengthening the Supervision of the Implementation of National Standards for Electric Bicycles" (the "Order No. 53"). According to Article 4 of Order No. 53, each provincial government should provide a grace period and issue a temporary permission license to the owners of the non-new standards e-bicycles. The grace period for the use of non-new national standard e-bicycles in most provinces, including Jiangsu, is five years from April 15, 2019. Within the grace period, people can legally use, purchase, rent and ride non-new standard e-bicycles.

We assessed the business opportunities for the new standards e-bicycle market and concluded that most of the external suppliers of the e-bicycles' components are located in three regions in China, namely, the Changzhou and Wuxi region, the Zhejiang and Taizhou region and Tianjin region. All of these regions are in close proximity to our Changzhou headquarters and our Tianjin factories. As a result, we can purchase the key components of new standards e-bicycles from external suppliers in Tianjin and Jiangsu. We usually purchase our components on an order basis and we will consider entering into long-term agreements with the suppliers guaranteeing a regular supply of those components in the future if necessary.

On July 30, 2019, we established the VIE as a holding and management company, holding 80.87% of the equity of Hengmao Power Battery (the remaining equity being owned by two institutional investors) and 100% of the equity of Yizhiying IoT. On September 6, 2019, for the purpose of expanding our sales channels and strengthening the capabilities in research and development in developing e-bicycles, we decided to cooperate with Jiangsu Cenbird. Yuxing Liu, the general manager and former shareholder of Jiangsu Cenbird, signed the equity transfer agreement with the VIE on September 6, 2019, which stipulated that Yuxing Liu would transfer 51% of his equity interest of Jiangsu Cenbird to the VIE. Through the VIE, we invested RMB5.1 million, accounting for 51% of the equity interest of Jiangsu Cenbird. Another shareholder of Jiangsu Cenbird, Yan Fang, also invested RMB4.9 million, accounting for 49% of the equity interest of Jiangsu Cenbird. Yan Fang's family owns Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. ("Changzhou Cenbird"), an entity with almost 20 years of experience manufacturing non-new standards e-bicycles, which exports its products to many countries, including the United States. Changzhou Cenbird's e-scooter, a commuter vehicle in San Francisco since 2016, was jointly developed with Ojo Electric LLC (formerly known as eUrban LLC), a U.S. based company. Through this transaction, we have the right to use the "Cenbird" trademark, a well-known brand of e-bicycles in Jiangsu Province; e-bicycle design and sale capabilities; and sales channels through which we may export products to the potential customers and existing customers from United States, Brazil, Israel and Southeast Asia in the future.

To further complete our e-bicycle product and services ecosystem, we began developing our own smart charging piles under the brand named "Hengdian" in November 2018. We finished designing the smart charging piles in August 2019 and sent the prototype to Wuxi Institute for Product Quality Inspection for testing. In December 2019, we received a certificate of quality control issued by the Wuxi Institute for Product Quality Inspection for our smart charging piles. Our smart charging pile business includes hardware provision to franchisees with whom we enter into co-investment and income-sharing arrangements, and self-operation. Our smart charging piles satisfy the highest electric spark fire protection standards that are obtainable in the PRC, IoT smart control capability, which allows us to remotely monitor the charging status of each port, and a broad voltage range, and can be used to charge e-bicycles, mobile phones and laptops. The M version of our smart charging piles, which is currently under research and development, will be portable and can be used both at fixed locations like park and on long-distance coaches and tour buses. Our smart charging piles can also serve as advertising terminals, which increases their value-adding potential to our company.

On March 12, 2021, the VIE entered into the Asset Purchase Arrangement Agreement with Benlin Huang, an individual, and Tianjin Jiahao, pursuant to which the VIE agreed to purchase the Target Assets for the Company's future production and business development, for an aggregate purchase price of US$10,164,204, of which US$2,800,000 was paid as a deposit by EZGO in cash on March 15, 2021, with the remaining RMB50,000,000 (approximately US$7,364,204) to be paid upon the satisfaction of the closing conditions in order to complete of the acquisition, including Benlin Huang's exclusive ownership of the Target Assets, our further due diligence of Tianjin Jiahao's historical material indebtedness and the good and marketable title of the Target Assets and the renewal of Tianjin Jiahao's business scope on its business certificate. On April 2, 2021, the VIE received a written Notice of Assignment, pursuant to which Benlin Huang assigned and transferred all of his rights, titles and obligations under the Asset Purchase Arrangement Agreement to Shanghai Mingli.

On April 19, 2021, the VIE entered into the Shares Purchase Agreement with Shanghai Mingli and Tianjin Jiahao, pursuant to which the VIE obtained the right to purchase 100% of the outstanding shares of Shanghai Mingli, the owner of the title of the Target Assets. RMB15,000,000 (approximately US$2,209,261) of the cash consideration was paid on April 20, 2021 pursuant to the Shares Purchase Agreement, with the remaining RMB35,000,000 (approximately US$5,154,943) to be paid upon closing, which is subject to the closing conditions including the completion of the transfer of the title of the Target Assets and the registration of the acquisition with PRC governmental authorities.

The Asset Purchase Arrangement Agreement and Shares Purchase Agreement contain customary representations and warranties from the selling parties and the VIE. We are entitled to indemnification for breaches by the selling parties of its representations and warranties.

On June 28, 2021, the acquisition of Tianjin Jiahao and the Target Assets was completed and Tianjin Jiahao became the VIE's wholly-owned subsidiary. With the completion of this acquisition, we have more than 35,000 square meters of factory land, including two factory buildings and an administration building, and a construction area of approximately 11,000 square meters. We also have the flexibility to construct an additional 40,000 square meters of production factory buildings on this land, located in the Beijing-Tianjin Science and Technology Valley in the Wuqing District of Tianjin, which is a part of China's Bicycle Kingdom Industrial Zone. The estimated production capacity of the existing factory buildings purchased in this transaction is 100,000 units of two-wheeled e-bicycles. The estimated production capacity of the factory building that may be built on the remaining land purchased is anticipated to be approximately 500,000 units of two-wheeled e-bicycles. As of the date of this annual report, our current production capacity at our leased factory in Nancai Town of Tianjin is nearly 300,000 e-bicycles, with actual capacity of 150,000 e-bicycles due to limited turnover space. This acquisition of the Target Assets enables us to significantly ramp production of the e-bicycles following our completion of the national first-class electric motorcycle qualification application.

On January 25, 2023, the Company entered into an equity transfer agreement for the transfer of 100% of the equity interests in and all assets in Changzhou Sixun to Jiangsu New Energy, for RMB59,400,000, of which (i) RMB5,000,000 was to be paid in cash, and (ii) the remaining RMB54,400,000 ($8,080,448) was paid by issuing 7,667,943 Ordinary Shares (7,668 Ordinary Shares after giving effect to the Reverse Share Split and 2025 Reverse Share Split) of the Company, with a selling restriction period of six months.

On February 13, 2023, Jiangsu EZGO entered into an equity transfer agreement with Sutai (Tianjin) Packaging Materials Co., Ltd. ("Sutai") to transfer 100% of the equity interests of Tianjin Jiahao, a wholly-owned subsidiary of Jiangsu EZGO, to Sutai for $6,141,721 (RMB44,810,000).

On April 3, 2023, Changzhou Yizhiying entered into an equity transfer agreement with Tianjin Mizhiyan New Energy Technologies Co., Ltd. ("Mizhiyan") to transfer 80% equity interest of Tianjin Dilang, a subsidiary of Changzhou Yizhiying, to Mizhiyan for $307,018 (RMB2,240,000).

**Competitive Strengths**

Following the disposal of our VIE subsidiaries and our exit from the e-bicycle and smart charging pile businesses, we focus on battery packs, electronic control systems and intelligent robotics. Our competitive strengths include experienced management and engineering teams, long-standing industry relationships, an asset-light manufacturing model supported by qualified third-party suppliers, disciplined quality control, and application-oriented product development that integrates hardware, software and connectivity.

***Accumulated Industry Resources***

Our management and key personnel have several years of experience in the lithium battery industry and the e-commerce industry, which we believe will boost our marketing. For example, Dr. Henglong Chen, one of the early founders of Hengmao Battery, has extensive experience in lithium battery industry. Mr. Xiaosong Qin, our executive vice president since August 2020, has extensive experience both in business and investment management. He has a master's of business administration from Leonard N. Stern School of Business, New York University. He currently resides in the United States and is responsible for our business development in North America and Latin America.

In addition, we have developed a strategic alliance with the Jiangsu Institute of Research of Dalian University of Technology since July 2019. Pursuant to our agreement, Jiangsu Institute of Research of Dalian University of Technology has agreed to provide us with personnel training, technologies sharing and technical support, helping to expedite our long-term development plans.

***Advanced Operations Model***

One of our competitive advantages, we believe, lies in our advanced operations model. We manage our costs and expenses through outsourcing. Through our smart charging piles, we expect to be able to acquire information about customers and to promote our products and services. We also promote our products and services through the advertisement on WeChat applet for our smart charging piles, sell products through social media and e-commerce platforms (including TikTok and Taobao Live) and apply O2O ("online to offline") and B2B2C ("business to business to consumer") marketing models. According to our internal estimates, these marketing models, compared with having offline stores only, have saved us more than 5% of sales expenses and have increased our margins. In addition, our experienced information technology team has built a basic IoT platform that we believe puts us ahead of our competitors with no IoT platform for their products and/or services.

***Quality Products and Services***

We are committed to providing high-quality products and services across our battery pack, electronic control system and intelligent hardware businesses. We focus on continuous innovation in battery technology, including improvements in battery cell selection, structural design and energy management capabilities, to enhance performance, safety and durability. We use A-level battery cells in all of our battery packs, and our battery management system has advanced as we have accumulated technological experience and product data. As a result, our self-developed batteries demonstrate usage durations that exceed the national standards for lithium batteries (GB/T 36972-2018).

We apply disciplined quality control processes to our manufacturing operations, including refined production workflow management and component-level testing. These measures enable us to maintain product consistency while managing costs effectively. In addition, we continue to strengthen our service capabilities by offering responsive technical support and solutions tailored to customers' long-term needs in short-distance mobility and smart hardware applications.

**Our Strategies**

Following the disposal of the VIE and the discontinuation of the e-bicycle business in 2025, we have redirected our strategy toward strengthening our core businesses of battery technologies, electronic control systems, intelligent robotics, and IoT-enabled hardware.

We aim to enhance the performance, safety and efficiency of our battery cells and packs through continued R&D in battery management systems and structural design. We intend to expand our intelligent robotics and electronic control system offerings by developing integrated, data-driven solutions that support short-distance mobility and other smart hardware applications. We also plan to grow our early-stage smart charging infrastructure business and improve our operational efficiency through refined production processes and supply chain optimization. In addition, we seek to broaden market opportunities by developing both domestic and international partnerships and by expanding our online and offline sales channels.

**Our Products and Services**

Our product portfolio consists primarily of lithium battery cells and packs, electronic control systems, intelligent robots and smart charging piles. We design, manufacture and sell battery packs and electronic control systems for short-distance mobility and other smart hardware applications, and we develop and sell intelligent robotic products. In addition, we sell and operate smart charging piles through our non-VIE subsidiaries. Following the disposal of the VIE and the discontinuation of the e-bicycle business in 2025, we no longer design, manufacture or sell e-bicycles or related peripheral products.

***Batteries***

In December 2018, we ceased battery cell manufacture, although we still engage in battery cell trading. For the fiscal year ended September 30, 2024, we entered into a lithium battery sales contract with downstream customers first, and then purchased from a suitable upstream supplier, and resold the batteries to the downstream customers. In battery trading, we provide storage and bear the risk of inventory for several months. All the quality assurance risks are borne by the suppliers. We are able to quickly match buyers and sellers leveraging our resources in the industry accumulated over the years of our manufacturing and trading lithium batteries, including industry information, business relationship and industry reputation.

At the same time, we pack, rent and sell batteries. If a large number of battery packs are needed, we will either purchase the battery cells and assemble the batteries by ourselves or outsource to third-party manufacturers.

Our battery cells trading and battery packs sales from continuing operations for the fiscal years ended September 30, 2023, 2024 and 2025 were approximately, $8.0 million, and $16.3 million and $18.8 million, respectively, mainly from our existing trade partnerships. In the future, we will continue to engage in trading business, especially those that could use our battery packing capabilities and our special e-bicycle battery models such as our 60V and 48V batteries.

Below are some of our bicycle battery models such as our 60V and 48V batteries:

![](image_003.jpg)

48V24A Lithium Battery

![](image_004.jpg)

60V20Ah Lithium Battery

![](image_005.jpg)

72V60Ah Lithium Battery

**Solar Photovoltaic Module**

We conduct a trading business for solar photovoltaic (PV) modules under a buy-sell model. We source PV modules from upstream manufacturers and resell them to downstream customers, primarily PV power generation service providers, such as project developers, EPC contractors and system operators. Transactions are generally arranged on a purchase-order basis and are aligned with customer specifications and delivery schedules.

We do not manufacture PV modules and do not operate any production facilities. Instead, we place orders with upstream suppliers to produce and deliver modules to our customers. We also do not provide installation, operation and maintenance, or after-sales services. Product warranties and any technical support, if applicable, are provided directly by the upstream manufacturers under their standard terms, and our role is primarily focused on supplier coordination, order fulfillment and logistics arrangement.

**Electronic Control System**

Changzhou Higgs has been focusing on the design and development of electronic control system since 2018. We use Programmable Logic Controller ("PLC") core boards with our self-developed electronic control system to create controllers for different applications. The controller produced by the core can be applied in engineering machinery, electric hydraulic direction, industrial automation, special motion control, etc.

We also provide CoDeSys programming, embedded software, hardware design outsourcing, and technical consulting services. By breaking through industry pain points and independently developing programmable chips, we help our customers to create baseboards that match the core for their industry and application.

![](image_006.jpg)

Prior to the termination of the VIE Agreements, EZGO also (i) designs, manufactures, rents and sells e-bicycles and e-tricycles; (ii) sells, franchises, and operates smart charging piles for e-bicycles and other electronic devices, through the VIE and its subsidiaries in China. On September 25, 2025, EZGO terminated the VIE Agreements due to declined sales of e-bicycles. A description of the products sold prior to termination of the VIE's have been described below:

***Cenbird E-Bicycles and Other Products***

Cenbird is a well-known brand in the e-bicycle industry. The Cenbird product portfolio includes high-speed non-new standards e-bicycles, light electric motor scooters ("e-mopeds") and new standards e-bicycles. Currently, all Jiangsu Cenbird products are manufactured through original design manufacturer outsourcing by Changzhou Cenbird. To date, Jiangsu Cenbird has no inventory of non-new national standards e-bicycles. We will not pre-produce these products unless an order has been placed.

The Cenbird brand of products are primarily sold through offline stores. Following our investment at the end of August 2019, we have gradually taken over the design, sales and research and development activities.

**Intelligent Robots**

Since January 2020, EZGO has partnered with China's leading autonomous driving research and development team, focusing on the development of intelligent robots for various application scenarios including industrial parks, residential communities, tourist areas, and commercial squares. Our first intelligent robot model was launched in March 2022.

Our intelligent robots are equipped with L4 autonomous driving, 30 km/hour cruise, more than 8 hours duration, voice alarm, face recognition, RFID and Wi-Fi probe.

In the first half of 2023, the first batch of intelligent robots went into mass production and were delivered to our customers. We design and develop intelligent robots by ourselves, and manufacture through outsourced factories.

**Comprehensive Machine Maintenance Services** 

Changzhou Higgs' management team has been operating in the construction machinery industry for approximately 20 years and enjoys a prestigious reputation within the domestic construction machinery sector. Some of the company's products hold a significant market share in the domestic market. The company boasts a professional technical team comprising experts in mechanical, electrical, and construction machinery disciplines. This dedicated team is committed to developing and maintaining a variety of instruments, meters, and accessories for road machinery.

The comprehensive machine maintenance services business consists of the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Providing support services
to the manufacturers of pavers and milling machines.

&nbsp;&nbsp;&nbsp;&nbsp;2. Supplying various electrical,
mechanical, and hydraulic components for road machinery, including pavers, milling machines, and rollers of various models from both
domestic and international manufacturers.

&nbsp;&nbsp;&nbsp;&nbsp;3. Undertaking maintenance services
for various models of pavers. The company has a dedicated maintenance team and specialized hydraulic test benches to test the parameters
of various hydraulic equipment.

**Discontinued Businesses**

*Smart Charging Piles*

The Smart Charging Pile segment operated as a strategic data-collection and infrastructure arm, utilizing hardware integrated with 4G connectivity and proprietary software to charge e-bicycles. The business model included both direct operation and a franchise co-investment structure, with over 3,400 units deployed across cities like Wuxi and Suzhou by late 2024. While the piles served as a tool for big data analysis regarding user habits, the segment did not generate substantial revenue and faced a lack of nationwide industry standards. This business segment was discontinued in 2025.

*EZGO E-Bicycles*

This segment focused on the design and manufacture of high-performance electric transportation, specifically under the proprietary EZGO brand launched in late 2021. The product line featured seven independent models, including ultra-high-speed electric motorcycles such as the "Devil" and "Zhuque" intended for international markets, alongside national-standard electric bicycles. Despite the sleek design and superior performance of these models, the segment did not record significant sales revenue prior to its conclusion. Operations for the EZGO E-Bicycle business were officially discontinued in 2025

**Research and Development**

From October 2016 to September 30, 2025, our cumulative expenditure on research and development amounted to approximately RMB10.69 million. For the fiscal year ended September 30, 2025, our principal research and development activities focused on enhancing lithium battery cells and packs and electronic control systems and we incurred R&D expenses of approximately RMB0.95 million.

In the early stage of our company, we mainly focused on developing know-how for the production of lithium battery cells and packing technology. We obtained a number of patents in this area. For the fiscal year ended September 30, 2024, we spent RMB1.86 million (approximately $0.26 million) to develop the electronic control systems.

Prior to the disposal of the VIE and the discontinuation of our e-bicycle business in 2025, we also invested in the development of New National Standards bicycle models. We invested RMB50,700 (approximately $7,037) to develop new e-bicycle models for the fiscal year ended September 30, 2025, and we had 3C certifications for six models in Jiangsu Cenbird, as of September 30, 2025 These activities are now reflected as part of discontinued operations.

**Customers**

We relied on our four major customers in sales of batteries, including Ningbo Yiqi New Energy Technology Co., Ltd., Guangzhou Shengkang Power Equipment Co., Ltd., Changzhou Kepaidi Energy Technology Co., Ltd. and Hangzhou Xingruihe Technology Co., Ltd, each accounted for approximately 31%, 27%, 20%, and 12%, respectively, of our sales of batteries for the fiscal year ended September 30, 2025. We relied on our three major customers in sales of batteries, including Ningbo Yiqi New Energy Technology Co., Ltd., Changzhou Copidi Energy Co., Ltd., and Guangzhou Shengkang Power Equipment Co., Ltd., each accounted for approximately 40%, 28% and 14%, respectively, of our sales of batteries for the fiscal year ended September 30, 2024. We relied on three major customers in sales of batteries, including Ningbo Yiqi New Energy Technology Co., Ltd., Chengdu Baiya Technologies Co., Ltd. and Changzhou Copidi Energy Co., Ltd., each accounted for approximately 51%, 26% and 16%, respectively, of our sales of batteries for the fiscal year ended September 30, 2023.

We relied on two major customers, Jiangsu Biyaqiao Motorcycle Sales Co., Ltd., and Youon Technology Co., Ltd., which accounted for approximately 56% and 36% of our e-bicycles sales revenue for the fiscal year ended September 30, 2025. We relied on one major customer, Youon Technology Co., Ltd., which accounted for approximately 86% of our e-bicycles sales revenue for the fiscal year ended September 30, 2024. We relied on our two major customers in sales of e-bicycles, including Piesat Information Technology Co., Ltd. and Jiangsu Biyaqiao Motorcycle Sales Co., Ltd., each accounted for approximately 35% and 20%, respectively, of our e-bicycles sales revenue for the fiscal year ended September 30, 2023. Any disputes with our business partners could have a material adverse effect on our business and results of operations.

**Sales and Marketing**

Our sales and marketing is primarily customer- and project-driven. For battery packs, we leverage existing trade relationships, channel partners and repeat customers. For electronic control systems, we pursue direct sales to OEM and industrial customers, supported by solution demonstrations, technical consulting and design-in support. For intelligent robots and related smart hardware, we target enterprise and municipal use cases through pilot deployments, tenders and system integrators, supported by digital promotion and industry exhibitions.

**Seasonality**

Our products and services have no obvious seasonal characteristics.

**Intellectual Property**

We regard our patents, copyrights, trademarks, trade secrets and other intellectual property rights as critical to our success. We rely on a combination of patent, copyright, trademark and trade secret laws and restrictions on disclosure to protect our intellectual property rights. Our intellectual property portfolio as of the date of this annual report includes the following:

● Patents: We have 16 registered patents in China. The term for invention patents in China is 20 years from the filing date and the term for utility model patents and design patents is 10 years, respectively, from the filing date. Details of the eight patents are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Patent Description** | **Holder** | **Patent Type** | **Patent Number** | **Duration** |
| 1 | An oil injection device for a road roller which is convenient for uniform oil injection | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225910628 | &nbsp;&nbsp;&nbsp;&nbsp;November 10, 2020 to<br> November 9, 2030 |
| 2 | An anti-collision push rod for a road roller with a lifting structure | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225866911 | &nbsp;&nbsp;&nbsp;&nbsp;November 10, 2020 to<br> November 9, 2030 |
| 3 | A controller for easy storage and carrying | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225707667 | &nbsp;&nbsp;&nbsp;&nbsp;November 9, 2020 to<br> November 8, 2030 |
| 4 | A road roller with an anti-collision structure | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225562954 | &nbsp;&nbsp;&nbsp;&nbsp;November 6, 2020 to<br> November 5, 2030 |
| 5 | A computer used for special vehicle control | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020226171322 | &nbsp;&nbsp;&nbsp;&nbsp;November 12 2020 to<br> November 11, 2030 |
| 6 | A controller with a guided mounting structure | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225706965 | &nbsp;&nbsp;&nbsp;&nbsp;November 9, 2020 to<br> November 8, 2030 |
| 7 | A circuit board with a solid mounting structure | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225751250 | &nbsp;&nbsp;&nbsp;&nbsp;November 9, 2020 to<br> November 8, 2030 |
| 8 | An oil injection device for a roller with heating and stirring structure | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020226044717 | &nbsp;&nbsp;&nbsp;&nbsp;November 11, 2020 to<br> November 10, 2030 |
| 9 | An oil injection device for a road roller with a filter structure | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020226179057 | &nbsp;&nbsp;&nbsp;&nbsp;November 12, 2020 to<br> November 11, 2030 |
| 10 | A road roller with a protective structure | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020226060673 | &nbsp;&nbsp;&nbsp;&nbsp;November 11, 2020 to<br> November 10, 2030 |
| 11 | An oil injection anti-sticking wheel device for a road roller | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225557284 | &nbsp;&nbsp;&nbsp;&nbsp;November 6, 2020 to<br> November 5, 2030 |
| 12 | An anti-collision push rod for a road roller which is easy to install | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020225558982 | &nbsp;&nbsp;&nbsp;&nbsp;November 6, 2020 to<br> November 5, 2030 |
| 13 | A gluing device for circuit board development | &nbsp;&nbsp;&nbsp;&nbsp;Changzhou Higgs | &nbsp;&nbsp;&nbsp;&nbsp;Utility Model | &nbsp;&nbsp;&nbsp;&nbsp;2020226199845 | &nbsp;&nbsp;&nbsp;&nbsp;November 12, 2020 to<br> November 11, 2030 |
| 14 | A errata method for a blockchain system and blockchain nodes | Changzhou EZGO | Invention | 201810636258.9 | June 20, 2018 to<br> June 19, 2038 |
| 15 | Blockchain-based data screening methods and devices | Changzhou EZGO | Invention | 201711479226.4 | December 29, 2017 to <br> December 28, 2037 |
| 16 | Blockchain-based transaction processing methods and devices | Changzhou EZGO | Invention | 201711449148.3 | December 27, 2017 to<br> December 26, 2037 |

---

● Software copyrights: We have a large portfolio of protected software copyrights, including 4 software copyrights registered in China;

● Trademarks: We own 1 registered trademarks Our trademarks include the combination of graphs and names for Higgs System:

![](image_007.jpg)

● Domain names: We have 0 registered domain names in China.

In addition to the foregoing protections, we generally control access to and use of our proprietary and other confidential information through the use of internal and external controls. For example, for external controls, we enter into confidentiality agreements or agree to confidentiality clauses with our customers, and, for internal controls, we adopt and maintain policies governing the operation and maintenance of our systems and the management of user-generated data.

**Competition**

After the disposal of our VIE subsidiaries and our exit from the e-bicycle and smart charging pile businesses, we compete primarily in battery packs, electronic control systems and intelligent robotics. These markets are fragmented and evolve rapidly. We compete with large integrated manufacturers and specialized suppliers on performance and safety, reliability, customization capability, compliance and certification, cost and supply chain execution, customer service, and our ability to deliver integrated hardware-software solutions. Competitive pressures may increase as new entrants and new technologies emerge.

**Insurance**

We consider our insurance coverage to be consistent with customary industry standards adopted by other companies in the same industry and of similar size in China.

**Legal Proceedings** 

From time to time, we may be subject to legal proceedings, investigations and claims incidental to the conduct of our business. We currently have no disputes ongoing.

On April 29, 2024, the Company was named as defendant in a lawsuit in the Supreme Court for the State of New York, County of New York (Index No. 652191/2024) by Empery Asset Master, Ltd., Empery Tax Efficient, LP, and Empery Tax Efficient III, LP (collectively, the "Plaintiffs"), relating to certain purported notices of exercise and the number of warrant shares issuable under certain exchange warrants (the "Exchange Warrants") issued to the Plaintiffs in September 2023. The Plaintiffs' complaint asserts purported causes of action against the Company for "breach of contract - damages", declaratory judgment, and "breach of contract - specific performance" in connection with the Company's purported failure to honor the Plaintiffs' exercise requests. In September 2023, the Plaintiffs collectively invested approximately $3.33 million in the Company and received Ordinary Shares, warrants and the Exchange Warrants pursuant to a securities purchase agreement entered into by and among the Company and the Plaintiffs. On April 12, 2024, the Company effected a 1-for-40 Reverse Share Split. Immediately following the Reverse Share Split, the Plaintiffs repeatedly sought to exercise the Exchange Warrants on an "alternative cashless exercise" basis, which the Company considers to be inconsistent with the terms of the Exchange Warrants, and disputes that the Plaintiffs are entitled to the requested shares. The Company wholly denies the allegations and claims made in the lawsuit and is currently defending the lawsuit. On May 23, 2024, the Plaintiffs filed a motion for a preliminary injunction seeking an order (1) directing the Company to deliver the shares sought in their warrant exercise requests; (2) directing the Company to deliver all shares pursuant to future requests; (3) preventing the Company from issuing or delivering any shares to other holders until the Company honors Plaintiffs' outstanding exercise requests; and (4) directing the Company to instruct its transfer agent to comply with the Court's preliminary injunction order. On July 1, 2024, the court denied the Plaintiffs' motion for a preliminary injunction in its entirety. On July 19, 2024, the Company filed a motion to dismiss all of the Plaintiffs' claims against the Company.

On October 29, 2024 (the "Effective Date"), the Company entered into a Settlement Agreement and Release (the "Settlement Agreement") with the Plaintiffs, which resolved and settled the above referenced lawsuit between the Company and Plaintiffs. Pursuant to the Settlement Agreement, the Plaintiffs and the Company agreed to enter into certain Side Letter Agreements (the "Side Letter Agreements") to amend the Exchange Warrants, which reduced the Warrant Shares (as defined in the Side Letter Agreements) to no more than 3,000,000 Ordinary Shares of the Company allocated to the Plaintiffs, exercisable at any time on or after the Trading Day (as defined in the Exchange Warrants) immediately following the Effective Date and through the Termination Date (as defined in the Side Letter Agreements). The Company also agreed to pay the Plaintiffs in the amount of $10,000 (the "Settlement Payment") as compensation for costs incurred by the Plaintiffs in connection with the lawsuit and the Settlement Agreement. Additionally, the Plaintiffs and the Company each agreed to fully release the other from all claims arising out of the allegations and claims asserted in the lawsuit, subject to certain carve-outs (including any claims that the Plaintiffs or the Company may have against the other for a breach of the Settlement Agreement, the Side Letter Agreements or the Exchange Warrants (as amended pursuant to the Side Letter Agreements) and conditions. The Company may not effect the exercise of any Exchange Warrant, and a holder will not be entitled to exercise any portion of an Exchange Warrant, which, upon giving effect to such exercise, would cause the aggregate number of the Company's Ordinary Shares beneficially owned by the holder (together with its affiliates) to exceed 4.99% (or, at the election of the holder, 9.99%) of the number of Ordinary Shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Exchange Warrants (as amended pursuant to the Side Letter Agreements). Within three business days following the last to occur of (i) the execution of the Settlement Agreement, (ii) the execution of the Side Letter Agreements, and (iii) the transmittal by the Company of the Settlement Payment, the Plaintiffs filed a stipulation discontinuing the lawsuit without prejudice on October 31, 2024.

Other than disclosed above, we are not a party to, nor are we aware of, any legal proceedings, investigations or claims which, in the opinion of our management, are likely to have a material adverse effect on our business, financial condition or results of operations.

**Regulations** 

Our business operations are primarily in the PRC and primarily subject to PRC laws and regulations. This section sets forth a summary of the most significant regulations or requirements that affect our business activities in China or EZGO's shareholders' rights to receive dividends and other distributions from us.

**Recent Regulatory Developments in China**

Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement.

Among other things, the M&A Rules and Anti-Monopoly Law, established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time-consuming and complex. Such regulation requires, among other things, that the SAMR be notified in advance of any change-of-control transaction in which a foreign investor acquires control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators, issued by the State Council in 2008, are triggered. Moreover, the Anti-Monopoly Law requires that transactions which involve the national security, the examination on the national security shall also be conducted according to the relevant provisions of the State. In addition, the PRC Measures for the Security Review of Foreign Investment which became effective in January 2021 require acquisitions by foreign investors of PRC companies engaged in military-related or certain other industries that are crucial to national security be subject to security review before consummation of any such acquisition.

On July 6, 2021, the relevant PRC government authorities made public the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As these opinions were recently issued, official guidance and related implementation rules have not been issued yet and the interpretation of these opinions remains unclear at this stage. See "*Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China -The M&A Rules and certain other PRC regulations establish complex procedures for some acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China*."

In addition, on December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and will become effective on February 15, 2022, which iterates that any "online platform operators" controlling personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version) further elaborates the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The Cyberspace Administration of China has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." The cybersecurity review will also look into the potential national security risks from overseas initial public offerings.

On December 24, 2021, the CSRC released the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments) (the "Draft Administrative Provisions") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures," collectively with the Draft Administrative Provisions, the "Draft Rules Regarding Overseas Listing"), both of which have a comment period that expired on January 23, 2022. The Draft Rules Regarding Overseas Listing lay out the filing regulation arrangement for both direct and indirect overseas listing, and clarify the determination criteria for indirect overseas listing in overseas markets. Among other things, if an overseas listed issuer intends to implement any follow-on offering in an overseas market, it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion of the offering. The required filing materials shall include but not be limited to: (1) filing report and relevant commitments; and (2) domestic legal opinions.

On February 17, 2023, the CSRC issued the Overseas Listing Regulations. The Overseas Listing Regulations are applicable to overseas securities offerings and/or listings conducted by issuers who are (i) PRC domestic companies and (ii) companies incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas stock market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an overseas stock market, it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion of the offering. The required filing materials shall include, but not be limited to, (1) filing report and relevant commitment letter and (2) domestic legal opinions. The Overseas Listing Regulations may subject us to additional compliance requirements in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Overseas Listing Regulations on a timely basis, or at all. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our securities to significantly decline in value or become worthless.

As of the date of this annual report, as advised by our PRC legal counsel, AllBright Law Offices (Fuzhou), none of our company, our subsidiaries, or the VIE are covered by permissions requirements from the CSRC, the CAC, or any other governmental agency that is required to approve the VIE's operations, and therefore no such permission or approval has been denied.

As of the date of this annual report, no relevant laws or regulations in the PRC explicitly require us, our subsidiaries, or the VIE to seek approval from the CSRC or any other PRC governmental authorities for our overseas listing or securities offering plans, nor has our company, any of our subsidiaries or the VIE received any inquiry, notice, warning or sanctions regarding our planned securities offering from the CSRC or any other PRC governmental authorities. However, since these statements and regulatory actions by the PRC government are newly published and official guidance and related implementation rules have not been issued, it is highly uncertain what the potential impact such modified or new laws and regulations will have on our daily business operations, or the ability to accept foreign investments and list on a U.S. or other foreign exchange. The SCNPC or other PRC regulatory authorities may in the future promulgate laws, regulations or implementing rules that require our company, Changzhou EZGO, the VIE or its subsidiaries to obtain regulatory approval from Chinese authorities before offering securities in the U.S., British Virgin Islands or other rules and regulations that place restrictions on capital raising or other activities by companies with extensive operations in China could adversely affect EZGO's business through Changzhou EZGO, the VIE, its subsidiaries, and other non-VIE subsidiaries in China and results of operations. See "*Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China- The PRC government exerts substantial influence over the manner in which we conduct our business activities. The PRC government may also intervene or influence EZGO's operations at any time, which could result in a material change in its operations and its Ordinary Shares could decline in value or become worthless*" on page 27 for a discussion of these legal and operational risks and other information that should be considered before making a decision to purchase EZGO's securities. In the event that (i) we, our subsidiaries, or the VIE do not receive or maintain any requisite permissions or approvals, (ii) we inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we are required to obtain such permissions or approvals in the future, we, our subsidiaries, and the VIE may be subject to sanctions imposed by the relevant PRC regulatory authority, including fines and penalties, revocation of the licenses of the VIE, its subsidiaries, and other non-VIE subsidiaries and suspension of these entities' business, restrictions or limitations on our ability to pay dividends outside of China, regulatory orders, including injunctions requiring the VIE, its subsidiaries, and other non-VIE subsidiaries to cease collecting or processing data, litigation or adverse publicity, the delisting of EZGO's securities on Nasdaq, and other forms of sanctions, which may materially and adversely affect our business, financial condition, and results of operations.

The Cybersecurity Law of the PRC and relevant regulations require network operators, which may include us, to ensure the security and stability of the services provided via network and protect individual privacy and the security of personal data in general by requiring the consent of internet users prior to the collection, use or disclosure of their personal data. Under the Cybersecurity Law, the owners and administrators of networks and network service providers have various personal information security protection obligations, including restrictions on the collection and use of personal information of users, and they are required to take steps to prevent personal data from being divulged, stolen, or tampered with. Regulatory requirements regarding the protection of personal information are constantly evolving and can be subject to differing interpretations or significant changes, making the extent of our responsibilities in that regard uncertain. An example of such evolving regulatory requirements is the Measures for Cybersecurity Review (2021 version), which was promulgated on December 28, 2021 and took effect on February 15, 2022. The measures, among others, stipulate that any "online platform operators" controlling personal information of more than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review by the CAC. The cybersecurity review, among others, evaluates the potential risks of critical information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments after the overseas listing of an operator. The procurement of network products and services, data processing activities and overseas listing should also be subject to the cybersecurity review if the CAC concerns or they potentially pose risks to national security. Our PRC counsel, AllBright Law Offices (Fuzhou), is of the view that EZGO is not subject to the cybersecurity review by the CAC, since (i) the cybersecurity review is not applicable to further equity or debt offerings by companies that have completed their initial public offerings in the United States; (ii) data processed in EZGO's business does not have a bearing on national security and may not be classified as core or important data by the PRC governmental authorities. However, we cannot assure you that the PRC governmental authorities will not hold opposing views or interpretations regarding the applicability of the cybersecurity review to us. As of the date of this annual report, we have not been identified as an "operator of critical information infrastructure" by any PRC governmental authority, nor have we been informed by any PRC governmental authority to undergo a cybersecurity review.

In addition, the Data Security Law of the People's Republic of China (the "Data Security Law") was promulgated by the SCNPC on June 10, 2021 and took effect on September 1, 2021. Further, on July 7, 2022, the CAC released the Measures for the Security Assessment of Cross-Border Data, which will become effective on September 1, 2022. According to the Measures for the Security Assessment of Cross-Border Data, where a data processor provides data abroad under any of the following circumstances, it shall apply for exit security assessment of data to the national cyberspace administration through the local provincial cyberspace administration: (i) the data processor provides important data abroad; (ii) the operators of key information infrastructure and data processors that process the personal information of more than 1 million people provide personal information abroad; (iii) data processors who have provided 100,000 personal information or 10,000 sensitive personal information abroad since January 1 of last year provide personal information abroad; and (iv) other situations required for security assessment as stipulated by the state cyberspace administration. Given the recency of the issuance of the Measures for the Security Assessment of Cross-Border Data and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation. On November 14, 2021, the CAC released the Regulations on Cyber Data Security Management (Draft for Comments), or the draft regulations, which shall apply to the processing of personal and organizational data out of the territory of China, under the following circumstances: (i) for the purpose of providing products or services in the PRC; (ii) conducting analysis and evaluation of domestic individuals and organizations; (iii) processing of important domestic data; or (iv) other circumstances provided by laws and administrative regulations. The draft regulations classify data into three categories-general data, important data and core data. Data processors that transfer data collected and generated in the PRC outside of the territory of China are required to prepare a data security assessment report to the local cyberspace administration if (i) the data to be transmitted outside of the territory of China include important data, (ii) critical information technology infrastructure operators and data processors holding over one million users that transfer data outside the territory of China, or (iii) other circumstances that the CAC deems necessary. Meanwhile, a data processor that transfers personal information and important data out of the territory of China shall report to the local cyberspace administration of the following in the past calendar year: (i) the identities and contact information of all data receivers, (ii) the types, quantities and purposes of the transmitted data, (iii) the locations and periods of storage as well as the scope and method of use of the transmitted data, (iv) user complaints and the corresponding treatments related to the transmitted data, (v) violation of data security and the corresponding treatments related to the transmitted data, (vi) the re-transmission of the transmitted data, and (vii) other circumstances that the CAC deems necessary. A maximum of RMB10 million can be imposed on a data processor that is in violation of the draft regulations. It is uncertain whether and when the abovementioned draft measures and regulations will be adopted, and if adopted, whether the final version will contain the same provisions as the draft regulations.

The Data Security Law and the Cybersecurity Law, together with other relevant regulations, are promulgated to jointly regulate China's online spheres in relation to personal information cybersecurity protection. There remain uncertainties regarding the further interpretation and implementation of those laws and regulations. Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection and information security, we cannot assure you that we will be compliant with such new laws, regulations and obligations in all respects, and we may be ordered to rectify and terminate any actions that are deemed non-compliant by the regulatory authorities and become subject to fines and other sanctions. As of the date of this annual report, we have not been involved in any investigations on cybersecurity review made by the CAC on such basis, and we have not received any inquiry, notice, warning, or sanctions in such respect. We believe that that we are compliant with the regulations and policies that have been issued by the CAC to date.

**Regulations on Companies**

The Company Law of PRC (the "Company Law") was promulgated on December 29, 1993, which became effective on July 1, 1994, and was subsequently amended in 1999, 2004, 2005, 2013, 2018 and 2023 respectively. All companies established in the PRC are subject to the Company Law. The Company Law regulates the establishment, operation, corporate structure, and management of corporate entities in China and classifies companies into limited liability companies and companies limited by shares. Foreign-invested companies are also subject to the Company Law, except as otherwise provided in the foreign investment laws. Under the latest amended Company Law, which will become effective on July 1, 2024, there are several noteworthy changes, including (i) shareholders of a limited liability company are required to fully contribute their subscribed capital within five years from the establishment of the company; (ii) shareholders seeking to transfer equity need only furnish written notification to other shareholders, specifying quantity, price, payment method, and time limit for such and the other shareholders may buy the equity before any third-party buyer acquires it on those terms; (iii) a company can establish an audit committee comprised of an unspecified number of directors of the board and responsible for supervising the company's financial and accounting matters; and (iv) where a shareholder leveraging control over two or more companies attempts to evade debts and infringe upon creditors' rights by exploiting the independent legal personality of the company and the limited liability of shareholders, each involved company shall have joint and several liability for the debts incurred by either entity.

**Regulation of Foreign Investment**

On March 15, 2019, the National People's Congress approved the Foreign Investment Law, which came into effect on January 1, 2020 and replace the trio of existing laws regulating foreign investment in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations. The organization form, organization and activities of foreign-invested enterprises shall be governed, among others, by the PRC Company Law and the PRC Partnership Enterprise Law. Foreign-invested enterprises established before the implementation of the Foreign Investment Law may retain the original business organization and so on within five years after the implementation of this Law. Foreign investors' investment, earnings and other legitimate rights and interests within the territory of China shall be protected in accordance with the law, and all national policies on supporting the development of enterprises shall equally apply to foreign-invested enterprises. Among others, the state guarantees that foreign-invested enterprises participate in the formulation of standards in an equal manner and that foreign-invested enterprises participate in government procurement activities through fair competition in accordance with the law. Further, the state shall not expropriate any foreign investment except under special circumstances. In special circumstances, the state may levy or expropriate the investment of foreign investors in accordance with the law for the needs of the public interest. The expropriation and requisition shall be conducted in accordance with legal procedures and timely and reasonable compensation shall be given.

The Foreign Investment Law is formulated to further expand opening-up, vigorously promote foreign investment and protect the legitimate rights and interests of foreign investors. According to the Foreign Investment Law, foreign investments are entitled to pre-entry national treatment and are subject to negative list management system. The pre-entry national treatment means that the treatment given to foreign investors and their investments at the stage of investment access shall not be less favorable than that of domestic investors and their investments. The negative list management system means that the state implements special administrative measures for access of foreign investment in specific fields. The Foreign Investment Law does not mention the relevant concept and regulatory regime of contractual arrangement structures. However, since it is relatively new, uncertainties still exist in relation to its interpretation and implementation.

On December 26, 2019, the State Council promulgated the Implementing Regulations of the Foreign Investment Law of the People's Republic of China, or the Implementing Regulations of the Foreign Investment Law, which became effective on January 1, 2020. The Implementing Regulations of the Foreign Investment Law strictly implement the legislative principles and purpose of the Foreign Investment Law, emphasize on promoting and protecting the foreign investment, and refine the specific measures. At the same day, the Supreme People's Court issued an Interpretation on the Application of the Foreign Investment law of the PRC, which also came into effect on January 1, 2020. This interpretation shall apply to any contractual dispute arising from the acquisition of the relevant rights and interests by a foreign investor by way of, among other things, gift, division of property, merger of enterprises, division of enterprises.

Furthermore, foreign investments in China are subject to investment information reporting obligations under the Foreign Investment Laws, which is further stipulated in the Measures for Reporting of Foreign Investment Information, or the Foreign Investment Reporting Measures, that were jointly promulgated by the MOFCOM and the State Administration for Market Regulation on December 30, 2019 and became effective on January 1, 2020. Pursuant to the Foreign Investment Reporting Measures, foreign investors and foreign-invested enterprises are obligated to submit investment information reports in regard with their direct or indirect investment activities in China through the Enterprise Registration System and the National Enterprise Credit Information Publicity System, commencing from January 1, 2020. Such reports include preliminary report relating to establishment, modification report, deregistration report, and annual report.

**Negative List of Foreign Investment**

The current regulation regime of foreign investment in the PRC, setting aside special arrangements adopted in pilot free trade zones, preliminarily consists of three principal legal documents, i.e. the Catalogue of Industries for Encouraged Foreign Investment (2022 Edition), or the 2022 Encouraged Catalogue, which was promulgated jointly by MOFCOM and NDRC, on October 26, 2022 and became effective on January 1, 2023, the Special Administrative Measures for Access of Foreign Investment (Negative List) (2024 Edition), or the 2024 Negative List, which was promulgated jointly by MOFCOM and NDRC, on September 8, 2024 and became effective on November 1, 2024, and the Provisions Guiding Foreign Investment Direction, which was promulgated by the State Council on February 11, 2002 and came into effect on April 1, 2002. These three legal documents collectively classify all foreign investment projects into four categories: (1) encouraged projects, (2) permitted projects, (3) restricted projects, and (4) prohibited projects. If the industry in which the investment is to occur falls into the encouraged category, foreign investment, in certain cases, may receive preferential policies or benefits. If it falls into the restricted category, foreign investment may be conducted in accordance with applicable legal and regulatory restrictions. If falls into the prohibited category, foreign investment of any kind will not be allowed.

The 2022 Encouraged Catalogue and the 2024 Negative List govern investment activities in the PRC by foreign investors and classify industries into three categories with regard to foreign investment: "encouraged," "restricted" and "prohibited." Industries not listed in the Catalogue are generally deemed as falling into a fourth category, "permitted," unless specifically restricted by other PRC laws. For some restricted industries, foreign investors can only conduct investment activities through equity or contractual joint ventures, while in other cases PRC partners are required to hold the majority interests in such joint ventures. In addition, some projects in the restricted category are subject to higher-level governmental approvals. Foreign investors are not allowed to invest in industries in the prohibited category.

**Regulations Relating to Production Safety**

Pursuant to the Production Safety Law of the PRC, or the Production Safety Law, which promulgated on June 29, 2002, with the latest amended version effective from September 1, 2021, the entities that are engaged in production and business operation activities must implement national industrial standards which guarantee the production safety and comply with production safety requirements provided by the laws, administrative regulations and national or industrial standards. An entity must take effective measures for safety production, maintain safety facilities, examine the safety production procedures, educate and train employees and take any other measures to ensure the safety of its employees and the public. An entity or its relevant persons-in-charge which has failed to perform such safety production liabilities will be required to make amends within a time limit or face administrative penalties. If it fails to amend within the prescribed time limit, the production and business operation entity may be ordered to suspend business for rectification, and serious violations may result in criminal liabilities.

**Regulations Relating to Product Quality**

The Product Quality Law of the PRC was promulgated on February 22, 1993, amended on July 8, 2000, August 27, 2009 and December 29, 2018, respectively. The Product Quality Law applies to anyone who manufactures or sells any product within the territory of the PRC. It is prohibited from producing or selling counterfeit products in any form, including counterfeit brands, or providing false information about the product manufacturers. Violation of national or industrial standards may result in civil liability and administrative penalties such as compensation, fines, suspension of business and confiscation of illegal income, and serious violations may result in criminal liabilities.

**Regulation of Mobile Applications**

On June 28, 2016, the Cyberspace Administration of China promulgated the Regulations for the Administration of Mobile Internet Application Information Services (the "Regulations for Mobile Apps"), which came into effect on August 1, 2016, requiring ICPs who provide information services through mobile internet applications, or "apps," to:

● verify the real identities of registered users through mobile phone numbers or other similar channels;

● establish and improve procedures for protection of user information;

● establish and improve procedures for information content censorship;

● ensure that users are given adequate information concerning an app, and are able to choose whether an app is installed and whether or not to use an installed app and its functions;

● respect and protect intellectual property rights; and

● keep records of users' logs for 60 days.

If an ICP who provides information services through apps violates these regulations, mobile app stores through which the ICP distributes its apps may issue warnings, suspend the release of its apps, or terminate the sale of its apps, and/or report the violations to governmental authorities.

**Regulations Relating to Intellectual Property Rights**

***Patent***. Patents in the PRC are principally protected under the Patent Law of the PRC. The duration of a patent right is either 10 years or 20 years from the date of application, depending on the type of patent right.

***Copyright***. Copyright in the PRC, including copyrighted software, is principally protected under the Copyright Law of the PRC, the Regulation on Computer Software Protection and related rules and regulations, the term of protection for copyrighted software is 50 years.

***Trademark***. Registered trademarks are protected under the Trademark Law of the PRC and related rules and regulations. Trademarks are registered with the Trademark Office of the SAIC. Where registration is sought for a trademark that is identical or similar to another trademark which has already been registered or given preliminary examination and approval for use on the same or similar commodities or services, the application for registration of such trademark may be rejected. Trademark registrations are effective for a renewable ten-year period, unless otherwise revoked.

***Domain names***. Domain names are regulated by the Administrative Measures on the Internet Domain Names promulgated by the MIIT. The MIIT is the major regulatory body responsible for the administration of domain names, under supervision of which the CNNIC is responsible for the daily administration of .cn domain names and Chinese domain names. MIIT adopts the "first to file" principle with respect to the registration of domain names. Domain name registrations are handled through domain name service agencies established under the relevant regulations, and applicants become domain name holders upon successful registration.

**Regulation of Employment and Social Welfare**

***Labor Laws***

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Companies in the PRC are subject to the PRC Labor Law (the "PRC Labor Law") which was promulgated on July 5, 1994, became effective on January 1, 1995 and was further amended on August 27, 2009 and December 29, 2018, the PRC Labor Contract Law (the "PRC Labor Contract Law") which was promulgated on June 29, 2007, became effective on January 1, 2008 and was further amended on December 28, 2012, and the Implementation Regulations of the PRC Labor Contract Law which was promulgated by the State Council on September 18, 2008 and became effective on the same date, as well as other related regulations, rules and provisions promulgated by the relevant government authorities from time to time. Compared to previous PRC Laws and regulations, the PRC Labor Contract Law imposes stricter requirements in such respects as signing of labor contracts with employees, stipulation of probation period and violation penalties, termination of labor contracts, payment of remuneration and economic compensation, use of labor dispatches as well as social security premiums.

According to the PRC Labor Law and the PRC Labor Contract Law, a labor contract in writing shall be concluded when a labor relationship is to be established between an employer and an employee. An employer shall pay an employee two times of his salary for each month in the circumstance where he fails to enter a written labor contract with the employee for more than a month but less than a year; where such period exceeds one year, the parities are deemed to have entered an unfixed-term labor contract. Employers shall pay wages that are not lower than the local minimum wage standards to the employees. Employers are also required to establish labor safety and sanitation systems in compliance with PRC rules and standards, and to provide relevant training to the employees.

***Social Insurance and Housing Provident Funds***

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According to the Temporary Regulations on the Collection and Payment of Social Insurance Premium, the Regulations on Work Injury Insurance, the Regulations on Unemployment Insurance and the Trial Measures on Employee Maternity Insurance of Enterprises, enterprises in the PRC must provide beneficial plans for their employees, that include basic pension insurance, unemployment insurance, maternity insurance, work injury insurance and medical insurance. An enterprise must also provide social insurance by processing social insurance registration with local social insurance agencies, and must pay or withhold relevant social insurance premiums for or on behalf of the employees. The Law on Social Insurance, which was promulgated on October 28, 2010 and came into effect on July 1, 2011 and was amended on December 29, 2018, regulates basic pension insurance, unemployment insurance, maternity insurance, work injury insurance and medical insurance, and has elaborated in detail the legal obligations and liabilities of employers who do not comply with relevant laws and regulations on social insurance. The Regulations on the Administration of Housing Provident Fund, which was promulgated and came into effect on April 3, 1999, and was amended on March 24, 2002 and March 24, 2019, provides that housing provident fund contributions paid by an individual employee and housing provident fund contributions paid by his or her employer all belong to the individual employee.

**Regulation of Foreign Exchange**

The Regulation of the PRC on Foreign Exchange Control, most recently amended by the State Council on August 1 2008 and effective on August 5 2008, is the principal regulation on foreign currency exchange in the PRC. According to the regulation, the Renminbi is freely convertible for current account items after due process, including distribution of dividends, trade-related foreign exchange transactions and service-related foreign exchange transactions, whereas foreign exchange for capital account items, such as direct investments or loans, requires prior approval of and registration with the SAFE.

According to the Notice of State Administration of Foreign Exchange on Reforming and Standardizing Capital Account Foreign Exchange Settlement Administration Policies issued by SAFE on June 9, 2016, it has been specified clearly in the document that, for the capital account foreign exchange income subject to voluntary foreign exchange settlement (including the repatriation of the proceeds from overseas listing), the domestic institutions may conduct the foreign exchange settlement at the banks according to their operation needs. The proportion of the capital account foreign exchange income subject to voluntary foreign exchange settlement was tentatively set as 100%, provided that SAFE may adjust the aforesaid proportion according to the international payment balance status in good time.

In January 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification (the "SAFE Circular 3"), which became effective on January 18, 2017 and stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to offshore entities, including (i) under the principle of genuine transaction, banks shall check board resolutions regarding profit distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income to account for previous years' losses before remitting the profits. Further, pursuant to the SAFE Circular 3, domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts and other proof when completing the registration procedures in connection with an outbound investment.

**Regulation of Dividend Distributions**

The principal laws, rules and regulations governing dividend distribution by foreign-invested enterprises in the PRC are the Company Law of the PRC, as amended. Under these laws, rules and regulations, foreign-invested enterprises may pay dividends only out of their accumulated profit, if any, as determined in accordance with PRC accounting standards and regulations. Both PRC domestic companies and wholly-foreign owned PRC enterprises are required to set aside as general reserves at least 10% of their after-tax profit, until the cumulative amount of such reserves reaches 50% of their registered capital. A PRC company is not permitted to distribute any profits until any losses from prior fiscal years have been offset. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year.

**Regulation on Taxation**

***PRC Enterprise Income Tax***

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PRC enterprise income tax is calculated based on taxable income, which is determined under (i) the PRC EIT Law, which was promulgated on March 16, 2007, and was most recently amended and became effective on December 29, 2018, and (ii) the Implementing Regulations of the EIT Law (the "EIT Regulation") promulgated by the State Council on December 6, 2007 and implemented on January 1, 2008 and amended on April 23, 2019. The EIT Law imposes a uniform enterprise income tax rate of 25% on all PRC resident enterprises, including foreign-invested enterprises, unless they are qualified for certain exceptions. The enterprise income tax is calculated based on the PRC resident enterprise's global income as determined under PRC tax laws and accounting standards. According to the EIT Law and its implementation rules, the income tax rate of an enterprise that has been granted the certificate of High and New Technology Enterprise may be reduced to 15% with the approval of relevant tax authorities.

The EIT Law also provides that enterprises established under the laws of foreign jurisdictions with "de facto management body" located in PRC are treated as "resident enterprises" for PRC tax purposes, and will be subjected to PRC income tax on their worldwide income. Under the EIT Regulation, a "de facto management body" is defined as a body that has real and overall management control over the business, personnel, accounts and properties of an enterprise.

The Notice on Issues Concerning the Determination of Chinese-Controlled Enterprises Registered Overseas as Resident Enterprises on the Basis of Their Bodies of Actual Management, or the SAT Circular 82, provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. According to the SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China, and will be subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC. Further to SAT Circular 82, the SAT issued a bulletin, known as SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the implementation of SAT Circular 82 and clarify the reporting and filing obligations of such "Chinese-controlled offshore incorporated resident enterprises." SAT Bulletin 45 provides procedures and administrative details for the determination of resident status and administration on post-determination matters. Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreign individuals, the determining criteria set forth in SAT Circular 82 and SAT Bulletin 45 may reflect the SAT's general position on how the "de facto management body" test should be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, PRC enterprise groups or by PRC or foreign individuals.

We do not believe that EZGO, as a company incorporated in the BVI, meets all of the conditions above thus we do not believe that EZGO is a PRC resident enterprise, though all members of our management team as well as the management team of our offshore holding company are located in China. However, if the PRC tax authorities determine that we are a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow. First, we will be subject to the uniform 25% enterprise income tax on our world-wide income, which could materially reduce our net income. In addition, we will also be subject to PRC enterprise income tax reporting obligations. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."

Finally, dividends payable by EZGO to its shareholders and gains on the sale of EZGO's shares may become subject to PRC withholding tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources. It is unclear whether non-PRC shareholders of EZGO would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in the Ordinary Shares.

***International Tax Treaties and Withholding Tax***

 ****

Under the PRC EIT Tax Law and its implementation rules, we, as a non-resident enterprise, that is, an enterprise lawfully incorporated pursuant to the laws of a foreign country (region) that has an office or premises established in China with no actual management functions performed in China, or an enterprise that has income derived from or accruing in China although it does not have an office or premises in China, will be subject to a withholding tax rate of 10%. Pursuant to the Treaty on the Avoidance of Double Taxation and Tax Evasion between Mainland and Hong Kong, such rate may be reduced to 5% if a Hong Kong resident enterprise owns more than 25% of the equity interest in the PRC company. Under the Notice of the State Administration of Taxation on Issues regarding the Administration of the Dividend Provision in Tax Treaties promulgated on February 20, 2009, the taxpayer needs to satisfy certain conditions to enjoy the benefits under a tax treaty. These conditions include: (1) the taxpayer must be the beneficial owner of the relevant dividends, and (2) the corporate shareholder to receive dividends from the PRC subsidiaries must have continuously met the direct ownership thresholds during the 12 consecutive months preceding the receipt of the dividends. Further, under Announcement of the State Administration of Taxation on Issues Relating to "Beneficial Owner" in Tax Treaties, which took effect on April 1, 2018, a "Beneficial Owner" shall mean a person who has ownership and control over the income and the rights and property from which the income is derived. To determine the "beneficial owner" status of a resident of the treaty counterparty who needs to enjoy the tax treaty benefits, a comprehensive analysis shall be carried out, taking into account actual conditions of the specific case.

Entitlement to a lower tax rate on dividends according to tax treaties or arrangements between the PRC central government and governments of other countries or regions is subject to State Administration of Taxation Circular 60 ("Circular 60"). Circular 60 provides that non-resident enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding tax. Instead, non-resident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities.

***PRC Value-Added Tax***

 ****

Pursuant to the Interim Value-added Tax Regulations of the PRC which was amended and became effective on November 19, 2017 and the Implementing Rules for the Interim Regulations of the PRC on Value-added Tax which was amended on October 28, 2011 and became effective on November 1, 2011 (collectively the "VAT Law"), all entities and individuals that are engaged in the sale of goods, the provision of repairs and replacement services and the importation of goods in China are generally required to pay value-added tax (the "VAT") at a rate of 17.0% of the gross sales proceeds received, less any deductible VAT already paid or borne by the taxpayer, while small-scale taxpayer will be subject to a VAT rate of 3%. Further, when exporting goods, the exporter is entitled to all the refund of VAT that it has already paid or borne unless otherwise stipulated.

On November 16, 2011, the MOF and SAT jointly promulgated the Pilot Plan for Levying VAT in Lieu of Business. Starting from January 1, 2012, the PRC government has been gradually implementing a pilot program in certain provinces and municipalities. According to the document, the tax rate of 17% shall be applicable to those like lease of tangible personal property, the tax rate of 11% shall be applicable to the transportation industry and the construction industry, and the tax rate of 6% shall be applicable to other modern service industries.

On March 23, 2016, the MOF and SAT jointly issued the Circular of Full Implementation of Business Tax to VAT Reform (the "Circular 36") which confirms that business tax will be completely replaced by VAT from May 1, 2016.

On April 4, 2018, SAT and MOF jointly issued the Circular on Adjusting Value-added Tax Rate to further adjust the VAT rate, including the change of tax rate from 17% and 11% to 16% and 10% respectively for the taxable sales or import of goods by the taxpayer.

According to the Announcement on Policies Concerning Deepening the Reform of Value-added Tax, which was promulgated on March 20, 2019 and became effective on April 1, 2019, a VAT general taxpayer who is previously subject to 16% on VAT-taxable sales activities shall have the applicable tax rates adjusted to 13%.

***Regulations on Tax regarding Indirect Transfer***

 ****

On February 3, 2015, the State Administration of Taxation, or the SAT, issued the SAT Circular 7. Pursuant to the SAT Circular 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises, may be re-characterized and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and is established for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining whether there is a "reasonable commercial purpose" of the transaction arrangement, considerations include, inter alia, (i) whether the main value of the equity interest of the relevant offshore enterprise derives directly or indirectly from PRC taxable assets; (ii) whether the assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income is mainly derived from China; and (iii) whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have real commercial nature evidenced by their actual function and risk exposure. According to the SAT Circular 7, where the payer fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. The SAT Circular 7 does not apply to transactions of sale of shares by investors through a public stock exchange where such shares were acquired on a public stock exchange. On October 17, 2017, the SAT issued the Circular on Issues of Tax Withholding regarding Non-PRC Resident Enterprise Income Tax, or the SAT Circular 37, which further elaborates the relevant implemental rules regarding the calculation, reporting and payment obligations of the withholding tax by the non-resident enterprises. Nonetheless, there remain uncertainties as to the interpretation and application of the SAT Circular 7. The SAT Circular 7 may be determined by the tax authorities to be applicable to our offshore transactions or sales of our shares or those of our offshore subsidiaries where non-resident enterprises, being the transferors, were involved.

**Regulation of M&A** 

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled by PRC companies or individuals to obtain the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In September 2006, the CSRC published a notice on its official website specifying documents and materials required to be submitted to it by a special purpose vehicle seeking CSRC approval of its overseas listings.

Our PRC counsel, AllBright Law Offices (Fuzhou), has advised us based on their understanding of the current PRC law, rules and regulations that the CSRC's approval is not required for the listing and trading of EZGO's Ordinary Shares on Nasdaq in the context of our initial public offering and follow-on offering, given that:

● the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this annual report are subject to this regulation; and

● the VIE was not established by a merger with or an acquisition of any PRC domestic companies as defined under the M&A Rules.

However, our PRC legal counsel has further advised us that there remains some uncertainty as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A Rules.

On July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Strictly Cracking Down on Illegal Securities Activities According to Law, which called for strengthened regulation over illegal securities activities and supervision on overseas listings by China-based companies and propose to take effective measures.

**Regulation of Overseas Investment by PRC Residents**

On July 4, 2014, the SAFE promulgated the Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37. On February 13, 2015, SAFE further promulgated the Circular on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment, or SAFE Circular 13, which took effect on June 1, 2015. This SAFE Circular 13 has amended SAFE Circular 37 by requiring PRC residents or entities to register with qualified banks rather than SAFE or its local branch in connection with their direct establishment or indirect control of an offshore entity established for the purpose of overseas investment or financing, for the purpose of overseas investment and financing, with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or interests. Qualified local banks will directly examine and accept foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration, under SAFE Circular 37 from June 1, 2015.

These circulars further require amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as an increase or decrease of capital contributed by PRC residents, share transfer or exchange, merger, division or other material events. In the event that a PRC resident holding interests in a special purpose vehicle fails to complete the required SAFE registration, the PRC subsidiary of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary. Failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for evasion of foreign exchange controls.

**Regulation under the PRC Securities Law**

The PRC Securities Law was promulgated in December 1998 and was subsequently revised in October 2005, June 2013, August 2019 and December 2019. According to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. While there is no detailed interpretation regarding the rule implementation under Article 177, it will be difficult for an overseas securities regulator to conduct investigation or evidence collection activities in China.

**Enforceability of Civil Liabilities**

A majority of our officers and directors, including Mr. Jianhui Ye, Mr. Zebin Zhao, Ms. Peiyao Jin and Mr. Guanghui Yang are residents of China and a substantial portion of their assets are located outside the United States. As a result, it may be difficult or impossible for a shareholder to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for a shareholder to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

Our counsel as to PRC law has advised us that there is uncertainty as to whether PRC courts would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Our counsel as to PRC law has further advised us that the PRC Civil Procedures Law governs the recognition and enforcement of foreign judgments. PRC courts may recognize and enforce foreign judgments in accordance with the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions.

The PRC does not have any treaties or other agreements with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against us or our directors and officers if they determine that the judgment violates the basic principles of PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether a PRC court would enforce a judgment rendered by a court in the United States. Under the PRC Civil Procedures Law, foreign shareholders may originate actions based on PRC law against us in the PRC, if they can establish sufficient nexus to the PRC for a PRC court to have jurisdiction, and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there must be a concrete claim, a factual basis and a cause for the suit.

**C. Organizational Structure**

For descriptions of our organizational structure, contractual arrangements, variable interest entity and subsidiaries as of the date of this annual report, please see "*Item 3. Key Information - Contractual Arrangements and Corporate Structure*."

**D. Property, Plants and Equipment**

Under PRC law, land is owned by the state. "Land use rights" are granted to an individual or entity after payment of a land use right fee is made to the applicable state or rural collective economic organization. Land use rights allow the holder of the right to use the land for a specified long-term period.

Our headquarters are located in Building #A, Floor 2, Changzhou Institute of Dalian University of Technology, Science and Education Town, Wujin District, Changzhou, Jiangsu, China 213164, and we maintain offices, manufacturing and storage facilities and stores in Tianjin, Changzhou, Wenzhou and Wuhu. As of September 30, 2024, we owned approximately 19,665 square meters (approximately 211,672.3 square feet) of real estate, and we leased an aggregate of approximately 383 square meters (approximately 4,122.27 square feet) of real property. We do not expect to experience difficulties in renewing any of the leases when they expire. If we require additional space, we expect to be able to obtain additional facilities on commercially reasonable terms.

 ****

***Owned Properties***

 

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| | | | |
|:---|:---|:---|:---|
| **Address** | **Size** | **Ownership** | **Expiration** |
| East of Xiacheng South Road, South of Longxu Road, Wujin District, Changzhou City, Jiangsu Province | 19,665 square meters<br> (approximately 211,672.3 square feet | Jiangsu EZGO New Energy Technologies Ltd. | January 5, 2073 |

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***Leased Properties***

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| | | | |
|:---|:---|:---|:---|
| **Address** | **Size** | **Rent** | **Expiration** |
| A203, Science and Technology Town, Jiangsu Research Institute, Dalian University of Technology, Changzhou City, No. 18, Changwu Middle Road, Wujin District, Changzhou, Jiangsu Province | 60 square meters<br> (approximately 645.8 square feet | RMB1,095 per month (approximately $152.0) | December 31, 2025 |
| A210, Science and Technology Town, Jiangsu Research Institute, Dalian University of Technology, Changzhou City, No. 18, Changwu Middle Road, Wujin District, Changzhou, Jiangsu Province | 70 square meters<br> (approximately 753.4 square feet | RMB1,278 per month (approximately $177.3) | December 31, 2025 |
| A211, Science and Technology Town, Jiangsu Research Institute, Dalian University of Technology, Changzhou City, No. 18, Changwu Middle Road, Wujin District, Changzhou, Jiangsu Province | 70 square meters<br> (approximately 753.4 square feet | RMB1,278 per month (approximately $177.3) | December 31, 2025 |
| A208-209, Science and Technology Town, Jiangsu Research Institute, Dalian University of Technology, Changzhou City, No. 18, Changwu Middle Road, Wujin District, Changzhou, Jiangsu Province | 135 square meters <br> (approximately 1,453.0 square feet) | RMB2,464 per month (approximately $342.0) | December 31, 2025 |
| 2<sup>nd</sup> Row, Area 2, Jianlong Motorcycle Parts Market, Jinniu District, Chengdu City, Sichuan Province, | 48 square meters <br> (approximately 516.67 square feet) | RMB10,000 per year (approximately $1,388.1) | October 16, 2026 |

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**ITEM 4A. UNRESOLVED STAFF COMMENTS**

Not applicable.

**ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS –**

*The following discussion and analysis should be read in conjunction with our consolidated financial statements, the notes to those financial statements and other financial data that appear elsewhere in this annual report. In addition to historical information, the following discussion contains forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements due to a number of factors, including those set forth in "Item 3. Key Information — D. Risk Factors" and elsewhere in this annual report. Our consolidated financial statements are prepared in conformity with U.S. GAAP.*

**Overview**

Our vision is to build a leading short-distance transportation solution provider and intelligent manufacturer in China. Leveraging our IoT management platform, we have established a business model centered on the sale of battery packs and electronic control systems. To explore and expand potential customers, we started to provide comprehensive machine maintenance services during 2023 and started to provide second-hand machinery sales during 2024.

Due to the declining performance of sales of e-bicycle business, we determined to dispose of the variable interest entity ("VIE"), Jiangsu EZGO, and its subsidiaries. On September 25, 2025, we entered into a termination agreement pursuant to which the VIE contractual agreements, dated November 8, 2019 (the "VIE Agreements") were terminated. Subsequent to the termination of the VIE Agreements, we no longer maintain a VIE Structure and ceased to control all the VIE and its subsidiaries as of September 25, 2025. The VIE and subsidiaries mainly operated in sales of e-bicycles in the PRC. The historical financial results of the sales of e-bicycles business were classified as discontinued operation and the related assets and liabilities associated with the discontinued operations of the prior year were reclassified as assets/liabilities held for sale to provide comparable financial information.

The consolidated financial statements ("CFS") reflect the activities of EZGO and each of the following entities as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of incorporation / acquisition** | **Place of incorporation** | **Percentage of ownership** | **Principal activities** |
| **Subsidiaries** |  |  |  |  |
| China EZGO Group Ltd. ("EZGO HK") | February 13, 2019 | Hong Kong ("HK") | 100% owned by EZGO | Investment holding company |
| Changzhou Langyi Electronic Technologies Co., Ltd. ("Changzhou Langyi") | August 6, 2021 | PRC | 100% owned by EZGO HK | Investment holding company |
| EZGO Technologies Group Co., Ltd. ("Changzhou EZGO") | June 12, 2019 | PRC | 95.24% \*owned by EZGO HK | Investment holding company |
| Jiangsu EZGO Energy Supply Chain Technology Co., Ltd. ("Jiangsu Supply Chain") | December 10, 2021 | PRC | 100%\*\* owned by Changzhou EZGO | Distribution and trade of battery packs |
| Jiangsu EZGO New Energy Technologies Co., Ltd. ("Jiangsu New Energy") | July 14, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of battery packs |
| Sichuan EZGO Energy Technologies Co., Ltd. ("Sichuan EZGO") | May 9, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of lead-acid batteries |
| Tianjin EZGO Electric Technologies Co., Ltd. ("Tianjin EZGO") | July 13, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of battery packs |
| Changzhou Youdi Electric Bicycle Co., Ltd. ("Changzhou Youdi") | July 14, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of battery packs |
| Changzhou Sixun Technology Co., Ltd. ("Changzhou Sixun") | January 25, 2023 | PRC | 100% owned by Jiangsu New Energy | Investment holding company |
| Changzhou Higgs Intelligent Technology Co., Ltd. ("Changzhou Higgs") | January 25, 2023 | PRC | 60% owned by Changzhou Sixun | Industrial automatic control device and system manufacturing |
| Changzhou Zhuyun Technology Co., Ltd. ("Changzhou Zhuyun") | March 2, 2023 | PRC | 100% owned by Changzhou Higgs | Equipment maintenance and repairment |
| **Former VIE and subsidiaries of VIE** |  |  |  |  |
| Jiangsu EZGO Electronic Technologies Co., Ltd. (formerly known as Jiangsu Baozhe Electric Technologies, Co., Ltd., "Jiangsu EZGO") | July 30, 2019 | PRC | VIE | Investment holding company |
| Changzhou Hengmao Power Battery Technology Co., Ltd. ("Hengmao") | May 5, 2014 | PRC | 80.87% owned by VIE | Sales of battery packs, battery cells, and e-bicycles, battery cell trading, and battery and e-bicycle rental services provider |
| Changzhou Yizhiying IoT Technologies Co., Ltd. ("Yizhiying") | August 21, 2018 | PRC | 100% owned by VIE | Development, operation and maintenance of software related to e-bicycle and battery rental services |
| Jiangsu Cenbird E-Motorcycle Technologies Co., Ltd. ("Cenbird E-Motorcycle") | May 7, 2018 | PRC | 51% owned by VIE | Development of sales channels and international market for sales of e-bicycles and electric motorcycle ("e-motorcycle") |

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\* On April 7, 2025, $3,000,000 of equity was issued by Changzhou EZGO to a non-controlling interest.

\*\* On June 23, 2025, the Group acquired 40% equity interest of Jiangsu Supply Chain with no consideration.

For the fiscal years ended September 30, 2023, 2024 and 2025, our revenues from continuing operations were $9,163,101, $18,222,160, and $20,486,067, respectively. We had a net loss from continuing operations of $3,857,800, $5,862,065 and $9,458,538 for the fiscal years ended September 30, 2023, 2024 and 2025, respectively. We currently generate most of our revenues from the sale of battery packs and electronic control systems.

**Key Factors that Affect Operating Results**

We believe the following key factors may affect our financial condition and results of operations:

● our ability to increase our battery sales volume;

● our ability to enhance our electronic control system sales volume;

● our ability to enhance our operational efficiency; and

● our ability to expand into international markets.

**Results of Operations**

The following table sets forth a summary of our consolidated statements of operations from continuing operations for the fiscal years ended September 30, 2023, 2024 and 2025, respectively. This information should be read together with our consolidated financial statements and related notes included elsewhere in this annual report. The results of operations in any period are not necessarily indicative of our future trends.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Net revenues | $9163101 | $18222160 | $20486067 |
| Cost of revenues | (8129363) | (16525922) | (19151257) |
| **Gross profit** | **1033738** | **1696238** | **1334810** |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing | (222679) | (269806) | (211490) |
| &nbsp;&nbsp;&nbsp;General and administrative | (3384571) | (2871441) | (2122961) |
| &nbsp;&nbsp;&nbsp;Research and development | (613274) | (888491) | (954177) |
| &nbsp;&nbsp;&nbsp;Impairment loss of intangible asset | - | - | (1401416) |
| **Total operating expenses** | **(4220524)** | **(4029738)** | **(4690044)** |
| **Loss from operations** | **(3186786)** | **(2333500)** | **(3355234)** |
| **Total other expenses, net** | **(676574)** | **(4270533)** | **(5006789)** |
| **Loss from continuing operations before income taxes and share of loss of equity method investments** | **(3863360)** | **(6604033)** | **(8362023)** |
| Income tax benefit (expense) | 62447 | 786369 | (1022957) |
| Share of loss of equity method investments | (56887) | (44401) | (73558) |
| **Net loss from continuing operations** | **(3857800)** | **(5862065)** | **(9458538)** |
| **(Loss) income from operations of discontinued operations before income taxes and share of (loss) gain of equity method investments** | **(3252304)** | **(2299208)** | **262475** |
| Share of (loss) gain of equity method investments | (148209) | 75477 | (82632) |
| **Net (loss) income from discontinued operations** | **(3400513)** | **(2223731)** | **179843** |
| **Net loss** | $**(7258313)** | $**(8085796)** | $**(9278695)** |

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**Components of Results of Operations**

**Years Ended September 30, 2023, 2024 and 2025**

The following table identifies the disaggregation of our revenue from continuing operations and reportable segments for the fiscal years ended September 30, 2023, 2024 and 2025, respectively:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | <br>**Segment** | **2023** | **2024** | **2025** |
| Sales of battery cells and packs | Battery cells and packs segment | $8001323 | $16318839 | $18781695 |
| Sales of electronic control system | Electronic control system sales segment | 834148 | 1401783 | 1069278 |
| Others | Others segment | 327630 | 501538 | 635094 |
| **Net Revenue** |  | $**9163101** | $**18222160** | $**20486067** |

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*Net revenues*

Our revenues from continuing operations were $9,163,101, $18,222,160 and $20,486,067 for the fiscal years ended September 30, 2023, 2024 and 2025, respectively. The revenue increase from fiscal year 2023 to fiscal year 2024 was mainly driven by higher sales of battery cells and packs and electronic control systems. The revenue increase from fiscal year 2024 to fiscal year 2025 was primarily attributable to higher sales of battery cells and packs and maintenance services, partially offset by lower sales of electronic control systems.

Revenue from sales of battery cells and packs increased significantly by 104.0%, or $8,317,516, from $8,001,323 in fiscal year 2023 to $16,318,839 in fiscal year 2024, with lithium battery products accounting for the vast majority of this revenue. This increase was largely driven by several large orders from major customers responding to heightened market demand for high-performance battery solutions, as well as the growing market acceptance of our lithium battery packs. Overall, our sales volume of lithium battery packs increased by 256.5% in fiscal year 2024 compared to fiscal year 2023, resulting in revenue of $12,472,994 for fiscal year 2024 compared to $3,697,729 for fiscal year 2023.

Revenue from sales of electronic control systems increased by 68.0%, or $567,635, from $834,148 in fiscal year 2023 to $1,401,783 in fiscal year 2024. The increase was mainly driven by stronger demand for environmentally friendly and safety-enhancing industrial machinery solutions, including the transition from traditional gas heating to electric heating systems and the adoption of radar-based collision-avoidance devices on construction sites. Leveraging our superior-quality products and responsive, tailored services aligned with customer requirements, we successfully capitalized on the period of robust market demand growth to secure new customers and drive an increase in sales revenue.

Revenue from sales of battery cells and packs increased by 15.1%, or $2,462,856, from $16,318,839 in fiscal year 2024 to $18,781,695 in fiscal year 2025. The increase was primarily driven by higher sales volumes, which resulted from increased market share following our proactive pricing adjustments in response to intensified market competition, as well as incremental revenue contributions from a newly acquired customer that accounted for approximately 12.0% of our battery product revenue in fiscal year 2025.

Revenue from sales of electronic control systems decreased by 23.7%, or $332,505, from $1,401,783 in fiscal year 2024 to $1,069,278 in fiscal year 2025. The decline was primarily attributable to weaker sales volume amid a sluggish market environment, coupled with our voluntary price reductions implemented to secure as many orders as possible.

Revenue from the others segment increased by 26.6%, or $133,556 from $501,538 in fiscal year 2024 to $635,094 in fiscal year 2025, mainly due to an increase in maintenance service revenue driven by a higher volume of maintenance orders. Amid cautious capital expenditure sentiment, customers increasingly opted to extend the service life of existing equipment through maintenance rather than replacing machinery, which directly contributed to the growth of our maintenance service revenue.

 

*Cost of revenues*

Cost of revenue consists primarily of cost of products, labor cost, depreciation, material cost, and other overhead expenses.

Our cost of revenues increased by $8,396,559, from $8,129,363 in fiscal year 2023 to $16,525,922 in fiscal year 2024, generally in line with the increase in our revenues for the same period. This increase was primarily driven by higher sales volumes of batteries and battery packs, which in turn resulted in higher procurement costs of battery packs.

Our cost of revenues increased by $2,625,335 or 15.9%, from $16,525,922 in fiscal year 2024 to $19,151,257 in fiscal year 2025, generally in line with the increase in our revenues for the same period. This increase was primarily attributable to higher procurement costs of battery packs.

*Gross profit*

Gross profit for the fiscal years ended September 30, 2023, 2024 and 2025 was $1,033,738, $1,696,238 and $1,334,810, respectively, representing gross profit margins of 11.3%, 9.3% and 6.5%.

Gross profit margin decreased from 11.3% in fiscal year 2023 to 9.3% in fiscal year 2024. Gross profit margin from sales of battery cells and packs decreased from 7.1% in fiscal year 2023 to 5.6% of fiscal year 2024, primarily due to strategic price reductions implemented to expand market share. Despite the margin contraction, revenue from battery cells and packs increased by 104.0%, accounting for 89.6% of our total revenue in fiscal year 2024, compared with 87.3% in fiscal year 2023. Gross profit from sales of electronic control systems increased from 46.0% in fiscal year 2023 to 47.3% in fiscal year 2024. The electronic control system developed and manufactured by Changzhou Higgs was embedded with highly complex software and the limited competition in the market results in a relatively high gross profit margin of 47.3%, which accounted for 7.7% of our total revenue in fiscal year 2024 compared to 9.1% in fiscal year 2023.

Gross profit margin decreased from 9.3% in fiscal year 2024 to 6.5% in fiscal year 2025. Gross profit margin from sales of battery cells and packs decreased from 5.6% in fiscal year 2024 to 3.7% in fiscal year 2025, primarily due to our proactive pricing adjustments made in response to intensified market competition. As selling prices were reduced to enhance market penetration while core procurement costs remained relatively stable, unit gross profit declined accordingly. Revenue from battery cells and packs increased by 15.1%, representing 91.7% of total revenue in fiscal year 2025 compared with 89.6% in fiscal year 2024. Gross profit from sales of electronic control systems decreased from 47.3% in fiscal year 2024 to 38.8% in fiscal year 2025, primarily attributable to higher raw material costs, particularly the cost of copper wiring. Gross profit margin from maintenance services increased from 24.1% in fiscal year 2024 to 34.2% in fiscal year 2025, mainly due to operating leverage as higher service volume spread fixed costs over more orders.

*Selling and marketing expenses*

Our selling and marketing expenses increased by $47,127, or approximately 21.2%, to $269,806 for fiscal year 2024 from $222,679 for fiscal year 2023, primarily due to increase in salaries for sales and marketing personnel by $82,027, from $139,303 in fiscal year 2023 to $221,330 in fiscal year 2024, mainly due to the increase in the headcount of sales staffs of battery cells and packs segment, and was partially offset by the decrease in advertisement and business promotion expenses and travel expenses by $25,452, from $60,540 in fiscal year 2023 to $35,088 in fiscal year 2024, mainly due to the reduced advertising demands as our existing customer base and sales force were sufficient to support our business development and expansion.

Our selling and marketing expenses decreased by $58,316, or approximately 21.6%, to $211,490 for fiscal year 2025 from $269,806 for fiscal year 2024, primarily due to a decrease in salaries for sales and marketing personnel by $44,118, from $221,330 in fiscal year 2024 to $177,212 in fiscal year 2025, driven by the retirement of sales manager of Changzhou EZGO.

*General and administrative expenses*

Our general and administrative expenses decreased by $513,130, or 15.2%, to $2,871,441 in fiscal year 2024 from $3,384,571 in fiscal year 2023. The decrease was primarily attributed to the decrease in the share-based compensation expense of $880,851. The decrease was partially offset by the increase in credit losses expense on accounts receivable of $99,057, mainly due to the difficulties in collecting accounts receivable from several customers under the downward economy, and the liquidated damages expense of $138,806 arising from the early termination of a procurement contract.

 

Our general and administrative expenses decreased by $748,480, or 26.1%, to $2,122,961 in fiscal year 2025 from $2,871,441 in fiscal year 2024. The decrease was primarily attributed to (1) the decrease in the share-based compensation expense of $230,738, (2) the decrease in the liquidated damages expense of $138,806 due to the early termination of a procurement contract which occurred in fiscal year 2024, (3) the decrease in payroll expenses of $114,560 due to the reduced headcount, and (4) the decrease of $143,007 in professional service fees and $102,076 in insurance fees which was mainly attributable to the investment consultancy and professional liability insurance requirement in fiscal year 2024.

 

 

*Research and development expenses*

Our research and development expenses increased by $275,217, or 44.9%, to $888,491 for fiscal year 2024 from $613,274 for fiscal year 2023. The increase was primarily attributed to (1) the increased expenses and material consumption in research and development activities for the engineering vehicle wireless measurement, engineering software upgrade and control system and construction worker safety positioning system of $148,458; (2) the increased depreciation and amortization expenses of $191,676 due to the patents and software acquired in May 2023.

Our research and development expenses increased by $65,686, or 7.4%, to $954,177 for fiscal year 2025 from $888,491 for fiscal year 2024. The increase was primarily attributed to the increased material consumption of $72,461, as the research and development activities for electronic control systems advanced.

*Impairment loss of intangible assets*

For the year ended September 30, 2025, we recognized an impairment loss of $1,401,416 related to patents and software copyright associated with the electronic control system, which was primarily attributable to the deterioration in the operating performance of the electronic control system segment.

*Other (expenses)/income, net*

 

For the year ended September 30, 2023, we recorded $676,574 in other expenses, net, primarily consisting of an impairment loss on goodwill of $1,792,392, partially offset by income of $979,770 from changes in the fair value of a contingent asset.

For the year ended September 30, 2024, we recorded $4,270,533 in other expenses, net, primarily consisting of impairment losses on long-term investments of $3,040,113 and an impairment loss on goodwill of $1,362,441.

For the year ended September 30, 2025, we recorded $5,006,789 in other expenses, net, primarily consisting of the impairment loss of long-term equity investments of $3,520,660 and impairment loss of goodwill of $1,732,454.

*Income tax benefit (expense)*

We recorded income tax benefits of $62,447 and $786,369 in fiscal years 2023 and 2024, respectively, while we recognized income tax expense of $1,022,957 in fiscal year 2025. The income tax benefit for fiscal year 2023 was mainly attributable to the recognition of temporary differences on net losses and inventory reserves. The income tax benefit for fiscal year 2024 was driven by an increase in deferred tax assets, primarily resulting from recurring net losses and increased impairments of long-term equity investments. The income tax expense in fiscal year 2025 was driven by the recognition of a higher valuation allowance against deferred tax assets, particularly those arising from impairments of long-term equity investments, reflecting changes in management's expectations regarding future taxable income. Recurring net losses during the year further contributed to the increase in valuation allowance and the resulting income tax expense.

*Net (loss) income from discontinued operations*

On September 25, 2025, we terminated the VIE structure due to declined sales of e-bicycles, and we ceased to be the primary beneficiary of the VIE and no longer consolidated the VIE and its subsidiaries as of that date. Accordingly, the operating results of the VIE and its subsidiaries for the years ended September 30, 2023, 2024 and 2025 were presented as discontinued operations.

For the years ended September 30, 2023, 2024, we recorded a net loss from discontinued operations of $3,400,513 and $2,223,731 and a net income from discontinued operations of $179,843 for the years ended September 30, 2025, respectively. The changes in net (loss) income across the periods were primarily driven by fluctuations in revenue, operating expenses and other income (expenses) from the discontinued operations, as detailed below.

Revenue generated from discontinued operations was $6,758,126, $2,912,265 and $2,239,090 for the respective years, primarily driven by sales of e-bicycles. The decline in revenue over the period was mainly attributable to reduced sales volume amid intensifying competition in the e-bicycle industry. Operating expenses from discontinued operations were $1,710,953, $1,696,616 and $339,983 for the fiscal years 2023, 2024 and 2025, respectively. The significant reduction in operating expenses in fiscal year 2025 was primarily due to a decrease in credit losses expense on accounts receivable recognized in fiscal year 2024, which resulted from the difficulties in collecting accounts receivable from individual e-bicycles dealers amid fierce competition from the industry-leading enterprises.

We recorded other expenses of $1,647,580 and $415,637 for fiscal years 2023 and 2024, respectively. The decrease was mainly attributable to lower losses recognized from the disposal of Tianjin Jiahao Bicycle Co., Ltd. and Tianjin Dilang Technologies Co., Ltd., subsidiaries of the VIE of $1,593,656, in fiscal year 2023, partially offset by higher impairment losses on long-term investments of $242,278. For fiscal year 2025, we recorded other income of $556,421, which mainly due to the gain on the disposal of the VIE and its subsidiaries of $537,519.

*Net loss*

As a result of the foregoing, we recorded a net loss of $7,258,313, $8,085,796, and $9,278,695 for fiscal years 2023, 2024 and 2025, respectively.

**Taxation**

<u>BVI</u>

We are incorporated in the BVI. Under the current laws of the BVI we are not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the BVI.

<u>Hong Kong</u>

On March 21, 2018, the HK Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was announced on the following day. Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar ("HKD") of profits of the qualifying group entity is taxed at 8.25%, and profits above HKD 2 million are taxed at 16.5%. Our HK subsidiaries did not have assessable profits derived in Hong Kong the years ended September 30, 2023, 2024 and 2025. Therefore, no HK profit tax was provided for the years ended September 30, 2023, 2024 and 2025.

<u>PRC</u>

Under the PRC Enterprise Income Tax Law (the "EIT Law"), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose "de facto management body" is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% on its global income. The Implementing Rules of the EIT Law merely define the location of the "de facto management body "as" the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, of a non-PRC company is located." Based on a review of surrounding facts and circumstances, we do not believe that it is likely that its operations outside of the PRC should be considered as a resident enterprise for PRC tax purposes for the years ended September 30, 2023, 2024 and 2025.

In accordance with the implementation rules of EIT Laws, a qualified "High and New Technology Enterprise" ("HNTE") is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity could re-apply for the HNTE certificate when the prior certificate expires. Changzhou Higgs obtained its HNTE status in October 2022 and will enjoy the preferential tax rate for three years through September 2025. Changzhou Higgs is in the process of reapplication for its HNTE certificate which, upon approval, will entitle it to the preferential income tax rate of 15% from October 1, 2025 to September 30, 2028.

According to Caishui [2021] No.13, announcement of the Ministry of Finance and the State Taxation Administration, which became effective from January 1, 2021, an enterprise engaged in manufacturing business and whose main operating revenue accounts for more than 50% of the total revenue, is entitled to claim an additional tax deduction amounting to 100% of the qualified R&D expenses incurred in determining its tax assessable profits for that year.

For qualified small and low-profit enterprises, from January 1, 2022 to December 31, 2022, 12.5% of the first RMB1 million of the assessable profit before tax is subject to a preferential tax rate of 20% and 25% of the assessable profit before tax exceeding RMB1 million but not exceeding RMB3 million is subject to a preferential tax rate of 20%. From January 1, 2023 to December 31, 2027, 25% of the first RMB3 million of the assessable profit before tax is subject to the tax rate of 20%.

**Liquidity and Capital Resources**

For the years ended September 30, 2023, 2024 and 2025, we incurred operating losses of $3,186,786, $2,333,500 and $3,355,234, respectively, and experienced operating cash outflows of $1,891,626, $10,308,733 and $2,206,969, respectively. These historical operating losses and negative operating cash flows reflected ongoing liquidity pressure and initially raised substantial doubt about our ability to meet our obligations as they become due. As of September 30, 2025, we had cash and cash equivalents of $517,338.

As of September 30, 2025, we borrowed $10,726,226 from banks in the PRC, of which $5,003,512 is due within a year and the remaining of $5,722,714 is due more than a year. The Group has historically renewed or refinanced its short-term borrowings upon maturity; however, there can be no assurance that such refinancing will continue to be available on acceptable terms. As of September 30, 2025, we had prepaid $6,884,675 to suppliers for the purchase of production equipment. Subsequent to the year-end, the related purchase transactions were terminated, and the suppliers agreed to refund the full amount by January 2026. As of the issuance date of these financial statements, $4,127,054 has been collected.

To address liquidity pressure and support its ability to continue as a going concern, the management has implemented the following measures, including:

&nbsp;&nbsp;&nbsp;&nbsp;(i) On December 22, 2025, we entered into a funding support agreement with
a shareholder in the amount of up to RMB25,000,000 ($3,511,729). This agreement will expire on December 31, 2026. We can rely on this
funding support to ensure the sufficiency of our cash flow through the nest twelve months since the issuance of the consolidated financial
statements.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) In November 2025, we filed a shelf registration statement on Form F-3
with the U.S. Securities and Exchange Commission, pursuant to which we may offer and sell, from time to time, up to an aggregate amount
of $200.0 million of our securities, including Ordinary Shares, debt securities, warrants, rights or units. This shelf registration provides
us with flexibility to access the capital markets, if needed, to support our liquidity and working capital requirements. However, there
can be no assurance as to the timing, amount or terms of any such financing.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) We are continually making efforts to improve operating efficiency
and reducing discretionary spending, including optimization of general and administrative headcount and reduction in general and administrative
expenditures.

Current foreign exchange and other regulations in the PRC may restrict our PRC entities in their ability to transfer their net assets to us and our subsidiary. However, our PRC entities have no present plans to declare a dividend and plan to retain the retained earnings, if any, to continue to grow the business. In addition, these restrictions had no impact on our ability to meet our cash obligations as all of our current cash obligations are due within the PRC.

To utilize the proceeds from the private placement in 2025, we may make additional capital contributions to our PRC subsidiaries, establish new PRC subsidiaries and make capital contributions to these new PRC subsidiaries, or make loans to the PRC subsidiaries. However, most of these uses are subject to PRC regulations. Foreign direct investment and loans must be approved by and/or registered in accordance with the Foreign Exchange Administration Regulations (1996), as amended in 2008. The total amount of loans we can make to our PRC subsidiaries cannot exceed statutory limits and must be registered with the local counterpart of SAFE. The statutory limit for the total amount of foreign debts of a foreign-invested company is the difference between the amount of total investment as approved by the MOFCOM or its local counterpart and the amount of registered capital of such foreign-invested company.

We are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries only through loans or capital contributions, and only if we satisfy the applicable government registration and approval requirements. The relevant filing and registration processes for capital contributions to our PRC subsidiaries typically take approximately eight weeks to complete. The filing and registration processes for loans to our PRC subsidiaries typically take approximately four weeks or longer to complete. While we currently see no material obstacles to completing the filing and registration procedures with respect to future capital contributions to our PRC subsidiaries and loans to our PRC subsidiaries, we cannot assure you that we will be able to complete these filings and registrations on a timely basis, or at all. See "Item 3. Key Information — D. Risk Factors — Risks Related to Doing Business in China — PRC regulation on loans to, and direct investment in, PRC entities by offshore holding companies and governmental control in currency conversion may delay or prevent us from using the proceeds of the offerings to make loans to or make additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business.'' Additionally, while there is no statutory limit on the amount of capital contribution that we can make to our PRC subsidiaries, loans provided to our PRC subsidiaries are subject to certain statutory limits. We are able to use all of the net proceeds from offering for investment in our PRC operations by funding our PRC subsidiaries through capital contributions which is not subject to any statutory limit on the amount under PRC laws and regulations. We expect to continue using the net proceeds in the PRC in the form of Renminbi and, therefore, our PRC subsidiaries will need to convert any capital contributions or loans from U.S. dollars into Renminbi in accordance with applicable PRC laws and regulations.

**Cash Flows**

The following table summarizes our cash flows for the years indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Net cash used in operating activities from continuing operations | $(10731828) | $(9037230) | $(3159668) |
| Net cash provided by (used in) operating activities from discontinued operations | 8840202 | (1271503) | 952699 |
| Net cash used in investing activities from continuing operations | (26846098) | (12245600) | (3698659) |
| Net cash provided by investing activities from discontinued operations | 5656982 | 1003079 | 202891 |
| Net cash provided by financing activities from continuing operations | 37812355 | 9518599 | 1788553 |
| Net cash used in financing activities from discontinued operation | (1642448) | (886371) | (8344) |
| Effect of exchange rate changes | (248388) | 124338 | (19441) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | **12840777** | **(12794688)** | **(3941969)** |
| Cash, cash equivalents and restricted cash, at beginning of year | 4413218 | 17253995 | 4459307 |
| **Cash, cash equivalents and restricted cash, at the end of year** | $**17253995** | $**4459307** | $**517338** |

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**Years Ended September 30, 2023, 2024 and 2025**

*Operating Activities*

Net cash used in operating activities from the continuing operations was $10,731,828 for the year ended September 30, 2023, primarily derived from (1) a net loss from continuing operations of $3,857,800, adjusted by (i) impairment loss of goodwill of $1,792,392, (ii) share-based compensation of $1,260,339, and (iii) fair value changes in contingent asset of $979,770; (2) an increase of prepaid expenses and other current assets of $6,201,391, mainly due to receivables from earnout in the acquisition of Changzhou Sixun; (2) an increase of advance to suppliers of $4,010,153, primarily due to prepayment for purchase of battery packs; and (4) an increase of other non-current assets of $2,193,698 mainly due to advance payment for construction in progress; which was partially offset by (5) an increase of accrued expenses and other payables of $3,006,132, mainly due to a security deposits payable in relation to southeast Asia market development and the increase in loans from third-parties.

Net cash used in operating activities from the continuing operations was $9,037,230 for the year ended September 30, 2024, primarily derived from (1) a net loss from continuing operations of $5,862,065, adjusted by (i) impairment loss of long-term investments of $3,040,113, (ii) impairment loss of goodwill of $1,362,441, (iii) deferred tax benefits of $802,471, (iv) depreciation and amortization of $666,672, and (v) share-based compensation of $379,487; (2) an increase of advances to suppliers of $5,737,392, mainly due to the proactive increase in prepayments for battery packs in order to lock lower purchase prices and (3) an increase of accounts receivable of $5,395,436 mainly due to the growth in sales of batteries and battery packs; which was partially offset by (4) an increase in accrued expenses and other payables of $2,223,613, mainly due to the increase in loan from third-parties which was fully repaid in October, 2024.

Net cash used in operating activities from the continuing operations was $3,159,668 for the year ended September 30, 2025, primarily derived from (1) a net loss from continuing operations of $9,458,538, adjusted by (i) impairment loss of long-term investments of $3,520,660, (ii) impairment loss of goodwill of $1,732,454, (iii) impairment loss of intangible assets of $1,401,416, (iv) deferred tax expenses of $964,245, and (v) depreciation and amortization of $665,828; (2) an increase in accounts receivable of $3,894,298, mainly due to the growth in sales of batteries and battery packs; (3) an increase in prepaid expenses and other current assets of $304,773, mainly due to the loans provided to third-parties; and (4) a decrease in accrued expenses and other payables of $107,666; which was mainly which was partially offset by (5) a decrease in advances to suppliers of $1,911,384, mainly due to a decrease in prepayment for purchase of battery packs.

*Investing Activities*

For the year ended September 30, 2023, net cash used in investing activities from continuing operations was $26,846,098, primarily attributable to (1) purchases of long-term investments of $10,687,851; (2) cash paid for advances on customized equipment purchases of $7,221,017; (3) loans to related parties of $5,138,074; (3) purchases of property, plants and equipment of $3,252,217, mainly for construction in progress, and purchases of land use rights of $1,729,035; and (4) prepayments for intended long-term investments of $2,835,552. These outflows were partially offset by collections of loans from related parties of $4,589,944.

For the year ended September 30, 2024, net cash used in investing activities from continuing operations was $12,245,600, primarily attributable to (1) loans to related parties of $6,805,149; (2) purchases of property, plant and equipment of $4,124,212, mainly for construction in progress; (3) purchases of long-term investments of $3,996,882; and (4) purchases of a short-term investment of $1,557,104. These amounts were partially offset by collections of loans from a related party of $3,738,045.

For the year ended September 30, 2025, net cash used in investing activities from continuing operations was $3,698,659, primarily attributable to (1) loans to related parties of $4,160,652 and to third parties of $1,802,426 and (2) purchases of property, plant and equipment of $2,075,590, mainly for construction in progress. These outflows were partially offset by collection of loan to related parties of $2,788,458 and maturities of a short-term investment of $1,573,650.

*Financing Activities*

For the year ended September 30, 2023, net cash provided by financing activities from continuing operations was $37,812,355, primarily attributable to (1) cash receipts from equity issuance totaling $31,848,983, and (2) proceeds from short-term borrowings of $1,034,977 and long-term borrowings of $4,536,883.

For the year ended September 30, 2024, net cash provided by financing activities from continuing operations was $9,518,599, primarily attributable to (1) proceeds from short-term borrowings of $5,635,523 and long-term borrowings of $3,443,778, and (2) loans from third parties of $1,388,060. These inflows were partially offset by repayments of short-term borrowings of $1,318,657.

For the year ended September 30, 2025, net cash provided by financing activities from continuing operations was $1,788,553, primarily attributable to (1) loans from related parties of $3,612,539; (2) proceeds from short-term borrowings of $3,327,556; and (3) a capital injection of $3,000,000, pursuant to which, on April 7, 2025, Changzhou EZGO admitted a new minority shareholder who contributed $3,000,000 in paid-in capital in exchange for a 4.762% equity interest. These inflows were partially offset by (4) repayments of short-term borrowings of $5,046,794; and (5) repayment of loans from related parties of $1,794,523 and third parties of $1,386,482.

**Trend Information**

We are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

**Off-Balance Sheet Arrangements**

We did not have during the years presented, and we do not currently have any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**Tabular Disclosure of Contractual Obligations**

*Commitments and Contingencies*

From time to time, we may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal proceedings cannot be predicted, we do not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity.

*Long-term borrowings*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Creditor** | **Interest<br> rate** | **Borrowing<br> date** | **Maturity<br> date** | **As of<br> September 30,<br> 2024** | **As of<br> September 30,<br> 2025** |
| Bank of Jiangnan | 4.80% | 6/25/2022 | 6/21/2030 | 3925844 | 2237674 |
| Bank of Jiangnan | 4.80% | 11/15/2023 | 6/21/2030 | 1823985 | 1798005 |
| Bank of Jiangnan | 4.80% | 2/6/2024 | 6/21/2030 | 726744 | 716393 |
| Bank of Jiangnan | 4.80% | 7/18/2024 | 6/21/2030 | 984667 | 970642 |
| **Total long-term bank borrowing, non-current** |  |  |  | $**7461240** | $**5722714** |
| Changzhou Zenith Technology Co., Ltd. | nil | 7/14/2025 | 7/13/2028 | - | 702346 |
| **Total long-term borrowing from a third party, non-current** |  |  |  | $**-** | $**702346** |
| **Total long-term borrowing, non-current** |  |  |  | $**7461240** | $**6425060** |

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*Operating Lease*

We have entered into various non-cancellable operating lease agreements mainly for office space and storage warehouses which are substantially located in PRC. We determine if an arrangement is a lease, or contains a lease, at inception and record the leases in the CFS upon lease commencement, which is the date when the lessor makes the underlying asset available for use by the lessee.

The following is a schedule of future minimum payments under our operating leases as of September 30, 2025:

---

| | |
|:---|:---|
| **Year ending September 30,** | **Amount** |
| 2026 | $3652 |
| Total lease payments | 3652 |
| Less: imputed interest | - |
| **Total** | $**3652** |

---

Other than those shown above, we did not have any significant capital and other commitments, long-term obligations, or guarantees as of September 30, 2025.

**Critical Accounting Policies and Estimates**

Our CFS were prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities on the date of the CFS, and the reported amounts of revenues and expense incurred during the financial reporting period and accompanying notes. The most significant estimates and assumptions include the valuation of accounts receivable and inventories, useful lives of property, plant and equipment and intangible assets, the recoverability of long-lived assets, provision necessary for contingent liabilities, and revenue recognition. We base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates are described below. The critical accounting policies and estimates should be read in conjunction with Note 2 in our CFS for the fiscal years ended September 30, 2023, 2024 and 2025, for more information on our critical accounting policies.

***Use of estimates***

The preparation of CFS in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the CFS and the reported amounts of revenues and expenses during the reporting period and accompanying notes, including, but not limiting to, allowance for credit losses, non-marketable equity investments and determination of other-than-temporary impairment, inventory provision, goodwill impairment, initial measurement of leases, revenue recognition, fair value of the warrants, share-based compensation arrangements, contingencies, the useful lives of property, plants and equipment, and intangible assets, impairment of investments and long-lived assets, valuation allowance for deferred tax assets, and uncertain tax opinions. Actual results could differ from those estimates.

***Credit losses***

In accordance with Accounting Standards Update ("ASU") 2016-13 "Financial Instruments – Credit Losses" (Topic 326), we estimate and record an expected lifetime credit loss by using an aging schedule method in combination with current situation adjustment, which replaces the previous incurred loss impairment model. The expected credit loss impairment model requires us to recognize our estimate of expected credit losses for affected financial assets using an allowance for credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.

Our accounts receivable, notes receivable, amounts due from related parties and certain receivables which are included in prepaid expenses and other current assets line items in the balance sheet are within the scope of ASC Topic 326. We use an aging schedule method in combination with current situation adjustment, to determine the loss rate of receivable balances and evaluate the expected credit losses on an individual basis. When establishing the loss rate, we make the assessment based on various factors, including aging of receivable balances, historical experience, creditworthiness of debtor, current economic conditions, reasonable and supportable forecasts of future economic, and other factors that may affect our ability to collect from the debtors. We also apply current situation adjustment to provide specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

***Accounts receivable***

Accounts receivable are stated at the original amount less allowances for credit losses. Accounts receivable are recognized in the period when we have provided services to our customers and when our right to consideration is unconditional.

***Property, plant and equipment***

Property, plant and equipment includes furniture, fixtures and office equipment, vehicles and construction in progress. Construction in progress includes direct costs that are related to the construction of property, equipment, and software, and are incurred in connection with bringing the assets to their intended use. Construction in progress is transferred to specific property, equipment the depreciation of these assets commences when the assets are ready for their intended use. Interest associated with major development and construction projects is capitalized and included in the cost of the project. The capitalization of interest ceases when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the capitalization rate to the average amount of accumulated qualifying capital expenditures for assets under construction during the year.

Property, plant and equipment is stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year of disposition. Estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Estimated<br> Useful Life** |
| Furniture, fixtures and office equipment | 3-5 years |
| Vehicles | 4-10 years |

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***Land use right***

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on straight-line basis over the useful life of land use right. In January 2023, Jiangsu New Energy acquired the land use right from local government for the purpose of building manufacturing plants in Changzhou, Jiangsu Province. The land use right has a term of 50 years and expires on January 5, 2073.

***Goodwill,***

Goodwill is the excess of the purchase price over FV of the identifiable assets and liabilities acquired in a business combination.

Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of September 30 of each year and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired. We first have the option to assess qualitative factors to determine whether it is more likely than not that the FV of a reporting unit is less than it's carrying amount.

If we decide, as a result of its qualitative assessment, that it is more likely than not that the FV of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the FV of each reporting unit with its carrying amount, including goodwill. A goodwill impairment charge will be recorded for the amount by which a reporting unit's carrying value exceeds its FV, but not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units and determining the FV of each reporting unit. The judgment in estimating the FV of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of FV for each reporting unit.

***Impairment of Long-lived Assets***

In accordance with ASC Topic 360, we review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. We recognize an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset's estimated fair value and its carrying amount.

***Revenue recognition***

We recognize revenues in accordance with ASC 606, "Revenue from Contracts with Customers" ("ASC 606"). Our revenues are mainly generated from 1) sales of products, 2) maintenance services and 3) other services.

The core principle of ASC Topic 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation

Revenue recognition policies are discussed as follows:

*Revenue from sales of products*

We sell products to different customers, primarily battery cells and packs, e-bicycles (see Note 16 Discontinued Operation), electronic control systems, and second-hand machinery. We identify one performance obligation in providing the products for a fixed consideration as stated in the sales contract. We present the revenue generated from our sales of products on a gross basis as we act as the principal. The revenue is recognized when we satisfy the performance obligation by transferring the promised product to the customers upon acceptance by customers.

We generally provide different warrant periods for different products: a six-month warranty period for battery packs, and a one-year warranty period for electronic control systems. The customers are required to perform product quality check upon acceptance of delivery and the warranty covers only production defects. Customers do not have the option to purchase a warranty separately, nor does a warranty provide services other than a warranty. Therefore, warranty costs are considered as accrued performance costs rather than performance obligations.

*Revenue from maintenance services*

We provide comprehensive machine maintenance services, usually through a separate contract specified for the provision of maintenance service. In accordance with the detailed requirements in the contract, we implement a targeted maintenance strategy for machines in need of repair. We identify one performance obligation in providing maintenance service for a fixed consideration as stated in the sales contract. We present the revenue generated from our sales of products on a gross basis as we act as the principal. The revenue is recognized when we satisfy the performance obligation by completion of maintenance service upon acceptance by customers.

*Revenue from other services*

We also provide other services mainly including photovoltaic engineering contracting. We identify one performance obligation in the provision of services in the contract and recognized revenue at a point time when we satisfy the performance obligation upon acceptance by customers. For photovoltaic engineering contracting, we do not directly engage in the construction but rather serves as an intermediatory to connect the party awarding with suitable contractors. Therefore, we present the revenue from photovoltaic engineering contracting on a net basis as we act as an agent.

***Recent accounting standards***

We are an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements ("ASU 2024-02"). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. We do not expect to adopt this guidance early and do not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03") which requires detailed disclosures in the notes to financial statements disaggregating specific expense categories and certain other disclosures to provide enhanced transparency into the nature and function of expenses. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements should be applied on a prospective basis while retrospective application is permitted. We do not expect to adopt this guidance early and do not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

In March 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2025-02 "Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122" ("ASU 2025-02"), which amends the Accounting Standards Codification to remove the text of SEC Staff Accounting Bulletin ("SAB") 121 "Accounting for Obligations to Safeguard Crypto- Assets an Entity Holds for its Platform Users" as it has been rescinded by the issuance of SAB 122. ASU 2025-02 is effective immediately and is not expected to have an impact on our financial statements.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets," which provides guidance for entities that apply the practical expedient and accounting policy election, if applicable, when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a business combination accounted for under Topic 805. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance.

In September 2025, the FASB issued ASU 2025-06, Intangibles -Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous "development stage" model and introducing a more judgment-based approach. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027 and for interim reporting periods beginning in that fiscal year. We are currently evaluating the impact that this update will have on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging ("Topic 815") and Revenue from Contracts with Customers ("Topic 606"): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). ASU 2025-07, expands an existing scope exception under Topic 815 to exclude non-exchange-traded contracts where the underlying is based on the operations or activities specific to one of the contract parties. We are currently evaluating the impact that this update will have on the consolidated financial statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses ("Topic 326"): Purchased Loans ("ASU 2025-08"). The amendments expand the population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards) as "seasoned" if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact that this update will have on the consolidated financial statements.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the CFS upon adoption. We do not discuss recent standards that are not anticipated to have an impact on or are unrelated to its CFS.

**Quantitative and Qualitative Disclosures about Market Risks**

We are also exposed to liquidity risk which is a risk that we are unable to provide sufficient capital resources and liquidity to meet its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to other financial institutions and the shareholders to obtain short-term funding to meet the liquidity shortage.

*Inflation risk*

To date, inflation in China has not materially impacted our results of operations. According to the National Bureau of Statistics of China, the year-over-year percent changes in the consumer price index for 2023 and 2024 were decrease of 0.2% and increased 0.3%, and was increased 0.2% for October 2025. Although we have not been materially affected by inflation in the past, we can provide no assurance that we will not be affected in the future by higher rates of inflation in the PRC. For example, certain operating costs and expenses, such as employee compensation and office operating expenses may increase as a result of higher inflation. Additionally, because a substantial portion of our assets consists of cash and cash equivalents, high inflation could significantly reduce the value and purchasing power of these assets. We are not able to hedge our exposure to higher inflation in China.

*Interest rate risk*

Our exposure to interest rate risk primarily relates to the interest rate that our deposited cash can earn. Interest-earning instruments carry a degree of interest rate risk. We have not been exposed to material risks due to changes in interest rates. An increase, however, may raise the cost of any debt we incur in the future.

*Foreign currency translation and transaction*

Substantially all of our operating activities and our assets and liabilities are denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the Peoples' Bank of China ("PBOC") or other authorized financial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers' invoices and signed contracts. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market.

**ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A. Directors and Senior Management**

The following table sets forth the name, age, positions and a brief description of the business experience of each of our directors, executive officers and key employees as of the date hereof.

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| | | |
|:---|:---|:---|
| **Directors and Executive Officers** | **Age** | **Position/Title** |
| Jianhui Ye | 39 | Chief Executive Officer and Director |
| Yuehan Ling | 35 | Chief Financial Officer |
| Zebin Zhao | 40 | Chief Operating Officer |
| Peiyao Jin | 44 | Director |
| Guanghui Yang | 64 | Independent Director |
| Robert Johnson | 58 | Independent Director |
| Zhenguo Wu | 40 | Independent Director |

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There are no arrangements or understandings with major shareholders, customers, suppliers or others, pursuant to which any person referred to above was selected as a director or member of senior management. The address of each of our directors and executive officers is c/o EZGO Technologies Ltd., Building #A, Floor 2, Changzhou Institute of Dalian University of Technology, Science and Education Town, Wujin District, Changzhou City, Jiangsu, China 213164.

***Executive Officers and Directors***

***Jianhui Ye*** has been serving as our Chief Executive Officer and director since August 2019, the General Manager of Hengmao Power Battery since October 2017 and the Chief Executive Officer and Director of the VIE, Jiangsu EZGO Electronic Technologies, Co., Ltd., since August 2019. Mr. Ye is responsible for our daily operations and formulation of our business strategies. Since September 2017, Mr. Ye has also been serving as the general manager of Zhuhai Dinghua Equity Investment Management Co. Ltd., an investment company in China, to provide a platform for us to find potential partners and investors. Mr. Ye spends most of his time on our management as he is not involved in day-to-day operations of Zhuhai Dinghua Equity Investment Management Co. Ltd. From September 2016 to September 2017, Mr. Ye served as a senior investment manager of Guoyuan Securities Inc., a securities brokerage firm in Hong Kong. From July 2014 to September 2016, Mr. Ye served as a compliance risk control manager of Guangdong Juniu Investment Management Company Limited, an investment management company in China. From September 2010 to July 2014, Mr. Ye served as an investment manager of Guangzhou Huifu Enterprise Consulting Co., Ltd, a consulting company in China. Mr. Ye obtained his fund qualification certificate from the China Securities Investment Fund Industry Association in August 2018. Mr. Ye received a Bachelor's degree from Shenzhen University in July 2010.

***Yuehan Ling*** has been serving as our Chief Financial Officer since September 4, 2025. Mr. Ling has over 10 years of professional experience in accounting and auditing. From September 2014 to March 2025, he served as an auditor at Ernst & Young Hua Ming LLP, where he provided auditing services to several public companies as manager and senior manager from October 2020 to March 2025. Mr. Ling received his Bachelor's degree from Fudan University in June 2014. He has been a Certified Public Accountant in China since 2019. Mr. Ling does not have any family relationships with any director or executive officer and has not been involved in any related-party transactions requiring disclosure under Item 404(a) of Regulation S-K.

***Zebin Zhao*** has been serving as our Chief Operating Officer and Chief Operating Officer of Jiangsu EZGO since April 2022. From August 2020 to April 2022, Mr. Zhao served as the Deputy General Manager of Jiangsu EZGO, where he was responsible for supervising corporate governance and daily operations. From January 2017 to August 2020, Mr. Zhao served as the General Manager of Shenzhen Xingcaitong Asset Management Co., Ltd., an investment management company, where he was responsible for investment management. From August 2011 to January 2017, Mr. Zhao served as the Deputy General Manager of Shenzhen Shuangzixing Asset Management Co., Ltd., an investment management company, where he was responsible for industrial research and mergers and acquisitions. From April 2010 to July 2011, Mr. Zhao served as a credit analyst of Shenzhen Southern Credit Rating Co., Ltd., a credit rating company. Mr. Zhao received his Bachelor's degree in Finance from Shenzhen University in July 2010. He obtained his fund qualification certificate from the China Securities Investment Fund Industry Association in June 2017.

***Peiyao Jin*** has been serving as our director since April 2022. From February 2011 to December 2013, Ms. Jin served as an Assistant Manager of Work and Income Henderson-Ministry of Social Development, a government department of New Zealand. From February 2005 to June 2009, Ms. Jin served as an Assistant Manager of Quest Auckland, a local hotel in New Zealand. Ms. Jin received her Bachelor's degree in Accounting from Auckland University of Technology in November 2007. Ms. Jin is the spouse of Shuang Wu, our former Chief Operating Officer and the former Chief Operating Officer of the VIE.

***Robert Johnson*** has been serving as our independent director and the chairman of the audit committee since December 2020. He has been serving as the financial controller of BAS Holdings Investments, LLC since February 2020. From January 2017 to January 2020, he served as the financial controller for Lionstone Development, LLC and from July 2015 to December 2016, Mr. Johnson served as an independent consultant. From June 2010 to June 2015, he served as the financial controller of BSL Capital, Inc. From September 2005 to June 2010, Mr. Johnson served as a senior tax accountant of CBIZ MHM, LLC, an accounting services provider and business consulting company in Miami, Florida. From January 2004 to September 2005, Mr. John served as a tax accountant of Mallah Furman and Company in Miami, Florida. Mr. Johnson received a dual bachelor's degrees from The University of Central Florida in August 2000 and a Master of Business Administration degree with a specialization in professional accounting from The University of Miami in December 2003. Mr. Johnson has been a Certified Public Accountant licensed by the State of Florida since October 2005 and a Certified Management Accountant licensed by the Institute of Management Accountants since August 2013. Mr. Johnson also holds a certification in Hotel Industry Analytics from The American Hotel and Lodging Association since November 2017 and is a Certified Hospitality Accountant Executive licensed by the Hospitality Financial and Technology Professionals since July 2018. Mr. Johnson is also a member of the Hospitality Financial and Technology Professionals since July 2018 and has also been a member of the Institute of Management Accountants since August 2013 and a member of the American Institute of Certified Public Accountants since October 2005.

***Guanghui Yang*** has been serving as our independent director and the chairman of the compensation committee since July 2021. Mr. Yang has been serving as an associate professor in the School of Economics of Shenzhen University since May 1997, where previously from June 1987 to May 1997 he was a lecturer in the Department of Economics of Shenzhen University. Mr. Yang has served as a member of Shenzhen Statistical Investigation Expert Group since November 2012. From April 2008 to April 2009, he served as an expert in the Science and Technology Bureau of Shenzhen Nanshan District. From November 2004 to November 2007, he served as a member of Shenzhen Population and Family Planning Expert Committee. Mr. Yang received a Bachelor's degree in Mathematics from Lanzhou University in 1982, a master's degree in Applied Mathematics from Huazhong University of Science and Technology in 1987 and a doctoral degree in Statistics from Xiamen University in 2006.

***Zhenguo Wu*** has been serving as our independent director since July 31, 2025 and is the Chair of the Nominating and Corporate Governance Committee and a member of the Audit and Compensation Committees. Mr. Wu has substantial legal professional experience in capital markets. He has been a lawyer at Watson & Band Law Offices since December 2024 and has served as an independent director of WORK Medical Technology Group Ltd. since January 2025. From April 2021 to November 2024, he served as board secretary and general counsel at Xuhang Holdings Ltd. From October 2015 to February 2021, he served as senior vice president in the investment banking division of Shenwan Hongyuan Securities Underwriting and Sponsoring Co., Ltd. Mr. Wu obtained a Bachelor's degree in English from Tangshan Normal University in 2010 and a Master's degree in Law from East China University of Political Science and Law in 2013. He is independent under Nasdaq Rule 5605(a)(2).

Each of our directors will serve as a director until our next annual general meeting and until their successors are duly elected and qualified.

**Family Relationships**

None of our directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

**B. Compensation**

For the fiscal year ended September 30, 2025, we paid an aggregate of RMB1,997,609 (approximately $276,965) in cash and benefits in-kind granted to or accrued on behalf of all of our directors and members of senior management for their services in all capacities. For the fiscal year ended September 30, 2024, we paid an aggregate of RMB1,571,909 (approximately US$218,190). We did not pay any additional compensation to our directors and members of senior management. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors. Our PRC subsidiaries are required by law to make contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund.

**Employment Agreements**

We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for an initial term of three year. The executive officers are entitled to a fixed salary and other company benefits, each as determined by the Board from time to time. We may terminate an executive officer's employment under PRC Labor Law and under other applicable laws and regulations.

Each executive officer has agreed to hold, at all times during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information, or the confidential or proprietary information disclosed to the executive officer by or obtained by the executive officer from us either directly or indirectly in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.

**C. Board Practices**

Our Board of Directors consists of 5 directors as of the date of this annual report. A director is not required to hold any shares in our Company to qualify to serve as a director. Subject to making appropriate disclosures to the Board of Directors in accordance with our amended and restated memorandum and articles of association, a director may vote with respect to any contract, proposed contract, or arrangement in which he or she is interested, in voting in respect of any such matter, such director should take into account his or her director's duties. A director may exercise all the powers of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any obligation of the company or of any third party.

**Committees of the Board of Directors**

We have established an audit committee, a compensation committee and a nominating and corporate governance committee under the Board of Directors as of the date of this annual report. We have adopted a charter for each of the three committees. Each committee's members and functions are described below.

 ****

***Audit Committee.*** Our audit committee consists of Mr. Robert Johnson, Mr. Zhenguo Wu and Mr. Guanghui Yang and is chaired by Mr. Robert Johnson. We have determined that each of these three directors satisfies the "independence" requirements of the Nasdaq Listing Rules and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Robert Johnson qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements. The audit committee is responsible for, among other things:

● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

● reviewing with the independent registered public accounting firm any audit problems or difficulties and management's response;

● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

● discussing the annual audited financial statements with management and the independent registered public accounting firm;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor and control major financial risk exposures;

● annually reviewing and reassessing the adequacy of our audit committee charter;

● meeting separately and periodically with management and the independent registered public accounting firm;

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and

● reporting regularly to the board.

 ****

***Compensation Committee***. Our compensation committee consists of Mr. Robert Johnson, Mr. Zhenguo Wu and Mr. Guanghui Yang, and is chaired by Mr. Guanghui Yang. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our executive officers may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or other similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

 ****

***Nominating and Corporate Governance Committee****.* Our nominating and corporate governance committee consists of Mr. Robert Johnson, Mr. Zhenguo Wu and Mr. Guanghui Yang, and is chaired by Mr. Zhenguo Wu. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

● recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;

● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us;

● selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;

● developing and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; and

● evaluating the performance and effectiveness of the board as a whole.

**Duties of Directors**

Under BVI law, the directors owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to the company acting in a manner that contravenes our amended and restated memorandum and articles of association or the BVI Act.

**Terms of Directors and Officers**

Our Board of Directors is divided into three classes, with directors in each class serving staggered three-year terms and only one class of directors being elected at each annual meeting of shareholders. Each director holds office until the expiration of his or her respective term and until a successor has been duly elected and qualified, or until such director's earlier death, resignation, or removal.

Our officers are elected by the Board of Directors and serve at the discretion of the Board of Directors, rather than for specific terms of office. Our Board of Directors is authorized to appoint persons to the offices set forth in our amended and restated memorandum and articles of association as it deems appropriate.

**D. Employees**

As of the date of this annual report, we have 60 full-time employees, and all our employees are based in China.

The following table provides the number of our employees by function as of the date of this annual report:

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| | |
|:---|:---|
| **Function** | **Number of Full-Time Employees** |
| Research and Development | &nbsp;&nbsp;9 |
| Manufacture | &nbsp;&nbsp;22 |
| Business and Marketing | &nbsp;&nbsp;13 |
| Administrative, Human Resources and Finance | &nbsp;&nbsp;16 |
| Total | &nbsp;&nbsp;60 |

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As required by the laws of the PRC, we participate in various employee social security plans that are organized by municipal and provincial governments for our PRC-based full-time employees, including pension, unemployment insurance, childbirth insurance, work-related injury insurance and medical insurance. We are required under PRC law to make contributions monthly at specified percentages of the salaries, bonuses and certain allowances of our PRC-based full-time employees, up to maximum amounts specified by applicable local governments.

We enter into labor contracts and standard confidentiality and intellectual property agreements with our key employees. We believe that maintaining good working relationships with our employees is essential, and we have not experienced any labor disputes. None of our employees are represented by labor unions.

Assembly, production and delivery of our batteries, smart charging piles and a portion of our rented e-bicycle and battery products are conducted by independent contractors. The fluctuation in the number of contractors is related to changing business and production needs.

**E. Share Ownership**

As of December 29, 2025, 884,745 Ordinary Shares are issued and outstanding. Holders of EZGO's Ordinary Shares are entitled to vote together as a single class on all matters submitted to shareholders for approval. No holder of Ordinary Shares has different voting rights from any other holders of Ordinary Shares. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. The percentages of shares beneficially owned in the table below are based on 884,745 Ordinary Shares outstanding as of December 29, 2025.

The following table sets forth information with respect to the beneficial ownership of our common shares as of January 17, 2025 by:

● each of our directors and executive officers; and

● each person known to us to beneficially own more than 5% of our outstanding Ordinary Shares.

Unless otherwise noted below, the address for each listed shareholder, director or executive officer is Building #A, Floor 2, Changzhou Institute of Dalian University of Technology, Science and Education Town, Wujin District, Changzhou City, Jiangsu, China 213164.

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| | | |
|:---|:---|:---|
| | **Ordinary Shares<br> Beneficially Owned** | **Ordinary Shares<br> Beneficially Owned** |
| <br>**Name of Beneficial Owners<sup>(1)</sup>** | **Number** | **%** |
| **Directors and Executive Officers:** |  |  |
| Jianhui Ye**<sup>(2)(3)</sup>** | 162725 | 18.39% |
| Yuehan Ling |  |  |
| Zebin Zhao |  |  |
| Peiyao Jin | 339 | \* |
| Robert Johnson |  |  |
| Guanghui Yang |  |  |
| Zhenguo Wu |  |  |
| ***All directors and executive officers as a group (7 persons)*** | 163064 | 18.43% |
| ***Greater than 5.0% Holders*** |  |  |
| WXYZ Group Ltd.**<sup>(2)</sup>** | 159035 | 17.98% |

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\* Less than 1.0%.

(1) Unless otherwise noted, the business address of each of the following entities or individuals is Building #A, Floor 2, Changzhou Institute of Dalian University of Technology, Science and Education Town, Wujin District, Changzhou City, Jiangsu, China 213164.

(2) WXYZ Group Ltd. is a British Virgin Islands company wholly owned by Jianhui Ye, our Chief Executive Officer, who has sole voting and dispositive power over the Ordinary Shares held by such entity.

(3) Jianhui Ye directly hold 3,690 shares.

None of EZGO's major shareholders have differing voting rights. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

**F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation.**

The Company was not required to prepare an accounting restatement during or after the last completed fiscal year.

**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**A. Major Shareholders**

See Item 6.E., "*Share Ownership,*" for a description of EZGO's major shareholders.

**B. Related Party Transactions**

Set forth below are the related party transactions of our company that occurred since the beginning of the last fiscal year up to the date of this annual report. The transactions are identified in accordance with the rules prescribed under Form 20-F and may not be considered as related party transactions under PRC law.

**Transactions with Certain Related Parties**

We have adopted an audit committee charter, which requires the committee to review all related party transactions on an ongoing basis and all such transactions be approved by the audit committee. In determining whether to approve a related party transaction, the audit committee shall consider, among other factors, the following factors to the extent relevant to the related party transaction:

● whether the terms of the related party transaction are fair to the Company and on the same basis as would apply if the transaction did not involve a related party;

● whether there are business reasons for the Company to enter into the related party transaction;

● whether the related party transaction would impair the independence of an outside director;

● whether the related party transaction would present an improper conflict of interest for any director or executive officer of the Company, taking into account the size of the transaction, the overall financial position of the director, executive officer or the related party, the direct or indirect nature of the director's, executive officer's or the related party's interest in the transaction and the ongoing nature of any proposed relationship, and any other factors the audit committee deems relevant; and

● any pre-existing contractual obligations.

During the fiscal years ended September 30, 2023, 2024 and 2025, and to the date of this annual report, we had the following material related party transactions:

*Related parties transactions*

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** |
| <br>**Related Parties** | <br>**Nature** | **2023** | **2024** | **2025** |
| **Inventory purchased from related parties** |  |  |  |  |
| Jiangsu Youdi Technology Co., Ltd. | Purchase of e-bicycles | $- | $- | $60920 |
| **Loan to related parties** |  |  |  |  |
| Shanghai Mingli New Energy Technology Co., Ltd. | Loan to a related party | $- | $4025374 | $4020797 |
| Shandong Xingneng'an New Energy Technology Co., Ltd. | Loan to a related party | 5134618 | 2776120 | 138648 |
| Shandong Xingneng'an New Energy Technology Co., Ltd. | Interest receivable from a related party | 123078 | 232891 | 51956 |
| Jiangsu Youdi Technology Co., Ltd. | Interest receivable from a related party | 20827 | 21231 | 21157 |
| Jiangsu Youdi Technology Co., Ltd. | Loan to a related party | 3456 | 3655 | 1207 |
|  |  | $**5281979** | $**7059271** | $**4233765** |
| **Collection of loan to related parties** |  |  |  |  |
| Shandong Xingneng'an New Energy Technology Co., Ltd. | Collection of loan to a related party | $4589944 | $3738045 | $2483432 |
| **Loans from related parties** |  |  |  |  |
| Shuang Wu | Interest-free loan from a related party | $675067 | $619746 | $2288670 |
| **Repayment of loans from related parties** |  |  |  |  |
| Shuang Wu | Repayment of interest-free loans from a related party | $- | $249851 | $741767 |
| **Others** |  |  |  |  |
| Shuang Wu | Expenses paid for daily operation on behalf of the Company | $142394 | $292612 | $- |
| Shuang Wu | Reimbursement for expenses paid for daily operation on behalf of the Company | 99693 | 252578 | - |
|  |  | $**242087** | $**545190** | $**-** |

---

*Related parties transactions-VIE and its subsidiaries*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended September 30,** | **Years Ended September 30,** | **Years Ended September 30,** |
| <br>**Related Parties** | <br>**Nature** | **2023** | **2024** | **2025** |
| **Inventory purchased from related parties** |  |  |  |  |
| Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. | Purchase of e-bicycles | $2179826 | $1135273 | $2207674 |
| Jiangsu Xinzhongtian Suye Co., Ltd. | Purchase of e-bicycles | 1158391 | 299343 | 1398017 |
| Shandong Xingneng'an New Energy Technology Co., Ltd. | Purchase of battery packs | **-** | **&nbsp;&nbsp;&nbsp;&nbsp; 106189** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |
|  |  | $**3338217** | $**1540805** | $**3605691** |
| **Loan to related parties** |  |  |  |  |
| Shenzhen Star Cycling Network Technology Co., Ltd. | Interest receivable from a related party | $25166 | $24566 | $33830 |
| Shenzhen Star Cycling Network Technology Co., Ltd. | Loan to a related party | **4253** | - | - |
|  |  | $**29419** | $**24566** | $**33830** |
| **Collection of loan to related parties** |  |  |  |  |
| Shandong Xingneng'an New Energy Technology Co., Ltd. | Collection of loan to a related party | $1417776 | $- | $- |
| Shenzhen Star Cycling Network Technology Co., Ltd. | Collection of loan to a related party | 446599 |  |  |
| Jiangsu Youdi Technology Co., Ltd. | Collection of loan to a related party | 141896 | - | - |
|  |  | $**2006271** | $**-** | $**-** |
| **Loans from related parties** |  |  |  |  |
| Jiangsu Xinzhongtian Suye Co., Ltd. | Interest-free loan from a related party | $- | $538567 | $674302 |
| Yan Fang | Interest-free loan from a related party | 69726 | 62713 | 367071 |
| Huiyan Xie | Interest-free loan from a related party | **830108** | **-** | **-** |
|  |  | $**899834** | $**601280** | $**1041373** |
| **Repayment of loans from related parties** |  |  |  |  |
| Jiangsu Xinzhongtian Suye Co., Ltd. | Repayment of interest-free loans from a relate party | $- | $538567 | $669449 |
| Yan Fang | Repayment of interest-free loans from a relate party | 14266 | 116247 | 380268 |
| Huiyan Xie | Repayment of interest-free loans from a relate party | **75653** | - | - |
|  |  | $**89919** | $**654814** | $**1049717** |
| **Others** |  |  |  |  |
| Nanjing Mingfeng Technology Co., Ltd. | Payment received on behalf of a related party | $35846 | 1485 | $- |
| Nanjing Mingfeng Technology Co., Ltd. | Transfer of payment received on behalf of a related party | **26705** | 726 | - |
|  |  | $**62551** | $**2211** | $**-** |

---

**C. Interests of Experts and Counsel**

Not applicable.

**ITEM 8. FINANCIAL INFORMATION**

**A. Consolidated Statements and Other Financial Information**

The financial statements required by this item may be found at the end of this annual report on 20-F, beginning on page F-1.

**Legal Proceedings**

See "*Item 4. Information on the Company - B. Business Overview - Legal Proceedings*" for a description of our currently involved legal proceedings.

**Dividends**

We have never declared or paid any dividend on EZGO's Ordinary Shares and we do not anticipate paying any dividends on EZGO's Ordinary Shares in the future. We currently retain all future earnings to finance our operations and to expand our business.

**B. Significant Changes**

No significant changes to our financial condition have occurred since the date of the annual financial statements contained herein.

**ITEM 9. THE OFFER AND LISTING**

**A. Offer and Listing Details**

Not applicable for annual reports on Form 20-F.

**B. Plan of Distribution**

Not applicable for annual reports on Form 20-F.

**C. Markets**

EZGO's Ordinary Shares are currently traded on the Nasdaq Capital Market under the symbol "EZGO."

**D. Selling Shareholders**

Not applicable for annual reports on Form 20-F.

**E. Dilution**

Not applicable for annual reports on Form 20-F.

**F. Expenses of the Issue**

Not applicable for annual reports on Form 20-F.

**ITEM 10. ADDITIONAL INFORMATION**

**A. Share Capital**

Not applicable for annual reports on Form 20-F.

**B. Memorandum and Articles of Association**

EZGO is a BVI company limited by shares and its affairs are governed by its memorandum and articles of association and the BVI Act (each as amended or modified from time to time).

As provided in EZGO's amended and restated memorandum and articles of association, subject to the BVI Act, EZGO has full capacity to carry on or undertake any business or activity, do any act or enter into any transaction, and, for such purposes, full rights, powers and privileges. EZGO's registered office is c/o Maples Corporate Services (BVI) Limited, P.O. Box 173, Road Town, Tortola, British Virgin Islands.

EZGO has adopted amended and restated memorandum and articles of association. The Company is authorised to issue a maximum number of 1,010,000,000 shares divided into two classes as follows:

● up to 1,000,000,000 Ordinary Shares of no par value each

● up to 10,000,000 Preferred shares of no par value each

All options, regardless of grant dates, will entitle holders to an equivalent number of Ordinary Shares once the vesting and exercising conditions are met.

EZGO's Ordinary Shares have listed on Nasdaq under the symbol "EZGO."

**Ordinary Shares**

***General.*** The maximum number of shares we are authorized to issue is 1,010,000,000 shares, divided into up to 1,000,000,000 Ordinary Shares of no par value and up to 10,000,000 preferred shares of no par value. Holders of Ordinary Shares have the same rights. All of our outstanding Ordinary Shares are fully paid and non-assessable. To the extent they are issued, certificates representing the Ordinary Shares are issued in registered form.

Our amended and restated memorandum and articles of association do not provide for pre-emptive rights.

***Dividends.*** The holders of EZGO's Ordinary Shares are entitled to such dividends as may be declared by our Board of Directors. Our amended and restated articles of association provide that dividends may be declared and paid at such time, and in such an amount, as the directors determine subject to their being satisfied that the Company will meet the statutory solvency test immediately after the dividend. Holders of Ordinary Shares will be entitled to the same amount of dividends, if declared.

***Voting Rights.*** In respect of all matters subject to a shareholders' vote, each ordinary share is entitled to one vote for each ordinary share registered in his or her name on our register of members. Holders of Ordinary Shares shall at all times vote together on all resolutions submitted to a vote of the members. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder.

A quorum required for a meeting of shareholders consists of the holders of at least one-half of all voting power of our shares in issue at the date of the meeting present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative. Shareholders' meetings may be held annually. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting. Extraordinary general meetings may be called by a majority of our Board of Directors or our chairman or upon a requisition of shareholders holding at the date of deposit of the requisition not less than 30% of the aggregate voting power of our Company. Advance notice of at least 10 days is required for the convening of our annual general meeting and other general meetings.

***Transfer of Ordinary Shares.*** Under the BVI Act the transfer of a registered share which is not listed on a recognized exchange is by a written instrument of transfer signed by the transferor and containing the name of the transferee. However, the instrument must also be signed by the transferee if registration would impose a liability on the transferee to the Company. The instrument of transfer must be sent to the Company for registration. The transfer of a registered share is effective when the name of the transferee is entered in the register of members. The entry of the name of a person in the Company's register of members is prima facie evidence that legal title in the share vests in that person.

The procedure is different for the transfer of shares that are listed on a recognized exchange. Such shares may be transferred without the need for a written instrument of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares listed on the recognized exchange and subject to the Company's amended and restated memorandum and articles of association.

***Liquidation.*** On a liquidation, on winding up or other return of assets of the EZGO to shareholders (other than on conversion, redemption or purchase of Ordinary Shares), assets available for distribution among the holders of Ordinary Shares shall be distributed among the holders of the Ordinary Shares on a pro rata basis.

***Calls on Ordinary Shares and Forfeiture of Ordinary Shares.*** Our Board of Directors may from time to time make calls upon shareholders for any amounts unpaid on their Ordinary Shares in a notice served to such shareholders at least 14 clear days prior to the specified time of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

***Redemption of Ordinary Shares.*** The BVI Act and our amended and restated memorandum and articles of association permit us to purchase our own shares with the prior written consent of the relevant shareholders, a resolution of directors and in accordance with applicable law.

***Variation of Rights of Shares.*** Other than with respect to the issuance of the preferred shares in accordance with our amended and restated memorandum and articles of association, all or any of the rights attached to any class of shares may, subject to the provisions of the BVI Act, be varied without the consent of the holders of the issued shares of that class where such variation is considered by the Board of Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of a majority of the issued shares of that class, or with the sanction of a resolution passed by a simple majority of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with such existing class of shares.

***Inspection of Books and Records.*** A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum and articles of association of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject to the amended and restated memorandum and articles of association, the directors may, if they are satisfied that it would be contrary to the Company's interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records.

Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

A company is required to keep at the office of its registered agent: its memorandum and articles of association of the company; the register of members or a copy of the register of members; the register of directors or a copy of the register of directors; and copies of all notices and other documents filed by the company in the previous ten years.

***Issuance of Additional Shares.*** Our amended and restated memorandum and articles of association authorize our Board of Directors to issue additional Ordinary Shares from time to time as our Board of Directors shall determine.

**Preferred Shares**

Holders of Preferred Shares shall have the same rights as holders of Ordinary Shares except for the following:

● each Preferred Share is entitled to twenty votes for each Preferred Share registered in his or her name on our register of members;

● holders of our Preferred Shares are not entitled to any dividends paid by the Company;

● holders of our Preferred Shares are not entitled to a share in the distribution of the surplus assets of the Company

● holders of our Preferred Shares cannot convert the Preferred Shares into a different class of shares.

**Register of Members**

Under the BVI Act we must keep a register of members and there should be entered therein:

● the names and addresses of our members, a statement of the number and class of shares held by each member;

● the date on which the name of any person was entered on the register as a member; and

● the date on which any person ceased to be a member.

Under the BVI Act, the register of members of our Company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of the BVI Act to have legal title to the shares as set against its name in the register of members.

If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a member of our Company, the person or member aggrieved (or any member of our Company or our Company itself) may apply to the High Court of the British Virgin Islands for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

**Differences in Corporate Law**

The BVI Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the BVI Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

***Mergers and Similar Arrangements.*** Under the BVI Act two or more companies, each a "constituent company," may merge or consolidate. A merger involves the merging of two or more companies into one of the constituent companies (to the merger) with one constituent company continuing in existence to become the surviving company post-merger. A consolidation involves two or more companies consolidating into a new company.

A merger is effective on the date that the articles of merger (as described below) are registered by the Registrar of Corporate Affairs in the BVI, or on such later date, not exceeding 30 days from the date of registration as is stated in the articles of merger.

The BVI Act provides that any member of the Company is entitled to payment of the fair value of his shares upon dissenting from a merger, unless the Company is the surviving company of the merger and the member continues to hold the same or similar shares. The following is a summary of the position under the BVI Act.

A dissenter is in most circumstances required to give to the Company written objection to the merger, which must include a statement that the dissenter proposes to demand payment for his shares if the merger takes place. This written objection must be given before the meeting of members at which the merger is submitted to a vote, or at the meeting but before the vote. However, no objection is required from a member to whom the Company did not give notice of the meeting of members or where the proposed merger is authorized by written consent of the members without a meeting.

Within 20 days immediately following the written consent, or the meeting at which the merger was approved, the Company shall give written notice of the consent or resolution to each member who gave written objection or from whom written objection was not required, except those members who voted for, or consented in writing to, the proposed merger.

A member to whom the Company was required to give notice who elects to dissent shall, within 20 days immediately following the date on which the copy of the plan of merger or an outline of the merger is given to him, give to the Company a written notice of his decision to elect to dissent, stating:

&nbsp;&nbsp;&nbsp;&nbsp;(a) his name and address;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the number and classes of shares in respect of which he dissents (which must be all shares that he holds in the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;(c) a demand for payment of the fair value of his shares.

Upon the giving of a notice of election to dissent, the dissenter ceases to have any of the rights of a member except the right to be paid the fair value of his shares, and the right to institute proceedings to obtain relief on the ground that the action is illegal.

The Company shall make a written offer to each dissenter to purchase his shares at a specified price that the Company determines to be their fair value. Such offer must be given within 7 days immediately following the date of the expiration of the period within which members may give their notices of election to dissent, or within 7 days immediately following the date on which the merger is put into effect, whichever is later.

If the Company and the dissenter fail, within 30 days immediately following the date on which the offer is made, to agree on the price to be paid for the shares owned by the dissenter, then within 20 days:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the dissenter shall each designate an appraiser;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the two designated appraisers together shall designate an appraiser;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the three appraisers shall fix the fair value of the shares owned by the dissenter as of the close of business on the day prior to the date of the meeting or the date on which the resolution was passed, excluding any appreciation or depreciation directly or indirectly induced by the action or its proposal, and that value is binding on the Company and the dissenter for all purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall pay to the dissenter the amount in money upon the surrender by him of the certificates representing his shares, and such shares shall be cancelled.

 ****

***Squeeze-out Provisions.*** Members of a company holding 90% of the votes of the outstanding shares entitled to vote and members of a company holding 90% of the votes of the outstanding shares of each class of shares entitled to vote as a class, may give a written instruction to the company directing it to redeem the shares held by the remaining members.

 ****

***Shareholders' Suits.*** Under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its members and between the members. In general, members are bound by the decision of the majority or special majorities as set out in the memorandum and articles of association or in the BVI Act. As for voting, the usual rule is that with respect to normal commercial matters members may act from self-interest when exercising the right to vote attached to their shares.

If the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative action or by personal action. A derivative action concerns the infringement of the company's rights where the wrongdoers are in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that is personal to the particular member concerned.

The BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.

The traditional English basis for members' remedies have also been incorporated into the BVI Act: where a member of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the BVI High Court for an order on such conduct.

Any member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint a liquidator for the company if it is of the opinion that it is just and equitable to do so.

The BVI Act provides that any member of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger;

&nbsp;&nbsp;&nbsp;&nbsp;(b) a consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;(c) any sale, transfer, lease, exchange or other disposition of more than 50 per cent in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (i) a disposition pursuant to an order of the court having jurisdiction in the matter; (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interest within one year after the date of disposition; or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof;

&nbsp;&nbsp;&nbsp;&nbsp;(d) a redemption of 10 per cent, or fewer, of the issued shares of the company required by the holders of 90 percent, or more, of the shares of the company pursuant to the terms of the BVI Act; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) an arrangement, if permitted by the BVI High Court.

Generally, any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their individual rights as members as established by the company's memorandum and articles of association.

The BVI Act provides that if a company or a director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the BVI Act or the memorandum and articles of association of the company, the BVI High Court may, on the application of a member or a director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum and articles of association.

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** BVI law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the BVI High Court to be contrary to public policy (e.g. for purporting to provide indemnification against the consequences of committing a crime). An indemnity will be void and of no effect and will not apply to a person unless the person acted honestly and in good faith and in what he believed to be in the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. Our amended and restated memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise from dishonesty or fraud of such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our amended and restated memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' Fiduciary Duties.*** Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

Under BVI law, the directors owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to the company acting in a manner that contravenes our amended and restated memorandum and articles of association or the BVI Act.

In certain circumstances, a shareholder has the right to seek various remedies against the company in the event the directors are in breach of their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the company, the courts of the BVI may, on application of a shareholder or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles. Furthermore, pursuant to Section 184I(1) of the BVI Act, a shareholder of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the courts of the BVI for an order which, inter alia, can require the company or any other person to pay compensation to the shareholders.

***Shareholder Action by Written Consent.*** Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Although BVI law may permit shareholder actions by written consent, our amended and restated memorandum and articles of association provide that shareholders may not approve corporate matters by way of a written resolution.

***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the Board of Directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

BVI law and our amended and restated memorandum and articles of association provide that shareholders holding 30% or more of the voting rights entitled to vote on any matter for which a meeting is to be converted may request that the directors shall requisition a shareholder's meeting. As a BVI company, we are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a Board of Directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the BVI but our amended and restated memorandum and articles of association do not provide for cumulative voting. As a result, EZGO's shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our amended and restated memorandum and articles of association, directors may be removed with or without cause, by a resolution of EZGO's shareholders, or with cause by a resolution of the directors.

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the Board of Directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's Board of Directors.

BVI law has no comparable statute. As a result, we are not afforded the same statutory protections in the BVI as we would be offered by the Delaware business combination statute. However, although BVI law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. See also "-*Shareholders' Suits"* above. We have adopted a code of business conduct and ethics which requires employees to fully disclose any situations that could reasonably be expected to give rise to a conflict of interest, and sets forth relevant restrictions and procedures when a conflict of interest arises to ensure the best interest of the Company.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the Board of Directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the Board of Directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under BVI law, the liquidation of a company may be a voluntary solvent liquidation or an insolvent liquidation under the Insolvency Act.

***Voluntary Liquidation***

 ****

If the liquidation is a solvent liquidation, the provisions of the BVI Act governs the liquidation. A company may only be liquidated under the BVI Act as a solvent liquidation if it has no liabilities or it is able to pay its debts as they fall due and the value of its assets exceeds its liabilities. Subject to the amended and restated memorandum and articles of association of a company, a liquidator may be appointed by a resolution of directors or resolution of members but if the directors have commenced liquidation by a resolution of directors the members must approve the liquidation plan by a resolution of members save in limited circumstances.

A liquidator is appointed for the purpose of collecting in and realizing the assets of a company and distributing proceeds to creditors.

We expect that in the event of a voluntary liquidation of the Company, after payment of the liquidation costs and any sums then due to creditors, the liquidator would distribute our remaining assets on a pari passu basis.

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***Liquidation under the Insolvency Act***

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The Insolvency Act governs an insolvent liquidation. Pursuant to the Insolvency Act, a company is insolvent if (a) it fails to comply with the requirements of a statutory demand that has not be set aside pursuant to the Insolvency Act, execution or other process issued on a judgement, decree or order of court in favor of a creditor of the company is returned wholly or partly unsatisfied or either the value of the company's liabilities exceeds its assets or the company is unable to pay its debts as they fall due. The liquidator must be either the Official Receiver in BVI or a BVI licensed insolvency practitioner. An individual resident outside the BVI may be appointed to act as liquidator jointly with a BVI licensed insolvency practitioner or the Official Receiver. The members of the company may appoint an insolvency practitioner as liquidator of the company or the court may appoint an Official Receiver or an eligible insolvency practitioner. The application to the court can be made by one or more of the following: (a) the company (b) a creditor (c) a member (d), the supervisor of a creditors' arrangement in respect of the company, the Financial Services Commission and the Attorney General in the BVI.

The court may appoint a liquidator if:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the company is insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the court is of the opinion that it is just and equitable that a liquidator should be appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) the court is of the opinion that it is in the public interest for a liquidator to be appointed.

An application under (a) above by a member may only be made with leave of the court, which shall not be granted unless the court is satisfied that there is prima facie case that the company is insolvent. An application under (c) above may only be made by the Financial Services Commission or the Attorney General and they may only make an application under (c) above if the company concerned is, or at any time has been, a regulated person (i.e. a person that holds a prescribed financial services license) or the company is carrying on, or at any time has carried on, unlicensed financial services business.

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***Order of Preferential Payments upon Liquidation*** Upon the insolvent liquidation of a company, the assets of a company shall be applied in accordance with the following priorities: (a) in paying, in priority to all other claims, the costs and expenses properly incurred in the liquidation in accordance with the prescribed priority; (b) after payment of the costs and expenses of the liquidation, in paying the preferential claims admitted by the liquidator (wages and salary, amounts to the BVI Social Security Board, pension contributions, government taxes) - preferential claims rank equally between themselves and, if the assets of the company are insufficient to meet the claims in full, they shall be paid ratably; (c) after the payment of preferential claims, in paying all other claims admitted by the liquidator, including those of non-secured creditors - the claims of non-secured creditors of the Company shall rank equally among themselves and if the assets of the company are insufficient to meet the claims in full, such non-secured creditors shall be paid ratably; (d) after paying all admitted claims, paying any interest payable under the BVI Insolvency Act; and finally (e) any surplus assets remaining after payment of the costs, expenses and claims above shall be distributed to the members in accordance with their rights and interests in the Company. Part VIII of the Insolvency Act provides for various applications which may be made by a liquidator to set aside transactions which have unfairly diminished the assets which are available to creditors.

 

*Voidable Transactions*

In the event of the insolvency of a company, there are four types of voidable transaction provided for in the Insolvency Act:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unfair Preferences: Under section
245 of the Insolvency Act a transaction entered into by a company, if it is entered into within the hardening period at a time when the
company is insolvent, or it causes the company to become insolvent (an "insolvency transaction"), and which has the effect
of putting the creditor into a position which, in the event of the company going into insolvent liquidation, will be better than the
position it would have been in if the transaction had not been entered into, will be deemed an unfair preference. A transaction is not
an unfair preference if the transaction took place in the ordinary course of business. It should be noted that this provision applies
regardless of whether the payment or transfer is made for value or at an undervalue.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Undervalue Transactions: Under
section 246 of the Insolvency Act the making of a gift or the entering into of a transaction on terms that the company is to receive
no consideration, or where the value of the consideration for the transaction, in money or money's worth, is significantly less
than the value, in money or money's worth, of the consideration provided by the company will (if it is an insolvency transaction
entered into within the hardening period) be deemed an undervalue transaction. A company does not enter into a transaction at an undervalue
if it is entered into in good faith and for the purposes of its business and, at the time the transaction was entered into, there were
reasonable grounds for believing the transaction would benefit the company.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Voidable Floating Charges: Under

the hardening period. A floating charge is not voidable to the extent that it secures: (i) money advanced or paid to the company, or
at its direction, at the same time as, or after, the creation of the charge; (ii) the amount of any liability of the company discharged
or reduced at the same time as, or after, the creation of the charge; (iii) the value of assets sold or supplied, or services supplied,
to the company at the same time as, or after, the creation of the charge; and (iv) the interest, if any, payable on the amount referred
to in (i) to (iii) pursuant to any agreement under which the money was advanced or paid, the liability was discharged or reduced, the
assets were sold or supplied or the services were supplied.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Extortionate Credit Transactions:
Under section 248 of the Insolvency Act an insolvency transaction entered into by a company for, or involving the provision of, credit
to the company, may be regarded as an extortionate credit transaction if, having regard to the risk accepted by the person providing
the credit, the terms of the transaction are or were such to require grossly exorbitant payments to be made in respect of the provision
of the credit, or the transaction otherwise grossly contravenes ordinary principles of fair trading and such transaction takes place
within the hardening period.

The "hardening period" (known in the Insolvency Act as the "vulnerability period") in respect of each voidable transaction provision set out above is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purposes of sections 245,
246 and 247 of the Insolvency Act the period differs depending on whether the person(s) that the transaction is entered into with, or
the preference is given to, are "connected persons" of the company within the meaning of the Insolvency Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of "connected
persons" the "hardening period" is the period beginning two years prior to the "onset of insolvency" and
ending on the appointment of a liquidator of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any other person,
the "hardening period" is the period beginning six months prior to the "onset of insolvency" and ending on the
appointment of a liquidator of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of section 248
of the Insolvency Act the "hardening period" is the period beginning five years prior to the "onset of insolvency"
and ending on the appointment of a liquidator of the company regardless of whether the person(s) that the transaction is entered into
with is a connected person.

The onset of insolvency for these purposes is the date on which an application for the appointment of a liquidator was filed (if the liquidator was appointed by the court) or the date of the appointment of the liquidator (where the liquidator was appointed by the members).

A conveyance made by a person with intent to defraud creditors is voidable at the instance of the person thereby prejudiced. There is no requirement that the relevant transaction was entered into at a time when one party was insolvent or became insolvent as a result of the transaction, and there is no requirement that the transferring party subsequently went into liquidation. However, no conveyance entered into for valuable consideration and in good faith to a person who did not have notice of the intention to defraud may be impugned.

The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the BVI Act and our amended and restated memorandum and articles of association, our company may be dissolved, liquidated or wound up by a resolution of EZGO's shareholders.

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***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under BVI law and our amended and restated memorandum and articles of association, all or any of the rights attached to any class of shares may, subject to the provisions of the BVI Act, be varied without the consent of the holders of the issued shares of that class where such variation is considered by the Board of Directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of a majority of the issued shares of that class, or with the sanction of a resolution passed by a majority of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with such existing class of shares.

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***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by BVI law, our amended and restated memorandum and articles of association may be amended with a resolution of EZGO's shareholders or, by resolutions of directors, except that the directors of the company shall not have the power to amend our amended and restated memorandum (a) to restrict the rights or powers of the members to amend the memorandum or articles; (b) to change the percentage of members required to pass a resolution to amend the memorandum or articles; or (c) in circumstances where the memorandum or articles cannot be amended by the members.

***Rights of Non-resident or Foreign Shareholders.*** There are no limitations imposed by our amended and restated memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

**C. Material Contracts**

We have not entered into any material contracts other than in the ordinary course of business and other than those described in "*Item 4. Information on the Company*" or elsewhere in this annual report.

**D. Exchange Controls**

***British Virgin Islands***

There are currently no exchange control regulations in the BVI applicable to us or EZGO's shareholders.

***The PRC***

China regulates foreign currency exchanges primarily through the following rules and regulations:

● Foreign Currency Administration Rules of 1996, as amended; and

● Administrative Rules of the Settlement, Sale and Payment of Foreign Exchange of 1996.

As we disclosed in the risk factors above, Renminbi is not a freely convertible currency at present. Under the current PRC regulations, conversion of Renminbi is permitted in China for routine current-account foreign exchange transactions, including trade and service related foreign exchange transactions, payment of dividends and service of foreign debts. Conversion of Renminbi for most capital-account items, such as direct investments, investments in PRC securities markets and repatriation of investments, however, is still subject to the approval of SAFE.

Pursuant to the above-mentioned administrative rules, foreign-invested enterprises may buy, sell and/or remit foreign currencies for current account transactions at banks in China with authority to conduct foreign exchange business by complying with certain procedural requirements, such as presentment of valid commercial documents. For capital-account transactions involving foreign direct investment, foreign debts and outbound investment in securities and derivatives, approval from SAFE is a pre-condition. Capital investments by foreign-invested enterprises outside China are subject to limitations and requirements in China, such as prior approvals from the MOFCOM or SAFE.

**E. Taxation**

The following discussion of material BVI, PRC and United States federal income tax consequences of an investment in EZGO's Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject to change. This discussion does not deal with all possible tax consequences relating to an investment in EZGO's Ordinary Shares, such as the tax consequences under state, local and other tax laws.

**British Virgin Islands Taxation**

The Company and all dividends, interest, rents, royalties, compensation and other amounts paid by the Company to persons who are not resident in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of the Company by persons who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not resident in the BVI with respect to any shares, debt obligation or other securities of the Company.

All instruments relating to transfers of property to or by the Company and all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of stamp duty in the BVI. This assumes that the Company does not hold an interest in real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its members.

**People's Republic of China Taxation**

Under the PRC Enterprise Income Tax Law, an enterprise established outside the PRC with "de facto management bodies" within the PRC is considered a "resident enterprise" for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation rules to the EIT Law, a "de facto management body" is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. If our holding company in the BVI or any of our subsidiaries outside of China were deemed to be a "resident enterprise" under the PRC EIT Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%. See "*Item 3. Key Information - D. Risk Factors-Risks Related do Doing Business in China - Under the PRC Enterprise Income Tax Law, we may be classified as a PRC "resident enterprise" for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and EZGO's non-PRC shareholders and has a material adverse effect on our results of operations and the value of your investment.*"

Changzhou EZGO is a company incorporated under PRC law and, as such, is subject to PRC enterprise income tax on its taxable income in accordance with the relevant PRC income tax laws. Pursuant to the EIT Law, which became effective on January 1, 2008 and was amended on February 24, 2017, a uniform 25% enterprise income tax rate is generally applicable to both foreign-invested enterprises and domestic enterprises, except where a special preferential rate applies. The enterprise income tax is calculated based on PRC tax laws and PRC accounting standards. In accordance with the implementation rules of PRC EIT Law, a qualified "High and New Technology Enterprise" is eligible for a preferential tax rate of 15%. The "High and New Technology Enterprise" certificate is effective for a period of three years. An entity may re-apply for the "High and New Technology Enterprise" certificate when the prior certificate expires. However, except for Changzhou Higgs Intelligent Technologies Co., Ltd., which obtained High and New Technology Enterprise status in October 2022 and is currently in the process of renewing such status, none of our PRC subsidiaries have been recognized as High and New Technology enterprises. Therefore, none of our PRC subsidiaries except Changzhou Higgs Intelligent Technologies Co., Ltd. are eligible to enjoy a preferential tax rate of 15%.

In accordance with the relevant laws and regulations promulgated by the SAT effective from 2008 onwards, enterprises engaging in research and development activities are entitled to claim 150% of their qualified research and development expenses so incurred as tax deductible expenses when determining their assessable profits for the year. The additional deduction of 50% of qualified research and development expenses can only be claimed directly in the annual tax filing and subject to the approval from the relevant tax authorities. Effective from 2018 onwards, enterprises engaging in research and development activities are entitled to claim 175% of their qualified research and development expenses so incurred as tax deductible expenses. The additional deduction of 75% of qualified research and development expenses can be directly claimed in the annual tax filing.

We are subject to VAT at a rate of 13% for products sold and a rate of 9% for maintenance service we provide, except that Changzhou Zhuyun, a small-scale VAT taxpayer, is subject to VAT at a rate of 1%, less any deductible VAT we have already paid or borne. We are also subject to surcharges on VAT payments in accordance with PRC law.

As a BVI holding company, EZGO may receive dividends from its PRC subsidiaries through its intermediary holding company in Hong Kong. The EIT Law and its implementing rules provide that dividends paid by a PRC entity to a non-resident enterprise for income tax purposes is subject to PRC withholding tax at a rate of 10%, subject to reduction by an applicable tax treaty with China. According to the Arrangement between China and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital and relevant implanting notice, if our Hong Kong subsidiary satisfies all the requirements under the tax arrangement and receives approval from the relevant tax authority, the dividends paid to the Hong Kong subsidiary would be subject to withholding tax at the standard rate of 5%. See "*Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - There are significant uncertainties under the PRC EIT Law relating to the withholding tax liabilities of our PRC subsidiaries, and dividends payable by our PRC subsidiaries to our offshore subsidiaries may not qualify to enjoy certain treaty benefits*."

**Certain United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of EZGO's Ordinary Shares. This summary applies only to U.S. Holders that hold EZGO's Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. tax laws in effect as of the date of this annual report, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this annual report, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of EZGO's Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular shareholders of EZGO in light of their individual circumstances or to persons in special tax situations such as:

● financial institutions or financial services entities;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● governments or agencies or instrumentalities thereof;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● passive foreign investment companies;

● controlled foreign corporations;

● persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Ordinary Shares through such entities.

EZGO'S SHAREHOLDERS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF U.S. FEDERAL TAXATION TO THEIR PARTICULAR CIRCUMSTANCES, AND THE STATE, LOCAL, NON-U.S., OR OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF EZGO'S ORDINARY SHARES.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of EZGO's Ordinary Shares that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of EZGO's Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding EZGO's Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in EZGO's Ordinary Shares.

***Taxation of Dividends and Other Distributions on EZGO's Ordinary Shares***

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Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions (including the amount of any PRC tax withheld) paid on EZGO's Ordinary Shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on EZGO's Ordinary Shares will meet the conditions required for the reduced tax rate. However, in the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law (see "*Item 10. Additional Information - 10.E. Taxation - People's Republic of China Taxation*"), we may be eligible for the benefits of the United States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on EZGO's Ordinary Shares, would be eligible for the reduced rates of taxation described in this paragraph. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to EZGO's Ordinary Shares. Dividends received on EZGO's Ordinary Shares will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on EZGO's Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

***Taxation of Sale or Other Disposition of Ordinary Shares***

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Subject to the discussion below under "*Passive Foreign Investment Company Rules*," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Ordinary Shares. Any capital gain or loss will be long term if the Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. In the event that gain from the disposition of the Ordinary Shares is subject to tax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of EZGO's Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

***Passive Foreign Investment Company Rules***

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A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unrecorded intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

Based on our current composition of assets, subsidiaries and market capitalization (which will fluctuate from time to time), we do not expect to be or become a PFIC for U.S. federal income tax purposes. However, no assurance can be given in this regard because the determination of whether we will be or become a PFIC is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in our initial public offering and follow-on offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held EZGO's Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held EZGO's Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds EZGO's Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Ordinary Shares. Under these rules,

● the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

● the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

● the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds EZGO's Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If EZGO's Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Ordinary Shares over the fair market value of such Ordinary Shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of EZGO's Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns EZGO's Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in EZGO's Ordinary Shares.

***Non-U.S. Holders***

 ****

Cash dividends paid or deemed paid to a Non-U.S. Holder with respect to the Ordinary Shares generally will not be subject to U.S. federal income tax unless such dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States).

In addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other taxable disposition of the Ordinary Shares unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of such sale or other disposition and certain other conditions are met (in which case, such gain from U.S. sources generally is subject to U.S. federal income tax at a 30% rate or a lower applicable tax treaty rate).

Cash dividends and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States) generally will be subject to regular U.S. federal income tax at the same regular U.S. federal income tax rates as applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.

***Information Reporting and Backup Withholding***

 ****

Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to EZGO's Ordinary Shares and proceeds from the sale, exchange or redemption of EZGO's Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

THE PRECEDING DISCUSSION OF U.S. FEDERAL TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY. IT IS NOT TAX ADVICE. EACH EZGO SHAREHOLDER SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF EZGO'S ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.

**F. Dividends and Paying Agents**

Not applicable.

**G. Statement by Experts**

Not applicable.

**H. Documents on Display**

The Company is subject to the informational requirements of the Exchange Act and will file reports, registration statements and other information with the SEC. The Company's reports, registration statements and other information can be inspected on the SEC's website at www.sec.gov. You may also visit us on website at www.ezgotech.com.cn. However, information contained on our website does not constitute a part of this annual report.

**I. Subsidiary Information**

Not applicable.

**J. Annual Report to Security Holders**

Not applicable.

**ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

*Foreign Exchange Risk*

Our functional currency is RMB, and our financial statements are presented in U.S. dollars. The average exchange rate for U.S. dollars against RMB has changed from US$1.00 for RMB7.0533 in the fiscal year ended September 30, 2023, to US$1.00 for RMB7.2043 in the fiscal year ended September 30, 2024, and US$1.00 for RMB7.2125 in the fiscal year ended September 30, 2025.

The change in the value of RMB relative to the U.S. dollar may affect our financial results reported in U.S. dollar terms without giving effect to any underlying change in our business or results of operations. If the average exchange rate for the fiscal year ended September 30, 2025 had been applied to our revenue, cost of revenue and total expenses, including selling expenses, general and administrative expenses, and research and development, for the fiscal year ended September 30, 2025, such amounts would have increased or decreased by approximately $0.02 million, $0.02 million, and $0.01 million, respectively.

Currently, our assets, liabilities, revenues, and costs are denominated in RMB, our exposure to foreign exchange risk will primarily relate to those financial assets denominated in U.S. dollars. Any significant revaluation of RMB against U.S. dollar may materially affect our earnings and financial position, and the value of, and any dividends payable on, EZGO's Ordinary Shares in U.S. dollars in the future.

*Credit Risk*

As of September 30, 2023, 2024 and 2025, we had cash and cash equivalents of $17,253,120, $3,472,161, and $517,338, respectively. Our cash was on deposit at financial institutions in the PRC where there currently is no rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure.

Accounts receivables are typically unsecured and derived from revenue earned from customers, thereby exposed to credit risk. The risk is mitigated by the Company's assessment of its customers' creditworthiness and its ongoing monitoring of outstanding balances.

*Inflation Risk*

Inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results. Although we do not believe that inflation has had a material effect on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross profit and selling, general and administrative expenses as a percentage of net sales if the selling prices of our services do not increase with these increased costs.

**ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**A Debt Securities.**

None.

**B Warrants and Rights.**

None.

**C Other Securities.**

None.

**D American Depositary Shares.**

None.

**PART II**

**ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

We do not have any material defaults, dividend arrearages or delinquencies.

**ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

**A - D. Material Modifications to the Rights of Security Holders**

There have been no material modifications to the rights of EZGO's security holders.

**E. Use of Proceeds**

The following "Use of Proceeds" information relates to the registration statement on Form F-1, as amended (File Number: 333-249687) (the "IPO Form F-1"), in relation to our initial public offering of 3,038,500 Ordinary Shares at an offering price of US$4.00 per share, including a partial exercise of the underwriters' over-allotment. The IPO Form F-1 was declared effective by the SEC on December 31, 2020. Our initial public offering closed on January 28, 2021.

The total expenses incurred for our company's account in connection with our initial public offering were approximately US$1.3 million, including underwriting discounts and commissions of approximately US$0.85 million and other expenses of approximately US$0.45 million. None of the fees and expenses were directly or indirectly paid to the directors, officers of our company or their associates, persons owning 10% or more of EZGO's Ordinary Shares, or our affiliates.

After deducting the total expenses, we received net proceeds of approximately US$10.85 million from our initial public offering.

None of the net proceeds from our initial public offering were directly or indirectly paid to the directors, officers of our company or their associates, persons owning 10% or more of EZGO's Ordinary Shares, or our affiliates.

The following "Use of Proceeds" information relates to the registration statement on Form F-1, as amended (File Number: 333-256311) (the "Follow-on Offering Form F-1"), in relation to our follow-on offering of 2,564,102 Units, with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.7 ordinary share. We sold the Units at a price of $4.68 per Unit and received gross proceeds from the follow-on offering, before deducting offering expenses payable by us, of approximately $12 million. The Follow-on Offering Form F-1 was declared effective by the SEC on May 26, 2021. Our follow-on offering closed on June 1, 2021. The exclusive placement agent was FT Global Capital, Inc.

After deducting discounts, commissions, and the offering expenses, we received net proceeds of approximately US$10.88 million from our follow-on offering (before the exercise of the over-allotment option).

None of the net proceeds from our follow-on offering were directly or indirectly paid to the directors, officers of our company or their associates, persons owning 10% or more of EZGO's Ordinary Shares, or our affiliates.

As of the date of this annual report, we have used all net proceeds we received from our initial public offering, and all $50.75 million net proceeds from our follow-on offerings.

**ITEM 15. CONTROLS AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Disclosure Controls and Procedures* 

Under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act. Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this annual report. This conclusion was based on the material weakness in our internal control over financial reporting further described below.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Management's Annual Report on Internal Control Over Financial Reporting* 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act. Our management conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set forth in "Internal Control - Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In connection with the preparation of our financial statements for the fiscal years ended September 30, 2023, 2024 and 2025, we have identified material weaknesses and other control deficiencies including significant deficiencies in our internal control over financial reporting. Based on the assessment, our management has concluded that, due to the material weaknesses described below, our internal control over financial reporting was not effective.

The material weakness that continues to exist is related to our lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP and SEC financial reporting requirements. The other material weakness that has been identified related to our lack of key monitoring mechanisms such as internal control department to oversee and monitor Company's risk management, business strategies and financial reporting procedures.

We have already taken some steps and have continued to implement measures to remediate the material weakness identified, including but not limited to (a) continuing our efforts to set up the internal audit department, and enhance the effectiveness of the internal control system; (b) pertaining to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; and (c) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel. However, we cannot assure you that we will not identify additional material weaknesses or significant deficiencies in the future.

See "*Item 3. Key Information-D. Risk Factors- We have identified material weaknesses in our internal control over financial reporting. If we fail to develop and maintain an effective system of internal control over financial reporting, we may be unable to accurately report our financial results or prevent fraud*."

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Attestation Report of the Registered Public Accounting Firm* 

We did not include an attestation report of the company's registered public accounting firm in this annual report on Form 20-F due to rules of the SEC where domestic and foreign registrants that are non-accelerated filers, which we are, and "emerging growth companies" which we also are, are not required to provide the auditor attestation report.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Changes in Internal Control over Financial Reporting* 

Other than those disclosed above, there were no changes in our internal controls over financial reporting during our fiscal year ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 16. RESERVED**

**ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT**

Our audit committee consists of Mr. Robert Johnson, Mr. Zhenguo Wu and Mr. Guanghui Yang. Our Board of Directors has determined that Robert Johnson, Zhenguo Wu and Guanghui Yang are "independent directors" within the meaning of Nasdaq Stock Market Rule 5605(a)(2) and meet the criteria for independence set forth in Rule 10A-3(b) of the Exchange Act. Robert Johnson meets the criteria of an audit committee financial expert as set forth under the applicable rules of the SEC.

**ITEM 16B. CODE OF ETHICS** 

Our Board of Directors has adopted a code of ethics that applies to all of our executive officers, directors and employees in accordance with the rules of the Nasdaq and the SEC. The purpose of the code of ethics is to promote ethical conduct and deter wrongdoing. The policies outlined in the code of ethics are designed to ensure that our directors, executive officers and employees act in accordance with not only the letter but also the spirit of the laws and regulations that apply to our business. We expect our directors, executive officers and employees to exercise good judgment, to uphold these standards in their day-to-day activities, and to comply with all applicable policies and procedures in the course of their relationship with the company. Any amendment to or waivers of the code of ethics for members of our Board of Directors and our executive officers that are required to be disclosed by the rules of the SEC or Nasdaq will be disclosed on our website at www.ezgotech.com.cn within four business days following the amendment or waiver. During the fiscal year ended September 30, 2025, no amendments to or waivers from the code of ethics were made or given for any of our executive officers.

Our code of ethics is publicly available on our website at www.ezgotech.com.cn.

**ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES** &nbsp;&nbsp;&nbsp;&nbsp;

The following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Wei Wei, our previous independent registered public accounting firm, and HTL, our current independent registered public accounting firm for the periods indicated, respectively. We did not pay any other fees to our principal accountants during these periods.

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended<br> September 30,<br> 2023** | **Fiscal Year Ended<br> September 30,<br> 2024** | **Fiscal Year Ended<br> September 30,<br> 2025** |
| Audit fees for HTL\* | $- | $240000 | $240000 |
| Audit fees for Wei Wei\* | $280000 | $- | $- |

---

\* Audit Fees - This category includes the audit of our annual financial statements, review of financial statements included in our quarterly reports and services that are normally provided by the independent registered public accounting firm in connection with engagements for those years and services that are normally provided by our independent registered public accounting firm in connection with statutory audits and SEC regulatory filings or engagements.

The policy of our audit committee and our Board of Directors is to pre-approve all audit and non-audit services provided by our principal auditors, including audit services, audit-related services, and other services as described above, other than those for de minimis services which are approved by the audit committee or our Board of Directors prior to the completion of the services.

**ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

Not applicable.

**ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

None.

**ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT**

On February 28, 2022, EZGO appointed Wei Wei as successor independent registered public accounting firm of the Company effective as of the same day and to perform independent audit services for the fiscal year ended September 30, 2022. The appointment of Wei Wei was approved by the audit committee of the Board of Directors on February 28, 2022. During the Company's most recent two fiscal years and through the subsequent interim period on or prior to the appointment of Wei Wei, neither the Company nor anyone on its behalf has consulted with of Wei Wei on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that of Wei Wei concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (b) any matter that was the subject of a disagreement, as that term is defined in disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).

On May 7, 2024, EZGO terminated Wei Wei as its independent registered public accounting firm effective as of May 7, 2024, and that the Company has appointed HTL as successor independent registered public accounting firm of the Company effective as of the same date, and to perform independent audit services for the fiscal year ended September 30, 2024. The termination of Wei Wei and the appointment of HTL have been considered and approved by the Audit Committee and the Board of Directors of the Company on May 7, 2024.

The audit report of Wei Wei on the financial statements of the Company as of and for the years ended September 30, 2023, did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles. There were no disagreements with Wei Wei on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, from the time of Wei Wei's engagement up to the date of termination which disagreements that, if not resolved to Wei Wei's satisfaction, would have caused Wei Wei to make reference in connection with its opinion to the subject matter of the disagreement. There were no "reportable events" as described in Item 304(a)(1)(v) of Regulation S-K.

During the Company's two most recent fiscal years and through the subsequent interim period on or prior to the appointment of HTL, neither the Company nor anyone on its behalf has consulted with of HTL on either (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that of HTL concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (b) any matter that was the subject of a disagreement, as that term is defined in disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).

**ITEM 16G. CORPORATE GOVERNANCE**

EZGO's Ordinary Shares are listed on the Nasdaq. As such, we are subject to corporate governance requirements imposed by Nasdaq. Under Nasdaq rules, listed non-US companies such as ourselves may, in general, follow their home country corporate governance practices in lieu of some of the Nasdaq corporate governance requirements.

Certain corporate governance practices in the BVI, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards. The following summarizes some significant ways in which our corporate governance practices differ from those followed by domestic companies under the listing standards of the Nasdaq:

Pursuant to the home country rule exemption set forth under Nasdaq Listing Rule 5615(a)(3)(A), which provides (with certain exceptions not relevant to the conclusions expressed herein) that a foreign private issuer may follow its home country practice in lieu of the requirements of the Nasdaq Marketplace Rule 5600 Series, we elected to be exempt from the requirements as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Nasdaq Marketplace Rule 5620
which provides that (with certain exceptions not relevant to the conclusions expressed herein) each company listing common stock or voting
preferred stock, and their equivalents, shall hold an annual meeting of shareholders no later than one year after the end of the company's
fiscal year-end; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Nasdaq Marketplace Rule 5635
which sets forth the circumstances under which shareholder approval is required prior to an issuance of securities in connection with:
(i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants;
(iii) a change of control; and (iv) transactions other than public offerings.

Except for the foregoing, we endeavor to comply with the Nasdaq corporate governance practices and except for the foregoing, there is no significant difference between our corporate governance practices and what the Nasdaq requires of domestic U.S. companies.

**ITEM 16H. MINE SAFETY DISCLOSURE**

Not applicable.

**ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

**ITEM 16J. INSIDER TRADING POLICIES.** 

The Board adopted the Insider Trading Policy on January 8, 2024, and a copy of the Insider Trading Policy is filed as an exhibit to this annual report.

**ITEM 16K. CYBERSECURITY.**

***Risk Management and Strategy***

We recognize the importance of developing, implementing, and maintaining appropriate and adequate administrative and technical measures to safeguard our information management security systems and protect the confidentiality, integrity, and availability of data. Therefore, we have developed and maintain a comprehensive cybersecurity risk management program that focuses on monitoring, risk mitigation and risk response, in order to ensure the security and safety of our computer systems, networks, cloud services, software, and all data stored therein.

We have implemented protocols to protect against cybersecurity threats and prevent unauthorized access to sensitive data. We conduct regular assessment of the Company's cybersecurity risks and vulnerabilities, by identifying potential threats, assessing the likelihood and potential impact of cyberattacks. We also conduct ongoing evaluation of the industry trends and regulatory environments to ensure we are in full compliance with applicable cybersecurity laws and regulations in all jurisdictions where we operate. We have set in place an efficient risk mitigation and control and incident response protocols to identify potential risks, detect, effectively respond to, and recover from cybersecurity breaches.

Overall, we believe that we have established a robust framework to protect against cybersecurity threats, mitigate risks, preserve customer trust and reputation, and support the sustainable growth of our Company.

**PART III**

**ITEM 17. FINANCIAL STATEMENTS**

Not applicable.

**ITEM 18. FINANCIAL STATEMENTS**

The consolidated financial statements and related notes required by this item are contained on pages F-1 through F-56.

**ITEM 19. EXHIBITS**

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| | |
|:---|:---|
| **Exhibit <br> Number** | **Description of Documents** |
| 1.1 | [Amended and Restated Memorandum and Articles of Association<sup>(18)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390025112347/ea026615001ex3-1_ezgotech.htm) |
| 2.1\* | [Description of Securities](ea027079501ex2-1_ezgotech.htm) |
| 2.2 | [Representative's Warrants<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390021005737/ea134206ex4-1_ezgotech.htm) |
| 2.3 | [Form of Common Warrant from previous follow-on offering<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023076214/ea185084ex4-1_ezgotech.htm) |
| 2.4 | [Form of Exchange Warrant from previous follow-on offering<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023076214/ea185084ex4-2_ezgotech.htm) |
| 2.5 | [Form of Pre-Funded Warrant<sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390025081417/ea025487601ex4-1_ezgo.htm) |
| 4.1 | [Exclusive Management Consulting and Technical Service Agreement, dated November 8, 2019, by and between Changzhou EZGO New Energy Technology Co., Ltd. and Jiangsu EZGO Electric Technologies Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-1_ezgotech.htm) |
| 4.2 | [Exclusive Call Option Agreement, dated November 8, 2019, by and among Changzhou EZGO New Energy Technology Co., Ltd., the shareholders of Jiangsu EZGO Electric Technologies Co., Ltd. and Jiangsu EZGO Electric Technologies Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-2_ezgotech.htm) |
| 4.3 | [Equity Pledge Agreement, dated November 8, 2019, by and among Changzhou EZGO New Energy Technology Co., Ltd., the shareholders of Jiangsu EZGO Electric Technologies Co., Ltd. and Jiangsu EZGO Electric Technologies Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-3_ezgotech.htm) |
| 4.4 | [Proxy Agreement, dated November 8, 2019, by and among Changzhou EZGO New Energy Technology Co., Ltd., the shareholders of Jiangsu EZGO Electric Technologies Co., Ltd. and Jiangsu EZGO Electric Technologies Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-4_ezgotech.htm) |
| 4.5 | [Loan Agreement, dated November 8, 2019, by and among Changzhou EZGO New Energy Technology Co., Ltd. and Jiangsu EZGO Electric Technologies Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-5_ezgotech.htm) |
| 4.6 | [Form of Spousal Consent Letter<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-6_ezgotech.htm) |
| 4.7 | [English Translation of Agency Agreement, dated December 25, 2019, by and between Tianjin Dilang Technologies Co., Ltd. and Beijing 70 Generation Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-7_ezgotech.htm) |
| 4.8 | [English Translation of Equity Transfer Agreement, dated September 6, 2019, by and among Jiangsu EZGO Electric Technologies Co., Ltd., Yuxing Liu, Yan Fang, and Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-8_ezgotech.htm) |
| 4.9 | [English Translation of E-bicycle Agency Agreement, dated December 26, 2018, by and among Guoqing Zhu and Changzhou Hengmao Power Battery Technology Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-9_ezgotech.htm) |
| 4.10 | [English Translation of Cooperation Agreement, dated December 28, 2019, by and among Xiaoying Zheng and Changzhou Hengmao Power Battery Technology Co., Ltd.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390020042814/ea129316ex10-10_ezgotech.htm) |

---

---

| | |
|:---|:---|
| 4.11 | [Director Offer Letter, dated July 10, 2021, by and between the Company and Guanghui Yang<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390021037274/ea144333ex99-1_ezgotech.htm) |
| 4.12 | [English Translation of the Labor Contract, dated April 1, 2022, by and between Peiyao Jin and Jiangsu EZGO Electronic Technologies, Co., Ltd.<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390022027382/ea160138ex99-1_ezgotech.htm) |
| 4.13 | [English Translation of the Labor Contract, dated April 1, 2022, by and between Zebin Zhao and Jiangsu EZGO Electronic Technologies, Co., Ltd.<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390022027382/ea160138ex99-2_ezgotech.htm) |
| 4.14 | [Form of Equity Transfer Agreement dated as of January 25, 2023, by and among Jiangsu EZGO New Energy Technologies Co., Ltd., EZGO Technologies Ltd., Changzhou Sixun Technology Co., Ltd. and certain Seller signatories thereto<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023005286/ea172257ex99-1_ezgotechno.htm) |
| 4.15 | [Equity Transfer Agreement, dated as of February 13, 2023, by and among Sutai (Tianjin) Packaging Materials Co., Ltd., Jiangsu EZGO Electric Technologies Co., Ltd. and Tianjin Jiahao Bicycle Co., Ltd.<sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023012286/ea173723ex99-1_ezgotech.htm) |
| 4.16 | [Form of Securities Purchase Agreement, dated March 8, 2023, by and between the Company and the purchasers listed on the signature pages thereto.<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023018698/ea174900ex10-1_ezgotech.htm) |
| 4.17 | [Equity Transfer Agreement, dated as of April 3, 2023, by and among Changzhou Yizhiying IoT Technologies Co., Ltd., Tianjin Mizhiyan New Energy Technologies Co., Ltd. and Tianjin Dilang Technologies Co., Ltd.<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023030442/ea177083ex99-1_ezgo.htm) |
| 4.18 | [Form of Securities Purchase Agreement, dated June 5, 2023, by and between the Company and the purchasers listed on the signature pages thereto<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023046508/ea179819ex10-1_ezgotech.htm) |
| 4.19 | [Form of Securities Purchase Agreement, dated September 6, 2023, by and between the Company and the purchasers listed on the signature pages thereto<sup>(10)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023075795/ea184759ex10-1_ezgotech.htm) |
| 4.20 | [Form of Securities Purchase Agreement, dated September 11, 2023, by and between the Company and the purchasers listed on the signature pages thereto<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023076214/ea185084ex10-1_ezgotech.htm) |
| 4.21 | [Placement Agency Agreement between Aegis Capital Corp. and EZGO Technologies Ltd. dated August 17, 2023<sup>(11)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390023076214/ea185084ex1-1_ezgotech.htm) |
| 4.22 | [Settlement Agreement and Release dated as of October 29, 2024<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390024091958/ea021907401ex10-1_ezgo.htm) |
| 4.23 | [Form of Side Letter Agreements<sup>(13)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390024091958/ea021907401ex10-2_ezgo.htm) |
| 4.24 | [Director Offer Letter, dated July 31, 2025, by and between the Company and Zhenguo Wu<sup>(14)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390025072115/ea025150501ex10-1_ezgo.htm) |
| 4.25 | [Form of Warrant Exchange Agreement <sup>(15)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390025081417/ea025487601ex10-1_ezgo.htm) |
| 4.26 | [Employment Agreement, dated September 4, 2025, by and between the Company and Mr. Yuehan Ling<sup>(16)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390025087867/ea025747901ex10-1_ezgotech.htm) |
| 4.27 | [EZGO Technologies Ltd October 2025 Equity Incentive Plan<sup>(17)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390025096122/ea026005701ex99-1_ezgotech.htm) |
| 8.1\* | [List of Subsidiaries](ea027079501ex8-1_ezgotech.htm) |
| 11.1 | [Insider Trading Policy<sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390024006994/f20f2023ex11-1_ezgotech.htm) |
| 12.1\* | [Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act](ea027079501ex12-1_ezgotech.htm) |
| 12.2\* | [Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act](ea027079501ex12-2_ezgotech.htm) |
| 13.1\*\* | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea027079501ex13-1_ezgotech.htm) |
| 13.2\*\* | [Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea027079501ex13-2_ezgotech.htm) |

---

---

| | |
|:---|:---|
| 15.1\* | [Consent of HTL International, LLC, Independent Registered Public Accounting Firm](ea027079501ex15-1_ezgotech.htm) |
| 15.2\* | [Consent of Wei, Wei & Co., LLP, Independent Registered Public Accounting Firm](ea027079501ex15-2_ezgotech.htm) |
| 15.3\* | [Consent of AllBright Law Offices (Fuzhou)](ea027079501ex15-3_ezgotech.htm) |
| 97.1 | [Executive Compensation Clawback Policy<sup>(12)</sup>](https://www.sec.gov/Archives/edgar/data/1806904/000121390024006994/f20f2023ex97-1_ezgotech.htm) |
| 101. INS\* | Inline XBRL Instance Document. |
| 101. SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101. CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101. DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101. LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101. PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

\*\* Furnished herewith.

<sup>(1)</sup> Incorporated herein by reference to Amendment No. 1 to our Registration Statement on Form F-1 (File No. 333-249687), as amended, initially filed with the SEC on October 28, 2020.

<sup>(2)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on February 1, 2021.

<sup>(3)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on July 16, 2021.

<sup>(4)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on May 17, 2022.

<sup>(5)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on January 26, 2023.

<sup>(6)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on February 16, 2023.

<sup>(7)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on March 9, 2023.

<sup>(8)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on April 18, 2023.

<sup>(9)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on June 6, 2023.

<sup>(10)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on September 11, 2023.

<sup>(11)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on September 13, 2023. <br><sup>(12)</sup> Incorporated herein by reference to the Company's Annual Report on Form 20-F, filed on January 26, 2024.

<sup>(13)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on October 30, 2024.

<sup>(14)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on August 5, 2025.

<sup>(15)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on August 28, 2025.

<sup>(16)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on September 16, 2025.

<sup>(17)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on October 3, 2025.

<sup>(18)</sup> Incorporated herein by reference to the Company's Current Report on Form 6-K, filed on November 19, 2025.

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
|  | **EZGO Technologies Ltd.** | **EZGO Technologies Ltd.** |
|  | /s/ *Jianhui Ye* | /s/ *Jianhui Ye* |
|  | Name: | Jianhui Ye |
|  | Title: | Chief Executive Officer |
| Date: December 29, 2025 | | |

---

**EZGO TECHNOLOGIES LTD.**

**CONSOLIDATED FINANCIAL STATEMENTS**

**AS OF SEPTEMBER 30, 2024 AND 2025 AND** 

**FOR THE YEARS ENDED SEPTEMBER 30, 2023, 2024 AND 2025**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **CONTENTS** | **PAGE(S)** |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 7000)](#F_001) | F-2 |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 2388)](#F_002) | F-3 |
| [CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND 2025](#F_003) | F-4 |
| [CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2023, 2024 AND 2025](#F_004) | F-5 |
| [CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE YEARS ENDED SEPTEMBER 30, 2023, 2024 AND 2025](#F_005) | F-6 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED SEPTEMBER 30, 2023, 2024 AND 2025](#F_006) | F-7 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2023, 2024 AND 2025](#F_007) | F-8 |
| [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#F_008) | F-9 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of

EZGO Technologies Ltd.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of EZGO Technologies Ltd. and its subsidiaries (collectively, the "Company") as of September 30, 2024 and 2025, and the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended September 30, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial positions of the Company as of September 30, 2024 and 2025, and the results of its operations and its cash flows for each of the years in the two-year period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Retrospective Reclassification**

We have also audited the reclassifications that were retrospectively applied to present the consolidated balance sheet as of September 30, 2024, and the consolidated statements of operations and comprehensive loss, and cash flows for each of the years in the two-year period ended September 30, 2024, and the related notes, to reflect the discontinued operation as described in Note 16 to the consolidated financial statements. In our opinion, such reclassifications are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the Company's consolidated financial statements as of and for the year ended September 30, 2023, other than with respect to these reclassifications and accordingly, we do not express an opinion or any other form of assurance on the consolidated financial statements for the year ended September 30, 2023, taken as a whole.

---

| |
|:---|
| /s/ HTL International, LLC |
| We have served as the Company's auditor since 2024. |
| Houston, Texas |
| December 29, 2025 |

---

![](image_008.jpg)

---

| | |
|:---|:---|
| ![](image_009.jpg) | **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | To the Board of Directors and Shareholders of |
| ![](image_009.jpg) | EZGO Technologies Ltd. |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | **Opinion on the Financial Statements** |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | We have audited, before the effects of the adjustments described in Note 4, the consolidated balance sheet of EZGO Technologies Ltd. and subsidiaries (the "Company") as of September 30, 2023, and the related consolidated statements of operations, comprehensive income loss, changes in equity, cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | In our opinion, the consolidated financial statements, before the effects of the adjustments described in Note 4, present fairly, in all material respects, the financial position of the Company as of September 30, 2023, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | We were not engaged to audit, review or apply any procedures to the adjustments for the change in accounting described in Note 4 and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors. |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | **Basis for Opinion** |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | /s/ Wei, Wei & Co., LLP |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | We served as the Company's auditor since from 2022 to 2023. |
| ![](image_009.jpg) |  |
| ![](image_009.jpg) | Flushing, New York |
| ![](image_009.jpg) | January 26, 2024 |
| ![](image_009.jpg) |  |

---

**EZGO TECHNOLOGIES LTD.**

**CONSOLIDATED BALANCE SHEETS**

*(In U.S. dollars except for number of shares)*

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3417796 | $517338 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 986304 | - |
| &nbsp;&nbsp;&nbsp;Short-term investments | 1557104 | - |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 7802035 | 11462009 |
| &nbsp;&nbsp;&nbsp;Notes receivable | 14250 | 19806 |
| &nbsp;&nbsp;&nbsp;Inventories | 522940 | 381144 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | 16889585 | 9282753 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties, current | 2971450 | 8162639 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 642070 | 7725054 |
| &nbsp;&nbsp;&nbsp;Current assets of discontinued operation | 6600125 | - |
| **Total current assets** | **41403659** | **37550743** |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Amounts due from a related party, non-current | 4132467 | - |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 7844566 | 9835010 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 2057625 | - |
| &nbsp;&nbsp;&nbsp;Land use right, net | 1677007 | 1618859 |
| &nbsp;&nbsp;&nbsp;Goodwill, net | 1780569 | - |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 991025 | - |
| &nbsp;&nbsp;&nbsp;Long-term investments, net | 14857156 | 11004115 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 9126592 | 9050951 |
| &nbsp;&nbsp;&nbsp;Non-current assets of discontinued operation | 1488997 | - |
| **Total non-current assets** | **43956004** | **31508935** |
| **Total assets** | $**85359663** | $**69059678** |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | $5186958 | $3371260 |
| &nbsp;&nbsp;&nbsp;Long-term borrowings, current | 634120 | 1632252 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 190315 | 281165 |
| &nbsp;&nbsp;&nbsp;Advances from customers | 143723 | 160687 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 93777 | 104808 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties | 1306506 | 5190680 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 2313724 | 941080 |
| &nbsp;&nbsp;&nbsp;Current liabilities of discontinued operation | 7022723 | - |
| **Total current liabilities** | **16891846** | **11681932** |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Long-term borrowings | 7461240 | 6425060 |
| &nbsp;&nbsp;&nbsp;Non-current liabilities of discontinued operation | 23069 | - |
| **Total non-current liabilities** | **7484309** | **6425060** |
| **Total liabilities** | **24376155** | **18106992** |
| Commitments and contingencies (Note 20) |  |  |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares (par value of $1.00 per share; 4,000,000 shares authorized; 107,007 and 732,031 shares issued and outstanding as of September 30, 2024 and 2025, respectively) \* | 107007 | 732031 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (7800) | (7800) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 82176550 | 81240651 |
| &nbsp;&nbsp;&nbsp;Statutory reserve | 366071 | 106655 |
| &nbsp;&nbsp;&nbsp;Accumulated deficits | (22087948) | (30520902) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1986591) | (3156108) |
| **Total EZGO Technologies Ltd.'s shareholders' equity** | **58567289** | **48394527** |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 2416219 | 2558159 |
| **Total equity** | **60983508** | **50952686** |
| **Total liabilities and equity** | $**85359663** | $**69059678** |

---

\* Giving retroactive effect to the 25 to 1 reverse share split on November 7, 2025, while the concurrent changes in par value of ordinary shares of the Company from $1.00 per share to no par value will be reflected prospectively in the consolidated financial statements (Note 19).

The accompanying notes are an integral part of these consolidated financial statements.

**EZGO TECHNOLOGIES LTD.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*(In U.S. dollars except for number of shares)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Net revenues | $9163101 | $18222160 | $20486067 |
| Cost of revenues | (8129363) | (16525922) | (19151257) |
| &nbsp;&nbsp;&nbsp;Third parties | (8129363) | (16417271) | (19042589) |
| &nbsp;&nbsp;&nbsp;Related parties | - | (108651) | (108668) |
| **Gross profit** | **1033738** | **1696238** | **1334810** |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing | (222679) | (269806) | (211490) |
| &nbsp;&nbsp;&nbsp;General and administrative | (3384571) | (2871441) | (2122961) |
| &nbsp;&nbsp;&nbsp;Research and development | (613274) | (888491) | (954177) |
| &nbsp;&nbsp;&nbsp;Impairment loss of intangible assets | - | - | (1401416) |
| **Total operating expenses** | **(4220524)** | **(4029738)** | **(4690044)** |
| **Loss from operations** | **(3186786)** | **(2333500)** | **(3355234)** |
| Other (expenses) income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | (17579) | (82963) | (130507) |
| &nbsp;&nbsp;&nbsp;Interest income | 144720 | 435253 | 110973 |
| &nbsp;&nbsp;&nbsp;Non-operating income, net | 8907 | 44936 | 265859 |
| &nbsp;&nbsp;&nbsp;Fair value changes in contingent asset | 979770 | (265205) | - |
| &nbsp;&nbsp;&nbsp;Impairment loss of long-term investments | - | (3040113) | (3520660) |
| &nbsp;&nbsp;&nbsp;Impairment loss of goodwill | (1792392) | (1362441) | (1732454) |
| **Total other expenses, net** | **(676574)** | **(4270533)** | **(5006789)** |
| **Loss from continuing operations before income taxes and share of losses of equity method investments** | **(3863360)** | **(6604033)** | **(8362023)** |
| Income tax benefit (expense) | 62447 | 786369 | (1022957) |
| Share of losses of equity method investments, net of tax | (56887) | (44401) | (73558) |
| **Net loss from continuing operations** | **(3857800)** | **(5862065)** | **(9458538)** |
| **(Loss) income from operations of discontinued operations before income taxes and share of (losses) gains of equity method investments (including gain on disposal of discontinued operations of $537,519 for the year ended September 30, 2025)** | **(3252304)** | **(2299208)** | **262475** |
| Share of (losses) gains of equity method investments, net of tax | (148209) | 75477 | (82632) |
| **Net (loss) income from discontinued operations** | **(3400513)** | **(2223731)** | **179843** |
| **Net loss** | $**(7258313)** | $**(8085796)** | $**(9278695)** |
| Net loss from continuing operations | $(3857800) | $(5862065) | $(9458538) |
| Less: Net loss attributable to non-controlling interests from continuing operations | (153737) | (178129) | (489023) |
| **Net loss attributable to EZGO Technologies Ltd.'s shareholders from continuing operations** | **(3704063)** | **(5683936)** | **(8969515)** |
| Net (loss) income from discontinued operations | (3400513) | (2223731) | 179843 |
| Less: Net loss attributable to non-controlling interests from discontinued operation | (321490) | (622875) | (97302) |
| **Net (loss) income attributable to EZGO Technologies Ltd.'s shareholders from discontinued operation** | **(3079023)** | **(1600856)** | **277145** |
| **Net loss attributable to non-controlling interests** | **(475227**)** | **(801004**)** | **(586325**)** |
| **Net loss attributable to EZGO Technologies Ltd.'s shareholders** | $**(6783086)** | $**(7284792)** | $**(8692370)** |
| Net loss from continuing operations per ordinary share: |  |  |  |
| Basic and diluted\* | $(80.73) | $(54.52) | $(39.63) |
| Net (loss) income from discontinued operation per ordinary share: |  |  |  |
| Basic and diluted\* | $(67.11) | $(15.36) | $1.23 |
| Net loss per ordinary share: |  |  |  |
| Basic and diluted\* | $(147.84) | $(69.88) | $(38.40) |
| Weighted average shares outstanding: |  |  |  |
| Basic and diluted\* | 45882 | 104245 | 226354 |

---

\* Giving retroactive effect to the 40 to 1 reverse share split on April 12, 2024 and 25 to 1 reverse share split on November 7, 2025 (Note 19).

The accompanying notes are an integral part of these consolidated financial statements.

**EZGO TECHNOLOGIES LTD.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

*(In U.S. dollars)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Loss from continuing operations | $(3857800) | $(5862065) | $(9458538) |
| (Loss) income from discontinued operation | (3400513) | (2223731) | 179843 |
| **Net loss** | **(7258313)** | **(8085796)** | **(9278695)** |
| Other comprehensive (loss) income |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (2290548) | 2207220 | (925461) |
| **Comprehensive loss** | **(9548861)** | **(5878576)** | **(10204156)** |
| Less: Comprehensive loss attributable to non-controlling interests | (1014857) | (673906) | (342269) |
| **Comprehensive loss attributable to EZGO Technologies Ltd.'s shareholders** | $**(8534004)** | $**(5204670)** | $**(9861887)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**EZGO TECHNOLOGIES LTD.**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

*(In U.S. dollars except for number of shares)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares\*** | **Ordinary shares\*** | | | | | | | | | |
|  | **Share** | **Amount** | **Subscription**<br>**receivables** | **Receivables<br> due from**<br>**shareholder** | **Additional<br> paid-in**<br>**capital** | **Statutory**<br>**reserve** | **Accumulated**<br>**deficits** | **Accumulated<br> Other<br> Comprehensive**<br>**Loss** | **Total<br> EZGO's<br> shareholders'**<br>**equity** | **Non-<br> controlling**<br>**interest** | **Total**<br>**Equity** |
| **Balance as of September 30, 2022** | **24214** | $**24214** | $**(7800)** | $**(98791)** | $**40690086** | $**233622** | $**(7887621)** | $**(2315795)** | $**30637915** | $**2901464** | $**33539379** |
| Shareholders' contribution | 36850 | 36850 |  |  | 31812133 |  |  |  | **31848983** |  | **31848983** |
| Additional issuance of ordinary shares for acquisition of Changzhou Sixun | 7668 | 7668 |  |  | 8072780 |  |  |  | **8080448** |  | **8080448** |
| Share-based compensation | 1529 | 1529 |  |  | 1258810 |  |  |  | **1260339** |  | **1260339** |
| Warrant shares exercised via cashless option | 31842 | 31842 |  |  | (31842) |  |  |  | **-** |  | **-** |
| Addition of non-controlling interest from Acquisition of Changzhou Sixun |  |  |  |  |  |  |  |  | **-** | 273698 | **273698** |
| Decrease of non-controlling interest from Disposal of Tianjin Dilang |  |  |  |  |  |  |  |  | **-** | 929820 | **929820** |
| Net loss |  |  |  |  |  |  | (6783086) |  | **(6783086)** | (475227) | **(7258313)** |
| Receivable from a shareholder |  |  |  | 98791 |  |  |  |  | **98791** |  | **98791** |
| Appropriation to statutory reserve |  |  |  |  |  | 101855 | (101855) |  | **-** |  | **-** |
| Foreign currency translation adjustment | - | - | - | - | - | - | - | (1750918) | **(1750918)** | (539630) | **(2290548)** |
| **Balance as of September 30, 2023** | **102103** | $**102103** | $**(7800)** | $**-** | $**81801967** | $**335477** | $**(14772562)** | $**(4066713)** | $**63392472** | $**3090125** | $**66482597** |
| Share-based compensation | 63 | 63 |  |  | 379424 |  |  |  | **379487** |  | **379487** |
| Warrant shares exercised via cashless option | 5360 | 5360 |  |  | (5360) |  |  |  | **-** |  | **-** |
| Additional issuance of ordinary shares for fractional shares shareholders | 181 | 181 |  |  | (181) |  |  |  | **-** |  | **-** |
| Shares cancelled | (700) | (700) |  |  | 700 |  |  |  | **-** |  | **-** |
| Net loss |  |  |  |  |  |  | (7284792) |  | **(7284792)** | (801004) | **(8085796)** |
| Appropriation to statutory reserve |  |  |  |  |  | 30594 | (30594) |  | **-** |  | **-** |
| Foreign currency translation adjustment | - | - | - | - | - | - | - | 2080122 | **2080122** | 127098 | **2207220** |
| **Balance as of September 30, 2024** | **107007** | $**107007** | $**(7800)** | $**-** | $**82176550** | $**366071** | $**(22087948)** | $**(1986591)** | $**58567289** | $**2416219** | $**60983508** |
| Share-based compensation | 20000 | 20000 |  |  | 128750 |  |  |  | **148750** |  | **148750** |
| Issuance of ordinary shares upon cashless exercise of warrants | 120000 | 120000 |  |  | (120000) |  |  |  | **-** |  | **-** |
| Issuance of ordinary shares upon warrant exchange | 49840 | 49840 |  |  | (49840) |  |  |  | **-** |  | **-** |
| Issuance of ordinary shares upon exercise of pre-funded warrants | 435181 | 435181 | **-** | **-** | (435181) | **-** | **-** | **-** | **-** | **-** | **--** |
| Additional issuance of ordinary shares for fractional shares shareholders\* | 3 | 3 | **-** | **-** | (3) | **-** | **-** | **-** | **-** | **-** | **-** |
| Imputed interest on related party loan |  |  |  |  | (459625) |  |  |  | **(459625)** |  | **(459625)** |
| Net loss |  |  |  |  |  |  | (8692370) |  | **(8692370)** | (586325) | **(9278695)** |
| Equity issuance by subsidiary to non-controlling interest |  |  |  |  |  |  |  |  | **-** | 3000000 | **3000000** |
| Disposal of the VIE and its subsidiaries |  |  |  |  |  | (276534) | 276534 |  | **-** | (2515791) | **(2515791)** |
| Appropriation to statutory reserve |  |  |  |  |  | 17118 | (17118) |  | **-** |  | **-** |
| Foreign currency translation adjustment | - | - | - | - | - | - | - | (1169517) | **(1169517)** | 244056 | **(925461)** |
| **Balance as of September 30, 2025** | **732031** | $**732031** | $**(7800)** | $- | $**81240651** | $**106655** | $**(30520902)** | $**(3156108)** | $**48394527** | $**2558159** | $**50952686** |

---

\* Giving retroactive effect to the 40 to 1 reverse share split on April 12, 2024 and 25 to 1 reverse share split on November 7, 2025, while the concurrent changes in par value of ordinary shares of the Company from $1.00 to no par value will be reflected prospectively in the consolidated financial statements (Note 19).

The accompanying notes are an integral part of these consolidated financial statements.

**EZGO TECHNOLOGIES LTD.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(In U.S. dollars)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| **Net loss from continuing operation** | $(3857800) | $(5862065) | $(9458538) |
| **Net (loss) income from discontinued operation** | (3400513) | (2223731) | 179843 |
| *Adjustments to reconcile net loss to net cash used in operating activities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | 2907 | 101964 | 172081 |
| &nbsp;&nbsp;&nbsp;Imputed interest on loans to a related party | - | - | (198799) |
| &nbsp;&nbsp;&nbsp;Provision for inventory valuation allowance | 91874 | 19979 | 28552 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 452383 | 666672 | 665828 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 1260339 | 379487 | 148750 |
| &nbsp;&nbsp;&nbsp;Gain on short-term investments | - | - | (16546) |
| &nbsp;&nbsp;&nbsp;Share of loss of equity method investments | 56887 | 44401 | 73558 |
| &nbsp;&nbsp;&nbsp;Impairment loss of long-term equity investments | - | 3040113 | 3520660 |
| &nbsp;&nbsp;&nbsp;Impairment loss of intangible assets | - | - | 1401416 |
| &nbsp;&nbsp;&nbsp;Impairment loss of goodwill | 1792392 | 1362441 | 1732454 |
| &nbsp;&nbsp;&nbsp;Fair value changes in contingent asset | (979770) | 265205 | - |
| &nbsp;&nbsp;&nbsp;Deferred tax benefit (expenses) | (120686) | (802471) | 964245 |
| *Changes in operating assets and liabilities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 182126 | (5395436) | (3894298) |
| &nbsp;&nbsp;&nbsp;Notes receivable | 31191 | (2776) | (5685) |
| &nbsp;&nbsp;&nbsp;Advances to suppliers | (4010153) | (5737392) | 1911384 |
| &nbsp;&nbsp;&nbsp;Inventories | (524430) | 303263 | 104053 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties, current | (126799) | (352875) | 176037 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (6201391) | 610790 | (304773) |
| &nbsp;&nbsp;&nbsp;Other non-current assets | (2193698) | - | 266205 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 133336 | 26086 | 92348 |
| &nbsp;&nbsp;&nbsp;Advances from customers | 225552 | (246879) | 18763 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 55493 | (17955) | 12206 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties, current | - | 336605 | (461983) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 2998419 | 2223613 | (107586) |
| **Net cash used in operating activities from continuing operations** | **(10731828)** | **(9037230)** | **(3159668)** |
| **Net cash provided by (used in) operating activities from discontinued operation** | **8840202** | **(1271503)** | **952699** |
| **Net cash used in operating activities** | **(1891626)** | **(10308733)** | **(2206969)** |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
| Purchases of property, plant and equipment | (3252217) | (4124212) | (2075590) |
| Purchase of land use right | (1729035) | - | - |
| Cash paid for advances on customized equipment purchases | (7221017) | - | - |
| Maturities of a short-term investment | - | - | 1573650 |
| Proceeds from a short-term investment | - | (1557104) | - |
| Purchases of long-term investments | (10687851) | (3996882) | - |
| Prepayment for intent long-term investment | (2835552) | - | - |
| Loans to related parties | (5138074) | (6805149) | (4160652) |
| Collection of loans to related parties | 4589944 | 3738045 | 2788458 |
| Loans to third parties | - | (194328) | (1802426) |
| Receipt of contingent asset in the acquisition of Changzhou Sixun | - | 694030 | - |
| Net cash outflow from disposal of the VIE and its subsidiaries | - | - | (22099) |
| Net cash outflow due to acquisition of Changzhou Sixun | (572296) | - | - |
| **Net cash used in investing activities from continuing operations** | **(26846098)** | **(12245600)** | **(3698659)** |
| **Net cash provided by investing activities from discontinued operation** | **5656982** | **1003079** | **202891** |
| **Net cash used in investing activities** | **(21189116)** | **(11242521)** | **(3495768)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| Proceeds from short-term borrowings | 1034977 | 5635523 | 3327556 |
| Repayments of short-term borrowings | (283555) | (1318657) | (5046794) |
| Proceeds from long-term borrowings | 4536883 | 3443778 | - |
| Repayments of long-term borrowings | - | - | (616984) |
| Loans from related parties | 675067 | 619746 | 3612539 |
| Repayments of loans from related parties | - | (249851) | (1794523) |
| Loans from third parties | - | 1388060 | 693241 |
| Repayment of loans from third parties | - | - | (1386482) |
| Cash receipts from equity issuance, net of issuance cost | 31848983 | - | - |
| Equity issuance by subsidiary to non-controlling interest | - | - | 3000000 |
| **Net cash provided by financing activities from continuing operations** | **37812355** | **9518599** | **1788553** |
| **Net cash used in financing activities from discontinued operation** | **(1642448)** | **(886371)** | **(8344)** |
| **Net cash provided by financing activities** | **36169907** | **8632228** | **1780209** |
| Effect of exchange rate changes | (248388) | 124338 | (19441) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 12840777 | (12794688) | (3941969) |
| Cash, cash equivalents and restricted cash, at beginning of year | 4413218 | 17253995 | 4459307 |
| **Cash, cash equivalents and restricted cash, at end of year** | $**17253995** | $**4459307** | $**517338** |
| **Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets** |  |  |  |
| Cash and cash equivalents | $17253120 | $3472161 | $517338 |
| Restricted cash | 875 | 987146 | - |
| **Total cash, cash equivalents, and restricted cash** | $**17253995** | $**4459307** | $**517338** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |  |
| Income tax paid | $2485 | $38063 | $49026 |
| Interest paid | $40007 | $413803 | $590525 |
| Shares issued for acquisition of Changzhou Sixun | $8080448 | $- | $- |
| Receivable accrued for the gain from the contingent assets in the acquisition of Changzhou Sixun | $947178 | $265205 | $- |
| Increase of non-controlling interests from acquisition of Changzhou Sixun | $273698 | $- | $- |
| Issuance of ordinary shares upon cashless exercise of warrants | $31842 | $5360 | $120000 |
| Issuance of ordinary shares upon warrants exchange | $- | $- | $49840 |
| Issuance of ordinary shares upon exercise of pre-funded warrants | $- | $- | $435181 |
| Recognition of right-of-use assets and lease liabilities | $192582 | $58293 | $2692 |

---

The accompanying notes are an integral part of these financial statements.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

EZGO Technologies Ltd. ("EZGO" or the "Company"), is a holding company incorporated under the laws of the British Virgin Islands ("BVI") on January 24, 2019. As a holding company with no material operations of its own, EZGO conducts its business in the People's Republic of China ("PRC") through its subsidiaries, mainly including sales of battery cells and packs, electronic control systems and second-hand machinery, provision of maintenance services and other services. Prior to the termination of the variable interest entity ("VIE") Agreements (see Note 4), EZGO also engaged in sales of e-bicycles through the VIE and its subsidiaries in China. On September 25, 2025, EZGO Technologies Group Co., Ltd. ("Changzhou EZGO"), the VIE, and shareholders of the VIE entered into a termination agreement and terminated the VIE contractual agreements, dated November 8, 2019 (the "VIE Agreements"). Following the termination, EZGO no longer conducts its e-bicycle business through the VIE and its subsidiaries. The consolidated financial statements ("CFS") reflect the activities of EZGO and the following entities: its subsidiaries, and, for the period prior to September 25, 2025, its VIE and the VIE's subsidiaries (the "Group").

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of incorporation /<br> acquisition** | **Place of<br> incorporation** | **Percentage of<br> ownership** | **Principal activities** |
| **Subsidiaries** |  |  |  |  |
| China EZGO Group Limited ("EZGO HK") | February 13, 2019 | Hong Kong ("HK") | 100% owned by EZGO | Investment holding company |
| Changzhou Langyi Electronic Technologies Co., Ltd. ("Changzhou Langyi") | August 6, 2021 | PRC | 100% owned by EZGO HK | Investment holding company |
| EZGO Technologies Group Co., Ltd. ("Changzhou EZGO") | June 12, 2019 | PRC | 95.24%owned by EZGO HK\* | Investment holding company |
| Jiangsu EZGO Energy Supply Chain Technology Co., Ltd. ("Jiangsu Supply Chain") | December 10, 2021 | PRC | 100% owned by Changzhou EZGO\*\* | Distribution and trade of battery packs |
| Jiangsu EZGO New Energy Technologies Co., Ltd. ("Jiangsu New Energy") | July 14, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of battery packs |
| Sichuan EZGO Energy Technologies Co., Ltd. ("Sichuan EZGO") | May 9, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of lead-acid batteries |
| Tianjin EZGO Electric Technologies Co., Ltd. ("Tianjin EZGO") | July 13, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of battery packs |
| Changzhou Youdi Electric Bicycle Co., Ltd. ("Changzhou Youdi") | July 14, 2022 | PRC | 100% owned by Changzhou EZGO | Distribution and trade of battery packs |
| Changzhou Sixun Technology Co., Ltd. ("Changzhou Sixun") | January 25, 2023 | PRC | 100% owned by Jiangsu New Energy | Investment holding company |
| Changzhou Higgs Intelligent Technology Co., Ltd. ("Changzhou Higgs") | January 25, 2023 | PRC | 60% owned by Changzhou Sixun | Industrial automatic control device and system manufacturing |
| Changzhou Zhuyun Technology Co., Ltd. ("Changzhou Zhuyun") | March 2, 2023 | PRC | 100% owned by Changzhou Higgs | Equipment maintenance and repairment |
| **Former VIE and subsidiaries of VIE** |  |  |  |  |
| Jiangsu EZGO Electronic Technologies Co., Ltd. ("Jiangsu EZGO") | July 30, 2019, disposed of on September 25, 2025 | PRC | VIE | Investment holding company |
| Changzhou Hengmao Power Battery Technology Co., Ltd. ("Hengmao") | May 5, 2014, disposed of on September 25, 2025 | PRC | 80.87% <br> owned by VIE | Sales of battery packs, battery cells, and e-bicycles, battery cell trading, and battery and e-bicycle rental services provider |
| Changzhou Yizhiying IoT Technologies Co., Ltd. ("Yizhiying") | August 21, 2018, disposed of on September 25, 2025 | PRC | 100% <br> owned by VIE | Development, operation and maintenance of software related to e-bicycle and battery rental services |
| Jiangsu Cenbird E-Motorcycle Technologies Co., Ltd. ("Cenbird E-Motorcycle") | May 7, 2018, disposed of on September 25, 2025 | PRC | 51% <br> owned by VIE | Development of sales channels and international market for sales of e-bicycles and electric motorcycle ("e-motorcycle") |

---

\* On April 7, 2025, $3,000,000 of equity was issued by Changzhou EZGO to a non-controlling interest.

\*\* On June 23, 2025, the Group acquired 40% equity interest of Jiangsu Supply Chain with no consideration.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)**

**The VIE contractual arrangements**

Current PRC laws and regulations impose restrictions or prohibitions on foreign ownership of companies that engage in value-added telecommunication services, and certain other businesses. Changzhou EZGO is considered a foreign-invested enterprise. To comply with PRC laws and regulations, EZGO conducts part of its business in PRC through Jiangsu EZGO and its subsidiaries, based on a series of contractual arrangements. These contractual arrangements expire on November 8, 2039. The following is a summary of the contractual arrangements that provide EZGO with effective control of its VIE and VIE's subsidiaries and enable it to receive substantially all the economic benefits from their operations.

Each VIE Agreements is described below:

*Proxy Agreement*

 

Pursuant to the Proxy Agreement, dated November 8, 2019, among Changzhou EZGO, Jiangsu EZGO and each equity holder of Jiangsu EZGO, each equity holder irrevocably authorizes Changzhou EZGO to exercise his or her rights as an equity holder of Jiangsu EZGO, including the right to attend equity holders' meetings, to exercise voting rights and to transfer all or a part of his or her equity interests therein pursuant to the Exclusive Call Option Agreement. During the term of Proxy Agreement, Jiangsu EZGO and all its equity holders may not terminate the agreements except when this agreement or applicable PRC laws provide otherwise.

 

*Exclusive Call Option Agreement*

 

Pursuant to the Exclusive Call Option Agreement, dated November 8, 2019, among Changzhou EZGO, Jiangsu EZGO and the equity holders of Jiangsu EZGO, each equity holder of Jiangsu EZGO irrevocably granted Changzhou EZGO an exclusive option to purchase, or to designate other persons to purchase, to the extent permitted by applicable PRC laws, rules, and regulations, all of the equity interest and assets in Jiangsu EZGO from each equity holder. The equity holders of Jiangsu EZGO agree that, without the prior written consent of Changzhou EZGO, they will not dispose of their equity interests in Jiangsu EZGO or create or allow any encumbrance on their equity interests. The purchase price for the equity interest is to be the minimum permitted by applicable PRC laws, rules and regulations, or the amount that the equity holders actually pay to Jiangsu EZGO for the equity, whichever is lower. The purchase price for the assets is to be the minimum permitted by applicable PRC laws, rules and regulations, or the net book value of the assets, whichever is lower. The Exclusive Call Option Agreement expires when all the equity interest or all the assets are transferred pursuant to the agreement.

 

*Exclusive Management Consulting and Technical Service Agreement ("EMCTSA")*

Pursuant to the EMCTSA, dated November 8, 2019, between Changzhou EZGO and Jiangsu EZGO, Jiangsu EZGO agrees to engage Changzhou EZGO as its exclusive provider of management consulting, technical support, intellectual property license and relevant services, including all services within Jiangsu EZGO's business scope and decided by Changzhou EZGO from time to time as necessary. Jiangsu EZGO shall pay Changzhou EZGO service fees within three months after each fiscal year end. The service fees should be 95% (or a percentage adjusted by CHANGZHOU EZGO in its sole discretion) of the net profit after the deficit of the prior fiscal year is covered and the statutory reserve is appropriated. Changzhou EZGO exclusively owns any intellectual property arising from the performance of the EMCTSA. The EMCTSA is effective for 20 years unless earlier terminated as set forth in the agreement or other written agreements entered into by the parties thereto. The EMCTSA shall be extended automatically by the expiry thereof, until Changzhou EZGO's business term or Jiangsu EZGO's business term expires, unless otherwise notified by Changzhou EZGO in writing. During the term of the EMCTSA, Jiangsu EZGO may not terminate the agreements except in the case of CHANGZHOU EZGO's gross negligence or fraud, or this agreement or laws provide otherwise. Changzhou EZGO may terminate this agreement by 30-day written notice to Jiangsu EZGO at any time.

*Equity Pledge Agreement*

Pursuant to the Equity Pledge Agreement, dated November 8, 2019, among Changzhou EZGO, Jiangsu EZGO and the equity holders of Jiangsu EZGO, the equity holders of Jiangsu EZGO pledged the 100% equity interests in Jiangsu EZGO to Changzhou EZGO to guarantee performance of all of his or her obligations under the Proxy Agreement, Exclusive Call Option Agreement and EMCTSA. If any event of default as provided for therein occurs, Changzhou EZGO, as the pledgee, will be entitled to dispose of the pledged equity interests according to applicable PRC laws. On November 28, 2019, Changzhou EZGO, Jiangsu EZGO and all its equity holders have completed the registration of the equity pledge with the relevant office of SAMR in accordance with the PRC Property Rights Law.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)**

*Loan Agreement*

Pursuant to the Loan Agreement, dated November 8, 2019, Changzhou EZGO agrees to provide Jiangsu EZGO with loans of different amounts with interest of 24% according to Jiangsu EZGO's needs from time to time. The term of each loan is 20 years, which can be extended with the written consent of both parties. During the term of the loan or the extended term of the loan, Jiangsu EZGO shall not repay in advance without the written consent of Changzhou EZGO while in case of certain circumstances, Jiangsu EZGO must repay the loan in advance upon Changzhou EZGO's written request.

 

*Spousal Consent Letter*

 

The spouses of individual equity holders of Jiangsu EZGO each signed Spousal Consent Letters. Under the Spousal Consent Letter, the signing spouse unconditionally and irrevocably agreed to the execution by his or her spouse of the above-mentioned Equity Pledge Agreement, Exclusive Call Option Agreement and Proxy Agreement, and that his or her spouse may perform, amend or terminate such agreements without his or her consent. In addition, in the event that the spouse obtains any equity interest in Jiangsu EZGO held by his or her spouse for any reason, he or she agrees to be bound by and sign any legal documents substantially similar to the contractual arrangements entered into by his or her spouse, as may be amended from time to time.

 

*Risks in relation to the VIE structure*

On March 15, 2019, the National People's Congress approved the Foreign Investment Law, or the FIL, which took effect on January 1, 2020. The FIL does not explicitly classify whether VIE that are controlled through contractual arrangements would be deemed as foreign invested enterprises if they are ultimately "controlled" by foreign investors. Since the FIL is relatively new, uncertainties still exist in relation to its interpretation and implementation, and it is still unclear how the FIL would affect VIE structure and business operation.

EZGO believes the contractual arrangements with its VIE and their respective equity holders are in compliance with PRC laws and regulations and are legally enforceable. However, uncertainties in the PRC legal system could limit the Group's ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:

● revoke the business and operating licenses of the Group's PRC subsidiary and VIE;

● discontinue or restrict the operations of any related-party transactions between the Group's PRC subsidiary and VIE;

● limit the Group's business expansion in PRC by way of entering into contractual arrangements;

● impose fines or other requirements with which the Group's PRC subsidiary and VIE may not be able to comply;

● require the Group or the Group's PRC subsidiary and VIE to restructure the relevant ownership structure or operations; or

● restrict or prohibit the Group's use of the proceeds of the additional public offering to finance the Group's business and operations in PRC.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)**

**Liquidity and Capital Resources**

For the years ended September 30, 2023, 2024 and 2025, the Group incurred operating losses of $3,186,786, $2,333,500 and $3,355,234, respectively, and experienced operating cash outflows of $1,891,626, $10,308,733 and $2,206,969, respectively. These historical operating losses and negative operating cash flows reflect ongoing liquidity pressure and initially raised substantial doubt about the Group's ability to meet its obligations as they become due. As of September 30, 2025, the Group had cash and cash equivalents of $517,338.

As of September 30, 2025, the Group borrowed $10,726,226 from banks in the PRC, of which $5,003,512 is due within a year and the remaining of $5,722,714 is due more than a year. The Group has historically renewed or refinanced its short-term borrowings upon maturity; however, there can be no assurance that such refinancing will continue to be available on acceptable terms. As of September 30, 2025, the Group prepaid $6,884,675 to suppliers for the purchase of production equipment. Subsequent to the year-end, the related purchase transactions were terminated, and the suppliers agreed to refund the full amount by January 2026. As of the issuance date of these financial statements, $4,127,054 has been collected.

To address liquidity pressure and support its ability to continue as a going concern, the management has implemented the following measures, including:

&nbsp;&nbsp;&nbsp;&nbsp;(i) On December 22, 2025, the Group entered into a funding support
agreement with a shareholder in the amount of up to RMB25,000,000 ($3,511,729). This agreement will expire on December 31, 2026. The
Group can rely on the funding support to ensure the sufficiency of its cash flow through the next twelve months since the issuance of
the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) In November 2025, the Group filed a shelf registration statement
on Form F-3 with the U.S. Securities and Exchange Commission, pursuant to which the Group may offer and sell, from time to time, up to
an aggregate amount of US$200.0 million of its securities, including ordinary shares, debt securities, warrants, rights or units. This
shelf registration provides the Company with flexibility to access the capital markets, if needed, to support its liquidity and working
capital requirements. However, there can be no assurance as to the timing, amount or terms of any such financing.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Group is continually making efforts to improve operating
efficiency and reducing discretionary spending, including optimization in general and administrative headcount and reduction in general
and administrative expenditures.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***(a) Basis of presentation***

The accompanying CFS are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

 ****

***(b) Consolidation***

The CFS includes the financial statements of EZGO, its subsidiaries, VIE and VIE's subsidiaries (for the period prior to September 25, 2025) for which EZGO is the primary beneficiary. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries. All inter-company transactions, balances and unrealized gains or losses on transitions among the Group and its subsidiaries were eliminated in consolidation.

A non-controlling interest in a subsidiary of the Group is the portion of the equity (net assets) in the subsidiary not directly or indirectly attributable to the Group. Non-controlling interests are presented as a separate component of equity on the Consolidated Balance Sheets and net loss and other comprehensive loss attributable to non-controlling shareholders is presented as a separate component on the Consolidated Statements of Operations and Comprehensive Loss.

***(c) Business combination***

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 "Business Combinations." The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill. The Group shall classify as an asset a right to the return of previously transferred consideration if specified conditions are met. Where the consideration in an acquisition includes contingent consideration, and the receivable of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date. It is subsequently carried at fair value with changes in fair value reflected in earnings. In the acquisition of Changzhou Sixun, the Sellers (as defined in Note 3) undertakes that if Changzhou Sixun and its subsidiary fail to meet the specific performance indicators as stated in the equity transfer agreement by 100% in each fiscal year 2023 to 2025, the Sellers shall pay the Group for a certain amount based on the uncompleted portion in the respective fiscal year 2023 to 2025. On March 27, 2024, the Sellers entered into a supplemental agreement with the Group, to terminate the term on the compensation for committed financial performance after the Sellers paid the compensation of $694,030 (RMB5,000,000). As of September 30, 2024, the balance of the contingent assets was nil due to the receipt of this payment, and the changes of the fair value of this contingent asset was $265,205 for the year ended September 30, 2024.

***(d) Use of estimates***

The preparation of CFS in conformity with U.S. GAAP requires the Group's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets at the date of the CFS and the reported amounts of revenues and expenses during the reporting period and accompanying notes, including, but not limiting to, allowance for credit losses, non-marketable equity investments and determination of other-than-temporary impairment, inventory provision, goodwill impairment, initial measurement of leases, revenue recognition, fair value of the warrants, share-based compensation arrangements, contingencies, the useful lives of property, plants and equipment, and intangible assets, impairment of investments and long-lived assets, valuation allowance for deferred tax assets, and uncertain tax opinions. Actual results could differ from those estimates.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(e) Discontinued operation***

A discontinued operation may include a component of an entity or a group of components of an entity, or a business or non-profit activity. A disposal of a component of an entity or a group of components of an entity is reported in discontinued operation if the disposal results from strategic shift that has (or will have) a major effect on an entity's operations and financial results when any of the following occurs: (1) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; (3) the component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). For any component classified as held for sale or disposed of by sale or other than by sale that qualify for presentation as a discontinued operation in the period, the Group has reported the assets and liabilities of the discontinued operation as assets of discontinued operation, and liabilities of discontinued operation in the Consolidated Balance Sheets. The results of discontinued operation were reflected separately in the Consolidated Statements of Operations as a single line item for all periods presented in accordance with U.S. GAAP. Cash flows from discontinued operation of the three categories were separately presented in the Consolidated Statements of Cash Flows for all periods presented in accordance with U.S. GAAP.

***(f) Fair value measurement***

The Group applies Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures which defines fair value ("FV"), establishes a framework for measuring FV and expands financial statement disclosure requirements for FV measurements. ASC Topic 820 defines FV as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. ASC Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

---

| | |
|:---|:---|
| Level 2 | inputs to the valuation methodology include quoted prices for identical or similar assets and liabilities in active markets or in inactive markets, and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the financial instruments. |

---

Level 3 inputs to the valuation methodology are unobservable and significant to the FV.

The carrying amounts of the Group's financial instruments approximate their FVs because of their short-term nature. The Group's financial instruments include cash and cash equivalents, short-term investments, accounts receivable, amounts due from related parties, amounts due to related parties, short-term borrowings and accounts payable.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(g) Cash and cash equivalents***

Cash and cash equivalents consist of cash on hand, bank deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash, and have insignificant risk of changes in value related to changes in interest rates and have original maturities of three months or less when purchased.

***(h) Restricted cash***

Restricted cash is bank deposits with designated use, which cannot be withdrawn without certain approval or notice.

***(i) Short-term investments***

Short-term investments include fixed deposit receipt, which is classified based on the nature and characteristics. Fixed deposit receipt is measured at amortized cost, which is classified as held-to-maturity debt investments in accordance with ASC topic 310 ("ASC 310"), Receivables.

***(j) Credit losses***

In accordance with Accounting Standards Update ("ASU") 2016-13 "Financial Instruments – Credit Losses" (Topic 326), the Group estimates and records an expected lifetime credit loss by using an aging schedule method in combination with current situation adjustment, which replaces the previous incurred loss impairment model. The expected credit loss impairment model requires the entity to recognize its estimate of expected credit losses for affected financial assets using an allowance for credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.

The Group's accounts receivable, notes receivable, amounts due from related parties and certain receivables which are included in prepaid expenses and other current assets line items in the balance sheets are within the scope of ASC Topic 326. The Group uses an aging schedule method in combination with current situation adjustment, to determine the loss rate of receivable balances and evaluate the expected credit losses on an individual basis. When establishing the loss rate, the Group makes the assessment based on various factors, including aging of receivable balances, historical experience, creditworthiness of debtor, current economic conditions, reasonable and supportable forecasts of future economic, and other factors that may affect the Group's ability to collect from the debtors. The Group also applies current situation adjustment to provide specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

***(k) Accounts receivable***

Accounts receivable are stated at the original amount less allowances for credit losses. Accounts receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. For the years ended September 30, 2023, 2024 and 2025, the Group recorded allowance for credit losses of $2,907, $101,964 and $172,081 from continuing operations, respectively.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(l) Inventories***

Inventories primarily consist of 1) raw materials purchased for components and parts for manufacturing electronic control system; 2) work in progress of distributed photovoltaic engineering in construction and electronic control system; and 3) finished goods including battery packs and electronic control systems, are stated at the lower of cost or net realizable value. Cost of inventory is determined using weighted-average method. Where there is evidence that the value of inventories, in their disposal or in the ordinary course of business, will be less than cost, whether due to physical deterioration, obsolescence, changes in price levels, or other causes, the inventories are written down to net realizable value.

***(m) Advances to suppliers***

Advances to suppliers refer to advances for the purchase of materials or other service agreements. The Group reviews a supplier's credit history and background information before advancing a payment. If the financial condition of its suppliers were to deteriorate, resulting in an impairment of their ability to deliver goods or provide services, the Group would provide allowance for such amount in the period when it is considered impaired. For the years ended September 30, 2023, 2024 and 2025, the Group recorded no impairment loss from continuing operations, respectively, against advances to suppliers.

***(n) Property, plant and equipment***

Property, plant and equipment includes furniture, fixtures and office equipment, vehicles and construction in progress. Construction in progress includes direct costs that are related to the construction of property, equipment, and software, and are incurred in connection with bringing the assets to their intended use. Construction in progress is transferred to specific property, equipment the depreciation of these assets commences when the assets are ready for their intended use. Interest associated with major development and construction projects is capitalized and included in the cost of the project. The capitalization of interest ceases when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the capitalization rate to the average amount of accumulated qualifying capital expenditures for assets under construction during the year.

Property, plant and equipment is stated at cost less accumulated depreciation and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income/loss in the year of disposition. Estimated useful lives are as follows:

---

| | |
|:---|:---|
|  | **Estimated<br> useful life** |
| Furniture, fixtures and equipment | 3-5 years |
| Vehicles | 4-10 years |

---

 ****

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

 **

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

 

***(p) Intangible assets, net***

The Group performs valuation of intangible assets arising from business combinations to determine the relative FV to be assigned to each asset acquired. The acquired intangible assets are recognized and measured at FV. Intangible assets with useful lives are amortized using the straight-line approach over the estimated economic useful lives of the assets as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated <br> useful life** |
| Patents | 5 years |
| Software copyright | 5 years |

---

***(o) Land use right***

Land use rights are recorded at cost less accumulated amortization. Amortization is provided on straight-line basis over the useful life of land use right. In January 2023, Jiangsu New Energy acquired the land use right from local government for the purpose of building manufacturing plants in Changzhou, Jiangsu Province. The land use right has a term of 50 years and expires on January 5, 2073. For the years ended September 30, 2023, 2024 and 2025, amortization expenses were $25,936, $33,856 and $33,817, respectively.

***(p) Goodwill***

Goodwill is the excess of the purchase price over FV of the identifiable assets and liabilities acquired in a business combination.

Goodwill is not depreciated or amortized but is tested for impairment on an annual basis as of September 30 of each year and in between annual tests when an event occurs or circumstances change that could indicate the asset might be impaired. The Group first has the option to assess qualitative factors to determine whether it is more likely than not that the FV of a reporting unit is less than it's carrying amount.

If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the FV of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the FV of each reporting unit with its carrying amount, including goodwill. A goodwill impairment charge will be recorded for the amount by which a reporting unit's carrying value exceeds its FV, but not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units and determining the FV of each reporting unit. The judgment in estimating the FV of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of FV for each reporting unit. The Group recognized $1,792,392, $1,362,441 and $1,732,454 impairment loss of goodwill from the acquisition of Changzhou Sixun for the years ended September 30, 2023, 2024 and 2025, which was recognized in the Consolidated Statements of Operations. As of September 30, 2024 and 2025, the carrying amount of goodwill was $1,780,569 and nil, respectively.

***(q) Impairment of long-lived assets***

In accordance with ASC Topic 360, the Group reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Group recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset's estimated fair value and its carrying amount. The Group did not record any impairment charge for the years ended September 30, 2023, 2024. For the year ended September 30, 2025, the Group recorded impairment losses of intangible assets of $1,401,416. The impairment was primarily attributable to the deterioration in the operating performance of the electronic control system segment, which indicated that the carrying amount of the related intangible asset may not be recoverable. The impairment assessment was performed in accordance with ASC 360, and the impairment loss was measured as the excess of the carrying amount over the estimated fair value of the intangible asset.

***(r) Long term investments***

Long-term investments are the Group's equity investments in privately held companies accounted for equity method, and equity investments without readily determinable FVs.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(r) Long term investments (continued)***

(1) Equity investments accounted for using the equity method

Equity investments are comprised of investments in privately held companies. In accordance with ASC 323, Investments-Equity Method and Joint Ventures, the Group uses the equity method to account for an equity investment over which it has the ability to exercise significant influence but does not otherwise have control. The Group records equity method investments at the cost of acquisition, plus the Group's share in undistributed earnings and losses since acquisition. For equity investments over which the Group does not have significant influence or control, the cost method of accounting is used.

The Group has historically provided financial support to certain equity investees in the form of loans. If the Group's share of the undistributed losses exceeds the carving amount of an investment accounted for by the equity method, the Group continues to report losses up to the investment carrying amount, including any loans balance due from the equity investees.

The Group assess its equity investment and loans to equity investees for impairment on a periodic basis by considering factors including, but not limited to, current economic and market conditions, the operating performance of the investees including current earnings trends, the technological feasibility of the investee's products and technologies, the general market conditions in the investee's industry or geographic area, factors related to the investee's ability to remain in business, such as the investee's liquidity, debt ratios, cash bur rate, and other company-specific information including recent financing rounds.

Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Group will write down the asset to its fair value and take the corresponding charge to the Consolidated Statements of Operations.

(2) Equity investment without readily determinable FVs

In accordance with ASC 321, Investments - Equity Securities, equity investment without readily determinable FVs refers to the investment over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative upon the adoption of ASU 2016-01 (the "Measurement Alternative"). Under the Measurement Alternative, the carrying value is measured at purchase cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. All gains and losses on these investments, realized and unrealized, are recognized in the Consolidated Statements of Operations. The Group makes an assessment of whether an investment is impaired based on performance and financial position of the investee as well as other evidence of market value at each reporting date. Such assessment includes, but is not limited to, reviewing the investee's cash position, recent financing, as well as the financial and business performance. The Group recognizes an impairment loss equal to the difference between the carrying value and FV in the Consolidated Statements of Operations.

***(s) Value-added tax ("VAT")***

EZGO's PRC subsidiaries are subject to value-added tax for providing services and sales of products. Revenue from providing services and sales of products is generally subject to VAT at applicable tax rates, and subsequently paid to PRC tax authorities after netting input VAT on purchases. The excess of output VAT over input VAT is reflected in accrued expenses and other payables. The Group reports revenue net of PRC's VAT for all the periods presented in the Consolidated Statements of Operations.

***(t) Lease***

The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less.

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The right-of-use assets and related lease liabilities are recognized at the lease commencement date. The Group recognizes operating lease expenses for lease payments on a straight-line basis over the lease term. The Group's lease agreements do not contain any material residual value guarantees or restricted covenants.

<u>Operating lease right-of-use assets</u>

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(t) Lease (continued)***

<u>Operating lease liabilities</u>

Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Group's incremental borrowing rate. The Group's lease payments included in the measurement of the lease liability only comprises fixed lease payments. Lease liability is measured at amortized cost using the effective interest rate method. It is re-measured when there is a change in future lease payments.

As of September 30, 2024 and 2025, the Group's operating leases related to continuing operations recognized under ASC 842 included right-of-use assets of nil and $1,405, recorded in other non-current assets, and lease liabilities of nil and $2,809, recorded in other payables, which are expected to be fully settled within one year. The lease liabilities were measured using a weighted average discount rate of 3.81%, nil and 3.23%, and lease payments of $7,713, nil and $80 were made during the years ended September 30, 2023, 2024 and 2025, respectively.

***(u) Revenue recognition***

The Group recognizes revenues in accordance with ASC 606, "Revenue from Contracts with Customers" ("ASC 606"). The Group's revenues are mainly generated from 1) sales of products, 2) maintenance services and 3) other services.

The core principle of ASC Topic 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the Group satisfies a performance obligation

Revenue recognition policies are discussed as follows:

*Revenue from sales of products*

The Group sells products to different customers, primarily battery cells and packs, e-bicycles (see Note 16 Discontinued Operation), electronic control systems and second-hand machinery. The Group identifies one performance obligation in providing the products for a fixed consideration as stated in the sales contract. The Group presents the revenue generated from its sales of products on a gross basis as the Group acts as the principal. The revenue is recognized when the Group satisfies the performance obligation by transferring the promised product to the customers upon acceptance by customers.

The Group generally provides different warrant periods for different products: a six-month warranty period for battery packs, and a one-year warranty period for electronic control systems. The customers are required to perform product quality check upon acceptance of delivery and the warranty covers only production defects. Customers do not have the option to purchase a warranty separately, nor does a warranty provide services other than a warranty. Therefore, warranty costs are considered as accrued performance costs rather than performance obligations. As of September 30, 2024 and 2025, there is no warranty claim by customer and the Group did not accounted provision for warranty cost related to product quality issues in the consolidated balance sheets as the Group believes that the likelihood of warranty claims is remote or immaterial, based on historical experience, the nature of the products, and other relevant factors.

*Revenue from maintenance services*

The Group provides comprehensive machine maintenance services, usually through a separate contract specified for the provision of maintenance services. In accordance with the detailed requirements in the contract, the Group implements a targeted maintenance strategy for machines in need of repair. The Group identifies one performance obligation in providing maintenance service for a fixed consideration as stated in the sales contract. The Group presents the revenue generated from its sales of products on a gross basis as the Group acts as the principal. The revenue is recognized when the Group satisfies the performance obligation by completion of maintenance service upon acceptance by customers.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(u) Revenue recognition (continued)***

*Revenue from other services*

The Group also provides other services, mainly including photovoltaic engineering contracting. The Group identifies one performance obligation in the provision of services in the contract, and recognizes revenue when the Group satisfies the performance obligation upon acceptance by customers. For photovoltaic engineering contracting, the Group does not directly engage in the construction but rather serves as an intermediatory to connect the party awarding the contract with suitable contractors. Therefore, the Group presents the revenue from photovoltaic engineering contracting on a net basis as the Group acts as an agent.

The following table identifies the disaggregation of the Group's revenues from continuing operations for the years ended September 30, 2023, 2024 and 2025, respectively:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| **Battery cells and packs segment** | $**8001323** | $**16318839** | $**18781695** |
| &nbsp;&nbsp;&nbsp;Sales of products | 8001323 | 16318839 | 18781695 |
| **Electronic control system** | **834148** | **1401783** | **1069278** |
| &nbsp;&nbsp;&nbsp;Sales of products | 834148 | 1401783 | 1069278 |
| **Others** | **327630** | **501538** | **635094** |
| &nbsp;&nbsp;&nbsp;Sales of products | - | 97495 | 53408 |
| &nbsp;&nbsp;&nbsp;Maintenance services | 184029 | 395246 | 581686 |
| &nbsp;&nbsp;&nbsp;Other services | 143601 | 8797 | - |
| **Net revenues** | $**9163101** | $**18222160** | $**20486067** |

---

*Contract balance*

Contract liabilities primarily consist of advances from customers.

Advances from customers amounted to $143,723 and $160,687 as of September 30, 2024 and 2025, respectively. Revenue included in the beginning balance of advances from customers and recognized during the years ended September 30, 2023, 2024 and 2025 amounted to $147,807, $206,516 and $76,296, respectively.

Timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable is revenue recognized for amounts invoiced and/or prior to invoicing when the Group has satisfied its performance obligation and has unconditional right to the payment. The Group has no contract assets as of September 30, 2024 and 2025.

The Group applied a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Group has no material incremental costs of obtaining contracts with customers and the Group expects the benefit of those costs to be longer than one year.

***(v) Cost of revenue***

Cost of revenue consists primarily of cost of products, labor cost, depreciation, material cost, and other overhead expenses.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(w) Selling and marketing expenses***

Selling and marketing expenses mainly consist of (i) salaries expenses for sales personnel, (ii) rental fees related to selling and marketing activities, (iii) travel expenses related to selling and marketing activities, (iv) advertisement and business promotion expenses and (v) other miscellaneous selling expenses. Advertisement and business promotion expenses mainly represent the advertising and sponsorship expenses incurred to promote the Group's brand image and awareness and are recognized as incurred. For the years ended September 30, 2023, 2024 and 2025, advertisement and business promotion expenses were $77,361, $5,751 and $42, respectively.

***(x) General and administrative expenses***

General and administrative expenses mainly consist of (i) salaries and welfares for general and administrative personnel, (ii) professional service fees, (iii) share-based compensation, (iv) insurance fees, (v) credit losses expenses, (vi) depreciation related to general and administrative departments and (vii) other corporate expenses.

***(y) Research and development expenses***

Research and development expenses consist primarily of (i) salaries and welfare for research and development personnel, (ii) depreciation and amortization related to research and development departments, (iii) material consumption expenses, (iv) outsourcing development expenses, and (v) other miscellaneous research and development expenses. Research and development expenses that do not qualify to be capitalized are expensed as incurred.

The Group recognizes internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software's application development stage and to expense costs as they are incurred during the preliminary project and post implementation/ operation stages. The Group has not capitalized any costs related to internal use software for the years ended September 30, 2023, 2024 and 2025, respectively.

***(z) Share-based compensation***

The Group applies ASC 718, Compensation—Stock Compensation ("ASC 718"), to account for all of its share-based payments. In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or equity award. All the Group's grants of share-based awards were classified as equity awards and are recognized in the financial statements based on their grant date FVs.

The Group elected to recognize compensation expense using the straight-line method for all awards granted with graded vesting based on service conditions. The Group also elected to account for forfeitures as they occur. Previously recognized compensation cost for the awards is reversed in the period that the award is forfeited.

***(aa) Income taxes***

The Group accounts for income taxes using the asset/liability method prescribed by ASC 740 Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date.

The provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. The Group's operating subsidiaries in the PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000 ($14,250). In the case of transfer pricing issues, the statute of limitations is 10 years. There is no statute of limitations for tax evasion. Penalties and interest incurred related to underpayment of income tax are classified as income tax expenses in the period incurred.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(ab) Deferred taxes***

Current income taxes are provided in accordance with the laws and regulations applicable to the Group as enacted by the relevant tax authorities. Income taxes are accounted for under the asset and liability method. Deferred taxes are determined based upon differences between the financial reporting and tax bases of assets and liabilities at currently enacted statutory tax rates for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized as income in the period of change. A valuation allowance is provided on deferred tax assets to the extent that it is more likely than not that such deferred tax assets will not be realized. The total income tax provision includes current tax expenses under applicable tax regulations and the change in the balance of deferred tax assets and liabilities.

***(ac) Warrants***

The Group account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance in ASC Topic 480 Distinguishing Liabilities from Equity ("ASC 480") and ASC Topic 815, "Derivatives and Hedging" ("ASC 815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Group's common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. The Group has analyzed its warrants and determined they are freestanding instruments that do not meet the definition of a liability under ASC 480 and satisfy the requirements for equity classification under ASC 815.

***(ad) Non-controlling interests***

Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries which is not attributable. directly or indirectly to the Group as the controlling shareholder. Non-controlling interests are presented as a separate component of equity in the Consolidated Balance Sheets. Consolidated net (loss) income on the Consolidated Statements of Operations includes the net income attributable to non-controlling interests. The accumulative net income attributable to non-controlling interests are recorded as non-controlling interests in the Consolidated Balance Sheets.

***(ae) Foreign currency translation***

The reporting currency of the Group is the U.S. dollar ("USD" or "$"). The functional currency of subsidiaries located in PRC is the Chinese Renminbi ("RMB"), the functional currency of subsidiaries located in HK is the U.S. dollar. For the entities whose functional currency is the RMB, result of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and except for receivables from a shareholder, other equity items are translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments are reported as foreign currency translation adjustments and are shown as a separate component of other comprehensive losses in the Consolidated Statements of Operations and Comprehensive Loss.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(ae) Foreign currency translation (continued)***

Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheets date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

The Consolidated Balance Sheets amounts, with the exception of equity, as of September 30, 2024 and 2025 were translated at RMB7.0176 to $1.00 and at RMB7.1190 to $1.00, respectively. Equity accounts were stated at their historical rates. The average translation rates applied to Consolidated Statements of Operations and Cash Flows for the fiscal years ended September 30, 2023, 2024 and 2025 were RMB7.0533 to $1.00, RMB7.2043 to $1.00 and RMB7.2125 to $1.00, respectively.

***(af) Segment reporting***

During the year ended September 30, 2025, the Group adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The adoption did not change the Group's operating segment determination and did not have a material impact on the consolidated financial statements.

The Group organized its operations into three operating segments. The segments reflect the way the Group evaluates its business performance and manages its operations by the Group's chief operating decision maker ("CODM") for making decisions, allocating resources and assessing performance. The Group's CODM has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performances of the Group.

The Group determined it has three operating segments: (1) sales of battery cells and packs, (2) sales of electronic control system and intelligent robot and (3) others, which mainly included the sales of second-hand machinery, the provision of maintenance services and photovoltaic engineering contracting. The Group's reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies.

As the Group's long-lived assets are substantially all located in the PRC and the vast majority of the Group's revenue and expenses are derived from within the PRC, no geographical segments are presented.

***(ag) Net loss per ordinary share***

Basic loss per ordinary share is computed by dividing the net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding for the period. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Potentially dilutive shares are excluded from the computation if their effect is antidilutive.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(ah) Comprehensive loss***

Comprehensive loss is comprised of the Group's net loss and other comprehensive (loss) income. The components of the other comprehensive (loss) income consist of foreign currency translation adjustments.

***(ai) Commitments and contingencies***

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. Legal costs incurred in connection with loss contingencies are expensed as incurred.

***(aj) Recent accounting standards***

The Group is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In March 2024, the FASB issued ASU No. 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements ("ASU 2024-02"). The amendments in this Update affect a variety of Topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update contains amendments to the Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior statements to provide guidance in certain topical areas. ASU 2024-02 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03") which requires detailed disclosures in the notes to financial statements disaggregating specific expense categories and certain other disclosures to provide enhanced transparency into the nature and function of expenses. The FASB further clarified the effective date in January 2025 with the issuance of ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The requirements should be applied on a prospective basis while retrospective application is permitted. The Group does not expect to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial statements.

In March 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2025-02 "Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122" ("ASU 2025-02"), which amends the Accounting Standards Codification to remove the text of SEC Staff Accounting Bulletin ("SAB") 121 "Accounting for Obligations to Safeguard Crypto- Assets an Entity Holds for its Platform Users" as it has been rescinded by the issuance of SAB 122. ASU 2025-02 is effective immediately and is not expected to have an impact on the Group's financial statements.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

***(aj) Recent accounting standards (continued)***

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets," which provides guidance for entities that apply the practical expedient and accounting policy election, if applicable, when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a business combination accounted for under Topic 805. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the impact of the adoption of this guidance.

In September 2025, the FASB issued ASU 2025-06, Intangibles -Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous "development stage" model and introducing a more judgment-based approach. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027 and for interim reporting periods beginning in that fiscal year. The Group is currently evaluating the impact that this update will have on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging ("Topic 815") and Revenue from Contracts with Customers ("Topic 606"): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). ASU 2025-07, expands an existing scope exception under Topic 815 to exclude non-exchange-traded contracts where the underlying is based on the operations or activities specific to one of the contract parties. The Group is currently evaluating the impact that this update will have on the consolidated financial statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses ("Topic 326"): Purchased Loans ("ASU 2025-08"). The amendments expand the population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards) as "seasoned" if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the impact that this update will have on the consolidated financial statements.

Other accounting standards updates issued by FASB that do not require adoption until a future date are not expected to have a material impact on the CFS upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its CFS.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**3. ACQUISITION**

**Acquisition of Changzhou Sixun**

On January 25, 2023, the Group completed the acquisition of Changzhou Sixun through an equity transfer agreement with certain "non-U.S. persons" ("the Sellers") as defined in Regulation S of the Securities Act of 1933, as amended, for the transfer of 100% of the equity interests in and all assets in Changzhou Sixun Technology Co., Ltd. ("Changzhou Sixun") to Jiangsu New Energy, for RMB59,400,000 ($8,748,288). In this acquisition, Changzhou Sixun was set as a target company to hold 60% of the equity of Changzhou Higgs Intelligent Technologies Co., Ltd. ("Changzhou Higgs").

The transaction constitutes a business combination for accounting purposes and is accounted for using the acquisition method under ASC 805. The Group is deemed to be the accounting acquirer. The Group completed the valuations necessary to assess the FV of the acquired assets and liabilities with the assistance from an independent valuation firm, resulting from which the amounts of goodwill were determined and recognized as of the acquisition dates.

**Goodwill arising from the acquisition of Changzhou Sixun**

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Beginning balance | $3057943 | $1780569 |
| Goodwill impairment | (1362441) | (1732454) |
| Foreign currency translation adjustment | 85067 | (48115) |
| **Ending balance** | $**1780569** | $**-**  |

---

For the years ended September 30, 2023, 2024 and 2025, the Group recognized $1,792,392, $1,362,441 and $1,732,454 impairment loss of goodwill related to the acquisition of Changzhou Sixun, respectively. As of September 30, 2024 and 2025, the carrying amount of goodwill was $1,780,569 and nil, respectively.

**4. DISPOSAL OF SUBSIDIARIES AND VIE**

On February 13, 2023, the Group entered into an equity transfer agreement with Sutai (Tianjin) Packaging Materials Co., Ltd. ("Sutai") to transfer 100% of the equity interests of Tianjin Jiahao Bicycle Co., Ltd. ("Tianjin Jiahao"), a wholly-owned subsidiary of Jiangsu EZGO, to Sutai for $6,141,721 (RMB44,810,000). The Group recognized a loss of $2,535,370 from the disposal of Tianjin Jiahao, which was included in the net loss from discontinued operations of the Consolidated Statements of Operations for the year ended September 30, 2023.

On April 3, 2023, Changzhou Yizhiying entered into an equity transfer agreement with Tianjin Mizhiyan New Energy Technologies Co., Ltd. ("Mizhiyan") to transfer 80% equity interest of Tianjin Dilang Technologies Co., Ltd. ("Tianjin Dilang"), a subsidiary of Changzhou Yizhiying, to Mizhiyan for $307,018 (RMB2,240,000). The Group recognized a gain of $941,714 from the disposal of Tianjin Dilang, which was included in the net loss from discontinued operations of the Consolidated Statements of Operations for the year ended September 30, 2023.

On September 25, 2025, Changzhou EZGO, Jiangsu EZGO, and shareholders of Jiangsu EZGO entered into a termination agreement pursuant to which the VIE Agreements were terminated. Subsequent to the termination of the VIE Agreements, the Group does not have a VIE Structure and ceased to be the primary beneficiary of the VIE and its subsidiaries. The consideration for the disposal of the VIE and its subsidiaries was nil, and the Group recognized a gain on disposal of the VIE and its subsidiaries of $537,519 for the year ended September 30, 2025.

The operations results from the VIE and its subsidiaries' operations for the years ended September 30, 2023, 2024 and 2025 were reflected in discontinued operation as disclosed in Note 16.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**5. ACCOUNTS RECEIVABLE, NET**

As of September 30, 2024 and 2025, accounts receivable and allowance for credit losses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Accounts receivable | $7909633 | $11742416 |
| Less: allowance for credit losses | (107598) | (280407) |
| **Accounts receivable, net** | $**7802035** | $**11462009** |

---

Accounts receivable are considered overdue after 180 days, the general credit term the Group offers to its customers. As of September 30, 2024 and 2025, the overdue accounts receivable, net of allowance for credit losses, aging between 180 days and one year were $128,571 and $377,748, respectively.

The movement of allowance for credit losses of accounts receivable were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year September 30,** | **For the year September 30,** | **For the year September 30,** |
|  | **2023** | **2024** | **2025** |
| Balance at beginning of the year | $- | $2810 | $107598 |
| Changes in credit losses | 2907 | 101964 | 172081 |
| Foreign currency translation adjustment | (97) | 2824 | 728 |
| **Balance at the end of the year** | $**2810** | $**107598** | $**280407** |

---

For the years ended September 30, 2023, 2024 and 2025, the Group recorded credit losses of $2,907, $101,964 and $172,081 from continuing operations, respectively.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**6. INVESTMENTS, NET**

As of September 30, 2024 and 2025, investments consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| **Short-term investments:** |  |  |
| Fixed deposit receipt | $1557104 | $- |
| **Total short-term investments** | **1557104** | **-**  |
| **Long-term investments:** |  |  |
| Investments accounted for using the equity method <sup>(1)</sup> | 11510894 | 11272414 |
| Investments without readily determinable FVs <sup>(2)</sup> | 6467256 | 6375140 |
| **Total long-term investments** | **17978150** | **17647554** |
| Impairment of long-term investments | (3120994) | (6643439) |
| **Total long-term investments, net** | **14857156** | **11004115** |
| **Total investments** | $**16414260** | $**11004115** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) In March 2023, the Group acquired 25% equity interest of Linyi Xing
Caitong New Energy Partnership for $6,853,070 which was accounted for using the equity method. In September 2024, the Group paid $4,075,467
to acquire 40% equity interest of Shanghai Mingli New Energy Technology Co., Ltd. ("Shanghai Mingli").

&nbsp;&nbsp;&nbsp;&nbsp;(2) In September 2022, the Group acquired 6% equity interest of Chongqing Chenglu Technology Co., Ltd. ("Chongqing Chenglu") for $3,479,252. In January 2024, the Group acquired 3.6554% equity interest of Yueneng Silicon Industry (Hangzhou) Partnership Enterprise (Limited Partnership) for $2,849,977. The Group invested in these investees as strategic investments to seize future market opportunities in the new energy industry. The Group has neither significant influence nor control over the investee and recognized investment as investment without readily determinable FV.

The movement of the carrying amount of long-term investment were as follows for the years ended September 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Beginning balance | $10674802 | $14857156 |
| Addition of investments accounted for using the equity method | 3969851 | - |
| Addition of investments without readily determinable fair values | 2776120 | - |
| Proportionate share of the equity investee's net loss | (44401) | (73558) |
| Impairment loss of investments without readily determinable fair values | (3040113) | (3255838) |
| Impairment loss of investments accounted for using the equity method | - | (264822) |
| Foreign currency translation adjustment | 520897 | (258823) |
| **Ending balance** | $**14857156** | $**11004115** |

---

As of September 30, 2025, equity method investments held by the Group in aggregate met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. As such, the Group is required to present summarized financial information for all of its equity method investments as a group as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Operating data: |  |  |  |
| Revenue | $198511 | $802140 | $2811881 |
| Cost of revenue | 239357 | 686245 | 2025010 |
| Loss from operations | (195776) | (485008) | (194278) |
| Net loss | (196177) | (498095) | (199452) |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**6. INVESTMENTS, NET (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Balance sheets data: |  |  |
| Current assets | $11739363 | $14008896 |
| Non-current assets | 15194546 | 14997857 |
| Current liabilities | 16090730 | 18520211 |

---

In September 2024, the Group acquired a 40% equity interest in Shanghai Mingli New Energy Technology Co., Ltd. for $4,075,467. In addition, as of September 30, 2025, the Group had outstanding loans to Shanghai Mingli of $7,888,996. Based on the level of the Group's investment and exposure, Shanghai Mingli met the significance criteria under Rule 4-08(g) of Regulation S-X as of September 30, 2025. Therefore, the Group has presented summarized financial information for its equity method investments in the aggregate, as set forth below.

---

| | | |
|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** |
|  | **2024** | **2025** |
| Operating data: |  |  |
| Revenue | $- | $- |
| Cost of revenue | - | - |
| Loss from operations | (341284) | (1313) |
| Net loss | (341284) | (1313) |

---

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Balance sheets data: |  |  |
| Current assets | $1203 | $6801 |
| Non-current assets | 13468079 | 13295981 |
| Current liabilities | 14460845 | 14281628 |

---

**7. INVENTORIES**

As of September 30, 2024 and 2025, inventories and reserve of inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Raw materials <sup>(1)</sup> | $274199 | $310520 |
| Finished goods <sup>(2)</sup> | 217248 | 70624 |
| Work in progress <sup>(3)</sup> | 31493 | - |
| **Inventories** | $**522940** | $**381144** |

---

(1) Raw materials included components and parts for manufacturing electronic control systems and the provision of maintenance service.

(2) Finished goods included battery packs and electronic control systems.

(3) Work in progress included work in progress of electronic control systems.

For the years ended September 30, 2023, 2024 and 2025, the Group made provision for inventory valuation allowance of $91,874, $19,979 and $28,552, respectively.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**8. ADVANCES TO SUPPLIERS**

As of September 30, 2024 and 2025, advances to suppliers consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Prepayment for purchase of battery packs | $16637595 | $9138389 |
| Others | 251990 | 144364 |
| **Advances to suppliers** | $**16889585** | $**9282753** |

---

**9. PREPAID EXPENSES AND OTHER CURRENT ASSETS**

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Receivable from third parties <sup>(1)</sup> | $270035 | $7569341 |
| Prepaid expenses | 61440 | 71317 |
| Security deposits | 35197 | 34696 |
| Deductible input VAT | 255246 | 450 |
| Others | 20152 | 49250 |
| **Prepaid expenses and other current assets** | $**642070** | $**7725054** |

---

(1) Receivables from third parties primarily consisted of the following as of September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;i. Refunds of prepayment for purchase of battery packs: as of September
30, 2025, an amount of $5,309,710 previously prepaid to a supplier in connection with battery purchase was then negotiated to be repaid
in instalments between the Group and the supplier. The Group further entered into an offset agreement with the supplier on October 20,
2025, under which the Group agreed to accept three patent rights from the supplier to settle the respective creditor's rights and
debtor's obligations. The patent rights were transferred to the Group in November 2025.

&nbsp;&nbsp;&nbsp;&nbsp;ii. A loan provided to a third party, with an annual interest rate
of 4% and a maturity date of June 22, 2026, and accrued interest receivables.

**10. PROPERY, PLANT AND EQUIPMENT, NET**

As of September 30, 2024 and 2025, property, plant and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Construction in progress <sup>(1)</sup> | $7766316 | $9782541 |
| Vehicles | 116328 | 114671 |
| Furniture, fixtures and equipment | 25044 | 30514 |
| **Subtotal** | **7907688** | **9927726** |
| Less: accumulated depreciation | (63122) | (92716) |
| **Property, plant and equipment, net** | $**7844566** | $**9835010** |

---

(1) Addition of $3,095,981, $4,670,335 and $2,016,225 were related to the
construction of Changzhou manufacturing plants incurred for the years ended September 30, 2023, 2024 and 2025, respectively. For the years
ended September 30, 2023, 2024 and 2025, $33,270, $320,361 and $344,578 of interest expense from the long-term borrowings from Bank of
Jiangnan were capitalized in the construction of Changzhou manufacturing plant respectively.

For the years ended September 30, 2023, 2024 and 2025, depreciation expenses were $13,131, $27,768 and $30,098, respectively.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**11. INTANGIBLE ASSETS, NET**

As of September 30, 2024 and 2025, intangible assets, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Patents | $2447865 | $2412999 |
| Software copyright | 638573 | 629478 |
| **Subtotal** | **3086438** | **3042477** |
| Accumulated amortization | (1028813) | (1622654) |
| Impairment | - | (1419823) |
| **Intangible assets, net** | $**2057625** | $**-**  |

---

Intangible assets including patents and software copyright which were considered as identifiable assets in the business acquisition of Changzhou Sixun (Note 3) and were recognized based on fair value and a valuation report was issued by an independent third-party valuation specialist.

For the years ended September 30, 2023, 2024 and 2025, amortization expenses of intangible assets were $409,442, $601,291 and $600,607, respectively. For the years ended September 30, 2023, 2024 and 2025, impairment loss of intangible assets were nil, nil and $1,401,416, respectively.

**12. OTHER NON-CURRENT ASSETS**

As of September 30, 2024 and 2025, other non-current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Prepayment for purchase of customized equipment <sup>(1)</sup> | $7257752 | $6884675 |
| Prepaid construction fee | 1238336 | 1190877 |
| Long-term security deposit for land use right <sup>(2)</sup> | 630504 | 621523 |
| Deductible input VAT | - | 283420 |
| Loans to third parties <sup>(3)</sup> | - | 69051 |
| Others | - | 1405 |
| **Other non-current assets** | $**9126592** | $**9050951** |

---

(1) In May 2023, the Group entered into procurement agreements (the "Procurement
Agreements") with three suppliers for the purchase of production equipment. In October and November 2025, the Group entered into
three termination agreements. Pursuant to the termination agreements, the customized equipment purchase transactions were terminated,
and the suppliers agreed to refund the previously made prepayments of $6,884,675 for equipment purchases by January 2026. As a result,
the related capital commitments were relieved upon execution of the termination agreements.

(2) The balance is the long-term security deposit to the Bureau of Finance
in Wujin Technology Industrial District guaranteeing the Group's investment in the construction of Changzhou manufacturing plants,
which will be collected by June 2027.

(3) Loans to third parties consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;i. A loan provided to a third party, with an annual interest rate
of 4% and a maturity date of June 7, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;ii. An interest-free loan provided to a third party, with a maturity
date of October 15, 2026.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**13. BORROWINGS**

As of September 30, 2024 and 2025, the borrowings were for working capital and capital expenditures. Borrowings consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Creditor** | **Interest<br> rate** | **Borrowing<br> date** | **Maturity<br> date** | **As of<br> September 30,<br> 2024** | **As of<br> September 30,<br> 2025** |
| Bank of Jiangsu <sup>(1)</sup> | 3.80% | 12/19/2023 | 12/15/2024 | $569995 | $- |
| Bank of Jiangsu <sup>(2)</sup> | 5.80% | 1/25/2024 | 1/25/2025 | 113999 | - |
| Bank of Jiangsu <sup>(3)</sup> | 3.30% | 8/30/2024 | 8/27/2025 | 997492 | - |
| Bank of Jiangsu <sup>(4)</sup> | 2.90% | 8/28/2025 | 8/27/2026 | - | 913050 |
| Bank of Jiangsu <sup>(5)</sup> | 2.85% | 9/1/2025 | 8/31/2026 | - | 561876 |
| Bank of Nanjing <sup>(6)</sup> | 3.50% | 9/11/2024 | 9/9/2025 | 712494 | - |
| Bank of Nanjing <sup>(7)</sup> | 3.30% | 9/9/2025 | 3/8/2026 | - | 491642 |
| Agricultural Bank of China <sup>(8)</sup> | 3.05% | 12/29/2023 | 12/21/2024 | 1367989 | - |
| Agricultural Bank of China <sup>(9)</sup> | 3.20% | 6/26/2024 | 6/16/2025 | 1424989 | - |
| Agricultural Bank of China <sup>(10)</sup> | 2.85% | 4/27/2025 | 4/23/2026 | - | 1404692 |
| **Total short-term borrowings** |  |  |  | $**5186958** | $**3371260** |
| Bank of Jiangnan <sup>(11)</sup> | 4.80% | 6/25/2022 | 12/31/2025 | 634120 | 816126 |
| Bank of Jiangnan <sup>(11)</sup> | 4.80% | 6/25/2022 | 6/30/2026 | - | 816126 |
| **Total long-term borrowing, current** |  |  |  | $**634120** | $**1632252** |
| Bank of Jiangnan <sup>(11)</sup> | 4.80% | 6/25/2022 | 6/21/2030 | 3925844 | 2237674 |
| Bank of Jiangnan <sup>(11)</sup> | 4.80% | 11/15/2023 | 6/21/2030 | 1823985 | 1798005 |
| Bank of Jiangnan <sup>(11)</sup> | 4.80% | 2/6/2024 | 6/21/2030 | 726744 | 716393 |
| Bank of Jiangnan <sup>(11)</sup> | 4.80% | 7/18/2024 | 6/21/2030 | 984667 | 970642 |
| **Total long-term bank borrowing, non-current** |  |  |  | $**7461240** | $**5722714** |
| Changzhou Zenith Technology Co., Ltd.<sup>(12)</sup> | nil | 7/14/2025 | 7/13/2028 | - | 702346 |
| **Total long-term borrowing from a third party, non-current** |  |  |  | $**-**  | $**702346** |
| **Total long-term borrowing, non-current** |  |  |  | $**7461240** | $**6425060** |
| **Total borrowings** |  |  |  | $**13282318** | $**11428572** |

---

(1) On December 19, 2023, Changzhou Higgs obtained a non-revolving loan
of RMB4,000,000 ($569,995) from Bank of Jiangsu, with an annual interest rate of 3.80% and a term of 12 months, which was guaranteed by
Mr. Feng Xiao, the legal representative of Changzhou Higgs. On December 9, 2024, this loan was granted a term extension, with the annual
interest rate maintained at 3.30% and the maturity date set to September 3, 2025.

(2) On December 14, 2022, Changzhou
EZGO obtained a revolving line of credit of RMB800,000 ($109,649) from Bank of Jiangsu with three years term from December 14, 2022 to
December 14, 2025. On January 25, 2024, Changzhou EZGO withdrew RMB800,000 ($113,999) from this line of credit, with an annual interest
rate of 5.80% and a term of 12 months, which was fully repaid as matured.

(3) On August 30, 2024, Changzhou EZGO obtained a non-revolving loan of
RMB7,000,000 ($997,492) from Bank of Jiangsu, with an annual interest rate of 3.30% and a term of 12 months, which was guaranteed by a
third party, Jiangsu Jiangnan Technology Financing Guarantee Co., Ltd., which was fully repaid as matured.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**13. BORROWINGS (CONTINUED)**

(4) On August 28, 2025, Changzhou EZGO obtained a non-revolving loan of RMB6,500,000 ($913,050) from Bank of Jiangsu, with an annual interest rate of 2.90% and a term of 12 months, which was guaranteed by Mr. Jianhui Ye, the Chief Executive Officer and Director of the Group, Mr. Shuang Wu, the shareholder of Changzhou EZGO, Jiangsu New Energy and Jiangsu Jiangnan Technology Financing Guarantee Co., Ltd.

(5) On September 1, 2025, Changzhou Higgs obtained a non-revolving loan
of RMB4,000,000 ($561,876) from Bank of Jiangsu, with an annual interest rate of 2.85% and a term of 12 months, which was guaranteed by
Mr. Feng Xiao.

(6) On September 11, 2024, Changzhou EZGO entered a non-revolving loan
facility of RMB5,000,000 ($712,494) with Bank of Nanjing, with an annual interest rate of 3.50% and a term of 12 months, which was guaranteed
by Mr. Jianhui Ye, Jiangsu New Energy and Jiangsu Jiangnan Technology Financing Guarantee Co., Ltd., which was fully repaid as matured.

(7) On September 9, 2025, Changzhou EZGO entered a non-revolving loan facility
of RMB3,500,000 ($491,642) with Bank of Nanjing, with an annual interest rate of 3.30% and a term of 6 months, which was guaranteed by
Mr. Jianhui Ye and Jiangsu New Energy.

(8) On December 29, 2023, Jiangsu
Supply Chain obtained a non-revolving loan of RMB9,600,000 ($1,367,989) from Agricultural Bank of China, with an annual interest rate
of 3.05% and a term of 12 months. The loan was secured by the $1,500,000 certificate of deposit held by EZGO HK, which was fully repaid
by the Group upon maturity.

(9) On June 26, 2024, Changzhou EZGO obtained a non-revolving loan of RMB10,000,000
($1,424,989) from Agricultural Bank of China, with an annual interest rate of 3.20% and a term of 12 months, which was guaranteed by Mr.
Jianhui Ye. The loan was fully repaid in advance on April 23, 2025.

(10) On April 27, 2025, Changzhou EZGO obtained a non-revolving loan of
RMB10,000,000 ($1,404,692) from Agricultural Bank of China, with an annual interest rate of 2.85% and a term of 12 months, which was guaranteed
by Mr. Jianhui Ye and a third party, Jiangsu Changzhou High-tech Credit Financing Guarantee Co., Ltd.

(11) On June 25, 2023, Jiangsu New Energy obtained a 7-year loan facility
of up to RMB56,810,000 ($8,095,360) from Bank of Jiangnan with an annual interest rate of 4.80%, specified for expenditures on the construction
of Changzhou manufacturing plant built, which will mature on June 21, 2030. As of September 30, 2024 and 2025, Jiangsu New Energy withdrew
a total of RMB56,810,000 ($8,095,360) from this loan facility. The loan facility was guaranteed by Mr. Shuang Wu, and also pledged by
the land use right of Jiangsu New Energy. The following is the principal repayment schedule for the long-term loan from Bank of Jiangnan
as of September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;(12) On July 14, 2025, Jiangsu New Energy obtained an interest-free loan from a third party, with a term of 3 years and maturing on July 13, 2028.

Scheduled repayments of long-term borrowings subsequent to September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Year ending September 30,** | **Repayment amount** |
| 2026 | $1632252 |
| 2027 | 1635062 |
| 2028 | 2337408 |
| 2029 | 1635062 |
| 2030 | 817528 |
| **Total** | $**8057312** |

---

For the years ended September 30, 2023, 2024 and 2025, the Group recorded interest expenses from continuing operations of $17,575, $82,963 and $130,508, respectively. For the years ended September 30, 2023, 2024 and 2025, $33,270, $320,361 and $344,578 of interest expense from the long-term borrowings from Bank of Jiangnan was capitalized form continuing operations in the construction of Changzhou manufacturing plant respectively.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**14. ACCRUED EXPENSES AND OTHER PAYABLES**

As of September 30, 2024 and 2025, accrued expenses and other payables consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Payroll payable | $322474 | $369080 |
| Other taxes payable <sup>(1)</sup> | 307580 | 348301 |
| Loans from third parties <sup>(2)</sup> | 1424989 | - |
| Other accrued expenses | 258681 | 223699 |
| **Accrued expenses and other payables** | $**2313724** | $**941080** |

---

(1) The balance mainly was VAT payable
of $299,621 and $339,459 as of September 30, 2024 and 2025, respectively.

(2) The balance as of September 30,
2024 were interest-free loans from the third parties, which was fully repaid in October 2024.

**15. RELATED PARTY TRANSACTIONS AND BALANCES**

The following is a list of related parties which the Group has transactions with during the years ended September 30, 2023, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| **Name** | **Name** | **Relationship** |
| (a) | Shuang Wu | Non-controlling shareholder of Changzhou EZGO and legal representative of Jiangsu New Energy |
| (b) | Jianhui Ye | Chief Executive Officer, Director and a principal shareholder of the Group |
| (c) | Jiangsu Youdi Technology Co., Ltd. | Equity investments with 29% shareholding |
| (d) | Shanghai Mingli New Energy Technology Co., Ltd. | Equity investments with 40% shareholding |
| (e) | Jiangsu EZGO Electronic Technologies Co., Ltd. ("Jiangsu EZGO") | Entity controlled by Mr. Jianhui Ye |
| (f) | Yan Fang\* | A related party before the disposal of VIE. Non-controlling shareholder of Cenbird E-Motorcycle |
| (g) | Shandong Xingneng'an New Energy Technology Co., Ltd. \* | Equity investments with 25% shareholding before the disposal of VIE |
| (h) | Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. \* | A related party before the disposal of VIE. Yan Fang, a non-controlling shareholder of Cenbird E-motorcycle, whose family member serves as director of Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. |
| (i) | Jiangsu Xinzhongtian Suye Co., Ltd. \* | A related party before the disposal of VIE. Yuxing Liu, the spouse of Yan Fang, serves as the executive of Jiangsu Xinzhongtian Suye Co., Ltd. |
| (j) | Shenzhen Star Asset Management Co., Ltd. \* | A related party before the disposal of VIE. General Partner of Xinyu Star Assets Management No.1 Investing Partnership and Xinyu Star Assets Management No.2 Investing Partnership, which are two significant shareholders of the Group. |
| (k) | Shenzhen Star Cycling Network Technology Co., Ltd. \* | Equity investments with 42% shareholding before the disposal of VIE |
| (l) | Nanjing Mingfeng Technology Co., Ltd. \* | Equity investments with 30% shareholding before the disposal of VIE |
| (m) | Huiyan Xie\* | General manager and non-controlling shareholder of Tianjin Dilang, who was no longer a related party as Tianjin Dilang was disposed in April, 2023. |

---

\* Related parties prior to the disposal of VIE and its subsidiaries.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**15. RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)**

<u>Amounts due from related parties</u>

As of September 30, 2024 and 2025, amounts due from related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Shanghai Mingli New Energy Technology Co., Ltd.<sup>(d) (1)</sup> | $- | $7888996 |
| Jiangsu Youdi Technology Co., Ltd.<sup>(c) (2)</sup> | 316832 | 273255 |
| Jianhui Ye<sup>(b) (3)</sup> | 678 | 388 |
| Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd.<sup>(h) (4)</sup> | 3726246 | - |
| Shandong Xingneng'an New Energy Technology Co., Ltd. <sup>(g) (2) (4)</sup> | 2738913 | - |
| Shenzhen Star Cycling Network Technology Co., Ltd.<sup>(k) (2)</sup> | 767625 | - |
| **Total amount due from related parties, current** | **7550294** | **8162639** |
| Less: amount due from related parties, current, of discontinued operation | (4578844) | - |
| **Amount due from related parties, current, of continuing operations** | **2971450** | **8162639** |
| Shanghai Mingli New Energy Technology Co., Ltd.<sup>(d) (1)</sup> | 4132467 | - |
| **Amounts due from a related party, non-current** | $**4132467** | $**-**  |

---

(1) The balance is an interest-free
loan with a maturity date of September 29, 2026.

(2) The balance is mainly loans with
annual interest as stated in contracts to associates. The annual interest rates of the loans to Shandong Xingneng'an New Energy
Technology Co., Ltd., Shenzhen Star Cycling Network Technology Co., Ltd., and Jiangsu Youdi Technology Co., Ltd. were 4%, 5% and 5%,
respectively.

(3) The balance is mainly advances
made to the management for the Group's daily operational purposes.

(4) The balance is mainly prepayments
for purchasing battery cells and e-bicycles.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**15. RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)**

<u>Amounts due to related parties</u>

As of September 30, 2024 and 2025, amounts due to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Shuang Wu <sup>(a) (1) (4)</sup> | $1127877 | $2672172 |
| Jiangsu EZGO<sup>(e) (2)</sup> | - | 2499508 |
| Shenzhen Star Asset Management Co., Ltd. <sup>(j) (1)</sup> | 19926 | 19000 |
| Jiangsu Xinzhongtian Suye Co., Ltd.<sup>(i) (3)</sup> | 418201 | - |
| Yan Fang<sup>(f) (1)</sup> | 19183 | - |
| Nanjing Mingfeng Technology Co., Ltd.<sup>(l) (5)</sup> | 494 | - |
| **Total amount due to related parties** | **1585681** | **5190680** |
| Less: amount due to related parties, of discontinued operation<sup>(1) (3)</sup> | (279175) | - |
| **Amount due to related parties, of continuing operations** | $**1306506** | $**5190680** |

---

(1) The balance mainly was interest-free
loans from related parties, which were due on demand.

(2) The balance was a loan provided
by Jiangsu EZGO, with an annual interest rate of 4% and will be matured on August, 2026.

(3) The balance mainly was the payable
for purchasing e-bicycles.

(4) The balance mainly was the expenses
paid by related parties on behalf of the Group for daily operation.

(5) The balance mainly was payable
for payment received on behalf of a related party.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**15. RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)**

<u>Related party transactions</u>

For the years ended September 30, 2023, 2024 and 2025, the Group had the following material related party transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** |
| <br>**Related Parties** | <br>**Nature** | **2023** | **2024** | **2025** |
| **Continuing operations** |  |  |  |  |
| **Inventory purchased from related parties** |  |  |  |  |
| Jiangsu Youdi Technology Co., Ltd.<sup>(c)</sup> | Purchase of battery packs from a related party | $- | $- | $60920 |
| **Loans to related parties** |  |  |  |  |
| Shanghai Mingli New Energy Technology Co., Ltd.<sup>(d)</sup> | Loan to a related party | $- | $4025374 | $4020797 |
| Shandong Xingneng'an New Energy Technology Co., Ltd.<sup>(g)</sup> | Loan to a related party | 5134618 | 2776120 | 138648 |
| Shandong Xingneng'an New Energy Technology Co., Ltd.<sup>(g)</sup> | Interest receivable from a related party | 123078 | 232891 | 51956 |
| Jiangsu Youdi Technology Co., Ltd.<sup>(c)</sup> | Interest receivable from a related party | 20827 | 21231 | 21157 |
| Jiangsu Youdi Technology Co., Ltd.<sup>(c)</sup> | Loan to a related party | 3456 | 3655 | 1207 |
| &nbsp;&nbsp;&nbsp;**Total loans to related parties** |  | $**5281979** | $**7059271** | $**4233765** |
| **Collection of loans to related parties** |  |  |  |  |
| Shandong Xingneng'an New Energy Technology Co., Ltd.<sup>(g)</sup> | Collection of a loan to a related party | $4589944 | $3738045 | $2483432 |
| **Loans from related parties** |  |  |  |  |
| Shuang Wu<sup>(a)</sup> | Interest-free loan from a related party | $675067 | $619746 | $2288670 |
| **Repayment of loans from related parties** |  |  |  |  |
| Shuang Wu<sup>(a)</sup> | Repayment of a loan from a related party | $- | $249851 | $741767 |
| **Others** |  |  |  |  |
| Shuang Wu<sup>(a)</sup> | Expenses paid for daily operation on behalf of the Group | $142394 | $292612 | $- |
| Shuang Wu<sup>(a)</sup> | Reimbursement for expenses paid for daily operation on behalf of the Group | 99693 | 252578 | - |
| **Total others** |  | $**242087** | $**545190** | $**-**  |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**15. RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)**

<u>Related party transactions with VIE and its subsidiaries</u>

For the years ended September 30, 2023, 2024 and 2025, the disposed VIE and its subsidiaries had the following material related party transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year ended September 30,** | **Year ended September 30,** | |
| <br>**Related Parties** | <br>**Nature** | **2023** | **2024** | **From<br> October 1,<br> 2024 to <br> September 25,**<br>**2025** |
| **Discontinuing operations** |  |  |  |  |
| **Inventory purchased from related parties** |  |  |  |  |
| Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd.<sup>(h)</sup> | Purchase of e-bicycles from a related party | $2179826 | $1135273 | $2207674 |
| Jiangsu Xinzhongtian Suye Co., Ltd.<sup>(i)</sup> | Purchase of e-bicycles, gears and parts from a related party | 1158391 | 299343 | 1398017 |
| Shandong Xingneng'an New Energy Technology Co., Ltd.<sup>(g)</sup> | Purchase of battery pack from a related party | - | 106189 | - |
| &nbsp;&nbsp;&nbsp;**Total inventory purchased from related parties** |  | $**3338217** | $**1540805** | $**3605691** |
| **Loan to related parties** |  |  |  |  |
| Shenzhen Star Cycling Network Technology Co., Ltd. | Loan to a related party | $4253 | $**-**  | $**-**  |
| Shenzhen Star Cycling Network Technology Co., Ltd. | Interest receivable to related parties | 25166 | 24566 | 33830 |
| &nbsp;&nbsp;&nbsp;**Total loans to related parties** |  | $**29419** | $**24566** | $**33830** |
| **Collection of loans to related parties** |  |  |  |  |
| Shandong Xingneng'an New Energy Technology Co., Ltd.<sup>(g)</sup> | Collection of a loan to a related party | $1417776 | $- | $- |
| Shenzhen Star Cycling Network Technology Co., Ltd.<sup>(j)</sup> | Collection of a loan to a related party | 446599 | - | - |
| Jiangsu Youdi Technology Co., Ltd.<sup>(c)</sup> | Collection of a loan to a related party | 141896 | - | - |
| **Total collection of loans to related parties** |  | $**2006271** | $**-**  | $**-**  |
| **Loans from related parties** |  |  |  |  |
| Jiangsu Xinzhongtian Suye Co., Ltd.<sup>(i)</sup> | Interest-free loan from a related party | $**-**  | $538567 | $674302 |
| Yan Fang<sup>(f)</sup> | Interest-free loan from a related party | 69726 | 62713 | 367071 |
| Xie Huiyan<sup>(m)</sup> | Interest-free loan from a related party | 830108 | - | - |
| &nbsp;&nbsp;&nbsp;**Total loans from related parties** |  | $**899834** | $**601280** | $**1041373** |
| **Repayment of loans from related parties** |  |  |  |  |
| Jiangsu Xinzhongtian Suye Co., Ltd.<sup>(i)</sup> | Repayment of interest-free loan from a related party | $- | $538567 | $669449 |
| Yan Fang<sup>(f)</sup> | Repayment of interest-free loan from a related party | 14266 | 116247 | 380268 |
| Xie Huiyan<sup>(m)</sup> | Repayment of a loan from a related party | 75653 | - | - |
| &nbsp;&nbsp;&nbsp;**Total repayment of loans from related parties** |  | $**89919** | $**654814** | $**1049717** |
| **Others** |  |  |  |  |
| Nanjing Mingfeng Technology Co., Ltd.<sup>(l)</sup> | Payment received on behalf of a related party | $35846 | $1485 | $- |
| Nanjing Mingfeng Technology Co., Ltd.<sup>(l)</sup> | Transfer of payment received on behalf of a related party | 26705 | 726 | - |
| **Total others** |  | $**62551** | $**2211** | $**-**  |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**16. DISCONTINUED OPERATION**

The Group previously conducted rental business operations through a VIE's subsidiary in the PRC. Due to the impact of COVID-19, the revenue of rental business decreased after December 2019, which led to the termination of the cooperation with its sublease agents from January 2020 to July 2020. The classification of this component as a discontinued operation was based on the determination that the abandonment represented a strategic shift that had a significant impact on the Company's operations and financial results, thereby meeting the criteria for discontinued operations in accordance with ASC 205-20.

In connection with the Group's decision to discontinue its e-bicycle business conducted through the VIE structure, the Group has determined to terminate the VIE Agreements with Jiangsu EZGO and its subsidiaries, which was approved by the Board of Directors of the Group on March 30, 2025. On September 25, 2025, Changzhou EZGO, Jiangsu EZGO, and the shareholders of Jiangsu EZGO entered into a termination agreement pursuant to which the VIE Agreements were terminated. As a result, the Group ceased to be the primary beneficiary of the VIE and no longer consolidated the VIE and its subsidiaries as of that date. The termination of the VIE structure and the related discontinuation of the e-bicycle business represented a strategic shift that had a major effect on the Group's operations and financial results and, accordingly, the historical financial results of the e-bicycle business were classified as discontinued operations in accordance with ASC 205-20.

The following tables set forth the assets, liabilities, results of operations and cash flows of the discontinued operation, which were included in the Group's consolidated financial statements.

---

| | |
|:---|:---|
|  | **As of<br> September 30,<br> 2024** |
| **ASSETS** | |
| Current assets: |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $54365 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 842 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 509458 |
| &nbsp;&nbsp;&nbsp;Inventories | 1717 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers, net | 164 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties, current | 4578844 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1454735 |
| **Current assets of discontinued operation** | **6600125** |
| Non-current assets: |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 33137 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets, net | 48241 |
| &nbsp;&nbsp;&nbsp;Long-term investments, net | 1407619 |
| **Non-current assets of discontinued operation** | **1488997** |
| **Total assets of discontinued operation** | $**8089122** |
| **LIABILITIES** |  |
| Current liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1067018 |
| &nbsp;&nbsp;&nbsp;Advances from customers | 228415 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 726796 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current | 24262 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties, current | 279175 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 4697057 |
| **Total current liabilities of discontinued operation** | **7022723** |
| Non-current liabilities: |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities, non-current | 23069 |
| **Total non-current liabilities of discontinued operation** | **23069** |
| **Total liabilities of discontinued operation** | $**7045792** |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**16. DISCONTINUED OPERATION (CONTINUED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **2023** | **2024** | **From October 1, 2024 to September 25,**<br>**2025** |
| Net revenues | $6758126 | $2912265 | $2239090 |
| Cost of revenues | (6651897) | (3099220) | (2193053) |
| **Gross profit (loss)** | **106229** | **(186955)** | **46037** |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing | (397900) | (291590) | (160403) |
| &nbsp;&nbsp;&nbsp;General and administrative | (1273957) | (1399864) | (179580) |
| &nbsp;&nbsp;&nbsp;Research and development | (39096) | (5162) | - |
| **Total operating expenses** | **(1710953)** | **(1696616)** | **(339983)** |
| **Loss from discontinued operation** | **(1604724)** | **(1883571)** | **(293946)** |
| Other income (expenses): |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | (54539) | (10479) | (26039) |
| &nbsp;&nbsp;&nbsp;Interest income | 36939 | 28116 | 33851 |
| &nbsp;&nbsp;&nbsp;(Loss) gain from disposal of subsidiaries | (1593656) | - | 537519 |
| &nbsp;&nbsp;&nbsp;Impairment loss of long-term investments | - | (242278) | (3624) |
| &nbsp;&nbsp;&nbsp;Non-operating (expenses) income, net | (36324) | (190996) | 14714 |
| **Total other (expenses) income, net from discontinued operation** | **(1647580)** | **(415637)** | **556421** |
| **(Loss) income from discontinued operation before income taxes** | **(3252304)** | **(2299208)** | **262475** |
| Share of (loss) gain of equity method investments | (148209) | 75477 | (82632) |
| **Net (loss) income from discontinued operation** | **(3400513)** | **(2223731)** | $**179843** |
| Less: Net loss attributable to non-controlling interests from discontinued operation | (321490) | (622875) | (97302) |
| **Net (loss) income attributable to EZGO Technologies Ltd.'s shareholders from discontinued operation** | $**(3079023)** | $**(1600856)** | **277145** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | |
|  | **2023** | **2024** | **From<br> October 1, 2024 to September 25,**<br>**2025** |
| **CASH FLOWS ACTIVITIES:** |  |  |  |
| Net cash provided by (used in) operating activities from discontinued operation | $8840202 | $(1271503) | $952699 |
| Net cash provided by investing activities from discontinued operation | 5656982 | 1003079 | 202891 |
| Net cash used in financing activities from discontinued operation | (1642448) | (886371) | (8344) |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**17. INCOME TAXES**

<u>BVI</u>

The Group is incorporated in the BVI. Under the current laws of the BVI, the Group is not subject to income or capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the BVI.

<u>Hong Kong</u>

On March 21, 2018, the HK Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which introduces the two-tiered profits tax rates regime. The Bill was signed into law on March 28, 2018 and was announced on the following day. Under the two-tiered profits tax rates regime, the first 2 million Hong Kong Dollar ("HKD") of profits of the qualifying group entity is taxed at 8.25%, and profits above HKD 2 million are taxed at 16.5%. The Group's HK subsidiaries did not have assessable profits derived in Hong Kong the years ended September 30, 2023, 2024 and 2025. Therefore, no HK profit tax was provided for the years ended September 30, 2023, 2024 and 2025.

<u>PRC</u>

Under the PRC Enterprise Income Tax Law (the "EIT Law"), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose "de facto management body" is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% on its global income. The Implementing Rules of the EIT Law merely define the location of the "de facto management body "as" the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, of a non-PRC company is located." Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered as a resident enterprise for PRC tax purposes for the years ended September 30, 2023, 2024 and 2025.

In accordance with the implementation rules of EIT Laws, a qualified "High and New Technology Enterprise" ("HNTE") is eligible for a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. An entity could re-apply for the HNTE certificate when the prior certificate expires. Changzhou Higgs obtained its HNTE status in October 2022 and will enjoy the preferential tax rate for three years through September 2025. Changzhou Higgs is in the process of reapplication for its HNTE certificate which, upon approval, will entitle it to the preferential income tax rate of 15% from October 1, 2025 to September 30, 2028.

According to Caishui [2021] No.13, announcement of the Ministry of Finance and the State Taxation Administration, which became effective from January 1, 2021, an enterprise engaged in manufacturing business and whose main operating revenue accounts for more than 50% of the total revenue, is entitled to claim an additional tax deduction amounting to 100% of the qualified R&D expenses incurred in determining its tax assessable profits for that year.

For qualified small and low-profit enterprises, from January 1, 2022 to December 31, 2022, 12.5% of the first RMB1 million of the assessable profit before tax is subject to preferential tax rate of 20% and the 25% of the assessable profit before tax exceeding RMB1 million but not exceeding RMB3 million is subject to preferential tax rate of 20%. From January 1, 2023 to December 31, 2027, 25% of the first RMB3 million of the assessable profit before tax is subject to the tax rate of 20%.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**17. INCOME TAXES (CONTINUED)**

The components of the income tax (benefit) expenses from continuing operations are:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Current | $58239 | $16102 | $58712 |
| Deferred | (120686) | (802471) | 964245 |
| **Total income tax (benefit) expenses** | $**(62447)** | $**(786369)** | $**1022957** |

---

The reconciliations of the statutory income tax rate and the Group's effective income tax rate are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Net loss before income tax (benefit) expenses | $(3863360) | $(6604033) | $(8362023) |
| PRC statutory tax rate | 25% | 25% | 25% |
| Income tax at statutory tax rate | (965840) | (1651008) | (2090506) |
| Effect of income tax rate differences in jurisdictions other than the PRC | 648819 | 494791 | 263564 |
| Expenses not deductible for tax purposes and non-taxable income | 283609 | 492222 | 1032487 |
| Additional deduction of R&D expenses | (50958) | (71800) | (238544) |
| Effect of preferential tax rates | 21923 | (50879) | 92753 |
| Effect on valuation allowance | - | - | 1960736 |
| Effect of utilization of tax loss carried forward | - | 305 | 2467 |
| **Income tax (benefit) expenses** | $**(62447)** | $**(786369)** | $**1022957** |
| **Effective tax rates** | **2%** | **12%** | **(12)%** |

---

The current PRC EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign holding company. Distributions to holding companies in HK that satisfy certain requirements specified by the PRC tax authorities, for example, will be subject to a 5% withholding tax rate.

As of September 30, 2024 and 2025, the Group had not recorded any withholding tax on the retained earnings of its foreign invested enterprises in the PRC, since the Group intends to reinvest its earnings to further expand its business in PRC, and its foreign invested enterprises do not intend to declare dividends to their immediate foreign holding companies.

For the years ended September 30, 2023, 2024 and 2025, the effect of income tax rate differences in jurisdictions other than the PRC mainly resulted from the loss in EZGO, which is incorporated in BVI and is not subject to income or capital gains taxes.

The tax effect of temporary difference under ASC Topic 740 "Accounting for Income Taxes" that gives rise to deferred tax asset and liability as of September 30, 2024 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;Tax loss carry forwards | $182690 | $353649 |
| &nbsp;&nbsp;&nbsp;Other-than-temporary impairment | 780249 | 1593785 |
| &nbsp;&nbsp;&nbsp;Credit loss allowance | 21997 | 32908 |
| &nbsp;&nbsp;&nbsp;Reserve for inventory | 6403 | 6145 |
| &nbsp;&nbsp;&nbsp;Less: disposal of a subsidiary | (314) | - |
| &nbsp;&nbsp;&nbsp;Less: valuation allowance | - | (1986487) |
| **Deferred tax assets, net** | $**991025** | $**-** |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**17. INCOME TAXES (CONTINUED)**

For the years ended September 30, 2023, 2024 and 2025, the Group accrued nil, nil and $1,960,736 valuation allowance for deferred tax assets, respectively. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the Group's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold.

According to PRC tax regulations, the PRC enterprise's net operating loss can generally carry forward for no longer than five years, and HNTE's net operating losses can be carried forward for no more than ten years, starting from the year subsequent to the year in which the loss was incurred. Carryback of losses is not permitted. Total net operating losses (NOLs) carryforwards of the Group's entities in PRC were $925,858 and $1,951,467 as of September 30, 2024 and 2025, respectively. As of September 30, 2025, net operating loss carryforwards will expire, if unused, in the following amounts:

---

| | |
|:---|:---|
| **Year ending September 30,** | **Amount** |
| 2030 | $615690 |
| 2031 | - |
| 2032 | - |
| 2033 | 120311 |
| 2034 | 137015 |
| 2035 | 1078451 |
| **Total** | $**1951467** |

---

<u>Accounting for uncertainty tax position</u>

The Group did not identify significant unrecognized tax benefits for the years ended September 30, 2024 and 2025. The Group did not incur any interest and penalties related to potential underpaid income tax expenses. In general, the PRC tax authority has up to five years to conduct examinations of the Group's tax filings. Accordingly, the tax years from 2019 to 2025 of the Group's PRC subsidiaries remain open to examination by the taxing jurisdictions. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**18. SHARE-BASED COMPENSATION**

***EZGO Technologies Ltd. Incentive Plan (the "EZGO 2022 Plan")***

On August 6, 2022, the Board of Directors of EZGO approved the EZGO 2022 Plan. As of September 30, 2024 and 2025, there was no unvested share under the EZGO 2022 plan.

***EZGO Technologies Ltd. 2025 Equity Incentive Plan (the "EZGO 2025 Plan")***

On February 18, 2025, the Board of Directors of EZGO approved the EZGO 2025 Plan. On February 18, 2025, 500,000 restricted shares with 12-month service condition were granted to management under the EZGO 2025 plan, which shall vest after first anniversary of date of grant.

The estimated FV of restricted shares granted was the closing price of the Group's ordinary shares traded in the Stock Exchange on grant date.

A summary of activities of the restricted shares for the years ended September 30, 2023, 2024 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> nonvested<br> restricted<br> shares\*** | **Weighted<br> average FV<br> per ordinary<br> share<br> on the<br> grant date** |
| **Unvested as of September 30, 2022** | **413** | **0.75** |
| Granted | 1179 | 1.13 |
| Vested | (1529) | 1.04 |
| **Unvested as of September 30, 2023** | **63** | **0.75** |
| Granted | - | - |
| Vested | (63) | 0.75 |
| **Unvested as of September 30, 2024** | **-**  | **-**  |
| Granted | 20000 | 0.51 |
| Vested | - | - |
| **Unvested as of September 30, 2025** | **20000** | **0.51** |

---

\* Giving retroactive effect to the 25 to 1 reverse share split on November 7, 2025 (Note 19).

As of September 30, 2025, there was unrecognized share-based compensation expenses of $106,250 in relation to the restricted shares granted which is expected to be recognized over a weighted average period of 0.39 years. Share-based compensation expenses of $1,260,339, $379,487 and $148,750 were recognized in relation to the restricted shares for the years ended September 30, 2023, 2024 and 2025, which were all allocated to general and administrative expenses.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**19. EQUITY**

(a) Reverse share splits

The Company effected reverse share splits of its ordinary shares at ratios of 1-for-40 on April 12, 2024 ("2024 Reverse Share Split") and 1-for-25 on November 7, 2025 ("2025 Reverse Share Split"). The reverse share split on November 7, 2025 occurred subsequent to the fiscal year end. All share numbers and per-share data presented below and in the CFS and related notes have been retroactively adjusted to reflect the cumulative effect of these reverse share splits.

The Company issued 181 and 3 ordinary shares to shareholders in lieu of fractional shares following the implementation of the 2024 Reverse Share Split and 2025 Reverse Share Split, respectively.

(b) Ordinary shares

The Company was established under the laws of the BVI on January 24, 2019.

As of September 30, 2023, the Company had 500,000 authorized ordinary shares with a par value of $1.00 per share, of which 102,166 ordinary shares were issued and 102,103 were outstanding.

On February 2, 2024, two shareholders surrendered an aggregate of 700 ordinary shares to the Company for no consideration, which were cancelled on February 28, 2024.

On June 3, 2024, the Board of Directors approved an increase in the a change of the maximum number of shares the Company is authorized to issue from 12,510,000 shares divided into up to 12,500,000 ordinary shares with a par value of US$.04 each and up to 10,000 preferred shares of no par value each to 100,010,000 shares divided into up to 100,000,000 ordinary shares with a par value of $1.00 each and up to 10,000 preferred shares of no par value each.

During the year ended September 30, 2024, 197,941 2023 Exchange Warrants were exercised on a cashless basis for 5,360 ordinary shares.

As of September 30, 2024, the Company had 100,000,000 authorized ordinary shares with a par value of $1.00 per share, of which 107,007 ordinary shares were issued and outstanding.

On August 27, 2025, the Company entered into a warrant exchange agreement with certain holders of 5,389,126 2023 Common Warrants, where these common warrants were cancelled in exchange for 49,840 ordinary shares and 10,879,534 pre-funded warrants.

During the year ended September 30, 2025, 3,000,000 2023 Exchange Warrants were exercised on an alternative cashless basis for 120,000 ordinary shares, and 10,879,534 pre-funded warrants were exercised on an alternative cashless basis for 435,181 ordinary shares.

As of September 30, 2025, the Company had 100,000,000 authorized ordinary shares with a par value of $1.00 per share, of which 732,031 ordinary shares were issued and outstanding. Included in the issued and outstanding ordinary shares are 20,000 nonvested restricted shares issued in connection with a share-based compensation arrangement in February 2025. These restricted shares are legally issued and included in issued and outstanding share counts in accordance with Regulation S-X; however, they are excluded from the computation of basic earnings per share for accounting purposes until vested.

Subsequent to the fiscal year end, on November 4, 2025, the Company's shareholders approved an amendment to the Company's amended and restated memorandum and articles of association to modify the Company's authorized ordinary and preferred shares. Such amended and restated memorandum and articles of association were filed with the BVI Registry on November 6, 2025.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**19. EQUITY (CONTINUED)**

On November 7, 2025, the Board of Directors approved and filed the amended and restated memorandum and articles of association, which provided for a 25 for 1 reverse split which resulted in the Company being authorized to issue a maximum of 4,000,000 ordinary shares with a par value of US$1.00 each and 10,000,000 preferred shares of no par value.

On November 10, 2025, a further amended and restated memorandum and articles of association was filed with the BVI Registry which provided for (i) a reduction in the par value of the Company's ordinary shares to no par value, and (ii) an increase in the number of shares the Company is authorized to issue to 1,010,000,000 shares, consisting of 1,000,000,000 ordinary shares of no par value and 10,000,000 preferred shares of no par value. Each preferred share is entitled to twenty (20) votes per share.

The change in par value and increase in authorized share capital were accounted for prospectively from their effective date and did not affect the CFS as of September 30, 2025.

(c) Statutory reserve and restricted net assets

The Group's PRC subsidiaries are required to reserve 10% of their net profit after income tax, as determined in accordance with the PRC accounting rules and regulations. Appropriation to the statutory reserve by the Group is based on profit arrived at under PRC accounting standards for business enterprises for each year. The profit arrived at must be set off against any accumulated losses sustained by the Group in prior years, before allocation is made to the statutory reserve. Appropriation to the statutory reserve must be made before distribution of dividends to shareholders. The appropriation is required until the statutory reserve reaches 50% of the registered capital. This statutory reserve is not distributable in the form of cash dividends.

Relevant PRC statutory laws and regulations permit the payment of dividends by the Group's PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of these PRC laws and regulations, the Group's PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Group either in the form of dividends, loans or advances. The Group's restricted net assets, comprising of the registered paid-in capital and statutory reserve of Company's PRC subsidiaries, were $28,659,554 and $33,947,126 as of September 30, 2024 and 2025, respectively.

(d) Warrants

In September 2023, the Company completed a direct offering of 8,498 ordinary shares with certain investors. Each ordinary share was sold together with one common warrant ("2023 Common Warrants") and four exchange warrants ("2023 Exchange Warrants"), with each warrant to purchase one ordinary share at $1.13 per share (prior to giving effect to the reverse share split). As a result, the Company issued an aggregate of 8,498,125 of 2023 Common Warrants and 33,992,500 of 2023 Exchange Warrants. In September 2023, the holders exercised 26,093,088 of 2023 Exchange Warrants on a cashless basis to receive 26,093 ordinary shares.

Upon the effectiveness of the 2024 Reverse Share Split, the number of outstanding 2023 Common Warrants was proportionately adjusted to 5,389,126, and the exercise price of the 2023 Common Warrants was adjusted to $1.7819 per share, in accordance with the terms of the warrant agreement. In April 2024, the holders exercised 197,941 of 2023 Exchange Warrants on a cashless basis to receive 5,360 ordinary shares.

Following the 2024 Reverse Share Split, certain holders asserted that they were entitled to exercise the 2023 Exchange Warrants using the alternative cashless exercise feature, pursuant to which a holder may elect to exercise the warrants without payment of the exercise price in cash and receive the same number of ordinary shares that would have been issuable upon a cash exercise, rather than a reduced number of shares determined under a market price–based cashless exercise formula. The Company disputed such assertions, and litigation ensued. On October 29, 2024, the Company entered into a settlement agreement and related side letter agreements with the plaintiffs, which amended the 2023 Exchange Warrants by, among other things, reducing the maximum number of warrant shares issuable to 120,000 ordinary shares and expressly reaffirming that the 2023 Exchange Warrants may be exercised via one or more alternative cashless exercises during the amended exercise period. As of September 30, 2025, the holders of 2023 Exchange Warrants exercised on an alternative cashless basis to receive 120,000 ordinary shares.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**19. EQUITY (CONTINUED)**

As of September 30, 2025, there were no warrants granted to investors left unexercised.

Following table summarizes the movement of warrants activities during the years ended September 30, 2023, 2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Warrants <br> Outstanding** | **Weighted<br> Average<br> Exercise<br> Price** | **Contractual<br> Life in<br> Years** | **Intrinsic<br> Value** |
| **Exchange Warrants Outstanding as of September 30, 2022** | **2012819** | $**4.81** | **0.67** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** |
| **Exchange Warrants Exercisable as of September 30, 2022** | **2012819** | **4.81** | **0.67** | **-** |
| Exchange Warrants Granted | 43992500 | 1.15 | 2.44 |  |
| Exchange Warrants Exercises | (37887959) | 1.32 |  |  |
| Exchange Warrants Forfeited |  |  |  |  |
| Exchange Warrants Expired | (217948) | 5.85 |  |  |
| **Exchange Warrants Outstanding as of September 30, 2023** | **7899412** | **1.13** | **2.95** | **-** |
| **Exchange Warrants Exercisable as of September 30, 2023** | **7899412** | **1.13** | **2.95** | **-** |
| Exchange Warrants Granted |  |  |  |  |
| Exchange Warrants Exercises | (197941) | 1.62 |  |  |
| Exchange Warrants Forfeited | (4701471) |  |  |  |
| Exchange Warrants Expired | - |  |  |  |
| **Exchange Warrants Outstanding as of September 30, 2024** | **3000000** | **1.62** | **0.33** | **-** |
| **Exchange Warrants Exercisable as of September 30, 2024** | **3000000** | **1.62** | **0.33** | **-** |
| Exchange Warrants Granted |  |  |  |  |
| Exchange Warrants Exercises | (3000000) | 1.62 |  |  |
| Exchange Warrants Forfeited |  |  |  |  |
| Exchange Warrants Expired | - |  |  |  |
| **Exchange Warrants Outstanding as of September 30, 2025** | **-** |  | **-** | **-** |
| **Exchange Warrants Exercisable as of September 30, 2025** | **-** |  | **-** | **-** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Warrants<br> Outstanding** | **Weighted<br> Average<br> Exercise<br> Price** | **Contractual<br> Life in <br> Years** | **Intrinsic<br> Value** |
| **Common Warrants Outstanding as of September 30, 2022** | **-** | $**-** | $**-** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-** |
| **Common Warrants Exercisable as of September 30, 2022** | **-** | **-** | **-** | **-** |
| Common Warrants Granted | 8498125 | 1.78 | 3.95 |  |
| Common Warrants Exercises |  |  |  |  |
| Common Warrants Forfeited |  |  |  |  |
| Common Warrants Expired | - |  |  |  |
| **Common Warrants Outstanding as of September 30, 2023** | **8498125** | **1.78** | **2.95** | **-** |
| **Common Warrants Exercisable as of September 30, 2023** | **8498125** | **1.78** | **2.95** | **-** |
| Common Warrants Granted |  |  |  |  |
| Common Warrants Exercises |  |  |  |  |
| Common Warrants Forfeited |  |  |  |  |
| Common Warrants Expired |  |  |  |  |
| Common Warrants Adjusted for 2024 Reverse Share Split | (3108999) | 1.78 |  |  |
| **Common Warrants Outstanding as of September 30, 2024** | **5389126** | **1.78** | **1.95** | **-** |
| **Common Warrants Exercisable as of September 30, 2024** | **5389126** | **1.78** | **1.95** | **-** |
| Common Warrants Granted |  |  |  |  |
| Common Warrants Exercises |  |  |  |  |
| Common Warrants Exchanged <sup>(1)</sup> | (5389126) |  |  |  |
| Common Warrants Expired | - |  |  |  |
| **Common Warrants Outstanding as of September 30, 2025** | **-** | **-** | **-** | **-** |
| **Common Warrants Exercisable as of September 30, 2025** | **-** | **-** | **-** | **-** |

---

(1) On August 27, 2025, the Company entered into a warrant exchange agreement
with certain holders of 5,389,126 2023 Common Warrants, each exercisable to purchase one ordinary share. Pursuant to the terms of the
exchange agreement ("2024 Exchange Agreement"), the Company and the holders agreed to retire and cancel the 2023 Common Warrants
in exchange for an aggregate of 49,840 ordinary shares and 10,879,534 pre-funded warrants, each exercisable for one ordinary share. As
of September 30, 2025, 10,879,534 pre-funded warrants were exercised on an alternative cashless basis to receive 435,181 ordinary
shares.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**19. EQUITY (CONTINUED)**

(d) Non-controlling interests

As of September 30, 2025, the Group's non-controlling interests included 40% equity interest of Changzhou Higgs, which was acquired on January 25, 2023 and 4.76% equity interest of Changzhou EZGO, which was acquired on April 7, 2025.

**20. COMMITMENTS AND CONTINGENCIES**

**Commitments**

As of June 30, 2025, the Group did not have any commitments.

**Contingencies**

On April 29, 2024, the Company was named as a defendant in a lawsuit in the Supreme Court of the State of New York by Empery Asset Master, Ltd., Empery Tax Efficient, LP, and Empery Tax Efficient III, LP (collectively, the "Plaintiffs") relating to the exercise of certain exchange warrants issued in September 2023. On October 29, 2024, the Company entered into a Settlement Agreement and related side letters with the Plaintiffs, resolving the lawsuit. Pursuant to these agreements, the number of warrant shares was reduced to 3,000,000, and the termination date of the exchange warrants was set as the later of January 28, 2025 or the trading day following the date on which aggregate trading volume exceeded 15,000,000 shares. As the aggregate trading volume exceeded 15,000,000 shares on January 7, 2025, the termination date was determined to be January 28, 2025. As of September 30, 2025, the 3,000,000 2023 Exchange Warrants were fully exercised on an alternative cashless basis for 120,000 ordinary shares. Accordingly, there is no remaining uncertainty related to this matter as of the reporting date.

The Group is not currently a party to any material legal proceedings, investigations or claims. Management has assessed the Group's exposure to loss contingencies in accordance with ASC 450, Contingencies, and concluded that there are no loss contingencies that are probable or reasonably possible of resulting in a material loss to the CFS.

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**21. SEGMENT REPORTING**

ASC Topic 280, "Segment Reporting" establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Group's chief operating decision maker, in deciding how to allocate resources and assess performance.

The Group's chief operating decision maker ("CODM") has been identified as the Chief Executive Officer. The Group's CODM, chief executive officer, measures the performance of each segment based on metrics of revenue and profit before taxes from operations and uses these results to evaluate the performance of, and to allocate resources to each of the segments. As most of the Group's long-lived assets are located in the PRC and most of the Group's revenues are derived from the PRC, no geographical information is presented. The Group does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information.

Historically, the Group determined it operates in three segments: (1) sales of battery cells and packs, (2) sales of electronic control system and (3) others, which mainly included the sales of second-hand machinery, the provision of maintenance services and photovoltaic engineering contracting.

The following tables present a summary of each reportable segment's revenue and income from continuing operations—excluding the e-bicycle sales segment, which is disclosed as a discontinued operation for the years ended September 30, 2023, 2024, and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2023** | **Year Ended September 30, 2023** | **Year Ended September 30, 2023** | **Year Ended September 30, 2023** |
|  | **Battery<br> cells and<br> packs sales segment** | **Electronic<br> control<br> system<br> sales<br> segment** | **Others** | **Total** |
| **Total revenues** | $8001323 | $834148 | $327630 | $9163101 |
| Operating costs and expenses: |  |  |  |  |
| Cost of revenues | (7433057) | (450118) | (246188) | (8129363) |
| Selling and marketing | (165039) | (50758) | (6882) | (222679) |
| General and administrative | (799281) | (200454) | (2384836) | (3384571) |
| Research and development | - | (531984) | (81290) | (613274) |
| **Total operating costs and expenses** | **(8397377)** | **(1233314)** | **(2719196)** | **(12349887)** |
| **Operating loss** | **(396054)** | **(399166)** | **(2391566)** | **(3186786)** |
| Other income (expenses), net | 106671 | 32180 | (815425) | (676574) |
| **Segment loss before tax from continuing operations** | $**(289383)** | $**(366986)** | $**(3206991)** | $**(3863360)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** |
|  | **Battery cells<br> and packs<br> sales segment** | **Electronic<br> control<br> system sales<br> segment** | **Others** | **Total** |
| **Total revenues** | $16318839 | $1401783 | $501538 | $18222160 |
| Operating costs and expenses: |  |  |  |  |
| Cost of revenues | (15407010) | (738056) | (380856) | (16525922) |
| Selling and marketing | (166235) | (76871) | (26700) | (269806) |
| General and administrative | (824648) | (198447) | (1848346) | (2871441) |
| Research and development | - | (651817) | (236674) | (888491) |
| **Total operating costs and expenses** | **(16397893)** | **(1665191)** | **(2492576)** | **(20555660)** |
| **Operating loss** | **(79054)** | **(263408)** | **(1991038)** | **(2333500)** |
| Other expenses, net | (2840204) | (3075) | (1427254) | (4270533) |
| **Segment loss before tax from continuing operations** | $**(2919258)** | $**(266483)** | $**(3418292)** | $**(6604033)** |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**21. SEGMENT REPORTING (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
|  | **Battery<br> cells and<br> packs sales segment** | **Electronic<br> control<br> system<br> sales<br> segment** | **Others** | **Total** |
| **Total revenues** | $18781695 | $1069278 | $635094 | $20486067 |
| Operating costs and expenses: |  |  |  |  |
| Cost of revenues | (18079653) | (654004) | (417600) | (19151257) |
| Selling and marketing | (109623) | (65053) | (36814) | (211490) |
| General and administrative | (715223) | (160625) | (1247113) | (2122961) |
| Research and development | - | (609341) | (344836) | (954177) |
| Impairment loss of intangible asset | - | (1401416) | - | (1401416) |
| **Total operating costs and expenses** | **(18904499)** | **(2890439)** | **(2046363)** | **(23841301)** |
| **Operating loss** | **(122804)** | **(1821161)** | **(1411269)** | **(3355234)** |
| Other expenses, net | (3020603) | (17774) | (1968412) | (5006789) |
| **Segment loss before tax from continuing operations** | $**(3143407)** | $**(1838935)** | $**(3379681)** | $**(8362023)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** | **As of September 30, 2024** |
|  | **Battery<br> cells and<br> packs sales<br> segment** | **Electronic<br> control<br> system<br> sales<br> segment** | **Others** | **Total** |
| Accounts receivable, net | $7359341 | $274903 | $167791 | $7802035 |
| Advances to suppliers | 16655131 | 145591 | 88863 | 16889585 |
| Property, plant and equipment, net |  | 15950 | 7828616 | 7844566 |
| Intangible assets, net |  | 2057625 |  | 2057625 |
| Land use right, net |  |  | 1677007 | 1677007 |
| Long-term investments, net | 10464311 |  | 4392845 | 14857156 |
| Other non-current assets |  |  | 9126592 | 9126592 |
| Other unallocated amounts |  |  |  | 25105097 |
| **Total Assets** |  |  |  | $**85359663** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Battery<br> cells and<br> packs sales segment** | **Electronic<br> control<br> system<br> sales<br> segment** | **Others** | **Total** |
| Accounts receivable, net | $11079376 | $239752 | $142881 | $11462009 |
| Advances to suppliers | 9138389 | 90456 | 53908 | 9282753 |
| Property, plant and equipment, net | 1348 | 9619 | 9824043 | 9835010 |
| Land use right, net | - | - | 1618859 | 1618859 |
| Long-term investments, net | 6987229 | - | 4016886 | 11004115 |
| Other non-current assets | - | 69051 | 8981900 | 9050951 |
| Other unallocated amounts |  |  |  | 16805981 |
| **Total Assets** |  |  |  | $**69059678** |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**21. SEGMENT REPORTING (CONTINUED)**

The following table presents the reconciliation from reportable segment income to the consolidated income from continuing operations before income taxes for the years ended September 30, 2023, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Net revenues |  |  |  |
| Battery cells and packs sales segment | $8001323 | $16318839 | $18781695 |
| Electronic control system sales segment | 834148 | 1401783 | 1069278 |
| Others segment | 327630 | 501538 | 635094 |
| **Total net revenues** | **9163101** | **18222160** | **20486067** |
| Cost of revenues |  |  |  |
| Battery cells and packs sales segment | 7433057 | 15407010 | 18079653 |
| Electronic control system sales segment | 450118 | 738056 | 654004 |
| Others segment | 246188 | 380856 | 417600 |
| **Total cost of revenues** | **8129363** | **16525922** | **19151257** |
| Gross profit |  |  |  |
| Battery cells and packs sales segment | 568266 | 911829 | 702042 |
| Electronic control system sales segment | 384030 | 663727 | 415274 |
| Others segment | 81442 | 120682 | 217494 |
| **Total gross profit** | **1033738** | **1696238** | **1334810** |
| Operating expenses: |  |  |  |
| Selling and marketing | (222679) | (269806) | (211490) |
| General and administrative | (3384571) | (2871441) | (2122961) |
| Research and development | (613274) | (888491) | (954177) |
| Impairment loss of intangible assets | - | - | (1401416) |
| **Total operating expenses** | **(4220524)** | **(4029738)** | **(4690044)** |
| **Loss from operations** | **(3186786)** | **(2333500)** | **(3355234)** |
| Fair value changes in contingent asset | 979770 | (265205) | - |
| Impairment loss of long-term investments | - | (3040113) | (3520660) |
| Impairment loss of goodwill | (1792392) | (1362441) | (1732454) |
| Other income | 136048 | 397226 | 246325 |
| **Loss from continuing operations before income tax and share of loss of equity method investments** | $**(3863360)** | $**(6604033)** | $**(8362023)** |
| **(Loss) income from discontinued operation before income tax and share of loss of equity method investments** | **(3252304)** | **(2299208)** | **262475** |
| **Loss before income tax and share of loss of equity method investments** | $**(7115664)** | $**(8903241)** | $**(8099548)** |

---

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**22. CONCENTRATIONS**

**Concentrations of credit risk**

As of September 30, 2024 and 2025 cash, cash equivalents and restricted cash balances in the PRC was $4,404,100 and $517,338 respectively, which were primarily deposited in financial institutions located in PRC, and each bank account is insured by the government authority with the maximum limit of RMB500,000 ($70,235). To limit exposure to credit risk relating to deposits, the Group primarily place cash and cash equivalent deposits with large financial institutions in PRC which management believes are of high credit quality and management also continually monitors the financial institutions' credit worthiness.

**Concentrations of customers**

The following table sets forth information as to each customer that accounted for 10% or more of total accounts receivable as of September 30, 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** |
| | **2024** | **2024** | **2025** | **2025** |
| <br>**Customer** | **Amount** | **% of <br> Total** | **Amount** | **% of <br> Total** |
| A | $2850542 | 37% | $2774919 | 24% |
| B | 2484807 | 32% | 2727840 | 24% |
| C | \* | \* | 2457178 | 21% |
| D | \* | \* | 2000910 | 17% |
| E | 948763 | 12% | \* | \* |
| **Total** | $**6284112** | **81%** | $**9960847** | **86%** |

---

\* The percentage is below 10%

The following table sets forth information as to each customer that accounted for 10% or more of total advances from customers as of September 30, 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** |
| | **2024** | **2024** | **2025** | **2025** |
| <br>**Customer** | **Amount** | **% of <br> Total** | **Amount** | **% of<br> Total** |
| F | $\* | \* | $73873 | 46% |
| G | 18525 | 13 | \* | \* |
| H | 15946 | 11% | \* | \* |
| **Total** | $**34471** | **24%** | $**73873** | **46%** |

---

\* The percentage is below 10%

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**22. CONCENTRATIONS (CONTINUED)**

The following table sets forth information as to each customer that accounted for 10% or more of total revenues for the years ended September 30, 2023, 2024 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| <br>**Customer** | **Amount** | **% of Total** | **Amount** | **% of Total** | **Amount** | **% of Total** |
| B | $4216099 | 46% | $6467334 | 35% | $5672019 | 28% |
| C | \* | \* | 2356151 | 13% | 5039935 | 25% |
| A | 1343552 | 15% | 4541215 | 25% | 3678219 | 18% |
| D | \* | \* | \* | \* | 2257601 | 11% |
| I | 2148896 | 23% | 1842882 | 10% | \* | \* |
| **Total** | $**7708547** | **84%** | $**15207582** | **83%** | $**16647774** | **82%** |

---

\* The percentage is below 10%

**Concentrations of suppliers**

The following table sets forth information as to each supplier that accounted for 10% or more of total accounts payable as of September 30, 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** |
| | **2024** | **2024** | **2025** | **2025** |
| <br>**Supplier** | **Amount** | **% of <br> Total** | **Amount** | **% of<br> Total** |
| A | $\* | \* | $121432 | 43% |
| B | 48903 | 26% | 48206 | 17% |
| C | 44630 | 23% | \* | \* |
| D | 33275 | 17% | \* | \* |
| **Total** | $**126808** | **66%** | $**169638** | **60%** |

---

\* The percentage is below 10%

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**22. CONCENTRATIONS (CONTINUED)**

The following table sets forth information as to each third party that accounted for 10% or more of total advances to suppliers as of September 30, 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30,** | **As of September 30,** | **As of September 30,** | **As of September 30,** |
| | **2024** | **2024** | **2025** | **2025** |
| <br>**Supplier** | **Amount** | **% of <br> Total** | **Amount** | **% of <br> Total** |
| E | $\* | \* | $2250346 | 24% |
| F | \* | \* | 1506456 | 16% |
| G | 1644050 | 10% | 1429760 | 15% |
| H | 4209185 | 25% | 1350234 | 15% |
| I | \* | \* | 1316705 | 14% |
| J | \* | \* | 1263047 | 14% |
| K | 5479056 | 32% | \* | \* |
| L | 3938938 | 23% | \* | \* |
| **Total** | $**15271229** | **90%** | $**9116548** | **98%** |

---

\* The percentage is below 10%

The following table sets forth information as to each supplier that accounted for 10% or more of total purchases for the years ended September 30, 2023, 2024 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** |
| <br>**Customer** | **Amount** | **% of Total** | **Amount** | **% of Total** | **Amount** | **% of Total** |
| H | $\* | \* | $3753908 | 23% | $4411512 | 23% |
| F | \* | \* | \* | \* | 3940307 | 21% |
| E | \* | \* | \* | \* | 3175210 | 17% |
| G | \* | \* | \* | \* | 3132792 | 16% |
| L | \* | \* | 4320180 | 27% | \* | \* |
| K | 2526308 | 30% | 4112854 | 25% | \* | \* |
| M | 1884765 | 22% | 2099064 | 13% | \* | \* |
| **Total** | $**4411073** | **52%** | $**14286006** | **88%** | $**14659821** | **77%** |

---

\* The percentage is below 10%

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**23. SUBSEQUENT EVENTS**

*<u>October 2025 Equity Incentive Plan</u>*

 

On October 1, 2025, the Board of Directors of the Company approved and adopted an equity incentive plan (the "October 2025 Equity Incentive Plan"), which became effective on October 1, 2025.

On October 2, 2025, the Company issued 136,000 ordinary shares with a par value of US$1.00 each of the Company (the "Shares") under October 2025 Equity Incentive Plan to WXYZ Group Ltd., an entity 100% owned by Mr. Jianhui Ye, as compensation for his continued service in the Company.

*<u>Change in Authorized Shares and Reverse Share Split</u>*

The Company completed a series of capital structure changes, including a reverse share split of its ordinary shares and amendments to its authorized share capital. These actions were approved by the Company's shareholders and Board of Directors in November 2025. The reverse share split has been reflected retroactively in the CFS, while the changes in par value and authorized share capital were accounted for prospectively. See Note 19 for additional details.

*<u>Filing of Form F-3 Registration Statement</u>*

On November 26, 2025, the Company filed a registration statement on Form F-3 with the U.S. Securities and Exchange Commission under a shelf registration process. Pursuant to the Form F-3, the Company may offer and sell from time to time, in one or more offerings, ordinary shares, debt securities, warrants, rights and units, with an aggregate offering amount of up to US$200.0 million (or its equivalent in foreign or composite currencies). As of the date these consolidated financial statements were issued, the Form F-3 had not been declared effective and no securities had been issued or proceeds received thereunder.

The Group performed an evaluation of subsequent events through December 29, 2025, the date the CFS were issued, and determined there were no other events that would have required adjustment or disclosure other than those disclosed in the CFS.

**24. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY**

The Group performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), "General Notes to Financial Statements" and concluded that it was applicable for the Group to disclose the financial statements for the Parent Company.

**Condensed Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2025** |
| **ASSETS** |  |  |
| Cash and cash equivalents | $5780 | $8609 |
| Amount due from inter-companies, current | 65713910 | 65275806 |
| **TOTAL ASSETS** | **65719690** | **65284415** |
| **LIABILITIES** |  |  |
| Deficit of investment in subsidiaries | 6029363 | 16641387 |
| Accrued expenses and other payables | 1123038 | 248501 |
| **TOTAL LIABILITIES** | **7152401** | **16889888** |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares (par value of $1.00 per share; 4,000,000 shares authorized; 107,007 and 732,031 shares issued and outstanding as of September 30, 2024 and 2025, respectively) \* | 107007 | 732031 |
| Subscription receivable | (7800) | (7800) |
| Additional paid-in capital | 82176550 | 81240651 |
| Accumulated deficits | (21721877) | (30414247) |
| Accumulated other comprehensive loss | (1986591) | (3156108) |
| **Total shareholders' equity** | **58567289** | **48394527** |
| **TOTAL LIABILITIES AND SHAREHOLDES' EQUITY** | $**65719690** | $**65284415** |

---

\* Giving retroactive effect to the 25 to 1 reverse share split on November 7, 2025, while the concurrent changes in par value of ordinary shares of the Company from $1.00 per share to no par value will be reflected prospectively in the consolidated financial statements (Note 19).

**EZGO TECHNOLOGIES LTD.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*(In U.S. dollars except for number of shares)*

**24. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (CONTINUED)**

**Condensed Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| **Operating expenses:** |  |  |  |
| General and administrative expenses | $(2252709) | $(1502523) | $(1054266) |
| **Loss from operations** | **(2252709)** | **(1502523)** | **(1054266)** |
| Share of loss in subsidiaries | (4529969) | (5904310) | (7638111) |
| Other income (expense), net | (408) | 122041 | 7 |
| **Loss before income tax expenses** | **(6783086)** | **(7284792)** | **(8692370)** |
| Income tax expense | - | - | - |
| **Net loss** | $**(6783086)** | $**(7284792)** | $**(8692370)** |

---

**Condensed Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2023** | **2024** | **2025** |
| Net cash provided by (used in) operating activities | $6720013 | $(437396) | $(99067) |
| Net cash used in investing activities | (30873549) | (7738360) | (438104) |
| Net cash provided by (used in) financing activities | 33092541 | (759689) | 540000 |
| Net cash inflow (out flow) | 8939005 | (8935445) | 2829 |

---

## Exhibit 2.1

**Exhibit 2.1**

**DESCRIPTION OF SECURITIES**

We are a British Virgin Islands company limited by shares and our affairs are governed by our memorandum and articles of association and the BVI Business Companies Act (As Revised) (the "BVI Act") (each as amended or modified from time to time).

As provided in our amended and restated memorandum and articles of association, subject to the BVI Act, we have full capacity to carry on or undertake any business or activity, do any act or enter into any transaction, and, for such purposes, full rights, powers and privileges. Our registered office is c/o Maples Corporate Services (BVI) Limited, Kingston Chambers, P.O. Box 173, Road Town, Tortola, VG1110 British Virgin Islands.

We have adopted amended and restated memorandum and articles of association authorize the issuance of up to 1,010,000,000 ordinary shares divided into up to 1,000,000,000 ordinary shares of no par value each and up to 10,000,000 preferred shares of no par value each (the "Preferred Shares").

All options, regardless of grant dates, will entitle holders to an equivalent number of ordinary shares once the vesting and exercising conditions are met.

Our ordinary shares have listed on Nasdaq under the symbol "EZGO."

**Ordinary Shares**

***General.*** The maximum number of shares we are authorized to issue is 1,010,000,000 shares divided into up to 1,000,000,000 ordinary shares of no par value each and up to 10,000,000 Preferred Shares of no par value each. Holders of ordinary shares have the same rights. All of our outstanding ordinary shares are fully paid and non-assessable. To the extent they are issued, certificates representing the ordinary shares are issued in registered form.

Our amended and restated memorandum and articles of association do not provide for pre-emptive rights.

***Dividends.*** The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors. Our amended and restated articles of association provide that dividends may be declared and paid at such time, and in such an amount, as the directors determine subject to their being satisfied that the Company will meet the statutory solvency test immediately after the dividend. Holders of ordinary shares will be entitled to the same amount of dividends, if declared.

***Voting Rights.*** In respect of all matters subject to a shareholders' vote, each ordinary share is entitled to one vote for each ordinary share registered in his or her name on our register of members. Holders of ordinary shares shall at all times vote together on all resolutions submitted to a vote of the members. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any one shareholder.

A quorum required for a meeting of shareholders consists of the holders of at least one-half of the issued shares entitled to vote being individuals present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative or proxy. Shareholders' meetings may be held annually. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting. Extraordinary general meetings may be called by a majority of our board of directors or our chairman or upon a requisition of shareholders holding at the date of deposit of the requisition not less than 30% of the vote in respect of the matter for which the meeting is requested. Advance notice of at least 10 days is required for the convening of our annual general meeting and other general meetings.

***Transfer of Ordinary Shares.*** Under the BVI Act the transfer of a registered share which is not listed on a recognized exchange is by a written instrument of transfer signed by the transferor and containing the name of the transferee. However, the instrument must also be signed by the transferee if registration would impose a liability on the transferee to the Company. The instrument of transfer must be sent to the Company for registration. The transfer of a registered share is effective when the name of the transferee is entered in the register of members. The entry of the name of a person in the Company's register of members is prima facie evidence that legal title in the share vests in that person.

The procedure is different for the transfer of shares that are listed on a recognized exchange. Such shares may be transferred without the need for a written instrument of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares listed on the recognized exchange and subject to the Company's amended and restated memorandum and articles of association.

***Liquidation.*** On a liquidation, on winding up or other return of assets of the Company to shareholders (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution among the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis.

***Calls on Ordinary Shares and Forfeiture of Ordinary Shares.*** Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice served to such shareholders at least 14 clear days prior to the specified time of payment. The ordinary shares that have been called upon and remain unpaid are subject to forfeiture.

***Redemption of Ordinary Shares.*** The BVI Act and our amended and restated memorandum and articles of association permit us to purchase our own shares with the prior written consent of the relevant shareholders, a resolution of directors and in accordance with applicable law.

***Variation of Rights of Shares.*** Under our amended and restated memorandum and articles of association, all or any of the rights attached to any class of shares may, subject to the provisions of the BVI Act, be varied without the consent of the holders of the issued shares of that class where such variation is considered by the board of directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of a majority of the issued shares of that class, or with the sanction of a resolution passed by a simple majority of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with such existing class of shares.

**Preferred Shares**

Holders of Preferred Shares shall have the same rights as holders of ordinary shares except for the following:

● each Preferred Share is entitled to twenty votes for each Preferred Share registered in his or her name on our register of members;

● holders of our Preferred Shares are not entitled to any dividends paid by the Company;

● holders of our Preferred Shares are not entitled to a share in the distribution of the surplus assets of the Company

● holders of our Preferred Shares cannot convert the Preferred Shares into a different class of shares.

***Inspection of Books and Records.***

A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum and articles of association of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject to the amended and restated memorandum and articles of association, the directors may, if they are satisfied that it would be contrary to the Company's interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records.

Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document or to inspect the document without limitation.

A company is required to keep at the office of its registered agent: its memorandum and articles of association of the company; the register of members or a copy of the register of members; the register of directors or a copy of the register of directors; and copies of all notices and other documents filed by the company in the previous ten years.

***Issuance of Additional Shares.*** Our amended and restated memorandum and articles of association authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine.

**Register of Members**

Under the BVI Act we must keep a register of members and there should be entered therein:

● the names and addresses of our members, a statement of the number and class of shares held by each member;

● the date on which the name of any person was entered on the register as a member; and

● the date on which any person ceased to be a member.

Under the BVI Act, the register of members of our Company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of the BVI Act to have legal title to the shares as set against its name in the register of members.

If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a member of our Company, the person or member aggrieved (or any member of our Company or our Company itself) may apply to the High Court of the British Virgin Islands for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

**Representative's Warrants**

In January 2021, EZGO issued representative's warrants to purchase an aggregate of 322,000 ordinary shares to underwriters in its initial public offering ("IPO"). Such warrants are exercisable by the warrant holders, from January 25, 2021 to 5:00 p.m., Eastern time, January 27, 2026, to purchase, in whole or in part, up to 322,000 shares of EZGO's ordinary shares at a price of $4.40 per share and have cashless exercise options, subject to standard anti-dilution adjustments for share sub-divisions and similar transactions. Such warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(g)(1). Except as permitted by Rule 5110(g)(1), the underwriters (or permitted assignees under the Rule) will not sell, transfer, assign, pledge, or hypothecate the warrants or the securities underlying the warrants, nor will any, of them engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the option or the underlying securities prior to January 25, 2021.

In July 2021, the representative of several underwriters of EZGO's IPO exercised the partial warrant and purchased a total of 224,289 ordinary shares of the Company with no cash in consideration.

**Differences in Corporate Law**

The BVI Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the BVI Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

***Mergers and Similar Arrangements.*** Under the BVI Act two or more companies, each a "constituent company," may merge or consolidate. A merger involves the merging of two or more companies into one of the constituent companies (to the merger) with one constituent company continuing in existence to become the surviving company post-merger. A consolidation involves two or more companies consolidating into a new company.

A merger is effective on the date that the articles of merger (as described below) are registered by the Registrar of Corporate Affairs in the BVI, or on such later date, not exceeding 30 days from the date of registration as is stated in the articles of merger.

The BVI Act provides that any member of the Company is entitled to payment of the fair value of his shares upon dissenting from a merger, unless the Company is the surviving company of the merger and the member continues to hold the same or similar shares. The following is a summary of the position under the BVI Act.

A dissenter is in most circumstances required to give to the Company written objection to the merger, which must include a statement that the dissenter proposes to demand payment for his shares if the merger takes place. This written objection must be given before the meeting of members at which the merger is submitted to a vote, or at the meeting but before the vote. However, no objection is required from a member to whom the Company did not give notice of the meeting of members or where the proposed merger is authorized by written consent of the members without a meeting.

Within 20 days immediately following the written consent, or the meeting at which the merger was approved, the Company shall give written notice of the consent or resolution to each member who gave written objection or from whom written objection was not required, except those members who voted for, or consented in writing to, the proposed merger.

A member to whom the Company was required to give notice who elects to dissent shall, within 20 days immediately following the date on which the copy of the plan of merger or an outline of the merger is given to him, give to the Company a written notice of his decision to elect to dissent, stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his name and address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number and classes of shares in respect of which he dissents (which must be all shares that he holds in the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a demand for payment of the fair value of his shares.

Upon the giving of a notice of election to dissent, the dissenter ceases to have any of the rights of a member except the right to be paid the fair value of his shares, and the right to institute proceedings to obtain relief on the ground that the action is illegal.

The Company shall make a written offer to each dissenter to purchase his shares at a specified price that the Company determines to be their fair value. Such offer must be given within 7 days immediately following the date of the expiration of the period within which members may give their notices of election to dissent, or within 7 days immediately following the date on which the merger is put into effect, whichever is later.

If the Company and the dissenter fail, within 30 days immediately following the date on which the offer is made, to agree on the price to be paid for the shares owned by the dissenter, then within 20 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the dissenter shall each designate an appraiser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the two designated appraisers together shall designate an appraiser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the three appraisers shall fix the fair value of the shares owned by the dissenter as of the close of business on the day prior to the date of the meeting or the date on which the resolution was passed, excluding any appreciation or depreciation directly or indirectly induced by the action or its proposal, and that value is binding on the Company and the dissenter for all purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company shall pay to the dissenter the amount in money upon the surrender by him of the certificates representing his shares, and such shares shall be cancelled.

***Squeeze-out Provisions.***

Members of a company holding 90% of the votes of the outstanding shares entitled to vote and members of a company holding 90% of the votes of the outstanding shares of each class of shares entitled to vote as a class, may give a written instruction to the company directing it to redeem the shares held by the remaining members.

***Shareholders' Suits.***

Under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its members and between the members. In general, members are bound by the decision of the majority or special majorities as set out in the memorandum and articles of association or in the BVI Act. As for voting, the usual rule is that with respect to normal commercial matters members may act from self-interest when exercising the right to vote attached to their shares.

If the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative action or by personal action. A derivative action concerns the infringement of the company's rights where the wrongdoers are in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that is personal to the particular member concerned.

The BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.

The traditional English basis for members' remedies have also been incorporated into the BVI Act: where a member of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the BVI High Court for an order on such conduct.

Any member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint a liquidator for the company if it is of the opinion that it is just and equitable to do so.

The BVI Act provides that any member of a company is entitled to payment of the fair value of his shares upon dissenting from any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any sale, transfer, lease, exchange or other disposition of more than 50 per cent in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including (i) a disposition pursuant to an order of the court having jurisdiction in the matter; (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interest within one year after the date of disposition; or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a redemption of 10 per cent, or fewer, of the issued shares of the company required by the holders of 90 percent, or more, of the shares of the company pursuant to the terms of the BVI Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an arrangement, if permitted by the BVI High Court.

Generally any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their individual rights as members as established by the company's memorandum and articles of association.

The BVI Act provides that if a company or a director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the BVI Act or the memorandum and articles of association of the company, the BVI High Court may, on the application of a member or a director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum and articles of association.

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** BVI law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the BVI High Court to be contrary to public policy (e.g. for purporting to provide indemnification against the consequences of committing a crime). An indemnity will be void and of no effect and will not apply to a person unless the person acted honestly and in good faith and in what he believed to be in the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. Our amended and restated memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise from dishonesty or fraud of such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our amended and restated memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' Fiduciary Duties.*** Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

Under BVI law, the directors owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to the company acting in a manner that contravenes our amended and restated memorandum and articles of association or the BVI Act.

In certain circumstances, a shareholder has the right to seek various remedies against the company in the event the directors are in breach of their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the company, the courts of the British Virgin Islands may, on application of a shareholder or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles. Furthermore, pursuant to Section 184I(1) of the BVI Act, a shareholder of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the courts of the British Virgin Islands for an order which, inter alia, can require the company or any other person to pay compensation to the shareholders.

***Shareholder Action by Written Consent.*** Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Although British Virgin Islands law may permit shareholder actions by written consent, our amended and restated memorandum and articles of association provide that shareholders may not approve corporate matters by way of a written resolution.

***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

British Virgin Islands law and our amended and restated memorandum and articles of association provide that shareholders holding 30% or more of the voting rights entitled to vote on any matter for which a meeting is to be converted may request that the directors shall requisition a shareholder's meeting. As a British Virgin Islands company, we are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the British Virgin Islands but our amended and restated memorandum and articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our amended and restated memorandum and articles of association, directors may be removed with or without cause, by a resolution of our shareholders, or with cause by a resolution of the directors.

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

British Virgin Islands law has no comparable statute. As a result, we are not afforded the same statutory protections in the British Virgin Islands as we would be offered by the Delaware business combination statute. However, although British Virgin Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. See also "-- *Shareholders' Suits*" above. We have adopted a code of business conduct and ethics which requires employees to fully disclose any situations that could reasonably be expected to give rise to a conflict of interest, and sets forth relevant restrictions and procedures when a conflict of interest arises to ensure the best interest of the Company.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under BVI law, the liquidation of a company may be a voluntary solvent liquidation or an insolvent liquidation under the Insolvency Act.

***Voluntary Liquidation***

If the liquidation is a solvent liquidation, the provisions of the BVI Act governs the liquidation. A company may only be liquidated under the BVI Act as a solvent liquidation if it has no liabilities or it is able to pay its debts as they fall due and the value of its assets exceeds its liabilities. Subject to the amended and restated memorandum and articles of association of a company, a liquidator may be appointed by a resolution of directors or resolution of members but if the directors have commenced liquidation by a resolution of directors the members must approve the liquidation plan by a resolution of members save in limited circumstances.

A liquidator is appointed for the purpose of collecting in and realizing the assets of a company and distributing proceeds to creditors.

We expect that in the event of a voluntary liquidation of the Company, after payment of the liquidation costs and any sums then due to creditors, the liquidator would distribute our remaining assets on a pari passu basis.

***Liquidation under the Insolvency Act***

The Insolvency Act governs an insolvent liquidation. Pursuant to the Insolvency Act, a company is insolvent if (a) it fails to comply with the requirements of a statutory demand that has not be set aside pursuant to the Insolvency Act, execution or other process issued on a judgement, decree or order of court in favor of a creditor of the company is returned wholly or partly unsatisfied or either the value of the company's liabilities exceeds its assets or the company is unable to pay its debts as they fall due. The liquidator must be either the Official Receiver in BVI or a BVI licensed insolvency practitioner. An individual resident outside the BVI may be appointed to act as liquidator jointly with a BVI licensed insolvency practitioner or the Official Receiver. The members of the company may appoint an insolvency practitioner as liquidator of the company or the court may appoint an Official Receiver or an eligible insolvency practitioner. The application to the court can be made by one or more of the following: (a) the company (b) a creditor (c) a member (d), the supervisor of a creditors' arrangement in respect of the company, the Financial Services Commission and the Attorney General in the BVI.

The court may appoint a liquidator if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the company is insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the court is of the opinion that it is just and equitable that a liquidator should be appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the court is of the opinion that it is in the public interest for a liquidator to be appointed.

An application under (a) above by a member may only be made with leave of the court, which shall not be granted unless the court is satisfied that there is prima facie case that the company is insolvent. An application under (c) above may only be made by the Financial Services Commission or the Attorney General and they may only make an application under (c) above if the company concerned is, or at any time has been, a regulated person (i.e. a person that holds a prescribed financial services license) or the company is carrying on, or at any time has carried on, unlicensed financial services business.

***Order of Preferential Payments upon Liquidation***

Upon the insolvent liquidation of a company, the assets of a company shall be applied in accordance with the following priorities: (a) in paying, in priority to all other claims, the costs and expenses properly incurred in the liquidation in accordance with the prescribed priority; (b) after payment of the costs and expenses of the liquidation, in paying the preferential claims admitted by the liquidator (wages and salary, amounts to the BVI Social Security Board, pension contributions, government taxes) — preferential claims rank equally between themselves and, if the assets of the company are insufficient to meet the claims in full, they shall be paid ratably; (c) after the payment of preferential claims, in paying all other claims admitted by the liquidator, including those of non-secured creditors — the claims of non-secured creditors of the Company shall rank equally among themselves and if the assets of the company are insufficient to meet the claims in full, such non-secured creditors shall be paid ratably; (d) after paying all admitted claims, paying any interest payable under the BVI Insolvency Act; and finally (e) any surplus assets remaining after payment of the costs, expenses and claims above shall be distributed to the members in accordance with their rights and interests in the Company. Part VIII of the Insolvency Act provides for various applications which may be made by a liquidator to set aside transactions which have unfairly diminished the assets which are available to creditors.

*Voidable Transactions*

In the event of the insolvency of a company, there are four types of voidable transaction provided for in the Insolvency Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unfair Preferences: Under section 245 of the Insolvency Act a transaction entered into by a company, if it is entered into within the hardening period at a time when the company is insolvent, or it causes the company to become insolvent (an "**insolvency transaction** "), and which has the effect of putting the creditor into a position which, in the event of the company going into insolvent liquidation, will be better than the position it would have been in if the transaction had not been entered into, will be deemed an unfair preference. A transaction is not an unfair preference if the transaction took place in the ordinary course of business. It should be noted that this provision applies regardless of whether the payment or transfer is made for value or at an undervalue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Undervalue Transactions: Under section 246 of the Insolvency Act the making of a gift or the entering into of a transaction on terms that the company is to receive no consideration, or where the value of the consideration for the transaction, in money or money's worth, is significantly less than the value, in money or money's worth, of the consideration provided by the company will (if it is an insolvency transaction entered into within the hardening period) be deemed an undervalue transaction. A company does not enter into a transaction at an undervalue if it is entered into in good faith and for the purposes of its business and, at the time the transaction was entered into, there were reasonable grounds for believing the transaction would benefit the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Extortionate Credit Transactions: Under section 248 of the Insolvency Act an insolvency transaction entered into by a company for, or involving the provision of, credit to the company, may be regarded as an extortionate credit transaction if, having regard to the risk accepted by the person providing the credit, the terms of the transaction are or were such to require grossly exorbitant payments to be made in respect of the provision of the credit, or the transaction otherwise grossly contravenes ordinary principles of fair trading and such transaction takes place within the hardening period.

The "hardening period" (known in the Insolvency Act as the "vulnerability period") in respect of each voidable transaction provision set out above is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purposes of sections 245, 246 and 247 of the Insolvency Act the period differs depending on whether the person(s) that the transaction is entered into with, or the preference is given to, are "connected persons" of the company within the meaning of the Insolvency Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of "connected persons" the "hardening period" is the period beginning two years prior to the "onset of insolvency" and ending on the appointment of a liquidator of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any other person, the "hardening period" is the period beginning six months prior to the "onset of insolvency" and ending on the appointment of a liquidator of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of section 248 of the Insolvency Act the "hardening period" is the period beginning five years prior to the "onset of insolvency" and ending on the appointment of a liquidator of the company regardless of whether the person(s) that the transaction is entered into with is a connected person.

The onset of insolvency for these purposes is the date on which an application for the appointment of a liquidator was filed (if the liquidator was appointed by the court) or the date of the appointment of the liquidator (where the liquidator was appointed by the members).

A conveyance made by a person with intent to defraud creditors is voidable at the instance of the person thereby prejudiced. There is no requirement that the relevant transaction was entered into at a time when one party was insolvent or became insolvent as a result of the transaction, and there is no requirement that the transferring party subsequently went into liquidation. However, no conveyance entered into for valuable consideration and in good faith to a person who did not have notice of the intention to defraud may be impugned.

The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the BVI Act and our amended and restated memorandum and articles of association, our company may be dissolved, liquidated or wound up by a resolution of our shareholders.

***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under BVI law and our amended and restated memorandum and articles of association, all or any of the rights attached to any class of shares may, subject to the provisions of the BVI Act, be varied without the consent of the holders of the issued shares of that class where such variation is considered by the board of directors not to have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent in writing of the holders of a majority of the issued shares of that class, or with the sanction of a resolution passed by a majority of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with such existing class of shares.

***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law, our amended and restated memorandum and articles of association may be amended with a resolution of our shareholders or, by resolutions of directors, except that the directors of the company shall not have the power to amend our amended and restated memorandum (a) to restrict the rights or powers of the members to amend the memorandum or articles; (b) to change the percentage of members required to pass a resolution to amend the memorandum or articles; or (c) in circumstances where the memorandum or articles cannot be amended by the members.

***Rights of Non-resident or Foreign Shareholders.*** There are no limitations imposed by our amended and restated memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

**Listing**

Our ordinary shares are listed on the Nasdaq Capital Market under the symbol "EZGO."

**Transfer Agent and Registrar**

The transfer agent and registrar for our securities is VStock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, New York 11598.

## Exhibit 8.1

Exhibit 8.1

<u>List of Subsidiaries</u> 

China EZGO Group Ltd, a company formed in Hong Kong, is wholly owned by the Company.

Changzhou Langyi Electronic Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by China EZGO Group Ltd.

EZGO Technologies Group Ltd, a company formed in the People's Republic of China, is 95.2381% owned by China EZGO Group Ltd.

Jiangsu EZGO Energy Supply Chain Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Sichuan EZGO Energy Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Jiangsu EZGO New Energy Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Tianjin EZGO Electric Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Changzhou Youdi Electric Bicycle Co., Ltd., a company formed in the People's Republic of China, is wholly owned by EZGO Technologies Group Ltd.

Changzhou Sixun Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by Jiangsu EZGO New Energy Technologies Co., Ltd.

Changzhou Higgs Intelligent Technologies Co., Ltd., a company formed in the People's Republic of China, is 60% owned by Changzhou Sixun Technologies Co., Ltd.

Changzhou Zhuyun Technologies Co., Ltd., a company formed in the People's Republic of China, is wholly owned by Changzhou Higgs Intelligent Technologies Co., Ltd.

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO EXCHANGE ACT RULE 13A-14(A)/15D-14(A) AS ADOPTED PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Jianhui Ye, certify that:

1. I have reviewed this annual report on Form 20-F of EZGO Technologies
Ltd. (the "Company");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Company's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Company's internal
control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee
of the Company's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 29, 2025 | */s/ Jianhui Ye* |
|  | Jianhui Ye |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO EXCHANGE ACT RULE 13A-14(A)/15D-14(A) AS ADOPTED PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Yuehan Ling, certify that:

1. I have reviewed this annual report on Form 20-F of EZGO Technologies
Ltd. (the "Company");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial re- porting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Company's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Company's internal
control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee
of the Company's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's
ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 29, 2025 | */s/ Yuehan Ling* |
|  | Yuehan Ling |
|  | Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of EZGO Technologies Ltd. (the "Company") on Form 20-F for the year ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report, fully complies with the requirements of Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: December 29, 2025 | */s/ Jianhui Ye* |
|  | Jianhui Ye |
|  | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 13.2

**Exhibit 13.2**

**CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of EZGO Technologies Ltd. (the "Company") on Form 20-F for the year ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report, fully complies with the requirements of Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: December 29, 2025 | */s/ Yuehan Ling* |
|  | Yuehan Ling |
|  | Chief Financial Officer <br> (Principal Financial and Accounting Officer) |

---

## Exhibit 15.1

**Exhibit 15.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statements on Form F-3 (Nos. 333-263315, 333-272011, and 333-291823) and Form S-8 (No. 333-285024) of EZGO Technologies Ltd. (the "Company") of our report dated December 29, 2025, relating to the consolidated balance sheets of the Company as of September 30, 2024 and 2025, and the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity, and cash flows for each of the two years in the period ended September 30, 2025, and the related notes, included in the Company's Annual Report on Form 20-F for the year ended September 30, 2025.

/s/ HTL International, LLC

Houston, Texas

December 29, 2025

## Exhibit 15.2

**Exhibit 15.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Annual Report on Form 20-F (No. 001-39833) of our report dated January 26, 2024, relating to our audit of the consolidated financial statements of EZGO Technologies Ltd. and subsidiaries (the "Company") for the year ended September 30, 2023, appearing in this Annual Report on Form 20-F of the Company for the years ended September 30, 2025 and 2024.

During the year ended September 30, 2025, the Company classified a component of its operations as discontinued operations. As a result, the consolidated statements of operations and cash flows for the year ended September 30, 2023 have been re-presented to reflect such discontinued operations classification in accordance with U.S. GAAP. The re-presentation relates solely to the classification and presentation of previously reported amounts and did not result in changes to total assets, liabilities, shareholders' equity, or net income (loss) as previously reported.

/s/ Wei, Wei & Co., LLP

Flushing, New York

December 29, 2025

## Exhibit 15.3

**Exhibit 15.3**

![](ex15-3_001.jpg)

福建省福州市台江区望龙二路1号国际金融中心（IFC）37层（350005）

电话：+86-591-87850803 传真：+86-591-87816904

37/F, IFC, No.1, Wanglong 2nd Avenue, Taijiang District, Fuzhou, Fujian 350005 P.R.China

Tel：+86-591-87850803 Fax：+86-591-87816904

www.allbrightlaw.com

December 29, 2025

To: EZGO Technologies Ltd.

Dear Sir/Madam,

We hereby consent to the references to our firm's name under the headings "Item 3 Key Information—D. Risk Factors—Risks Related to Doing Business in China" and "Item 10. Additional Information—E. Taxation—People's Republic of China Taxation" in EZGO Technologies Ltd.'s annual report on Form 20-F for the year ended September 30, 2025 (the "Annual Report"), which will be filed with the Securities and Exchange Commission (the "SEC") on the date hereof. We also consent to the filing of this consent letter with the SEC as an exhibit to the Annual Report.

In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, or under the Securities Exchange Act of 1934, in each case, as amended, or the regulations promulgated thereunder.

---

| |
|:---|
| Yours sincerely, |
| */s/AllBright Law Offices (Fuzhou)* |
| AllBright Law Offices (Fuzhou) |

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