# EDGAR Filing Document

**Accession Number:** 0001086303
**File Stem:** 0001213900-25-074005
**Filing Date:** 2025-8
**Character Count:** 545238
**Document Hash:** 2764752ca22cd5baa59c50d17033879e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-074005.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001213900-25-074005

**CONFORMED SUBMISSION TYPE**: 10-KT

**PUBLIC DOCUMENT COUNT**: 144

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hongchang International Co., Ltd
- **CENTRAL INDEX KEY:** 0001086303
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 870627910
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-KT
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26731
- **FILM NUMBER:** 251200497

**BUSINESS ADDRESS:**
- **STREET 1:** BLOCK 19, HONGCHANG FOOD CO.,
- **STREET 2:** YUANHONG INVESTMENT ZONE, CHENGTOU TOWN
- **CITY:** FUQING CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 350300
- **BUSINESS PHONE:** 86 180 5901 6050

**MAIL ADDRESS:**
- **STREET 1:** BLOCK 19, HONGCHANG FOOD CO.,
- **STREET 2:** YUANHONG INVESTMENT ZONE, CHENGTOU TOWN
- **CITY:** FUQING CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 350300

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Heyu Biological Technology Corp
- **DATE OF NAME CHANGE:** 20180703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC WEBWORKS INC
- **DATE OF NAME CHANGE:** 19990715

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

(Mark One)

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

For the fiscal year ended _______________

or

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

For the transition period from January 1, 2025 to March 31, 2025

**<u>000-26731</u>**

Commission file number

**<u>Hongchang International Co., Ltd</u>**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | 87-0627910 |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

<u>Room 2409, Rongshang Building Furen Avenue, Yangpu Village Yinxi Subdistrict Fuqing City, Fuzhou City, Fujian Province China</u> <u>350300</u> <br> (Address of principal executive offices) (Zip Code)

**<u>(86) 180 5901 6050</u>**

Registrant's telephone number, including area code

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

**Securities registered under Section 12(g) of the Exchange Act:** 

Common Stock, $0.001 par value per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required 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 fi les). Yes ☒ No ☐

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

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

If an emerging growth company, 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 ☐

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 the 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 whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $12,754,056 as of September 30, 2024, based upon the closing stock price $0.27 per share reported for such date.

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date.

As of August 8, 2025, the registrant had 518,831,367 shares of common stock outstanding.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements that involve a number of risks and uncertainties. Although our forward-looking statements reflect the good faith judgment of our management, these statements can be based only on facts and factors of which we are currently aware. Consequently, forward-looking statements are inherently subject to risks and uncertainties. Actual results and outcomes may differ materially from results and outcomes discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking words such as "may," "will," "should," "anticipate," "believe," "expect," "plan," "future," "intend," "could," "estimate," "predict," "hope," "potential," "continue," or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements under the captions "Risk Factors," "Management's Discussion and Analysis or Plan of Operation," and "Business," as well as other sections in this report. Such forward-looking statements are based on our management's current plans and expectations and are subject to risks, uncertainties and changes in plans that may cause actual results to differ materially from those anticipated in the forward-looking statements. You should be aware that, as a result of any of these factors materializing, the trading price of our common stock may decline. These factors include, but are not limited to, the following:

● the availability and adequacy of capital to support and grow our business;

● economic, competitive, business, and other conditions in our local and regional markets;

● actions taken or not taken by others, including competitors, as well as legislative, regulatory, judicial, and other governmental authorities;

● competition in our industry;

● changes in our business and growth strategy, capital improvements, or development plans; and

● other factors discussed elsewhere in this report.

The cautionary statements made in this report are intended to be applicable to all related forward-looking statements wherever they may appear in this report.

We urge you not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly update any forward looking-statements, whether as a result of new information, future events, or otherwise.

All references in this Form 10-K that refer to the "Company," "Hongchang," "we," "us," or "our" refer to Hongchang International Co., Ltd and its consolidated subsidiaries.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Item 1. | [Business](#via_001) | 1 |
| Item 1A. | [Risk Factors](#via_002) | 26 |
| Item 1B. | [Unresolved Staff Comments](#via_003) | 26 |
| Item 1C. | [Cybersecurity](#via_004) | 27 |
| Item 2. | [Properties](#via_005) | 27 |
| Item 3. | [Legal Proceedings](#via_006) | 27 |
| Item 4. | [Mine Safety Disclosures](#via_007) | 27 |
| Item 5. | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#via_008) | 28 |
| Item 6. | [\[Reserved\]](#via_009) | 29 |
| Item 7. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#via_010) | 30 |
| Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#via_011) | 38 |
| Item 8. | [Financial Statements and Supplementary Data](#via_012) | F-1 |
| Item 9. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#via_013) | 39 |
| Item 9A. | [Controls and Procedures](#via_014) | 39 |
| Item 9B. | [Other Information](#via_015) | 39 |
| Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#via_016) | 39 |
| Item 10. | [Directors, Executive Officers and Corporate Governance](#via_017) | 40 |
| Item 11. | [Executive Compensation](#via_018) | 42 |
| Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#via_019) | 44 |
| Item 13. | [Certain Relationships and Related Transactions, and Director Independence](#via_020) | 44 |
| Item 14. | [Principal Accounting Fees and Services](#via_021) | 45 |
| Item 15. | [Exhibits and Financial Statement Schedules](#via_022) | 46 |
| [SIGNATURES](#via_023) | [SIGNATURES](#via_023) | 47 |

---

i

**PART I**

**Item 1. Business.**

Unless otherwise stated, as used in this report, the terms "we," "us," "our," "Hongchang," "our Company," and the "Company" refer to Hongchang International Co., Ltd., a corporation incorporated under the laws of the State of Nevada; "Hongchang BVI" refers to Hongchang Global Investment Holdings Limited, a company formed under the laws of the British Virgin Islands ("BVI"), which is wholly owned by Hongchang; "Hongchang HK" refers to Hong Chang Biotechnologies (HK) Limited, a Hong Kong corporation and wholly owned subsidiary of Hongchang BVI; "Fujian Hongjin" refers to Fujian Hongjin Biotechnology Co., Ltd., a limited liability company organized under the laws of the People's Republic of China (the "PRC"), which is wholly owned by Hongchang HK; "Hongchang Food" refers to Fuqing Hongchang Food Co., Ltd, a limited liability company organized under the laws of the PRC, which is wholly owned by Fujian Hongjin; "Hongchang Global Food" refers to Fujian Hongchang Global Food Co., Ltd, a limited liability company organized under the laws of the PRC, which is wholly owned by Fujian Hongjin; "Hongchang Import & Export" refers to Fuqing Hongchang Global Import & Export Co., Ltd, a limited liability company organized under the PRC, which is wholly owned by Fujian Hongjin; "Hongchang Supply Chain" refers to Fuqing Hongchang Global Supply Chain Co., Ltd, a limited liability company organized under the PRC, which is wholly owned by Fujian Hongjin; "Hongchang Agricultural" refers to Hongchang Global (Fuqing City) Agricultural Technology Development Co., Ltd, a limited liability company organized under the PRC, which was wholly owned by Hongchang Supply Chain until September 2, 2024; "Hongfu Food" refers to Hongfu Food (Fujian) Co., Ltd, a limited liability company organized under the PRC, which is 51% owned by Hongchang Food; and "Pucheng Green Health Food" are to Pucheng Green Health Food Co., Ltd., a limited liability company organized under the PRC, which is 51% owned by Fujian Hongjin.

**Corporate History and Structure**

***Corporate History***

The Company was incorporated in the State of Nevada on May 18, 1987. On August 8, 2023, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the State of Nevada to effect a one-for-10 reverse stock split, pursuant to which every 10 shares of common stock issued and outstanding immediately prior to the effective time of such split were combined into one share of common stock.

On August 21, 2023, the Company entered into a Share Exchange Agreement (the "Share Exchange Agreement") with Hongchang BVI and Hongchang BVI's stockholders, Zengqiang Investment Limited, a business company incorporated in the British Virgin Islands ("BVI"), and Hong Jin Investment Limited, a business company incorporated in the BVI (the "Selling Stockholders" and each a "Selling Stockholder"), in relation to the acquisition of Hongchang BVI by our Company (the "Hongchang Acquisition"). Zengqiang Investment Limited is wholly owned by Mr. Zengqiang Lin and Hong Jin Investment Limited is wholly owned by Ms. Zhenzhu Lin. Mr. Zengqiang Lin has been a director of our Company since February 17, 2023, and Ms. Zhenzhu Lin is the sister of Mr. Zengqiang Lin. In accordance with the terms of the Share Exchange Agreement, the Selling Stockholders sold and transferred 100 shares of Hongchang BVI, constituting all of the issued and outstanding share capital of Hongchang BVI, to the Company in exchange for an aggregate of 415,582,375 new shares of the Company's common stock, of which 353,322,843 shares were issued to Zengqiang Investment Limited and 62,259,532 shares were issued to Hong Jin Investment Limited.

On August 21, 2023, we entered into a share purchase agreement with our director, Mr. Ban Siong Ang as the buyer, to dispose of our existing assets held prior to the Hongchang Acquisition, comprising of our entire shareholding interest in HP TECHNOLOGY LIMITED, which directly and indirectly holds the equity interest in our indirect subsidiaries, Heyu Healthcare Technology Limited, Jiashierle (Xiamen) Healthcare Technology Co., Ltd., and our 60% equity interests in Shanghai Kangzi Medical Technology Co., Ltd. (the "Share Disposal"). Our Company received nominal consideration for the Share Disposal as we have determined that our shareholding interest in HP TECHNOLOGY LIMITED is of a deficit value. The Share Disposal was consummated on September 4, 2023.

In November 2023, the Company filed a Certificate of Amendment to its Articles of Incorporation with Nevada's Secretary of State to change its name from "Heyu Biological Technology Corporation" to "Hongchang International Co., Ltd." The Company also requested to change its OTC Markets ticker symbol from "HYBT" to "HCIL," which was approved by FINRA and took effect as of November 28, 2023.

Following the Hongchang Acquisition, Fujian Hongjin established several wholly owned subsidiaries to support the strategic expansion and diversification of its business operations. Hongchang Supply Chain, Hongchang Import & Export, and Hongchang Global Food were incorporated in October 2023, November 2023, and July 2024, respectively.

On May 8, 2024, Hongchang Food entered into a Shareholder Agreement with Xindefu (the "Shareholder Agreement"). Pursuant to the Shareholder Agreement, Hongchang Food and Xindefu agreed to invest approximately US$3.54 million and US$3.4 million, respectively, to establish a new entity, Hongfu Food. Upon its establishment, Hongchang Food and Xindefu hold 51% and 49% equity interests in Hongfu Food, respectively. Hongfu Food is mainly engaged in the initial processing of agricultural products, specializing in pork processing and trade. It purchases pork as raw materials and processes or divides them into various finished products according to customer needs, including further processing into different packed finished products.

On September 2, 2024, Hongchang Supply Chain entered into a stock transfer agreement with Mr. Long Yuan (the "Stock Transfer Agreement"). Pursuant to the Stock Transfer Agreement, on September 2, 2024, Hongchang Supply Chain sold 100% of its equity interest in Hongchang Agricultural to Mr. Long Yuan for a total consideration of approximately US$27,916.67. Mr. Long Yuan was an employee of Hongchang Supply Chain both prior to and during this transaction, and he was responsible for the business operations and strategic planning of Hongchang Supply Chain.

On September 8, 2024, Fujian Hongjin entered into a Stock Purchase Agreement with Jingbiao Weng, pursuant which Fujian Hongjin acquired 51% equity interest in Pucheng Green Health Food for a total consideration of approximately US$0.58 million. Pucheng Green Health Food obtained a "Certificate of Designated Location of Slaughterhouse for Hogs" issued by the Nanping Municipal People's Government in November 2018 and has since been the only certified slaughterhouse for hogs in Pucheng County, Nanping City. It specializes in livestock procurement, slaughter, and trading. It purchases hogs from suppliers and slaughters them for further processing or segmentation into various meat products.

***Corporate Structure***

The following diagram illustrates our corporate structure as of the date of this report. For details of our principal stockholders' ownership, please refer to the beneficial ownership table in "Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters."

![](image_001.jpg)

Note:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents 353,322,843 shares of our common stock beneficially
owned by Zengqiang Lin, our Chief Executive Officer, Chief Financial Officer, and Chairman of the Borad of Directors and the 100% owner
of Zengqiang Investment Limited, as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents 62,259,532 shares of our common stock beneficially
owned by Zhenzhu Lin, our director and the 100% owner of Hongjin Investment Limited, as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents 56,011,747 shares of our common stock beneficially
owned by Ban Siong Ang, our director.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Xiaohua Chen holds the remaining 49% equity interests as
of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Xindefu holds the remaining 49% equity interests as of the
date of this report.

**Overview**

We are a holding company incorporated in the State of Nevada and not a Chinese operating company. As a holding company with no material operation of our own, we conduct our operations through our PRC subsidiaries. Our PRC subsidiaries are mainly engaged in the meatpacking business, while also expanding into the operation of a food industrial park.

To build a comprehensive meatpacking industry value chain, our PRC subsidiaries have, since 2023, acquired and established entities across key segments, including the slaughter, processing, and wholesale of pork, beef, and lamb. In January 2025, Fujian Hongjin acquired a 51% equity interest in Pucheng Green Health Food, the only designated slaughterhouse for hogs in Pucheng County, Nanping City. In May 2024, Hongchang Food and Xindefu established Hongfu Food, in which Hongchang Food and Xindefu hold 51% and 49% equity interests, respectively. Hongfu Food specializes in meat product processing and trading. Hongchang Supply Chain was established in 2023 and specializes in food trading. For details about our corporate history, see "—Corporate History and Structure—Corporate History."

Our PRC subsidiaries' meat products consist of approximately 99% pork and 1% beef and lamb. Pucheng Green Health Food has established a stable supply chain with local farms and is currently operating one production line for slaughter of hogs. Hongfu Food purchases pork carcasses and parts from slaughterhouses and meat wholesalers and distributors before processing them into various primal and retail cuts. Our PRC subsidiaries sell meat products to distributors, farmers' markets, supermarket chains, community retail outlets, and individual vendors, mainly in the cities of Fuzhou and Nanping, as well as in the cities of Quanzhou, Wenzhou, Xiamen, and Shanghai, and the provinces of Hunan, Shandong, Shanxi, and Sichuan in China.

Additionally, Hongchang Food operates the Hongchang Food Industrial Park and leases out facilities to generate stable rental income. Hongchang Food has undertaken the construction of the Hongchang Food Industrial Park since July 2022. Phase I of the construction of the Hongchang Food Industrial Park was completed in January 2025 and our PRC subsidiaries have leased the completed facilities to Yuan Chuang Property, a property management company. Through this initiative, our PRC subsidiaries aim to support their meatpacking operations by generating rental income, as well as exploring strategic opportunities with other food industrial companies located within the Hongchang Food Industrial Park.

In addition to rental services, our PRC subsidiaries offer a range of facility support to tenants. On January 1, 2025, Hongchang Food entered into a Project Management Contract with Fuzhou Yikun, pursuant to which Hongchang Food leased the rooftop space of buildings within the Hongchang Industrial Food Park to Fuzhou Yikun for the installation of a photovoltaic system. Hongchang Food generated revenue through sales of supporting infrastructure for the Hongchang Food Industrial Park to Fuzhou Yikun. See "—Business Model—Hongchang Food Industrial Park Operation."

For the three months ended March 31, 2025, we generated total revenue of US$6,897,689. The meatpacking business, sales of supporting infrastructure for the industrial park, and rental services contributed US$4,602,230, US$2,014,896, and US$280,563, or 67%, 29%, and 4%, of the total revenue, respectively.

For the fiscal year ended December 31, 2024, we generate total revenue of approximately US$2,867,102. The meatpacking business, sales of supporting infrastructure for the industrial park, and rental services contributed US$2,867,102, US$nil, and US$nil, or 100%, 0%, and 0%, of the total revenue, respectively.

For the fiscal year ended December 31, 2023, we generate total revenue of approximately US$2,675,789. The meatpacking business, sales of supporting infrastructure for the industrial park, and rental services contributed US$2,675,789, US$nil, and US$nil, or 100%, 0%, and 0%, of the total revenue, respectively.

For the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, we recognized net income of US$1,500,881, a net loss of US$472,393, and a net loss of US$378,794, respectively.

**Competitive Strengths**

<u>Vertical Integration in the Meatpacking Industry</u>

Our PRC subsidiaries have gradually expanded their presence across the value chain of the meatpacking industry. Through the acquisition of Pucheng Green Health Food, the only certified slaughterhouse for hogs in Pucheng County, Nanping City, in January 2025, our PRC subsidiaries have secured a stable and reliable supply of hogs and integrated slaughter into their value chain. The establishment of Hongfu Food has strengthened the meat processing and trading capabilities of our PRC subsidiaries. We expect our PRC subsidiary, Hongchang Supply Chain, to gradually expand its trading capacity on processed meat products, further strengthening our market presence. Supported by the Hongchang Food Industrial Park, our PRC subsidiaries have also secured financial stability through rental income and collateral-backed loans, and potential business opportunities with perspective food industry enterprises leasing facilities in the park. This vertically integrated model reduces exposure to supply chain and pricing volatility, enhances operational independence, supports sustainable growth, and reinforces long-term profitability.

<u>Exclusivity in the Local Market</u>

Our PRC subsidiary, Pucheng Green Health Food, obtained a "Certificate of Designated Location of Slaughterhouse for Hogs" issued by the Nanping Municipal People's Government in November 2018 and has since been the only certified slaughterhouse for hogs in Pucheng County, Nanping City. It also obtained a "Certificate for Animal Epidemic Disease Prevention" issued by the Pucheng County Bureau of Agriculture and Rural Affairs in July 2024, and a "Pollutant Discharge Permit" issued by the Nanping Municipal Bureau of Ecology and Environment valid from September 2021 to September 2026. Under the PRC regulations, private entities and individuals are prohibited from slaughter of hogs without administrative permission. As a result, Pucheng Green Health Food secures a monopoly position in slaughter of hogs in Pucheng County, thereby ensuring a stable and secure supply for our meatpacking operations.

Pucheng Green Health Food has established a reliable supply chain by directly purchasing from local farms, reducing intermediate links and lowering procurement costs.

<u>Diversified Distribution Channels</u>

Our sales and distribution network consists of a diversified range of points of sales, including access to local farmers' markets, distributors, supermarkets chains, community retail outlets, and individual vendors. Most of our distribution network span across Fujian Province but we have also expanded to other parts of China, including Hunan Province, Shandong Province, Shanxi Province, Sichuan Province, and Shanghai.

<u>Experienced Management Team</u>

Our energetic and experienced management team, whose dedication and commitment to our mission permeate every aspect of our business, sets the tone for our success, and drives the agility necessary to continue transforming our PRC subsidiaries into a leader in the meatpacking industry.

Mr. Zengqiang Lin, one of the founders of Hongchang Food, has served as the Chairman of the Board of Director of Hongchang Food since 2017. He has played a pivotal role in the development of our PRC subsidiaries. Prior to this, Mr. Lin served as Construction Manager at Xizang Changhui Construction Co., Ltd. from July 2015 to May 2017, where he was responsible for overseeing the company's construction project management and handling a wide range of administrative matters related to daily operations. From 2019 to 2021, Mr. Lin led the Poly Jin Xiang Bin Project in Fuqing City, overseeing and coordinating all aspects of the property's construction and development. With cross-industry management experience and dual background in food trading and project construction, Mr. Lin brings strong expertise in corporate strategy, supply chain optimization, and long-term growth planning.

**Growth Strategies**

We intend to grow our PRC subsidiaries' business using the following key strategies:

<u>Enhance Meatpacking Capacity</u>

Our PRC subsidiaries continuously pursue greater efficiencies in processing and distributing quality meat products. To enhance profitability, our PRC subsidiaries aim to increase the processing capacity of their meatpacking operation.

Pucheng Green Health Food is currently undertaking an expansion project involving the construction of additional facilities of approximately 6,300 square meters, which is expected to include new factory buildings with two fully automated production lines, dedicated slaughter workshops for hogs, sheep, and cattle, a hog cutting workshop, cold storage units, and a pork aging chamber. Pucheng Green Health Food plans to invest approximately US$2.92 million in the project, including US$1.53 million in civil construction, US$1.28 million in equipment, and US$110,000 in other investments. As of March 31, 2025, Pucheng Green Health Food had invested approximately US$108,921 in the expansion project. The expansion project started in May 2024 and is expected to be completed by December 2026, with production commencing in 2027. As of the date of this report, Pucheng Green Health Food has finished constructing the foundation of the cattle and sheep slaughter workshop and the pig slaughter workshop, two cold storage units, and the sewage pool base, and made deposits for two sets of slaughtering equipment.

Following the expansion, our PRC subsidiaries' factory facility's annual slaughter and processing capacity is expected to increase to 100,000 tons of meat.

Since our PRC subsidiaries plan to include separate slaughter and cutting lines for sheep and cattle in the expanded processing facilities and gross profit margins for beef and lamb are typically higher than that for pork, expanding into these two product categories is expected to enhance overall gross margins. As of the date of this report, only 1% of our PRC subsidiaries' total sales consist of beef and lamb products. We expect to increase the share of beef and lamb sales to 10% each of total sales.

<u>Implement Deep Processing Capabilities</u>

Following the completion of facility expansion in December 2026 and the anticipated start of production in 2027, our PRC subsidiaries plan to implement deep processing of meat products in the newly constructed slaughter and cutting workshops, cold storage units, and pork aging chamber. These upgrades are expected to enable greater product diversification and increased value-added offerings.

<u>Deepen Presence Across Distribution Channels</u>

To strengthen their distribution channels, our PRC subsidiaries plan to acquire local fresh food stores and community retail outlets. As of the date of this report, we have not yet identified nor entered into preliminary negotiations with any specific acquisition target and do not have any agreements for acquisitions or investments. We believe this approach will enhance both the scale and profitability of our operations across the entire meatpacking value chain.

**Business Model**

***Meatpacking Business***

Our PRC subsidiaries' meat products consist of approximately 99% pork and 1% beef and lamb. The products include pork carcasses and primal and retail cuts, such as pork shoulder, loin, baby back ribs, sirloin, spareribs, pork belly, legs, and hocks, as well as fresh beef and lamb after basic processing.

Our PRC subsidiaries' processing does not involve seasoning or further value-added processing. For the three months ended March 31, 2025, they sold approximately 1,332.68 tons of meat products, including 10.02 tons of beef, 7.53 tons of lamb, and 1,315.13 tons of pork. For the fiscal year ended December 31, 2024, they sold approximately 2,576.38 tons of meat products, including 59.98 tons of chicken, 5.38 tons of beef, 1.40 tons of lamb, and 2,509.62 tons of pork. For the fiscal year ended December 31, 2023, they sold approximately 822.81 tons of meat products, including 0.005 tons of chicken and 822.80 tons of pork.

 

*Operations of Pucheng Green Health Food*

Pucheng Green Health Food's pork production process begins with the receipt of live hogs at the slaughtering facility in the afternoon. Upon arrival, all animals undergo disinfection and washing and an ante-mortem inspection by the local agricultural authorities, during which the Animal Quarantine Certificates and livestock identification are verified and any sick or weak hogs are removed. Afterward, the hogs are moved to a resting area within the facility. In early next morning, the slaughtering process is completed through exsanguination. The carcasses are then cleaned, scalded in hot water, and dehaired, before the head is removed and the carcasses are eviscerated, which is the removal of the internal organs, and split lengthwise. Following a successful post-mortem inspection, during which each carcass and its corresponding head and viscera are inspected by the local agricultural authorities for parasites (such as Trichinella) and pathological condition (such as congestion or abscesses), the carcasses ready for transportation. For long-distance transportation, carcasses are first placed in cold storage for rapid chilling to reduce the surface temperature to 6–10°C before being moved to the shipping area. Local transportation is carried out using ordinary trucks for expedited delivery, while refrigerated trucks are used for long-distance transportation.

*Operations of Hongfu Food*

Hongfu Food outsources meat processing to Xindefu, making use of Xindefu's skilled workers and existing processing facilities. The supply chain and operations function as follows:

● *Sourcing*: Hongfu Food procures raw materials, primarily pork carcasses and parts, from slaughterhouses and wholesale meat distributors. These materials are delivered directly to Xindefu;

● *Outsourced Processing*: Xindefu executes all processing functions at its facilities based on Hongfu Food's specific instructions and quality standards. This multi-stage process includes: breaking down carcasses into primal cuts; processing these primal cuts into specific retail and wholesale cuts, including bone-in and boneless chops, roasts, and ribs; and packaging finished goods for distribution; and

● *Distribution*: All finished and packaged products are shipped directly from Xindefu's facility to Hongfu Food's customers, eliminating the need for Hongfu Food to operate its own warehousing or logistics infrastructure.

***Hongchang Food Industrial Park Operation***

*Rental Services*

As of the date of this report, our PRC subsidiaries are constructing the Hongchang Food Industrial Park located at No. 12 Yongbin Road, Yuanhong Food Industrial Park, Fuqing City, Fuzhou City, Fujian Province, China. The construction is divided into two phases. Phase I of the construction was completed in January 2025, covering a total area of approximately 47,119.44 square meters. As of the date of this report, Phase II of the construction is ongoing and is expected to be finished in December 2026. For details, see "—Facilities—Hongchang Food Industrial Park."

On February 1, 2025, Hongchang Food entered into a lease agreement with Yuan Chuang Property, a property management company. Pursuant to the lease agreement, Hongchang Food leased the facilities completed in Phase I of the construction to Yuan Chuang Property, with a lease term from February 1, 2025 to January 31, 2030 and a monthly rent of approximately US$0.13 million. Yuan Chuang Property is responsible for tenant sourcing and ongoing property management. As of the date of this report, Yuan Chuang Property has successfully attracted two food companies—a noodle factory and a rice noodle factory in the Hongchang Food Industrial Park. Yuan Chuang Property is required to report any sublease rental prices to Hongchang Food. Additionally, Yuan Chuang Property is required to ensure that the rental prices within the Hongchang Food Industrial Park comply with the park's policies and standards, and any annual rent adjustments is submitted to Hongchang Food for review and approval. The contract may be amended by mutual written agreement. However, Hongchang Food has the right to unilaterally terminate the contract if Yuan Chuang Property delays payment of fees or the performance security deposit by more than 30 days or uses the premises illegally or for unauthorized purposes. Additionally, either party may terminate the contract if it becomes impossible to perform due to force majeure. For the three months ended March 31, 2025, this arrangement generated rental service revenue of US$242,713.

Our PRC subsidiaries plan to lease properties to be completed in Phase II of the construction directly to tenants to achieve higher rental yields. While there is no business collaboration among the tenant companies at this stage, our PRC subsidiaries intend to establish an in-house leasing team and focus on attracting additional food processing enterprises, which strategy is expected to create potential collaborative opportunities with our PRC subsidiaries in meat products and generate stable rental income.

 

*Facility Support*

In addition to rental services, our PRC subsidiaries also offer facility support to tenants.

For instance, our PRC subsidiaries undertook infrastructure construction and installed essential components for a photovoltaic system on behalf of one of the Hongchang Food Industrial Park's tenants, a photovoltaic company operating within the park. On January 1, 2025, Hongchang Food entered into a Project Management Contract with Fuzhou Yikun. Pursuant to the agreement, Hongchang Food leased the rooftop surfaces of buildings in the Hongchang Food Industrial Park, totaling 35,000 square meters, for the installation of 5.9-megawatt photovoltaic power generation supporting equipment for a term of 20 years commencing January 1, 2025. The contract will be automatically renewed under the same terms for an additional five years. The annual rental rate is approximately US$0.17 million. The parties may, through mutual consultation, amend the agreement by entering into a written agreement. In the event of a breach of contract by Fuzhou Yikun, Hongchang Food has the right to unilaterally terminate the agreement. If performance of the agreement becomes impossible due to force majeure, either party will have the right to unilaterally terminate the agreement.

Fuzhou Yikun is responsible for the investment, management of the photovoltaic system, and the acquisition of all necessary certifications and approvals from the relevant administrative authorities. Fuzhou Yikun retains the usage rights and receives government subsidies related to the project. Hongchang Food is responsible for supporting the construction of the photovoltaic system and will hold the Carbon Emissions Trading Rights associated with it. Hongchang Food has agreed that the Hongchang Food Industrial Park will give priority to use of the electricity generated by the photovoltaic project and may receive a discounted electricity rate if it consumes more than 60% of the electricity produced.

This project generated revenue of US$37,850 for lease service revenue and US$2,014,896 for support facility sales for the three months ended on March 31, 2025. Upon completion, the photovoltaic facility is expected to have an installed capacity of 6,000 kW and generate approximately 6.5 million kWh annually. As of the date of this report, approximately 50% of the construction and installation of the project has been completed. Through this collaboration, our PRC subsidiaries have secured discounted electricity rates and pre-emptive rights to electricity access, which ensure a stable and reliable energy supply for our business operations.

**Customers**

Our PRC subsidiaries sell meat products to distributors, farmers' markets, supermarket chains, community retail outlets, and individual vendors, mainly in the cities of Fuzhou and Nanping, as well as in the cities of Quanzhou, Wenzhou, Xiamen, and Shanghai, and the provinces of Hunan, Shandong, Shanxi, and Sichuan in China. During the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, our PRC subsidiaries had five, 82, and 17 customers, respectively.

Our PRC subsidiaries either enter into framework purchase agreements with customers for terms of one year or more which are supplemented by separate purchase orders specifying quantity and quality requirements, or by comprehensive purchase agreements that include all necessary terms. Products are either delivered by our PRC subsidiaries or pick up directly by customers at our PRC subsidiaries' facilities. Our PRC subsidiaries have two methods for transportation. Transportation expenses generally are included in the purchase price of raw materials or the selling price of products. In such cases, the supplier or customer assumes responsibility for transportation. If transportation costs are not covered under the terms of the contract, our PRC subsidiaries engage third-party carriers to handle delivery. During the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, our PRC subsidiaries incurred shipping cost with third-party carriers of $nil, $11,521, and $5,900, respectively.

Significant customers are those accounting for 10% or more of the Company's revenue.

For the three months ended March 31, 2025, the significant customers of our PRC subsidiaries included Songxi County Yuexiang Fresh Meat Trading Firm and Fuqing City Jinxiangyuan New-type Building Materials Co., Ltd., representing 59% and 29% of our total revenue, respectively.

For the fiscal year ended December 31, 2024, the significant customers of our PRC subsidiaries included Sichuan Lechuanmin International Trade Co., Ltd., representing 24% of our total revenue.

For the fiscal year ended December 31, 2023, the significant customers of our PRC subsidiaries included Yuweixiang, representing 96% of our total revenue.

Through direct communication channels such as in-person meetings, phone calls, and other methods, our PRC subsidiaries actively engage with customers to understand their needs and promptly address any concerns.

**Suppliers**

Our PRC subsidiaries have established a stable supplier network. Pucheng Green Health Food, the only certified slaughterhouse for hogs in Pucheng County, Nanping City, plays a pivotal role in ensuring a consistent supply of raw materials. For the three months ended March 31, 2025, Pucheng Green Health Food sources hogs from various cities in Fujian Province, with 53.63% of its supply ultimately coming from Pucheng County, 6.20% from Pingnan County and 5.81% from Shunchang County. On January 1, 2025, Pucheng Green Health Food entered into a one-year supply framework agreement with Songxi County Yumo Fresh Meat Trading Firm for the purchase of hogs, sheep, and cattle. Pucheng Green Health Food issues purchase orders for specific quantities of livestock and Songxi County Yumo Fresh Meat Trading Firm arranges for the livestock to be delivered directly from local farms in Pucheng County to Pucheng Green Health Food. This agreement may be terminated by mutual consent or in the event of a material breach by either party. Upon expiration, if neither party submits a written objection, the agreement will automatically renew.

Significant suppliers are those accounting for greater than 10% of the Company's purchases.

Our PRC subsidiaries' significant supplier for the three months ended March 31, 2025 is listed in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Supplier** | **Purchase <br> Amount<br> (USD)** | **Percentage of Purchase<br> Amount for the Three <br> Months Ended<br> March 31,<br> 2025** | **Items** |
| Songxi County Yumo Fresh Meat Trading Firm | 3370411 | 67% | Meat Products |

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Our PRC subsidiaries' significant suppliers for the fiscal year ended December 31, 2024 are listed in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Supplier** | **Purchase <br> Amount<br> (USD)** | **Percentage of Purchase<br> Amount for the Fiscal<br> Year Ended<br> December 31,<br> 2024** | **Items** |
| Jinjiang Tuoyuan Food Co., Ltd. | 1921982 | 46% | Meat Products |
| Xiamen Lugu Fresh Food Co., Ltd. | 1199268 | 29% | Meat Products |

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Our PRC subsidiaries' significant suppliers for the fiscal year ended December 31, 2023 are listed in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Supplier** | **Purchase <br> Amount<br> (USD)** | **Percentage of Purchase<br> Amount for the Fiscal<br> Year Ended<br> December 31,<br> 2023** | **Items** |
| Shanghai Fengshuo Food Co., Ltd. | 951509 | 38% | Pork products |
| Shanghai Juchuan Food Co., Ltd. | 993445 | 42% | Pork products |
| Sichuan Xinnongcheng Trading Co., Ltd. | 404264 | 16% | Pork products |

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Although our PRC subsidiaries' purchases during the past two fiscal years have primarily been concentrated among six key suppliers, we believe that live hogs and other raw materials of equivalent quality are readily available in the market given the large number of local suppliers. As such, the loss of any individual supplier would not have a material adverse impact on our PRC subsidiaries' business or operations. We consider the current supply of raw materials for our PRC subsidiaries to be adequate to support ongoing production.

Our PRC subsidiaries are committed to maintaining a supply chain that aligns with their quality standards. They have built stable business relationships with independent suppliers to ensure a stable supply of quality hogs at market-indexed prices. Our PRC subsidiaries also enter into supply agreements with other meat processors for specific pork products, which include defined cutting requirements and quality specifications. While most of our PRC subsidiaries' suppliers are located in various cities throughout Fujian Province, they also source from suppliers in Guangdong Province. Some suppliers are obligated to deliver processed meat products directly to our PRC subsidiaries' facilities, while in other cases, our PRC subsidiaries arrange pickup at a designated port or the suppliers' location. Suppliers are responsible for any damages incurred during transportation.

We believe our PRC subsidiaries maintain strong and collaborative relationships with their suppliers. Through regular communication meetings and the sharing of market insights, our PRC subsidiaries promote transparency and foster trust.

**Competition** 

Our PRC subsidiaries mainly compete in the meatpacking industry, which requires:

● <u>Capacity of handling large demands</u>. Pork is a highly versatile protein, offering a wide variety of cuts and flavor profiles. Its usage spans multiple meal occasions throughout the day, providing strong daypart distribution—an advantage that distinguishes it from other meat proteins. The rapid growth of China's pork industry has been driven by robust economic development, ongoing urbanization, and rising disposable incomes. As the leading source of protein in the Chinese diet and a cornerstone of Chinese cuisine, pork also carries deep cultural significance. The high volume of consumption demands a strong production capacity to meet market needs.

● <u>Significant time and capital investment</u>. Establishing a robust and efficient system for the meatpacking industry requires substantial financial resources and time. This involves building a stable supply chain, developing product lines, recruiting and training personnel, ensuring compliance with regulatory standards, and fostering relationships with both upstream suppliers and downstream customers.

● <u>Ability to overcome regulatory barriers</u>. Compliance with various local, provincial, and national regulations governing meatpacking and real estate construction and development in the PRC can be time-consuming and costly. These regulations are subject to strict enforcement. For more information, see "—Regulations."

● <u>Effective Management</u>. Strong leadership and strategic decision-making are essential for aligning operations with market trends and achieving sustainable growth.

As of the date of this report, our PRC subsidiaries primarily operate and compete in Fujian Province, China. Their competitors include local and regional slaughterhouses, large-scale integrated meat packers, meat distributors, and importers and distributors of foreign meat. We believe the meatpacking industry is highly competitive, with key competitive factors including:

● <u>Price</u>. Customers that meat products can easily switch service providers due to low replacement costs, leading to intense price competition.

● <u>Service quality</u>. Cleanliness and hygiene are key factors influencing consumers' choice of meat product suppliers.

As our PRC subsidiaries provide rental services and supplemental services in connection with the Hongchang Food Industrial Park, they also compete with industrial real estate companies that develop and lease warehouse and manufacturing spaces in areas such as rental rates and lease flexibility, facility and kitchen amenities, location and logistics, and value-added services.

**Intellectual Property**

As of the date of this report, we have registered one domain name, *http://hcilcn.com/*. We do not have any other intellectual property rights in the U.S. and PRC or any pending intellectual property applications. We mainly rely on intellectual property laws to protect our intellectual property rights. There is no assurance to prevent the unauthorized access, use, copying, reverse engineering, infringement, misappropriation, or other violation of our intellectual property and other proprietary information. Additionally, our intellectual property rights may not be respected in the future or may be invalidated, circumvented, challenged, narrowed in scope, or rendered unenforceable. As of the date of this report, our intellectual property rights have not been subject to any adverse claims for infringement upon our intellectual property rights in the U.S. or the PRC, and we have not been involved in any litigation or other claims related to any third party's intellectual property rights in the U.S. or the PRC.

**Employees**

As of March 31, 2025, we had 63 full-time employees. The following table sets forth the number of our full-time employees as of March 31, 2025:

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| | |
|:---|:---|
| **Function:** | **Number** |
| Finance department | 3 |
| Administrative personnel department | 5 |
| Product department | 52 |
| Sales department | 2 |
| Senior executive | 1 |
| **Total** | 63 |

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Our PRC subsidiaries typically enter into standard employment contracts and non-disclosure agreements with their full-time employees. As required under China's regulations, our PRC subsidiaries participate in various employee social security plans that are organized by applicable local municipal and provincial governments, including housing, pension, medical, work-related injury, maternity, and unemployment benefit plans. However, our PRC subsidiaries did not contribute social security premium in full amount.

We believe that our PRC subsidiaries maintain a good working relationship with their employees, and they have not experienced material labor disputes in the past. None of our PRC subsidiaries' employees are represented by labor unions.

**Facilities**

***Office Premises***

 **

The Company's headquarters is located at Room 2409, Rongshang Building, Furen Avenue, Yangpu Village, Yinxi Subdistrict, Fuqing City, Fuzhou City, Fujian Province, China. The property is owned by Ms. Linmei Yan, who is the mother of Mr. Zengqiang Lin, the CEO and CFO of the Company. Our PRC subsidiaries have been using the property as office at no cost since July 2024.

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***Hongchang Food Industrial Park***

Our PRC subsidiaries have the right to use both the land covering 107,296 square meters and the factory buildings covering 47,104.25 square meters in Chengtou County from December 22, 2020 to December 21, 2070. Our PRC subsidiaries are constructing the Hongchang Food Industrial Park on the land, which construction is divided into two phases. Our PRC subsidiaries invested approximately US$25,661,255 in Phase I of the construction, which was completed in January 2025. During Phase I of the construction, our PRC subsidiaries completed the following facilities, totaling 47,104.25 square meters: Workshop No.1, Workshop B, Workshop C, Workshop E, Dormitory No. 18, Dormitory No. 19, Dormitory No. 20, and a pump room and firefighting water tank.

Our PRC subsidiaries are currently undertaking Phase II of the construction and have invested approximately US$50,937,575 as of the date of this report. Phase II of the construction is expected to be completed by 2026, with an additional planned investment of US$7,565,597. Upon completion of Phase II of the construction, we anticipate adding facilities totaling 30,956 square meters, including Workshop A, Workshop D, Workship F, Workshop No. 2, Storage Yard No. 1, Storage Yard No. 2, Dormitory No. 11, Factory No. 1, Factory No. 2, and a sewage treatment tank. As of the date of this report, Dormitory No. 11 and Workshop No. 2 have been completed. The three-story structure of Workshop F has been completed, with masonry work currently underway on the first floor. The pile foundations of Workshop A and Workshop D have been completed. The foundations for Factory No. 1 and Factory No. 2 have also been completed, and the installation of steel columns, steel beams, purlins, and steel roofing, and wall structures are currently in progress.

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***Processing Facility***

As of the date of this report, Pucheng Green Health Food holds land use rights for a parcel of land measuring 6,077 square meters located in Pucheng County, Nanping City, Fujian Province, on which Pucheng Green Health Food owns a processing facility of approximately 1,700 square meters . The facility includes one traditional, non-automated slaughter line; one workshop for the complete slaughtering process; one water tank for water storage and cleaning; two cold storage units for repaid freezing, acid removal, and meat storage; one office building for daily administrative operations; and one guard booth for site access control. The facility operates seven days a week. Hogs generally arrive between 8:00 a.m. to 7:00 p.m. The workshop typically operates from 1:00 a.m. to 3:00 a.m. to carry out hog slaughter, with a maximum processing capacity of 500 hogs per day. Administrative personnel typically work from 8:00 a.m. to 12:00 p.m. and from 2:30 p.m. to 6:00 p.m.

Pucheng Green Health Food is currently expanding the processing facility. See "—Growth Strategies—Enhance Meatpacking Capacity."

**Insurance**

Our PRC subsidiaries maintain certain insurance policies to safeguard against risks and unexpected events. For example, our PRC subsidiaries have purchased property all-risk insurance, machinery breakdown insurance, and rental property expense reimbursement loss insurance, with each insurance coverage category being subject to limitations as provided by the insurance policies. We believe current insurance coverage of our PRC subsidiaries is adequate for our PRC subsidiaries' business requirements and is consistent with customary industry practice. Our PRC subsidiaries renegotiate and renew our insurance contracts annually and do not anticipate any difficulty in renewing contracts they currently maintain on the same terms. During the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, our PRC subsidiaries did not make any material insurance claims in relation to their business.

**Seasonality**

Our PRC subsidiaries' business is subject to seasonal fluctuations. Consumer purchases of meat products in China usually peak around the Chinese New Year and other major holidays, leading to higher revenue for our PRC subsidiaries' meatpacking business. The operation of the Hongchang Food Industrial Park is not subject to seasonal fluctuations.

**Legal Proceedings**

From time to time, we may become a party to various legal or administrative proceedings arising in the ordinary course of our business, including actions with respect to product quality, breach of contract, and labor and employment claims. We are currently not a party to any material lawsuits, and we are not aware of any threats of lawsuits against us that are anticipated to have a major impact on our business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of resources, including the management's time and attention.

**Regulations**

The discussion below sets forth a summary of the principal laws, regulations, and rules relevant to our business and operations in mainland China.

***PRC Regulations Relating to Foreign Investment***

The establishment, operation, and management of companies in the PRC is governed by the PRC Company Law, or the "Company Law," as promulgated by the SCNPC on December 29, 1993, effective on July 1, 1994, and last amended on December 29, 2023 and became effective on July 1, 2024. The Company Law applies to both domestic companies and foreign-invested companies.

On March 15, 2019, the SCNPC approved the Foreign Investment Law of the PRC, or the "Foreign Investment Law." On December 26, 2019, the State Council promulgated the Regulations on Implementing the Foreign Investment Law of the PRC (the "Implementing Regulations of Foreign Investment Law"), which came into effect on January 1, 2020. On September 6, 2024, the NDRC and MOFCOM promulgated the Negative List, which became effective on November 1, 2024.

Pursuant to the Foreign Investment Law, the Implementing Regulations of Foreign Investment Law, and the Negative List, the PRC implements a system of pre-entry national treatment plus negative list management for foreign investment. The Negative List specifies the areas in which investment is restricted, and foreign investors must meet the conditions set out in the Negative List to invest in those areas; areas outside the Negative List are managed in accordance with the principle of consistency between domestic and foreign investment. The scope of our PRC subsidiaries' business, as approved by the licensing authority, and the actual scope of our business are not subject to the restrictions set forth in the Negative List.

On December 28, 2019, the SAMR issued Notice by the State Administration for Market Regulation of Effectively Completing the Registration of Foreign-Funded Enterprises for the Implementation of the Foreign Investment Law. According to such notice, the SAMR conducts business registration, and the applicant shall apply for the registration of foreign-funded enterprises through the enterprise registration system. The registration authority shall conduct formal examination on relevant application materials. Where a foreign investor or enterprise with foreign investment invests in a field other than those in the Negative List, it shall register in accordance with the principle of consistency of domestic and foreign investment.

The Measures for Reporting Foreign Investment Information was adopted by the MOFCOM on December 19, 2019, approved by the SAMR, and became effective on January 1, 2020. According to such measures, when a foreign investor directly or indirectly conducts investment activities in China, the foreign investor or foreign-invested enterprise shall submit investment information to the competent department of commerce in accordance with the measures.

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***PRC Regulations Relating to Food Production and Operation***

*Food Safety*

The Food Safety Law of the People's Republic of China, or the "Food Safety Law," was promulgated by the SCNPC on February 28, 2009, and amended on April 24, 2015, December 29, 2018, and April 29, 2021. The Food Safety Law is formulated for the purposes of ensuring food safety and safeguarding the physical health and life of members of the public. Persons engaging in food manufacturing and processing, circulation of food, and storage and transportation of food in the PRC shall comply with this law. Under the Food Safety Law, food manufacturers and food business operators shall be accountable for the safety of food consumers, comply with food safety standards, and satisfy the specific requirements.

The Food Safety Law establishes a licensing system for food manufacturing and food business operations, which means persons engaging in food manufacturing, foodstuff sale, and food and beverage services shall obtain a permit. According to the Implementation Regulations for the Food Safety Law, which was promulgated by the State Council of the PRC on July 20, 2009, and amended on February 6, 2016, a food production permit shall be valid for three years. The Implementation Regulations for the Food Safety Law were amended on October 11, 2019, which stipulates that a food production permit shall be valid for five years starting from December 1, 2019.

Pursuant to the Agricultural Product Quality Safety Law of the People's Republic of China, which was promulgated on December 26, 2018 by the SCNPC, agricultural products refer to primary products derived from agriculture, including plants, animals, microorganisms, and their by-products obtained through agricultural activities. The state promotes standardized production of agricultural products, encourages and supports the production of high-quality agricultural products, and prohibits the production and sale of agricultural products that fail to meet national quality and safety standards. Agricultural production enterprises shall maintain production records.

*Food Production Permit and Food Business Permit*

The Administrative Measures for Food Production Permitting, or the "Food Production Permitting Measures," were promulgated by the SAMR on January 2, 2020 and came into effect on March 1, 2020. Pursuant to the Food Production Permitting Measures, an enterprise shall obtain a food production permit prior to engaging in food production activities within the territory of the PRC. The principle of one permit per enterprise is applied to food production permitting, and the SAMR implements classified permitting on food production, according to the degree of risk of food. When applying for the food production permit, food manufacturers should have places for raw material handling, places for processing, packaging, and storage of food, and manufacturing equipment or facilities, compatible with the category and quantity of the food under production, and a reasonable equipment layout and production process, and other conditions required by laws and regulations. Our PRC subsidiaries have obtained food production permits that allow them to manufacture food products.

The Measures for the Administration of Food Trade Licensing and Registration, or the "Food Trade Licensing and Filing," were promulgated by SAMR on June 15, 2023 and became effective on December 1, 2023. According to the Food Trade Licensing and Filing, whoever plans to engage in food sales within the PRC shall obtain the food business permits in accordance with the law. However, the food business permits are not required under any of the following circumstances: (i) sale of edible agricultural products; (ii) sale of prepackaged food only; (iii) sale of specific total nutrition formula food in the formula food for special medical purposes by medical institutions and drug retailers; (iv) sale of food produced by a food producer that has obtained a food production permit at its production and processing place or through the Internet; and (v) any other circumstances where the food business permits are not required in accordance with the applicable laws and regulations. Besides the above circumstances, the food enterprise that operates other food business items shall obtain the food business permit in accordance with the PRC law. In addition, the food enterprise who sells prepackaged food shall only file with the relevant market regulatory department.

Pursuant to the Food Safety Law, the failure of entities to have the food business permit at the time of opening may result in the confiscation of their illegal income, foodstuffs from the illegal business operations, tools, equipment, and ingredients used in the illegal activities. Where the value of foodstuffs from the illegal operations is less than RMB10,000, a fine ranging from RMB50,000 to RMB100,000 shall be imposed; and where the value of foodstuffs is RMB10,000 or more, a fine ranging from 10 to 20 times the value of the foodstuffs shall be imposed.

As of the date of this report, our PRC subsidiaries have obtained food business permits that allow them to sell food products.

*Employee Health Examination System and Health Record System*

 ****

Under the Food Safety Law and the Implementation Regulations for the Food Safety Law, food manufacturers and food business operators are required to establish and implement an employee health examination system and a health record system. Persons suffering from diseases that may cause food safety issues as prescribed by the health administrative department of the State Council shall not engage in work in contact with ready-to-eat food. Personnel of food manufacturers and food business operators shall undergo annual health checks and may undertake duties only upon obtaining health certificates.

As the date of this report, our PRC subsidiaries have established an employee health examination system and a health record system, and their employees have obtained the health certificates as required. Their employee health examination system and health record system are updated once a year and no employee is allowed to work without first obtaining a health certificate, which is valid for a year.

*Procurement Check Record System and Food Inspection System* 

Under the Food Safety Law and the Implementation Regulations for the Food Safety Law, food manufacturers and food business operators shall examine the relevant licenses and eligibility certification documents of the suppliers when procuring food ingredients, food additives, food-related products, and food. If the relevant eligibility certification documents are unavailable, food ingredients, food additives, food-related products, and food shall be inspected in accordance with food safety standards and shall not be procured or used if they do not meet these standards. Food manufacturers and food business operators are required to establish a record system for inspection of procured food ingredients, food additives, food-related products, and food, and truthfully record the names, specifications, quantities, production date or batch number, shelf life and purchase date, names and contact information of suppliers of food ingredients, food additives, food-related products, and food, and retain the relevant certificates. The inspection records for procured food ingredients, food additives, food-related products, and food shall be true and be retained for at least six months after the expiration of the shelf life of the product. If there is no shelf life, the records and certificates shall be kept for at least two years. Food manufacturers are also required to establish a record system for the inspection of food exiting their factory, check its inspection certificate and safety status, and record the information truthfully.

As the date of this report, our PRC subsidiaries have established a record system and are currently in compliance with the relevant legal requirements.

*Food Recall System* 

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A food recall system has been established in the PRC in accordance with the Food Safety Law and the Implementation Regulations on the Food Safety Law. On March 11, 2015, China Food and Drug Administration (the "CFDA") promulgated the Administrative Measures for Food Recall, which came into effect on September 1, 2015 and was amended and promulgated by the SAMR on October 23, 2020. The Administrative Measures for Food Recall provide for detailed rules on the food recall system. A food business operator shall, upon discovering that the food in its business operations does not comply with the food safety standards, immediately cease business operation, notify the relevant food distributors and consumers, and record information of cessation of business operation and notification. The food business operators shall carry out innocuous treatment and destruction measures for recalled food to prevent the recalled food from being re-circulated to the market and report the information of recall and treatment of the food to the local Market Supervision and Management Department at or above the county level.

As of the date of this report, our PRC subsidiaries have not initiated any food recall voluntarily or as required by the competent mainland China authorities.

***PRC Regulations Relating to Hog Slaughter and Processing***

Pursuant to the Regulations on Administration of Hog Slaughter, which was promulgated on December 19, 1997, amended on May 25, 2008, January 8, 2011, February 6, 2016, and June 25, 2021, the state implements a system of designated hog slaughter and centralized quarantine, with the competent agricultural and rural department of the State Council being responsible for the national administration of the hog slaughter industry, while the competent agricultural and rural departments of local people's governments at or above the county level are responsible for supervising and managing hog slaughter activities within their respective administrative regions. Based on factors such as the scale, production and technical conditions, and quality and safety management status of designated hog slaughter sites, the state implements a hierarchical management system for such facilities. Designated hog slaughter sites shall be examined and approved by municipal-level people's governments with districts, which will organize the agricultural and rural, ecological environment departments and other relevant authorities to issue designated hog slaughter certificates and identification plates in accordance with the development plans for the hog slaughter industry.

Pursuant to the Regulation on Quality Management of Hog Slaughter, which was promulgated by the Ministry of Agriculture and Rural Affairs of the PRC (the "MARA") on September 12, 2023 and became effective on January 1, 2024, designated hog slaughter sites shall establish a comprehensive quality management system in accordance with regulatory requirements, including but not limited to the supplier evaluation, incoming inspection and registration, pre-slaughter resting period, meat quality inspection, product storage, outbound product record-keeping, product recall procedures, harmless disposal protocols, on-site monitoring, slaughter information reporting, and slaughter equipment management systems.

The Measures for the Examination of Animal Epidemic Prevention Requirements, which were promulgated by the MARA on September 7, 2022, stipulate that animal slaughter and processing facilities shall meet a series of statutory requirements, including but not limited to the appropriate site selection, installation of isolation facilities, employment of licensed veterinarians or animal epidemic prevention technicians proportionate to their production and operation scale, wastewater and waste disposal facilities, cleaning and disinfection equipment, as well as the establishment of comprehensive epidemic prevention systems encompassing isolation and disinfection protocols, purchase and sales record-keeping, and routine inspection mechanisms.

Pursuant to the Animal Epidemic Prevention Law of the People's Republic of China, which was promulgated on July 3, 1997 by SCNPC, and amended on August 30, 2007, June 29, 2013, April 24, 2015, and January 22, 2021, entities engaged in animal breeding, slaughter, trading, isolation, transportation, as well as production, trading, processing, and storage of animal products shall implement animal epidemic prevention measures including immunization, disinfection, testing, isolation, purification, eradication, and harmless disposal, and shall bear corresponding responsibilities for animal epidemic prevention. Prior to the slaughter, sale, or transport of animals, or the sale or transport of animal products, the owner shall apply for quarantine inspection with the local animal health supervision authorities in accordance with the regulations of the MARA. For those animals, or the animal products passing the inspection, quarantine certificates shall be issued and quarantine marks affixed.

***PRC Regulations Relating to Product Quality and Product Liabilities***

*Product Quality Law*

Manufacturers and sellers of defective products in the PRC may incur liability for losses and injuries caused by such products. In accordance with the Product Quality Law of the PRC, or the "Product Quality Law," promulgated on February 22, 1993, and amended on July 8, 2000, August 27, 2009, and December 29, 2018, manufacturers and sellers are responsible for the product quality.

Under the Product Quality Law, manufacturers and sellers shall establish a sound internal product quality control system. Adulteration of, or mixing of improper elements with products produced or sold, selling fake products as genuine products, or selling products of poor quality as high-quality products is prohibited. Substandard products shall not be sold as products that are up to standard. Product shall have no unreasonable danger to personal safety or the safety of property. Where there are national or industry standards for the protection of health, personal safety, and the safety of property, such standards shall be complied with. Manufacturers shall not produce products that the state has determined should be eliminated. Manufacturers shall not falsify the place of origin of products or falsify or imitate the name or address of another factory. Sellers shall adopt measures to maintain the quality of products sold. Sellers shall not sell any products that the State has determined should be eliminated and whose sale has ceased, or any expired products or deteriorated products.

Where anyone produces or sells products that do not comply with the relevant national or industrial standards safeguarding the health and safety of persons and property, the relevant authority will order such person to suspend production and/or sales, confiscate the products, impose a fine of an amount higher than the value of the products and less than three times of the value of the products, confiscate illegal gains (if any) as well as revoke the business license of the producer in severe cases. Where the activities constitute a crime, the offender will be prosecuted in accordance with the Criminal Law of the PRC.

The Consumer Protection Law of the PRC, which was promulgated on October 31, 1993, and amended on October 25, 2013, and came into effect on March 15, 2014, has provided protection for customers regarding food safety. Food business operators shall ensure the requisite quality, function, use, and shelf life of their goods under normal use, except where a consumer is aware of a defect before purchasing the goods, and the defect does not violate the mandatory provisions of the law. Food business operators demonstrating the quality of their goods or services through advertisements, product demonstrations, actual samples, or any other methods shall ensure that the actual quality of their goods is consistent with the demonstrated quality.

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*Product Liabilities*

Civil Code of the People's Republic of China (the "PRC Civil Code"), which was promulgated by the SCNPC on May 28, 2020 and became effective on January 1, 2021, provides that where a product endangers life or property due to its defect, the manufacturers and the distributors shall bear the tort liability.

Under the PRC Civil Code, in the event of product defects that have caused damage to others, the manufacturer shall bear tort liability and the infringed person may claim compensation against the manufacturer or the seller of the product. In such event if the defect is caused by the manufacturer, the seller who has paid compensation has the right to indemnification against the manufacturer; if the defect is caused by the fault of the seller, the manufacturer who has paid compensation has the right to indemnification against the seller. If a defect of a product endangers the personal or property safety of another person, the infringed person has the right to request the manufacturer or seller to bear tort liability, such as in form of cessation of the infringement, removal of the nuisance, or elimination of the danger. Where a defect of a product is discovered after the product is put into circulation, the manufacturer or seller shall take remedial measures, such as stopping sales, providing warnings, or recalling the product, in a timely manner. The manufacturer or seller, who fails to take remedial measures in a timely manner or takes ineffective measures so that the damage is aggravated, shall be liable also for the aggravated part of the damage. The manufacturer or seller shall bear the necessary expenses incurred by the infringed person for recalling such defective products. If a manufacturer or seller manufactures or sells a product knowing that the product is defective, or fails to take remedial measures accordingly, so that death or serious physical harm is caused to another person, the infringed person has the right to request for the corresponding punitive damages.

***PRC Regulations Relating to Intellectual Property Rights***

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*Trademarks*

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Trademarks are protected by the Trademark Law of the PRC adopted on August 23, 1982, and subsequently amended on February 22, 1993, October 27, 2001, August 30, 2013, and April 23, 2019, as well as the Implementation Regulation of Trademark Law of the PRC adopted by the State Council on August 3, 2002, and amended on April 29, 2014. The PRC Trademark Office under the SAMR handles trademark registrations and grants a term of 10 years to registered trademarks and another 10 years if requested upon expiration of the first or any renewed 10-year term. Trademark license agreements must be filed with the PRC Trademark Office for record. The Trademark Law of the PRC has adopted a "first-to-file" principle with respect to trademark registration. Where a trademark to be registered is identical or similar to another trademark which has already been registered or been subject to a preliminary examination and approval for use on the same kind of or similar goods or services, the application for registration of such trademark may be rejected. Any person applying for the registration of a trademark may not prejudice the existing right first obtained by others, nor may any person register in advance a trademark that has already been used by another party and has already gained a "sufficient degree of reputation" through such party's use. After receiving an application, the PRC Trademark Office will make a public announcement if the relevant trademark passes the preliminary examination. During the three months after this public announcement, any person entitled to prior rights and any interested party may file an objection against the trademark. The PRC Trademark Office's decisions on rejection, objection, or cancellation of an application may be appealed to the PRC Trademark Review and Adjudication Board, whose decision may be further appealed through judicial proceedings. If no objection is filed within three months after the public announcement or if the objection has been overruled, the PRC Trademark Office will approve the registration and issue a registration certificate, at which point the trademark is deemed to be registered and will be effective for a renewable 10-year period, unless otherwise revoked. For licensed use of a registered trademark, the licensor shall file record of the licensing with the PRC Trademark Office, and the licensing shall be published by the PRC Trademark Office. Failure of the licensing of a registered trademark shall not be contested against a good faith third party.

As of the date of this report, our PRC subsidiaries have not registered any trademarks.

*Domain Name*

 

In accordance with the Measures for the Administration of Internet Domain Names, which were promulgated by the Ministry of Industry and Information Technology (the "MIIT") on August 24, 2017 and came into effect on November 1, 2017, and the Implementation Rules for National Top-level Domain Name Registration, which were promulgated by China Internet Network Information Center (the "CNNIC") on June 18, 2019 and came into effect on the same day, domain name registrations are handled through domain name service agencies established under relevant regulations, and an applicant becomes a domain name holder upon successful registration, and domain name disputes shall be submitted to an organization authorized by CNNIC for resolution.

In accordance with the Notice from the Ministry of Industry and Information Technology on Regulating the Use of Domain Names in Internet Information Services, which was promulgated by the MIIT on November 27, 2017 and came into effect on January 1, 2018, Internet access service providers shall verify the identity of each Internet information service provider, and shall not provide services to any Internet information service provider which fails to provide real identity information.

As of the date of this report, our PRC subsidiaries have registered one domain name, *http://hcilcn.com/*.

***PRC Regulations Relating to Land Use Right***

According to the Land Administration Law of the PRC (the "Land Administration Law"), as promulgated by the SCNPC on June 25, 1986 and most recently amended on August 26, 2019, the land can be classified by use into agricultural land, construction land, and unused land. The construction land can be further classified into state-owned and collectively managed construction land, and land users may obtain the land use right of the construction land according to the Land Administration Law. The registration of ownership and use rights of land shall be carried out in accordance with the laws and administrative regulations on the registration of immovable property. The planning period of the general land use plan shall be prescribed by the State Council. General land use plans are subject to a hierarchy of approvals. Amendments to the approved general land use plan shall be approved by the original approving authority. Without such approval, the uses of land determined in the general land use plan shall not be modified. The State has established a land survey system, a land statistics system, and a national land management information system to dynamically monitor land utilization.

The State Council promulgated the Regulation on the Implementation of the Land Administration Law of the PRC (the Implementation Land Administration Law) on January 4, 1991, which was most recently amended on July 2, 2021. Pursuant to the Land Administration Law, Implementation Land Administration Law, and the Civil Code, construction entities using state-owned land shall obtain the land through paid use, except where laws or administrative regulations permit allocation, which means entities acquiring state-owned land-use rights must pay land conveyance fees before using. When establishing the right to use land for construction purposes, an application for registration shall be submitted to the registration authority. The right to use land for construction purposes is established upon registration. The registration authority shall issue a property ownership certificate to the holder of such right. Construction entities using state-owned land shall utilize the land in accordance with the stipulations of paid-use contracts or the provisions specified in the land-use right allocation approval documents. In addition, if the state requests the possession of construction land for public interest during the term of the relevant land use rights, compensation shall be paid to the owners of residential properties and other real estate on the land, and the relevant land premium shall be refunded by the State.

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***PRC Regulations Relating to Construction Project***

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According to the Urban and Rural Planning Law of the PRC, as promulgated by the SCNPC on October 28, 2007 and most recently amended on April 23, 2019, a construction work planning permit must be obtained from the competent urban and rural planning government authority for the construction of any structure, fixture, road, pipeline or other engineering projects within an urban or rural planning area. After obtaining a construction work planning permit, subject to certain exceptions, a construction enterprise must apply for a construction work commencement permit from the construction authority under the local people's government at the county level or above in accordance with the Construction Law of the PRC promulgated by the SCNPC on November 1, 1997 and most recently amended on April 23, 2019 and the Measures for the Administration of Construction Permits for Construction Projects promulgated by the former Ministry of Construction on October 15, 1999 and most recently amended on March 30, 2021 by the Ministry of Housing and Urban-Rural Development (the "MOHURD").

According to the Rules on the Administration of Construction Quality, which was promulgated by the State Council on January 30, 2000 and most recently amended on April 23, 2019, and the Administrative Measures for Filing of the Inspection and Acceptance on Construction Completion of Buildings and Municipal Infrastructures, which was promulgated by the former Ministry of Construction on April 4, 2000 and most recently amended on October 19, 2009 by MOHURD, upon the completion of a construction project and before it is delivered for use, the construction enterprise shall organize the design, construction, and project supervision entities, as well as other relevant entities, to conduct an acceptance inspection. They must then submit the acceptance inspection report, along with the approval and licensed use documents issued by the departments of planning, public security, fire prevention, environmental protection, and so on, to the construction administrative department or other relevant departments for record-filing.

***PRC Regulations Relating to Real Estate Registration***

According to the Civil Code of the PRC, which became effective on January 1, 2021, establishment, modification, assignment, and extinguishment of real rights to immovables shall be effective upon registration pursuant to law; unless the law stipulates otherwise, such establishment, modification, assignment, and extinguishment shall be ineffective without registration. The owner has the right to possess, use, benefit, and dispose of his/her movable and immovable properties.

The Interim Regulations on Real Estate Registration, promulgated by the State Council on November 24, 2014 and became effective on March 1, 2015 and amended on March 24, 2019 and March 10, 2024, and became effective on May 1, 2024, and the Implementing Rules of the Interim Regulations on Real Estate Registration promulgated by the Ministry of Land and Resources on January 1, 2016 and amended on July 16, 2019 and May 21, 2024, provide that, among other things, the state implements a uniform real estate registration system and the registration of real estate shall be strictly managed and shall be carried out in a stable and continuous manner that provides convenience for the people. The real estate registration authority of the county-level people's government at the location of the property is the responsible entity for conducting real estate registration. Upon completion of the registration, a real estate ownership certificate shall be issued to the applicant.

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***PRC Regulations Relating to Environmental Protection***

 

*Environmental Protection*

Pursuant to the Environmental Protection Law of the PRC (the "Environmental Protection Law"), promulgated by the SCNPC on December 26, 1989 and amended on April 24, 2014, the Environmental Impact Assessment Law of the PRC, promulgated by the SCNPC on October 28, 2002 and amended on July 2, 2016 and December 29, 2018, the Administrative Regulations on the Environmental Protection of Construction Project, promulgated by the State Council on November 29, 1998 and amended on July 16, 2017, and other applicable environmental laws and regulations, an enterprise with a project construction plan shall submit an environmental impact assessment report, stating the environmental impacts the project is likely to have, to the environmental protection administrative authority for approval. Such enterprise shall engage qualified institutions to issue the environmental impact assessment reports.

According to the Prevention and Control of Water Pollution Law of the PRC, promulgated by the SCNPC on May 11, 1984, last amended on June 27, 2017, and effective on January 1, 2018, the Prevention and Control of Atmospheric Pollution Law of the PRC, promulgated by the SCNPC on September 5, 1987, and last amended and effective on October 26, 2018, the Prevention and Control of Pollution from Environmental Noise Law of the PRC, promulgated by the SCNPC on October 29, 1996, and amended and effective on December 29, 2018, substituted by the Law of the People's Republic of China on Noise Pollution Prevention and Control, which was promulgated on December 24, 2021 and became effective on June 5, 2022, and the Prevention and Control of Environmental Pollution of Solid Waste Law of the PRC, promulgated by the SCNPC on October 30, 1995, last amended on April 29, 2020, and effective on September 1, 2020, all the enterprises that may cause environmental pollution in the course of their business operations shall implement preventive and curative environmental protection measures in their plants and establish a reliable environmental protection system.

Pursuant to the Environmental Protection Law, any entity which discharges or will discharge pollutants during the course of operations or other activities must implement effective environmental protection safeguards and procedures to control and properly treat waste gas, wastewater, waste residue, dust, malodorous gases, radioactive substances, noise, vibrations, electromagnetic radiation, and other hazards produced during such activities. The Environmental Protection Law makes it clear that the legal liabilities of any violation of said law include warning, fine, rectification within a time limit, compulsory cease operation, compulsory reinstallation of dismantled installations of the prevention and control of pollution or compulsory reinstallation of those left idle, compulsory shutout or closedown, or even criminal punishment. Any person or entity that pollutes the environment resulting in damage could also be held liable under the PRC Civil Code. In addition, environmental organizations may also bring lawsuits against any entity that discharges pollutants detrimental to the public welfare.

*Pollutant Discharge Permit*

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Pursuant to the Regulations on the Administration of Pollutant Discharge Permits, adopted by the State Council on December 9, 2020 and effective on March 1, 2021, pollutant discharging entities are subject to the classified management of pollutant discharge permits based on the factors such as the amount of pollutants produced and discharged, extent of impact on the environment. According to the relevant regulations of the "the List of Classification Management of Emission Permit for Fixed Source of Pollution (2019 Edition)," key management, simplified management, and registration management of pollutant discharge permit has been implemented. For pollutant discharging entities that produce and discharge a relatively small number of pollutants or have a relatively little impact on the environment, the simplified management of pollutant discharge permits shall be implemented. Further, under the Measures for Pollutant Discharge Permitting Administration, promulgated by the Ministry of Ecology and Environment on April 1, 2024 and effective on July 1, 2024, a pollutant discharging entity shall hold a pollutant discharge permit as legally required and discharge the pollutant as provided in the pollutant discharge permit. Without a required pollutant discharge permit, no pollutant may be discharged. Pursuant to the Regulations on the Administration of Pollutant Discharge Permits, entities that discharge pollutants without obtaining a discharge permit or exceed permitted emission limits shall be ordered by the competent ecology and environment authorities to rectify within a time limit, restrict production, or suspend operations for rectifications. A fine of between RMB200,000 and RMB1,000,000 shall be imposed. Under serious circumstances, upon approval by the people's government with the relevant authority, the violating entity shall be ordered to suspend operation and close.

As the date of this report, our PRC subsidiaries have obtained the pollutant discharge permits for operation. None of our PRC subsidiaries have received any notifications of noncompliance of any environmental regulations from relevant governmental authorities in mainland China.

*EIA Relating to Construction Project*

Pursuant to the PRC Law on Environment Impact Assessment, promulgated on October 28, 2002 and most recently amended in December 29, 2018, and the Administrative Regulations on the Environmental Protection of Construction Projects, promulgated in November 29, 1998 with the latest amendment on July 16, 2017, and effective on October 1, 2017, the state implements an environmental impact assessment (the "EIA") system for construction projects. Based on the degree of environmental impact, construction projects are subject to classified management. For projects that may cause significant environmental impact, an Environmental Impact Report must be prepared, providing a comprehensive and detailed assessment of pollution and environmental effects. For projects that may cause minor environmental impact, an Environmental Impact Statement must be prepared, analyzing or conducting specialized evaluations on pollution and environmental effects. For projects with minimal environmental impact that do not require an EIA, an Environmental Impact Registration Form must be submitted. Moreover, after the completion of a construction project, the constructing entity is required to obtain a completion acceptance on environmental protection for the project. Failure to comply with the above-mentioned regulations may subject an enterprise to fines, suspension of the construction, and other administrative liabilities and even criminal liabilities under severe circumstances.

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***Regulations Relating to Fire Protection***

Pursuant to the PRC Fire Protection Law, which was promulgated by the SCNPC on April 29, 1998 and most recently amended on April 29, 2021, and Interim Provisions on the Administration of Fire Protection Design Review and Final Inspection of Construction Projects, promulgated by the MOHURD on April 1, 2020 and most recently amended on August 21, 2023, and effective on October 30, 2023, the MOHURD and its local counterparts at or above county level shall monitor and administer the fire protection affairs. The fire protection design and construction of construction projects must comply with the national technical standards for fire protection in construction projects. For special construction projects, a fire protection design review system shall be implemented, while for other types of construction projects, a fire protection acceptance filing and inspection system shall be implemented.

***Regulations Relating to Mergers & Acquisitions and Overseas Listings***

The M&A Rules were jointly promulgated by the MOFCOM, the State-Owned Assets Supervision and Administration Commission of the State Council, the State Administration for Industry and Commerce, the CSRC, and the SAT on August 8, 2006 and was amended by MOFCOM on June 22, 2009. The M&A Rules provides that a foreign investor is required to obtain necessary approvals when it: (1) acquires equity interests in a domestic enterprise or subscribes to additional shares in a domestic enterprise; (2) purchases the assets of a domestic enterprise through establishment of a foreign-invested enterprise; or (3) establishes a foreign-invested enterprise through which it purchases the assets of a domestic enterprise and operates these assets. In particular, any PRC company, enterprise, or individual is required to obtain approval from the MOFCOM and comply with applicable laws and regulations if it establishes an offshore company and attempts to acquire a domestic enterprise related to such offshore company.

Pursuant to the Manual of Guidance on Administration for Foreign Investment Access, which was issued by MOFCOM and became effective on December 18, 2008, notwithstanding the fact that (i) the domestic shareholder is connected with the foreign investor or not, or (ii) the foreign investor is the existing shareholder or the new investor, the M&A Rules shall not apply to the transfer of an equity interest in an incorporated foreign-invested enterprise from the domestic shareholder to the foreign investor.

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. The Opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. The Opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection.

On February 17, 2023, the CSRC promulgated the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three business days following its submission of initial public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.

The Trial Measures establish a list outlining the circumstances where a mainland China enterprise is prohibited from offering and listing securities overseas, and the CSRC has the authority to block offshore listings, including that: (i) are explicitly prohibited by laws; (ii) may endanger national security as determined by relevant competent departments under the State Council; (iii) involve criminal offenses that disrupting China's economy such as corruption, bribery, embezzlement, or misappropriation of property by the issuer, the controlling shareholder, and/or actual controller in the recent three years; (iv) involve the issuer under investigations for suspicion of criminal offenses or major violations of laws and regulations; or (v) involve material ownership disputes over the shares held by the controlling shareholder or by other shareholders that are controlled by the controlling shareholder and/or actual controller. An issuer seeking direct or indirect overseas listing is also required to undergo national security review or obtain clearance from relevant authorities, if necessary, before making any application with overseas regulator or listing venue. Where an overseas securities regulator investigates and collects evidence relating to the overseas offering and listing of a mainland China enterprise and related activities and requests the CSRC for cooperation in accordance with the cross-border supervision and management cooperation mechanism, the CSRC may provide necessary assistance according to law and based on the principle of reciprocity. Our application for listing on Nasdaq does not fall under the circumstance that such overseas listing is prohibited by the Trial Measures, nor do we need to undertake the review such as security review or clearance approval from relevant authorities.

On February 24, 2023, the CSRC, together with the MOFCOM, National Administration of State Secrets Protection and National Archives Administration of China, revised the Provisions issued by the CSRC and National Administration of State Secrets Protection and National Archives Administration of China in 2009. The revised Provisions came into effect on March 31, 2023, together with the Trial Measures. 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 Trial Measures. 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 subsidiaries to comply with the above confidentiality and archives administration requirements under the revised Provisions and other mainland China 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.

***PRC Regulations Relating to Employment and Social Welfare***

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*Labor Law of the PRC*

The Labor Law of the PRC, or the "Labor Law," was promulgated on July 5, 1994, and most recently amended on December 29, 2018. The Labor Law stipulates the provisions on the establishment and annulment of employment relationship, essential contents of employment contracts, working hours, remuneration, labor safety and hygiene, social insurance and other welfare, and liabilities for violating the Labor Law. The Labor Contract Law, which was implemented on January 1, 2008, and amended on December 28, 2012, is primarily aimed at regulating the rights and obligations of employers and employees, including the establishment, performance, and termination of labor contracts. Pursuant to the Labor Contract Law, labor contracts shall be in writing if labor relationships are to be or have been established between employers and the employees. Employers are prohibited from forcing employees to work above certain time limit and employers shall pay employees for overtime work in accordance with national regulations. In addition, employee wages shall be no lower than local standards on minimum wages and shall be paid to employees timely.

*Social Insurance and Housing Fund*

Pursuant to the Interim Regulations on Levying Social Insurance Premiums promulgated on January 22, 1999 and revised on March 24, 2019, Decisions of the State Council on Modifying the Basic Endowment Insurance System for Enterprise Employees promulgated on December 3, 2005, Decision on Establishment of Basic Medical System for Urban Employee issued by State Council with effect from December 14, 1998, the Regulations on Unemployment Insurance effective from January 22, 1999, Regulations on Work-Related Injury Insurance promulgated on April 27, 2003 with effect from January 1, 2004, and as amended on December 20, 2010, and the Interim Measures concerning the Maternity Insurance for Enterprise Employees promulgated on December 14, 1994 with effect from January 1, 1995, employers are required to register with the competent social insurance authorities and provide their employees with welfare schemes covering pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, and medical insurance.

Pursuant to the Social Insurance Law of the PRC, which became effective on July 1, 2011, with the last amendment on December 29, 2018, all employees are required to participate in basic pension insurance, basic medical insurance schemes, and unemployment insurance, which must be contributed by both the employers and the employees. All employees are required to participate in work-related injury insurance and maternity insurance schemes, which must be contributed by the employers. Employers are required to complete registrations with local social insurance authorities. Moreover, employers must timely make all social insurance contributions. Except for mandatory exceptions such as force majeure, social insurance premiums may not be paid late, reduced, or exempted. Where an employer fails to make social insurance contributions in full and on time, the social insurance contribution collection agencies shall order it to make all or outstanding contributions within a specified period and impose a late payment fee at the rate of 0.05% per day from the date on which the contribution becomes due. If such employer fails to make the overdue contributions within such time limit, the relevant administrative department may impose a fine equivalent to 1-3 times the overdue amount.

Pursuant to the Administrative Regulations on the Housing Provident Fund effective from April 3, 1999, amended on March 24, 2002 and March 24, 2019, enterprises are required to register with the competent administrative centers of housing provident fund and open bank accounts for housing provident funds for their employees. Employers are also required to timely pay all housing fund contributions for their employees. Where an employer fails to submit and deposit registration of housing provident fund or fails to go through the formalities of opening housing provident fund accounts for its employees, the housing provident fund management center shall order it to go through the formalities within a prescribed time limit. Failing to do so at the expiration of the time limit will subject the employer to a fine of not less than RMB10,000 and up to RMB50,000. When an employer fails to pay housing provident fund due in full and on time, housing provident fund center is entitled to order it to rectify, failing to do so would result in enforcement exerted by the court.

As of the date of this report, our PRC subsidiaries have not made adequate social insurance or housing fund for employees based on the actual wages, which may entail legal risks of being ordered to supplement contributions within a specified period, or being imposed a fine or late payment fee by social insurance competent authorities or Housing Fund Management Center. As of the date of this report, our PRC subsidiaries have not received any notice of ordering contribution supplementation or been imposed a fine or late payment fee by any social insurance competent authorities or Housing Fund Management Center.

***PRC Regulations Relating to Foreign Exchange***

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*General Administration of Foreign Exchange*

According to the Foreign Exchange Control Regulations of the PRC, which were promulgated by the State Council on January 29, 1996, came into effect on April 1, 1996, and were amended on January 14, 1997, and August 1, 2008 (which amendment came into effect on August 5, 2008), payments for transactions that take place within the PRC must be made in Renminbi. PRC companies or individuals may repatriate foreign exchange receipts received overseas or deposit overseas. Renminbi is freely convertible for current account items, including the distribution of dividends, interest payments, trade and service-related foreign exchange transactions, but not for capital account items, such as direct investments, loans, repatriation of investments and investments in securities outside of the PRC, unless prior approval is obtained from the SAFE and prior registration with SAFE is made. Foreign exchange proceeds under the current accounts may be either retained or sold to a financial institution engaged in settlement and sale of foreign exchange. For foreign exchange proceeds under the capital accounts, approval from SAFE is generally required for the retention or sale of such proceeds to a financial institution engaged in settlement and sale of foreign exchange.

*Foreign Investment* 

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According to Provisions on Foreign Exchange Control on Direct Investments in China by Foreign Investors, which were promulgated on May 10, 2013 and amended on October 10, 2018 by SAFE, upon establishment of a foreign investment enterprise pursuant to the law, registration formalities shall be completed with SAFE. In the event of subsequent changes in the capital of the foreign investment enterprise such as increase in capital, capital reduction, and equity transfer, registration change formalities shall be completed with SAFE.

Pursuant to the Circular of SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment, or the "SAFE Circular 59," promulgated by SAFE on November 19, 2012 and further amended on May 4, 2015, October 10, 2018, and December 30, 2019, approval is not required for opening a foreign exchange account and depositing foreign exchange into the account relating to the direct investments. SAFE Circular 59 also simplified foreign exchange-related registration required for the foreign investors to acquire the equity interests of Chinese companies and further improve the administration on foreign exchange settlement for foreign investment enterprises.

SAFE Circular 19, which was promulgated by SAFE on March 30, 2015, and became effective on June 1, 2015, and was further amended on December 30, 2019 and March 23, 2023, provides that a foreign investment enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital account for which the relevant foreign exchange administration has confirmed monetary capital contribution rights and interests (or for which the bank has registered the injection of the monetary capital contribution into the account). Pursuant to the SAFE Circular 19, for the time being, foreign investment enterprises are allowed to settle 100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and open a corresponding account for foreign exchange settlement pending payment with the foreign exchange administration or the bank at the place where it is registered.

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*Overseas Investment and Financing and Round-Trip Investment*

Under SAFE Circular 37, issued by SAFE and effective on July 4, 2014, PRC residents are required to register with the local SAFE branch prior to the establishment or control of an offshore Special Purpose Vehicle, which is defined as offshore enterprises directly established or indirectly controlled by PRC residents for offshore equity financing of the enterprise assets or interests they hold in the PRC. An amendment to registration or subsequent filing with the local SAFE branch by such PRC resident is also required if there is any change in basic information of the offshore company or any material change with respect to the capital of the offshore company. At the same time, SAFE has issued the Operation Guidance for the Issues Concerning Foreign Exchange Administration over Round-trip Investment regarding the procedures for SAFE registration under SAFE Circular 37, which became effective on July 4, 2014, as an attachment of SAFE Circular 37, and provided operational guidance in detail on how to complete the required registration under SAFE Circular 37. Pursuant to SAFE Circular 13, which was promulgated by SAFE and effective from June 1, 2015, the administrative approvals of foreign exchange registration of direct domestic investment and direct overseas investment are canceled and the procedure of foreign exchange-related registration are simplified. The investors shall register with banks for direct domestic investment and direct overseas investment.

*Dividend Distribution* 

Under the Company Law, the Foreign Investment Law, and Implementation Regulations of Foreign Investment Law, wholly foreign-owned enterprises in the PRC may pay dividends only out of their accumulated after-tax profits, if any, determined in accordance with China accounting standards and regulations. According to the Foreign Investment Law and Implementation Regulations of Foreign Investment Law, foreign investors' investment, profits, capital gains, assets disposal income, intellectual property license fees, compensation or indemnification obtained according to law, and income from liquidation, among other things, may be freely remitted in or out of China in RMB or foreign currency. In addition, under the Company Law, wholly foreign-owned enterprises in the PRC are required to allocate at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until these reserves have reached 50% of the registered capital of the enterprises. Wholly foreign-owned enterprises may, at their discretion, allocate a portion of their after-tax profits based on China accounting standards to staff welfare and bonus funds. These reserves are not distributable as cash dividends.

***PRC Regulations Relating to Taxation***

*Enterprise Income Tax*

According to the EIT Law, promulgated by the SCNPC on March 16, 2007, effective on January 1, 2008, and last amended on December 29, 2018, and the Implementation Regulations for the Enterprise Income Tax Law of the PRC promulgated by the State Council on December 6, 2007 and last amended in December 2024 and came into effect on January 20, 2025, with a few exceptions, the income tax rate is 25% for both domestic enterprises and foreign-invested enterprises. Enterprise taxpayers are classified as either resident enterprises or non-resident enterprises. Resident enterprises are defined as enterprises that are established in the PRC in accordance with PRC laws, or that are established in accordance with the laws of foreign countries, but their actual or de facto management bodies are located in China. Non-resident enterprises are defined as entities established under foreign laws whose de facto management bodies are not within the PRC, but which have an establishment or place of business in the PRC, or which do not have an establishment or place of business in the PRC but have income sourced within the PRC. An income tax rate of 10% will normally be applicable to dividends declared to non-PRC resident enterprise investors that do not have an establishment or place of business in the PRC, or that have such establishment or place of business, but the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends are derived from sources within the PRC.

Pursuant to the EIT Law, income derived by enterprises from agricultural, forestry, animal husbandry, and fishery projects may be exempted or reduced from enterprise income tax. The MOFCOM and SAT issued the Notice of the Ministry of Finance and State Administration of Taxation on Announcing the Scope of Primary Processing of Agricultural Products Covered by Preferential Policies on Enterprise Income Tax (for Trial Implementation), or the MOFCOM Notice 149, which further clarifies the range of enterprises eligible for tax benefits, including primary processing of meat. Additionally, The SAT promulgated the Announcement on Issues concerning the Implementation of Enterprise Income Tax Preferences for Agricultural, Forestry, Husbandry and Fishery Projects, or the SAT Announcement 48, on September 13, 2011, further specifies that from January 1, 2011, processing fees collected by enterprises for providing primary processing services on agricultural products including Crop cultivation (grain, forestry products, horticultural plants, oil crops, sugar crops, tea, medicinal plants, fiber crops, tropical and South Asian subtropical crops); animal husbandry (livestock farming, fodder, forage grasses); and fishery (aquatic animals and plants), meeting the criteria in MOFCOM Notice 149 under entrusted contracts may be treated as tax-exempt items under the primary processing of agricultural products.

*VAT*

Pursuant to the Provisional Regulations on Value-added Tax of the PRC, or the "VAT Regulations," which were promulgated by the State Council on December 13, 1993, took effect on January 1, 1994, and were amended on November 10, 2008, February 6, 2016, and November 19, 2017, and the Rules for the Implementation of the Provisional Regulations on Value-added Tax of the PRC, which were promulgated by the MOFCOM on December 25, 1993, and were amended on December 15, 2008 and October 28, 2011, entities and individuals that sell goods or labor services of processing, repair or replacement, sell services, intangible assets, or immovables, or import goods within the territory of the People's Republic of China are taxpayers of value-added tax. The VAT rate is 17% for taxpayers selling goods, labor services, or tangible movable property leasing services or importing goods, except otherwise specified; 11% for taxpayers selling transport services, postal services, basic telecommunications services, construction services, or real property leasing services, selling real property, transferring the land use right, or selling or importing the goods within specified scope listed, except otherwise specified; 6% for taxpayers selling services or intangible assets and not falling within the scope as specified in other items; and 3% for small-scale taxpayers, unless otherwise stipulated by the State Council.

According to the Notice on the Adjustment to the Value-added Tax Rates issued by the SAT and the MOFCOM on April 4, 2018, where taxpayers make VAT taxable sales or import goods, the applicable tax rates were adjusted from 17% to 16% and from 11% to 10%, respectively. Subsequently, the Notice on Policies for Deepening Reform of Value-added Tax was issued by SAT, the MOFCOM, and the General Administration of Customs on March 20, 2019, and took effective on April 1, 2019, which further adjusted the applicable tax rates for taxpayers making VAT taxable sales or import goods. The applicable tax rates were adjusted from 16% to 13% and from 10% to 9%, respectively.

The Value-Added Tax Law of the People's Republic of China (the "Value-Added Tax Law"), which was promulgated by the SCNPC on December 25, 2024 and will take effect on January 1, 2026, will replace the applicable VAT Regulations. Pursuant to the Value-Added Tax Law, the applicable VAT rate for taxpayers selling goods, providing processing, repair, and replacement services, leasing tangible movable property, or importing goods shall be 13%, the applicable VAT rate for taxpayers providing transportation, postal, basic telecommunications, construction, or immovable property leasing services, selling immovable property, transferring land use rights, or selling/importing agricultural products shall be 9%.

Pursuant to the Notice of the Ministry of Finance and the State Administration of Taxation on the Value-added Tax Exemption Policies for Certain Fresh Meat and Egg Products in Circulation, which promulgated by the MOFCOM and SAT on September 27, 2012, and came effect on October 1, 2012, VAT on distribution activities shall be exempted for taxpayers engaged in the wholesale or retail of agricultural products, including the sale of live and fresh meat and egg products such as pork, beef, lamb, chicken, duck, goose, whether whole, cut, fresh, chilled, or frozen.

*Additional Taxes*

 

Before September 1, 2021, the Provisional Regulations of the People's Republic of China on Urban Maintenance and Construction Tax, or the "Provisional Regulations," promulgated by the State Council on February 8, 1985, and revised on January 8, 2011, governs the payment of urban maintenance and construction tax. According to the Provisional Regulations, all units and individuals paying consumption tax, VAT, and business tax are taxpayers of urban maintenance and construction tax and shall pay urban maintenance and construction tax in accordance with the provisions of these regulations. The Standing Committee of the National People's Congress passed the Tax Law of the People's Republic of China on Urban Maintenance and Construction on August 11, 2020, which became effective after September 1, 2021. According to this law, the urban maintenance and construction tax is based on VAT and consumption tax actually paid by taxpayers. Therefore, if VAT is exempted, urban construction tax will also be exempted.

The Interim Provisions on Levying Educational Surcharges, or the "Interim Provisions," was issued by the State Council on April 28, 1986 and revised on June 7, 1990, August 20, 2005, and January 8, 2011. According to the Interim Provisions, the educational surcharges shall be calculated and levied on the basis of the actual VAT, business tax, and consumption tax paid by various units and individuals. The education surcharge rate is 3%, which shall be paid at the same time as the VAT, business tax, and consumption tax.

The Notice on Expanding the Exemption Scope of Relevant Government Funds, or "The Notice," was issued by the MOFCOM and the SAT on January 29, 2016, and implemented from February 1, 2016. According to The Notice, with the approval of the State Council, the scope of exemption from education surcharges, local education surcharges, and water conservancy construction funds shall be expanded from the payers whose monthly sales volume or turnover does not exceed RMB30,000 (quarterly sales or turnover paid on a quarterly basis shall not exceed RMB90,000) to RMB100,000 (quarterly sales or turnover paid on a quarterly basis shall not exceed RMB300,000).

*Dividend Withholding Tax*

The EIT Law and the Implementation Rules provide that since January 1, 2008, an income tax rate of 10% will normally be applicable to dividends declared to non-PRC resident investors who do not have an establishment or place of business in the PRC, or who have such establishment or place of business but the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends are derived from sources within the PRC.

Pursuant to the Double Tax Avoidance Arrangement and other applicable PRC laws, if a Hong Kong resident enterprise is determined by the competent PRC tax authority to have satisfied the relevant conditions and requirements under such Double Tax Avoidance Arrangement and other applicable laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise may be reduced to 5%. However, based on the SAT Circular 81 issued on February 20, 2009 by the SAT, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment. According to the Circular on Several Questions regarding the "Beneficial Owner" in Tax Treaties, which was issued on February 3, 2018, by the SAT and took effect on April 1, 2018, when determining the applicant's status of the "beneficial owner" regarding tax treatments in connection with dividends, interests, or royalties in the tax treaties, several factors, including without limitation, whether the applicant is obligated to pay more than 50% of his or her income in 12 months to residents in third country or region, whether the business operated by the applicant constitutes the actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax or grant tax exemption on relevant incomes or levy tax at an extremely low rate, will be taken into account, and it will be analyzed according to the actual circumstances of the specific cases. This circular further provides that applicants who intend to prove his or her status of the "beneficial owner" shall submit the relevant documents to the relevant tax bureau according to the Announcement on Issuing the Measures for the Administration of Non-Resident Taxpayers' Enjoyment of the Treatment under Tax Agreements.

**Item 1A. Risk Factors.**

As a smaller reporting company, we are not required to provide the information required by this item.

**Item 1B. Unresolved Staff Comments.**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

**Item 1C. Cybersecurity.**

**Risk Management and Strategy**

Our Company recognizes the importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats. We assess risks from cybersecurity threats against our information systems that may result in adverse effects on our information systems or any information residing therein. We conduct periodic assessments to identify cybersecurity threats.

Following these risk assessments, we evaluate whether and how to re-design, implement, and maintain reasonable safeguards to mitigate identified risks and reasonably address any identified gaps in existing safeguards. Our IT leadership reports to our Chief Executive Officer ("CEO") to manage the risk assessment and mitigation process. We monitor and test our safeguards and train our employees on these safeguards, in collaboration with human resources, IT, and management. We aim to promote a company-wide culture of cybersecurity risk management.

**Risks from Cybersecurity Threats**

We have not encountered cybersecurity challenges that have materially impaired our business strategy, results of operations, or financial condition during the fiscal years ended March 31, 2025 and 2024.

**Governance**

Our board of directors is responsible for monitoring and assessing strategic risk exposure. Our board of directors administers its cybersecurity risk oversight function directly as a whole. Our executive management team informs the board on cybersecurity risks on a regular basis, with a minimum frequency of once per year.

Our cybersecurity coordinator is responsible for assessing and managing our material risks from cybersecurity threats, in close collaboration with our IT team and periodically reports to our CEO. This ensures that the senior management are kept abreast of the cybersecurity posture and potential risks faced by the Company.

**Item 2. Properties.**

See "Item 1. Business—Facilities."

**Item 3. Legal Proceedings.**

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. There are currently no legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition, or operating results.

**Item 4. Mine Safety Disclosures**

Not applicable

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

There is limited public trading market for our common stock; our common stock is quoted on the OTC Pink Market under the symbol "HCIL."

The market price of our common stock is subject to significant fluctuations in response to variations in our quarterly operating results, general trends in the market, and other factors, over many of which we have little or no control. In addition, broad market fluctuations, as well as general economic, business, and political conditions, may adversely affect the market for our common stock, regardless of our actual or projected performance. Trading in stocks quoted on the OTC Pink Market is often thin and is characterized by wide fluctuations in trading prices due to many factors that may have little to do with a company's operations or business prospects. We cannot assure you that there will be a market for our common stock in the future.

The following tables set forth the quarterly high and low sales price per share of our common stock for the periods indicated. The prices represent interdealer quotations, which do not include retail mark-up, mark-down, or commission and may not necessarily represent actual transactions.

---

| | | |
|:---|:---|:---|
| **THREE MONTHS ENDED MARCH 31, 2025** | **HIGH** | **LOW** |
| First Quarter | $0.4975 | $0.1260 |

---

---

| | | |
|:---|:---|:---|
| **FISCAL YEAR DECEMBER 31, 2024** | **HIGH** | **LOW** |
| First Quarter | $0.3520 | $0.2222 |
| Second Quarter | 0.3000 | 0.2001 |
| Third Quarter | 0.3020 | 0.2001 |
| Fourth Quarter | 0.2720 | 0.1026 |

---

---

| | | |
|:---|:---|:---|
| **FISCAL YEAR DECEMBER 31, 2023** | **HIGH** | **LOW** |
| First Quarter | $0.8295 | $0.0130 |
| Second Quarter | 2.1000 | 0.7940 |
| Third Quarter | 2.8980 | 0.2931 |
| Fourth Quarter | 0.6000 | 0.2222 |

---

**Holders of Our Common Stock**

As of August 8, 2025, there were 724 holders of record of our common stock. This number does not include shares held by brokerage clearing houses, depositories, or others in unregistered form.

**Stock Option Grants**

The Company did not grant stock options during the three months ended March 31, 2025.

**Transfer Agent and Registrar**

The transfer agent for our common stock is Standard Registrar and Transfer Company, 440 East 400 South, Suite 200, Salt Lake City, UT 84111, telephone: (801) 571-8844.

**Dividends**

To date, we have not paid dividends on shares of our common stock and we do not expect to declare or pay dividends on shares of our common stock in the foreseeable future. The payment of any dividends will depend upon our future earnings, if any, our financial condition, and other factors deemed relevant by our Board of Directors.

**Recent Sales of Unregistered Securities**

During the fiscal years ended March 31, 2025 and 2024, we did not have sales of unregistered securities other than those already disclosed in the quarterly reports on Form 10-Q in the fiscal years ended March 31, 2025 and 2024 and current reports on Form 8-K. There were no repurchases of the common stock of the Company by the Company during the fiscal years ended March 31, 2025 and 2024.

**Equity Compensation** 

Our named executive officers have not held any equity awards to date.

**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The following discussion and analysis summarizes the significant factors affecting our financial condition, operating results, liquidity, and cash flows as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our accompanying consolidated balance sheets of the Group (as defined below) as of March 31, 2025 and December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income/(loss), changes in stockholders' equity, and cash flows for three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, and the related notes (collectively, the "consolidated financial statements") and related notes thereto included elsewhere in this report. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report, particularly in the sections titled "Risk Factors" and "Special Note Regarding Forward-Looking Statements."*

**Discussion and Analysis of Three-Month Transition Period Ended March 31, 2025 compared to Three-Month Period Ended March 31, 2024 (unaudited)**

***Results of Operations***

The following chart provides a summary of our results of operations for the three months ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Three months ended <br> March 31,** | **Three months ended <br> March 31,** |
|  | **2025** | **2024** |
| Revenue | $6897689 | $18204 |
| Cost of revenue | (5084941) | (18477) |
| Gross profit (loss) | 1812748 | (273) |
| Total operating expenses | (191935) | (102036) |
| Income (loss) from operations | 1620813 | (102309) |
| Total other income (expense) | 32737 | 314 |
| Income (loss) before income taxes | 1653550 | (101995) |
| Income tax (expense) benefit | (152669) | 5426 |
| Net income (loss) | $1500881 | $(96569) |
| Basic net loss per share | $(0.00) | $(0.00) |

---

*Revenue* 

 

The PRC subsidiaries generate revenue mainly from the meatpacking business, sales and installation of support infrastructure for the industrial park, and provision of rental services.

The following table sets forth the breakdown of our revenue by category, both in absolute amount and as a percentage of total revenue for each category for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
| Product sales – Meat and food products | 4602230 | 67 | 18204 | 100 |
| Product sales – Support infrastructure sales and installation | 2014896 | 29 |  |  |
| Services – Rental services | 280563 | 4 | - | - |
| **Total** | **6897689** | **100** | **18204** | **100** |

---

The PRC subsidiaries generated revenue of US$6,897,689 for the three months ended March 31, 2025, as compared to US$18,204 for the same period of 2024. The increase of 378% for the three months ended March 31, 2025 was mainly because: (i) Fujian Hongjin acquired 51% of the equity interests in Pucheng Green Health Food in January 2025. The main business of Pucheng Green Health Food is slaughtering and meat processing sales, which generated revenue of approximately US$4.03 million in meat sales for Hongchang and its subsidiaries (the "Group"); (ii) Hongchang Food generated revenue of US$2 million through the sale of engineering assets; and (iii) Hongchang Food received rental income of US$280,563 pursuant to a five-year lease agreement dated February 1, 2025 with Yuan Chuang Property.

*Cost of revenue*

Cost of revenue for meat and food products and support infrastructure sales and installation represents costs and expenses directly attributable to the manufacture of our products and facilities sold and delivered, which primarily comprises of costs of (1) materials, components, and parts; (2) production overhead, including mainly packaging and testing costs, amortization and depreciation of intangible assets, production equipment, and utilities; (3) direct labor, including cost to our production staff and outsourced production workers, and (4) outsourcing production costs.

Cost of rental service primarily consists depreciation expenses.

Cost of revenue was US$5,084,941 for the three months ended March 31, 2025, which is a 274% increase as compared to US$18,477 for the same period of 2024, due to the increase in sales. The following table sets forth the breakdown of our cost of revenue by category, both in absolute amount and as a percentage of the cost of revenue, for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
| Product sales – Meat and food products | 4163673 | 82 | 18477 | 100 |
| Product sales – Support infrastructure sales and installation | 921268 | 18 |  |  |
| Services – Rental services | 107084 | 2 | - | - |
| **Total** | **5084941** | **100** | **18477** | **100** |

---

*Gross profit and margin*

Gross profit refers to the difference between operating revenue and costs. Our gross profit/loss and gross profit/loss margin of sales of meat and food products and support infrastructure for industrial park products are primarily affected by the market price of the products and our cost of revenue.

Our gross profit/loss and gross profit/loss margin of rental services are primarily affected by the average market rent of the building space and our cost of revenue.

Gross margin is a measure used by management to indicate whether we are selling products at an appropriate gross profit. Our gross margin is influenced by product prices, product combinations, availability, and discounts, as some products typically offer higher gross profit margins, as well as the impact of our product costs, which may vary. At present, we offer competitive prices to attract and retain customers. In the future, as we grow, we plan to launch diversified products and competitive services to increase market share. We regularly evaluate the profitability of our products. As our business activities started in 2023 and we are still in the early stages, we had gross profit of US$1,812,748 and a gross loss of US$273 for the three months ended March 31, 2025 and 2024, which represented gross margin of 26% and 0%, respectively. The following table sets forth our gross profit/loss by category for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** |
| Product sales – Meat and food products | 545641 | 30 | (273) | 100 |
| Product sales – Support infrastructure sales and installation | 1093628 | 60 |  |  |
| Services – Rental services | 173479 | 10 | - | - |
| **Total** | **1812748** | **100** | **(273)** | **100** |

---

*Operating expenses*

 

Our operating expenses consist of sales and marketing expenses and general and administrative expenses.

*<u>Sales and marketing expenses</u>*

We incurred selling expenses of nil and US$36 for the three months ended March 31, 2025 and 2024, mainly due to marketing expenses in relation to our businesses during for the three months ended March 31, 2024.

*<u>General and administrative expenses</u>*

We incurred general and administrative expenses of US$191,935 for the three months ended March 31, 2025, as compared to US$102,036 in the same period of 2024. The increase in management expenses was mainly due to Fujian Hongjin's acquisition of the 51% equity interests in Pucheng Green Health Food, which resulted in an overall increase in expenses after the merger of Pucheng Green Health Food's original management functions and related expenses.

*Income tax expenses*

 

We incurred income tax expenses of US$152,669 for the three months ended March 31, 2025, and incurred income tax expenses of US$5,426 in the same period of 2024.

*Net income (loss)*

 

As a result of the foregoing, we reported net income of US$1,500,881 for the three months ended March 31, 2025 and a net loss of US$96,569 for the fiscal year ended December 31, 2024.

***Liquidity and Capital Resources***

 

The following chart provides a summary of our key balance sheet items as of March 31, 2025 and December 31, 2024, and should be read in conjunction with the financial statements, and notes thereto, included with this report.

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| | | |
|:---|:---|:---|
|  | **As of<br> March 31,<br> 2025** | **As of<br> December 31, <br> 2024** |
| Cash | $493201 | $240598 |
| Restricted cash | $217700 |  |
| Accounts receivable, net | $2278878 | $52514 |
| Other receivables, net | $74693 | $6854374 |
| Other current assets | $757833 | $936230 |
| Total current assets | $**4033900** | $**8126102** |
| Construction-in-progress | $16832470 | $41264766 |
| Land use right, net | $3998567 | $3909114 |
| Total assets | $**59538093** | $**57451227** |
| Accounts payable-construction in progress | $13639 | $12289 |
| Total current liabilities | $**6447590** | $**6691706** |
| Long-term loans | $6556390 | $6562928 |
| Amounts due to a related party | $3513737 | $3493486 |
| Total non-current liabilities | $**12013264** | $**11986051** |
| Total liabilities | $**18460854** | $**18677757** |
| Total stockholders' (deficit) equity | $**41077239** | $**38773470** |

---

As of March 31, 2025, we had US$710,901 in cash, compared to US$240,598 as of December 31, 2024. The increase in cash was mainly due to: (i) the cash inflows generated by Pucheng Green Health Food's business operations. During the reporting period, Pucheng Green Health Food achieved good cash flow by optimizing business processes and improving operational efficiency, providing strong support for the Company's cash reserves; and (ii) prepayments previously paid to third-party companies were partially refunded due to adjustments in related projects or collaborations, which to some extent increased the Company's cash balance.

As of March 31, 2025, our construction in progress balance amounted to approximately US$16,832,470, as compared to US$41,264,766 as of December 31, 2024. This reflected the construction progress of our Hongchang Food Industrial Park. Phase I of the Hongchang Food Industrial Park was completed in January 2025.

***Capital Expenditure Commitment as of March 31, 2025***

 ****

As of March 31, 2025, the Company had entered into several contracts for construction of the Hongchang Food Industrial Park and the improvement of the processing factory buildings. Total outstanding commitments under these contracts were US$3,859,662 and US$9,275,828 as of March 31, 2025 and December 31, 2024, respectively. The Company expected to pay off all the balances within one to three years.

*Off Balance Sheet Arrangements*

 

We did not have any off-balance sheet arrangements as of March 31, 2025 and December 31, 2024.

 ****

***Cash Flows***

The following table sets forth a summary of our cash flows for the periods presented:

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| | | |
|:---|:---|:---|
|  | **For three months ended<br> March 31,** | **For three months ended<br> March 31,** |
|  | **2025** | **2024** |
|  | **US$** | **US$** |
| Net cash provided by operating activities | $2789017 | $9718 |
| Net cash provided by (used in) investing activities | $1079769 | $(5045461) |
| Net cash (used in) provided by financing activities | $(3400947) | $5052878 |
| Effect of foreign exchange on cash | $2464 | $(17791) |
| Net increase (decrease) in cash | $470303 | $(656) |
| Cash at the beginning of the year | $240598 | $895730 |
| **Cash and restricted cash at the end of the year** | $**710901** | $**895074** |

---

 

*Operating activities*

Net cash provided by operating activities for the three months ended March 31, 2025 was US$2,789,017, which primarily reflected our net income of US$1,500,881, as mainly adjusted for amortization of US$134,071, and adjustment for changes in working capital, primarily consisting of (i) an increase in accounts payable of US$2,214,437, (ii) a decrease in other non-current assets of US$921,268, and (iii) an increase in other current assets of US$201,283, offset by (i) an increase in accounts receivable of US$2,218,396 and (ii) an increase in advances to suppliers of US$140,060.

Net cash provided by operating activities for the three months ended March 31, 2024 was US$9,718, which primarily reflected our net loss of US$96,569, as mainly adjusted for (i) accounts receivable of US$730,098; and (ii) accounts payable of US$643,033.

 

*Investing activities*

Net cash provided by investing activities for the three months ended March 31, 2025 was US$1,079,769, mainly attributable to repayments from a third party. Net cash used in investing activities for the three months ended March 31, 2024 was US$5,045,461, mainly attributable to purchase of property and equipment and payments for acquisitions of businesses.

 

*Financing activities*

Net cash used in financing activities for the three months ended March 31, 2025 was US$3,400,947, primarily due to (i) repayments to related parties of US$7,520,151 and (ii) loans from related parties of US$4,157,394 and repayments of long-term payables of US$38,190.

Net cash provided by financing activities for the three months ended March 31, 2024 was US$5,052,878, primarily due to (i) proceeds from long-term loans of US$6,005,435 and (ii) proceeds from a loan from a related party of US$166,144 and repayments of a loan from a related party of US$1,118,701.

**Discussion and Analysis of the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023**

***Results of Operations***

The following chart provides a summary of our results of operations for the fiscal years ended December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
|  | **Fiscal Year ended<br> December 31,** | **Fiscal Year ended<br> December 31,** |
|  | **2024** | **2023** |
| Net revenue | $2867102 | $2675789 |
| Cost of revenue | (2685470) | (2606431) |
| Gross profit | 181632 | 69358 |
| Total operating expenses | (564958) | (538930) |
| Loss from operations | (383326) | (469572) |
| Total other income (expense) | (111370) | 24873 |
| Loss before income taxes | (494696) | (444699) |
| Income tax benefit | (22303) | (65905) |
| Net loss | $(472393) | $(378794) |
| Basic net loss per share | $(0.00) | $(0.00) |

---

*Revenue*

Our business is in its early stages, revenue represents the sales of goods supplied to customers, and sales are primarily driven by the demand from customer. The growth of our revenue will be primarily driven by increasing our product variety, expanding the distribution network, both in China and overseas and the initiation of other projects or business lines in the future. Revenue is influenced by potential competitors entering the market, economic conditions, pricing, inflation, product diversification, and customer consumption habits. We generated revenue of $2,867,102 for the fiscal year ended December 31, 2024, compared to $2,675,789 for the fiscal year ended 2023, due to launch of our new beef and mutton supplying business at the end of 2024.

 

*Cost of revenue*

Cost of revenue represents costs and expenses directly attributable to the purchase of our products sold and delivered, and direct labor costs. Cost of revenue was $2,685,470 for the fiscal year ended December 31, 2024, compared to $2,606,431 for the fiscal year ended 2023, due to the increase in sales.

 

*Gross profit and margin*

Gross profit is the difference between revenue and cost of revenue. Our cost of revenue mainly includes purchasing raw material and prepackaged products. The supply and prices of our products may be influenced by various factors, including product types, seasonal fluctuations, demand, and macroeconomic environment. Due to the increase in the prices of our suppliers' goods, we may not be able to raise prices to compensate for the increased costs, which will have a negative impact on our business results and profitability. We believe that if our strategic business development plan can proceed smoothly, we will collaborate with more suppliers to expand our product supply range and establish mature procurement plans to control costs.

Gross margin is gross profit divided by revenue. Gross margin is a measure used by management to indicate whether we are selling products at an appropriate gross profit. Our gross margin is influenced by product prices, product combinations, availability, and discounts, as some products typically offer higher gross profit margins, as well as the impact of our product costs, which may vary. At present, we offer competitive prices to attract and retain customers. In the future, as we grow, we will launch diversified products and competitive services to increase market share. We regularly evaluate the profitability of its products. We had a gross profit of $181,632 and $69,358 for the fiscal years ended December 31, 2024 and 2023, respectively.

 

*Operating expenses*

 

Our operating expenses consist of sales and marketing expenses and general and administrative expenses.

 

*<u>Sales and marketing expenses</u>*

Sales and marketing expenses consist primarily of advertising expenses, gift expenses and sample fees. We commenced operations in 2023 and continued to grow and expand our business by 2024, resulting in an increase in related sales expenses. We incurred advertising expenses of $1,353 and $nil for the fiscal years ended December 31, 2024 and 2023, respectively.

 

*<u>General and administrative expenses</u>*

Although we are constantly adjusting our business strategy based on market changes, we place great emphasis on expense control. Our general and administrative expenses mainly consist of third-party professional team fees paid and daily operating and office expenses. We incurred general and administrative expenses of $560,577 and $538,902 for the fiscal years ended December 31, 2024 and 2023, respectively.

 

*Income tax expenses*

We incurred income tax benefit of $22,303 and $65,905 for the fiscal years ended December 31, 2024 and 2023, respectively.

 

*Net loss*

As a result of the foregoing, we reported a net loss of $472,393 and $378,794 for the fiscal years ended December 31, 2024 and 2023, respectively.

 ****

***Liquidity and Capital Resources***

The following chart provides a summary of our key balance sheet items as of December 31, 2024 and 2023, and should be read in conjunction with the financial statements, and notes thereto, included with this report.

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31,<br> 2024** | **As of<br> December 31, <br> 2023** |
| Cash | $240598 | $895730 |
| Accounts receivables, net | $52514 | $742851 |
| Amount due from a related party | 38360 | 141 |
| Other receivables, net | $6854374 | $1106574 |
| Other current assets | $936230 | $1128598 |
| Total current assets | $8126102 | $3960742 |
| Construction-in-progress | $41264766 | $41423399 |
| Land use right, net | $3909114 | $4118101 |
| Total assets | $57451227 | $50215568 |
| Accounts payable-construction in progress | $12289 | $18493 |
| Amounts due to a related party - current portion | $6289440 |  |
| Total current liabilities | $6691706 | $1055203 |
| Amounts due to a related party | $3493486 | $6682959 |
| Total non-current liabilities | $11986051 | $8672422 |
| Total liabilities | $18677757 | $9727625 |
| Total equity | $38773470 | $40487943 |

---

As of December 31, 2024, we had US$240,598 in cash, as compared to US$895,730 as of December 31, 2023. We continued financing our daily operation and construction in progress in 2024.

As of December 31, 2024, our construction in progress balance amounted to approximately US$41,264,766, as compared to US$41,423,399 as of December 31, 2023. This reflects the construction progress of our Hongchang Food Industrial Park.

 **

***Capital Expenditure Commitment as of December 31, 2024***

 **

As of December 31, 2024, the Company had entered into several contracts for construction of the Hongchang Food Industrial Park and the improvement of industrial buildings. Total outstanding commitments under these contracts were $9,275,828 and $18,492,173 as of December 31, 2024 and 2023, respectively. The Company expected to pay off all the balances within one to three years.

 

*Off Balance Sheet Arrangements*

We did not have any off-balance sheet arrangements as of December 31, 2024 and 2023.

 

*Cash Flows*

The following table sets forth a summary of our cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended<br> December 31,** | **For the fiscal years ended<br> December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
| Net cash (used in) provided by operating activities | $(7337639) | $750521 |
| Net cash used in investing activities | $(3504356) | $(41679473) |
| Net cash provided by financing activities | $10204753 | $40942007 |
| Effect of foreign exchange on cash | $(17890) | $879534 |
| Net (decrease) increase in cash | $(655132) | $892589 |
| Cash at the beginning of the year | $895730 | $3141 |
| **Cash at the end of the year** | $**240598** | $**895730** |

---

*Operating activities*

Net cash used in operating activities for the fiscal year ended December 31, 2024 was US$7,337,639, which primarily reflected our net loss of US$472,394 as mainly adjusted for amortization of US$90,510, and adjustment for changes in working capital primarily consisting of (i) a decrease in accounts receivable of US$677,615 and (ii) an increase in other current assets of US$183,013, offset by (i) decrease in accounts payable of US$640,421, (ii) an increase in other receivable of US$6,920,988, and (iii) a decrease in accrued expenses and other payables of US$236,528.

Net cash provided by operating activities for the fiscal year ended December 31, 2023 was US$750,521, which primarily reflected our net loss of US$378,794 as mainly adjusted for amortization of US$88,173, and adjustment for changes in working capital primarily consisting of an increase in other current assets of US$1,058,798, offset by (i) an increase in deferred subsidies of US$1,990,873, (ii) an increase in accounts payable of US$645,831, and (iii) an increase in accrued expenses and other payables of US$313,708.

 

*Investing activities*

 

Net cash used in investing activities for the fiscal years ended December 31, 2024 and 2023 was US$3,504,356 and US$41,679,473, respectively, mainly attributable to the purchase of property and equipment and payments for acquisitions of businesses.

 

*Financing activities*

Net cash provided by financing activities for the fiscal year ended December 31, 2024 was US$10,204,753, primarily due to (i) proceeds from long-term loans of US$6,884,567 and (ii) loans from related parties of US$8,926,432 and repayments to related parties US$5,606,246.

Net cash provided by financing activities for the fiscal year ended December 31, 2023 was US$40,942,007, primarily due to (i) capital contributions made by stockholders of US$41,241,108 and (ii) a loan from a related party of US$2,900,289 and repayments to a related party of US$3,199,390.

**Critical Accounting Policies Involving Critical Accounting Estimates**

The discussion and analysis of our Group's financial condition and results of operations are based upon our Group's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") in a consistent manner. The preparation of these financial statements requires the selection and application of accounting policies. Further, the application of U.S. GAAP requires our Group to make estimates and judgments about future events that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures. On an ongoing basis, our Group evaluate its estimates, including those discussed below. Our Group bases its estimates on historical experience, current trends, and various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Actual results may differ from these estimates under different assumptions or conditions. Our Group believes it is possible that other professionals, applying reasonable judgment to the same set of facts and circumstances, could develop and support a range of alternative estimated amounts. Our Group believes that it has appropriately applied its critical accounting policies. However, in the event that inappropriate assumptions or methods were used relating to the critical accounting policies below, our Group's consolidated statements of operations could be misstated.

A detailed summary of significant accounting policies is summarized below:

 ****

***Use of estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in our Group's consolidated financial statements mainly include, but are not limited to, assessment for impairment of long-lived assets, valuation of deferred tax assets, and current expected credit loss of receivables. Actual results could differ from those estimates.

 ****

***Construction-in-progress***

Property and equipment that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are ready for their intended use.

***Land use right, net***

The land use rights represent the operating lease prepayments for the rights to use the land in the PRC. Amortization of the prepayments is provided on a straight-line basis over the terms of the respective land use rights certificates.

 ****

***Revenue recognition***

The Group applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all periods presented.

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.

Step 4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).

The Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The Group has elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects that, upon the inception of revenue contracts, the period between when the Group transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

As a practical expedient, the Group elected to expense the incremental costs of obtaining a contract when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less.

The Group is a food provider in Fujian Province which principally engages in meat and food product sales, sales and installation of support infrastructure, and property rental.

The Group's principal revenue stream includes:

1. Product revenue:

● Meat and food product sales:

The Group enters into contracts with customers for the supply of meat and food products, whereby customers agree to pay product fees over the contract term in line with the terms set out in the sales agreements. Each contract encompasses a single promise: delivering specific goods to customers, which the Group therefore identifies as a single performance obligation, with all service fees (including but not limited to shipping and handling fees and packaging fees) allocated thereto. Control is considered transferred when the customer gains the ability to direct the use of the goods and obtain substantially all remaining economic benefits therefrom. Accordingly, the Group recognizes revenue at the point in time when control of the goods is transferred to the customer.

For the majority of meat and food product sales contracts, the Group assumes inventory risk, has the autonomy to set prices, and is responsible for fulfilling the promise to deliver specific goods to customers. As the Group acts as the principal in these transactions, revenue is recognized on a gross basis. In contrast, for a small number of contracts where the Group does not assume inventory risk, does not have pricing authority, and is not primarily responsible, revenue is recognized on a net basis.

● Sale and installation of support infrastructure:

The Group bundles the installation together with the sale of mounts for photovoltaic panels. The installation services do not significantly customize or modify the mounts.

Contracts for bundled sales of equipment and installation services are comprised of two performance obligations because the equipment and installation services are both sold on a stand-alone basis and are distinct within the context of the contract. Accordingly, the Group allocates the transaction price based on the relative stand-alone selling prices of the equipment and installation services.

The Group recognizes revenue from installation services over time because the customer simultaneously receives and consumes the benefits provided to them. The Group uses an input method in measuring progress of the installation services because there is a direct relationship between the Groups effort (i.e., based on the labor hours incurred) and the transfer of service to the customer. The Group recognizes revenue on the basis of the labor hours expended relative to the total expected labor hours to complete the service.

2. Service revenue:

● Rental services: The Group started to generate lease revenue in 2025 from operating leases of constructed buildings in the Hongchang Food Industrial Park to customers. As a lessor, the Group accounts for these leases under ASC 842. Lease revenue is recognized on a straight-line basis over the lease term, with any difference between straight-line revenue and contractual rental receipts recorded as a component of accounts receivable. Revenue recognition is subject to a collectability assessment, considering the creditworthiness of lessees and historical payment patterns. See "Note 2. Summary of Significant Accounting Policies—Lease—from the perspective as a lessor" for more discussion.

 

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk**

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a "smaller reporting company," as defined by Rule 229.10(f)(1).

**Item 8. Financial Statements and Supplementary Data.**

**HONGCHANG INTERNATIONAL CO. LTD. AND SUBSIDIARIES**

**CONSOLIDATED FINANCIAL STATEMENTS**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm (Enrome LLP, PCAOB ID # 6907)](#fin_001) | F-2 |
| [Report of Independent Registered Public Accounting Firm (WWC, P.C., PCAOB ID # 1171)](#fin_002) | F-3 |
| [Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 and 2023](#fin_003) | F-4 |
| [Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months ended March 31, 2025 and the Fiscal Years Ended December 31, 2024 and 2023](#fin_004) | F-5 |
| [Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, 2025 and the Fiscal Years Ended December 31, 2024 and 2023](#fin_005) | F-6 |
| [Consolidated Statements of Cash Flows for the Three Months ended March 31, 2025 and the Fiscal Years Ended December 31, 2024 and 2023](#fin_006) | F-7 |
| [Notes to Consolidated Financial Statements](#fin_007) | F-8-F-29 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and the Board of Directors of Hongchang International Co., Ltd**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Hongchang International Co., Ltd (the "Company") and its subsidiaries (the "Group") as of March 31, 2025, the related consolidated statements of operations and comprehensive income/(loss), changes in stockholders' equity, and cash flows for three months ended March 31, 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 position of the Group as of March 31, 2025, and the results of its operations and its cash flows for three months ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America (the "U.S. GAAP").

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the "PCAOB") and are required to be independent with respect to the Group 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 consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group 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 Group'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 consolidated 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 consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statement. We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

We have served as the Group's auditor since 2025.

Singapore

August 11, 2025

**Report of Independent Registered Public Accounting Firm**

![](image_002.jpg)

To: The Board of Directors and Stockholders <br> Hongchang International Co., Ltd

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Hongchang International Co., Ltd and its subsidiaries (collectively the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income, changes in stockholders' equity, and cash flows in each of the years for the two-year period ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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 audits. 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 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 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 audits 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.

**Critical Audit Matters**

Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there is no critical audit matter.

/s/ WWC, P.C.

WWC, P.C.

Certified Public Accountants

PCAOB ID No.1171

We have served as the Company's auditor since 2018.

San Mateo, California

March 28, 2025

![](image_003.jpg)

**FINANCIAL STATEMENTS**

**Hongchang International Co., Ltd**

**Consolidated Balance Sheets**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| **ASSETS:** |  |  |  |
| **Current assets:** |  |  |  |
| Cash and cash equivalents | 493201 | 240598 | 895730 |
| Restricted cash | 217700 | - | - |
| Accounts receivable, net | 2278878 | 52514 | 742851 |
| Amount due from a related party | - | 38360 | 141 |
| Other receivable, net | 74693 | 6854374 | 1106574 |
| Inventories, net | 36206 | - | 13713 |
| Advances to suppliers | 175389 | 4026 | - |
| Advances to supplier-related party | - | - | 59324 |
| Other current assets | 757833 | 936230 | 1142409 |
| **Total current assets** | **4033900** | **8126102** | **3960742** |
| **Non-current assets:** |  |  |  |
| Property and equipment, net | 27139534 | 16888 | 3193 |
| Construction-in-progress | 16832470 | 41264766 | 41423399 |
| Intangible assets, net | - | - | 3213 |
| Land use right, net | 3998567 | 3909114 | 4118101 |
| Other non-current assets | 7005938 | 4134357 | 706920 |
| Equity-method investments | 527684 | - | - |
| **Total non-current assets** | **55504193** | **49325125** | **46254826** |
| **Total assets** | **59538093** | **57451227** | **50215568** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| Long-term loans - current portion | 378026 | 235306 | - |
| Accounts payable | 2263805 | - | 650905 |
| Accounts payable-construction in progress | 13639 | 12289 | 18493 |
| Advances from customers | 256 | 255 | - |
| Amounts due to related parties - current portion | 2950075 | 6289440 | - |
| Accrued expenses and other liabilities | 841789 | 154416 | 385805 |
| **Total current liabilities** | **6447590** | **6691706** | **1055203** |
| **Non-current liabilities** |  |  |  |
| Deferred subsidies | 1935462 | 1929637 | 1989463 |
| Long-term loans | 6556390 | 6562928 | - |
| Amounts due to related parties | 3513737 | 3493486 | 6682959 |
| Deferred tax liability | 7675 | **-**  | - |
| **Total non-current liabilities** | **12013264** | **11986051** | **8672422** |
| **Total liabilities** | **18460854** | **18677757** | **9727625** |
| **Commitments and contingencies** |  | - |  |
| **Stockholders' equity:** |  |  |  |
| Common stock (US$0.001 par value; 2,000,000,000 shares authorized; 518,831,367, 518,831,367, and 518,831,367 issued and outstanding as of March 31, 2025, December 31, 2024, and December 31, 2023, respectively) | 518831 | 518831 | 518831 |
| Additional paid-in capital | 39905228 | 39905228 | 39905228 |
| Statutory reserves | 1197 | 1197 | - |
| Accumulated deficit | (31672) | (1292076) | (812539) |
| Accumulated other comprehensive loss | (131400) | (365573) | 876423 |
| **Total Hongchang International Co., Ltd's stockholders' equity** | **40262184** | **38767607** | **40487943** |
| Non-controlling interests | 815055 | 5863 | - |
| **Total equity** | **41077239** | **38773470** | **40487943** |
| **Total liabilities and equity** | **59538093** | **57451227** | **50215568** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Hongchang International Co., Ltd**

**Consolidated Statements of Operations and Comprehensive Income (Loss)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the fiscal year ended December 31, 2024** | **For the fiscal year ended December 31, 2024** |
|  | **For the<br> three months ended<br> March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| **Revenue** | 6897689 | 2867102 | 2675789 |
| Cost of revenue | **(5084941)** | **(2685470)** | **(2606431)** |
| **Gross Profit** | 1812748 | 181632 | 69358 |
| Sales and marketing expenses | - | (1544) | (28) |
| General and administrative expenses | (191935) | (560577) | (538902) |
| Intangible asset impairment loss | - | (2837) | - |
| **Total operating expenses** | **(191935)** | **(564958)** | **(538930)** |
| **Operating income (loss)** | 1620813 | (383326) | (469572) |
| Interest (expense) income | (2117) | 1155 | 1386 |
| Other income | 34737 | 1167 | 23531 |
| Other expenses | (77) | (113692) | (44) |
| **Income (loss) before income taxes** | **1653356** | **(494696)** | **(444699)** |
| Income tax (expense) benefit | (152669) | 22303 | 65905 |
| **Equity in earnings of unconsolidated entities** | **194** |  |  |
| **Net income (loss)** | **1500881** | **(472393)** | **(378794)** |
| **Other comprehensive income (loss) net of tax:** |  |  |  |
| Foreign currency translation difference net of tax | 234647 | (1242080) | 861331 |
| **Total comprehensive income (loss)** | **1735528** | **(1714473)** | **482537** |
| **Less: comprehensive income attributable to non-controlling interest** | **240951** | **5863** | - |
| **Comprehensive income (loss) attributable to Hongchang International Co., Ltd's common stockholders** | **1494577** | **(1720336)** | **482537** |
| **Loss per share:** |  |  |  |
| Common stock - basic and diluted | (0.00) | (0.00) | (0.00) |
| **Weighted average shares outstanding used in calculating basic and diluted loss per share:** |  |  |  |
| Common stock - basic and diluted | 518831367 | 518831367 | 450231897 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Hongchang International Co., Ltd**

**Consolidated Statements of Changes in Stockholders' Equity**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | | | | |
|  | **Shares** | **Amount** | **Subscription**<br>**receivable** | **Additional<br> Paid-in**<br>**Capital** | **Statutory**<br>**Reserve** | **Accumulated**<br>**Deficit** | **Accumulated<br> other<br> comprehensive**<br>**income (loss)** | **Total<br> Hongchang<br> International<br> Co., Ltd<br> stockholder's**<br>**equity** | **Non-<br> controlling**<br>**interests** | **Total<br> Stockholder's**<br>**Equity** |
|  | | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance as of January 1, 2023** | **415582375** | **415582** | **(415582)** | **--**  | **--**  | **(433745)** | **15092** | **(418653)** | **-**  | **(418653)** |
| Net loss |  | - | - | - | - | (378794) | - | (378794) | - | (378794) |
| Contribution from stockholder |  | - | 415582 | 40825526 | - | - | - | 41241108 | - | 41241108 |
| Foreign currency translation adjustment |  |  | - |  |  | - | 861331 | 861331 | - | 861331 |
| Deemed issuance of share upon the Merger Transaction | 103248992 | 103249 | - | (920298) | - | - | - | (817049) | - | (817049) |
| **Balance as of December 31, 2023** | **518831367** | **518831** | **-**  | **39905228** | **-**  | **(812539)** | **876423** | **40487943** | **-**  | **40487943** |
| Net loss |  | - | - | - | - | (478340) | - | (478340) | 5947 | (472393) |
| Foreign currency translation adjustment |  | - | - | - | - | - | (1241996) | (1241996) | (84) | (1242080) |
| Appropriation of statutory reserve |  | - | - | - | 1197 | (1197) | - | - | - | - |
| **Balance as of December 31, 2024** | **518831367** | **518831** | **-**  | **39905228** | **1197** | **(1292076)** | **(365573)** | **38767607** | **5863** | **38773470** |
| Acquisition of subsidiary |  |  | - |  |  |  |  |  | 568241 | 568241 |
| Net income |  | - | - | - |  | 1260404 | - | 1260404 | 240477 | 1500881 |
| Foreign currency translation adjustment |  | - | - | - | - | - | 234173 | 234173 | 474 | 234647 |
| Appropriation of statutory reserve | - | - | - | - | - | - | - | - | - | - |
| **Balance as of March 31, 2025** | **518831367** | **518831** | **-**  | **39905228** | **1197** | **(31672)** | **(131400)** | **40262184** | **815055** | **41077239** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Hongchang International Co., Ltd**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the fiscal year ended<br> December 31,** | **For the fiscal year ended<br> December 31,** |
|  | **For the<br> three months ended<br> March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
| Net income (loss) | 1500881 | (472393) | (378794) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |
| Depreciation and amortization | 134071 | 90510 | 88173 |
| Accrued interest income derived from loan to third party | - | - | (23249) |
| Intangible asset impairment loss | - | 2837 | - |
| Deferred tax benefit | (5212) | (22303) | (65905) |
| Gain on disposal of subsidiary | - | (10) | - |
| Changes in operating assets and liabilities: |  |  |  |
| Accounts receivable | (2218396) | 677614 | (743377) |
| Inventories | 8786 | 13493 | (13723) |
| Amount due from a related party | - | (38912) | - |
| Advance to suppliers | (140060) | (18280) | - |
| Advance to suppliers-related party | - | 58368 | - |
| Other receivables | (47462) | (6920988) | (4218) |
| Other current assets | 201283 | 183013 | (1058798) |
| Other non-current assets | 921268 | (13897) | - |
| Accounts payable | 2214437 | (640421) | 645831 |
| Accrued expenses and other payables | 253850 | (236528) | 313708 |
| Advances from customers | - | 258 | - |
| Deferred subsidies | (5351) | - | 1990873 |
| Bargain purchase | (29078) |  |  |
| **Net cash provided by (used in) operating activities** | **2789017** | **(7337639)** | **750521** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| Payments for acquisitions of businesses, net of cash acquired | 65433 | (567005) | - |
| Purchases of property and equipment | (139479) | (4021962) | (40596144) |
| Purchases of software | - | - | (3297) |
| Cash disposed on disposal of subsidiary | - | (131) | - |
| Loans to related parties | - | - | (141) |
| Loan to third party | - | - | (1079891) |
| Repayments from a related party | 38506 | 139 | - |
| Repayments from a third party | 1115309 | 1084603 | - |
| **Net cash provided by (used in) investing activities** | **1079769** | **(3504356)** | **(41679473)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| Capital contribution by stockholders | - | - | 41241108 |
| Proceeds from long-term loans | - | 6884567 | - |
| Proceeds from a loan from a related party | - | - | 2900289 |
| Repayments to related parties | (7520151) | (5606246) | - |
| Repayments of a loan from a related party |  |  | (3199390) |
| Loans from related parties | 4157394 | 8926432 | - |
| Repayments of long-term payables | (38190) | - | - |
| **Net cash (used in) provided by financing activities** | **(3400947)** | **10204753** | **40942007** |
| **Effect of exchange rate changes** | 2464 | (17890) | 879534 |
| **Net increase (decrease) in cash** | **470303** | **(655132)** | **892589** |
| **Cash at beginning of period/year** | **240598** | **895730** | 3141 |
| **Cash and Restricted cash at end of period/year** | **710901** | **240598** | **895730** |
| **Supplemental disclosure of cash flow information** |  |  |  |
| **Interest paid** | **84877** | **294509** | **-**  |
| **Interest capitalized** | **102521** | **316197** | **-**  |
| **Supplemental disclosure of non-cash transactions** |  |  |  |
| Accrued but unpaid interest capitalized in construction-in-progress | **17644** | **21688** | **-**  |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Hongchang International Co., Ltd**

**Notes to Consolidated Financial Statements**

**1. ORGANIZATION**

***(a) Nature of operations***

Hongchang International Co., Ltd (the "Company") was incorporated in the state of Nevada on May 18, 1987. The Company is a holding company.

On September 4, 2023, the Company completed the merger and other related transactions (the "Merger Transactions") with Hongchang Global Investment Holdings Limited ("Hongchang BVI"), as a result of which Hongchang BVI became a wholly owned subsidiary of the Company and the Company assumed and began conducting the principal business of Hongchang BVI. The name of the Company was changed from "Heyu Biological Technology Corporation" to "Hongchang International Co., Ltd."

The "Group" means (i) prior to the completion of the Reorganization (as defined below), Hongchang BVI and its subsidiaries that engage in businesses of food trade and biotechnology in China (ii) upon and after completion of the Merger Transactions, the Company and its subsidiaries that engage in businesses of food trade and biotechnology in China.

***(b) History and reorganization of the Group***

In preparation of the Merger Transactions, the following transactions were undertaken to reorganize the legal structure of Fuqing Hongchang Food Co., Ltd ("Hongchang Food") (collectively, the "Reorganization"). On January 13, 2023, Mr. Zengqiang Lin and Ms. Zhenzhu Lin, the existing stockholders of Hongchang Food established two wholly owned subsidiaries, Zengqiang Investment Limited ("BVI-1") and Hong Jin Investment Limited ("BVI-2") in the British Virgin Islands, respectively. On January 18, 2023, Hong Chang Global Investment Holdings Limited ("Hongchang BVI") was then incorporated by BVI-1 and BVI-2, which held 70% and 30% equity interest of Hongchang BVI, respectively. On February 6, 2023, Hongchang BVI incorporated a wholly owned subsidiary, Hong Chang Biotechnologies (HK) Limited ("Hongchang HK"). On February 28, 2023, Hongchang HK incorporated a wholly owned subsidiary, Fujian Hongjin Biotechnology Co., Ltd. ("WFOE") in the People's Republic of China (the "PRC"). WFOE then purchased 100% of the equity interests in Hongchang Food. After the Reorganization, Mr. Zengqiang Lin and Ms. Zhenzhu Lin held 70% and 30% of the equity interests in Hongchang Food through WFOE, respectively. As all the entities involved in the process of the Reorganization were under common ownership of Hongchang Food's stockholders before and after the Reorganization, the Reorganization was accounted for in a manner similar to a pooling of interests with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. Therefore, the accompanying consolidated financial statements were prepared as if the corporate structure of the Group had been in existence since the beginning of the periods presented.

***(c) Reverse merger***

On August 21, 2023, the Company entered into a Share Exchange Agreement (the "Share Exchange Agreement") with Hongchang BVI and Hongchang BVI's stockholders, BVI-1, a business company incorporated in the BVI, and BVI-2, a business company incorporated in the BVI (the "Selling Stockholders" and each a "Selling Stockholder"), in relation to the acquisition of Hongchang BVI by the Company (the "Hongchang Acquisition"). BVI-1 is wholly owned by Mr. Zengqiang Lin and BVI-2 is wholly owned by Ms. Zhenzhu Lin. Mr. Zengqiang Lin has been a director of the Company since February 17, 2023, and Ms. Zhenzhu Lin is the sister of Mr. Zengqiang Lin. In accordance with the terms of the Share Exchange Agreement, the Selling Stockholders sold and transferred 100 shares of Hongchang BVI, constituting all of the issued and outstanding share capital of Hongchang BVI, to the Company in exchange for an aggregate of 415,582,375 new shares of the Company's common stock (the "Consideration Shares"), of which 353,322,843 shares were issued to BVI-1 and 62,259,532 shares were issued to BVI-2.

Immediately following the closing of the Hongchang Acquisition, the Company had a total of 518,831,367 shares of common stock issued and outstanding. The 415,582,375 Consideration Shares constitute 80.1% of its enlarged share capital following the closing of the Hongchang Acquisition. The exchange consideration for the Hongchang Acquisition was determined on an arms' length basis based on our valuation of Hongchang BVI and its subsidiaries and its assets.

As the Company, the legal acquirer and accounting acquiree, does not meet the definition of a business, management concluded that the Merger Transactions should be accounted for as a continuation of the financial statements of Hongchang BVI (the legal subsidiary), together with a deemed issue of shares and a re-capitalization of the equity of Hongchang BVI. Hongchang BVI is the continuing entity and is deemed to have issued shares in exchange for the identifiable net assets held by the Company together with the listing status of the Company. Management concluded that September 4, 2023 was the acquisition date of the Merger Transactions.

Upon the completion of the reverse merger, the Company has set up a few new subsidiaries: Fujian Hongchang Global Food Co., Ltd ("Hongchang Global Food"), Fuqing Hongchang Global Import & Export Co., Ltd ("Hongchang Import & Export"), Fuqing Hongchang Global Supply Chain Co., Ltd ("Hongchang Supply Chain"), and Hongchang Global (Fuqing City) Agricultural Technology Development Co., Ltd ("Hongchang Agricultural") in order for the Company to develop different businesses. As of the date of this report, these subsidiaries have not generated significant revenue.

On May 8, 2024, Hongchang Food entered into a shareholder agreement with Fujian Xindefu Agricultural Products Co., Ltd. ("Xindefu"). Pursuant to the agreement, Hongfu Food (Fujian) Co. Ltd. ("Hongfu Food") was established, with Hongchang Food holding a 51% equity interests in the company. The principal business of Hongfu Food includes hog processing and pork product trading. On January 1, 2025, the Company acquired 51% equity interests in Pucheng Green Health Food Co., Ltd. ("Pucheng Green Health Food"). The principal business of Pucheng Green Health Food is livestock slaughtering. Upon the acquisition, Pucheng Green Health Food became a consolidated subsidiary of the Company.

Based on above transactions, the accompanying consolidated financial statements reflect the activities of each of the following entities:

---

| | | | |
|:---|:---|:---|:---|
| **Entity** | **Place of <br> incorporation** | **Percentage of<br> direct or indirect <br> ownership by<br> the Company** | **Principal activities** |
| Subsidiaries: |  |  |  |
| Hongchang BVI | British Virgin Islands | 100% | Investment holding |
| Hongchang HK | Hong Kong | 100% | Investment holding |
| WFOE | PRC | 100% | Provision of technical and consultation services |
| Hongchang Food | PRC | 100% | Provision of food trade and biotechnology |
| Hongchang Global Food | PRC | 100% | Provision of food trade and biotechnology |
| Hongchang Import & Export | PRC | 100% | Provision of food trade and biotechnology |
| Hongchang Supply Chain | PRC | 100% | Provision of food trade and biotechnology |
| Hongchang Agricultural | PRC | 100%<sup>(1)</sup> | Provision of food trade and biotechnology |
| Hongfu Food | PRC | 51% | Provision of food trade and meat processing |
| Pucheng Green Health Food | PRC | 51% | Slaughtering and meat processing |

---

(1) On September 2, 2024, Hongchang Supply Chain sold 100% of its
equity interests in Hongchang Agricultural to Mr. Long Yuan. As a result, Hongchang Agricultural is no longer a subsidiary of Hongchang
International.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

 ****

***Basis of presentation***

The consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with U.S. GAAP and the requirements of the U.S. Securities and Exchange Commission (the "SEC"). As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These consolidated financial statements have been prepared on the same basis as its annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Group's financial information.

Through the Reorganization, the Company became the holding company of the companies now comprising the Group. Accordingly, for the purpose of preparation of the consolidated financial statements of the Group, the Company is considered as the holding company of the companies now comprising the Group throughout the reporting period. Through the Reorganization, the Company became the holding company of the contributed businesses now comprising the Group, which were under the common control of Mr. Zengqiang Lin and Ms. Zhenzhu Lin before and after the Reorganization. Accordingly, the financial statements were prepared on a consolidated basis by applying the principles of the pooling of interest method as if the Reorganization had been completed at the date when contributed business first came under the control of the controlling party. The consolidated statements of operations and comprehensive income (loss), changes in equity, and cash flows of the Group included the results and cash flows of all companies now comprising the Group from the earliest date presented or since the date when the subsidiaries and/or businesses first came under the common control of the controlling stockholders, whenever the period is shorter.

***Principles of consolidation***

The accompanying consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

***Use of estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group's consolidated financial statements mainly include, but are not limited to, assessment for impairment of long-lived assets, valuation of deferred tax assets, and current expected credit loss of receivables.

Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. On an ongoing basis, management evaluates its estimates based on information that is currently available. Changes in circumstances, facts, and experience may cause the Group to revise its estimates. Changes in estimates are recorded in the period in which they become known. Actual results could materially differ from these estimates.

***Foreign Currency***

The Group's principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Company's subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenue and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of stockholders' equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,<br> 2025** | **December 31, <br> 2024** | **December 31,**<br> **2023** |
| RMB: US$ exchange rate | 7.25723 | 7.2993 | 7.0798 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three <br> months ended**<br> **March 31,** | **For the three <br> months ended**<br> **March 31,** | **For the fiscal <br> year ended <br> December 31,** | **For the fiscal <br> year ended <br> December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
| RMB: US$ exchange rate | 7.27153 | 7.1602 | 7.1957 | 7.0748 |

---

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

***Cash***

Cash consists of cash on hand and cash in bank, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Group maintains cash with various financial institutions primarily in mainland China. Deposit insurance system in China only insured each depositor at one bank for a maximum of approximately US$68,897. The amount in excess of the insurance as of March 31, 2025 was approximately US$645,410. The Group has not experienced any losses in bank accounts.

***Restricted cash***

The Company received grants from the Fuzhou Municipal Bureau of Housing Security and Real Estate Administration amounting to US$217,700. Use of the grants are prohibited until the development of Hongchang Food Industrial Park is completed. The grants are deposited in a bank account with the China Construction Bank Corporation ("China Construction Bank") and are disclosed as restricted cash on the balance sheet.

***Accounts receivable and allowance for credit losses***

 ****

Accounts receivable are stated at the historical carrying amount net of allowance for expected credit losses. To estimate expected credit losses, the Group has identified the relevant risk characteristics of its customers and the related receivables. The Group considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors), and changes in the Group's customer collection trends. The allowance for credit losses and corresponding receivables were written off when they are determined to be uncollectible.

***Inventories***

 ****

Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business less any costs to complete and sell products. Cost of inventory are determined using the weighted average cost method. The Group records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, historical experience, and application of the specific identification method.

***Lease***

 ****

*<u>From the Perspective as a lessee</u>*

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 on a straight-line basis over the lease term.

*<u>From the Perspective as a lessor</u>*

The Group recognizes rental revenue under ASC 842, and the lease contracts are operating leases. The Group has elected to exclude from revenue and expenses sales taxes and other similar taxes collected from its tenant. The Group leases the buildings of Hongchang Food Industrial Park to its customers and generates revenue from monthly rent in the form of rental fees. The price of contract varies primarily based on the size and nature of buildings leased by the customers. The Group's lease contracts include a fix periodic payment amount. The Group recognizes rental revenue when the Group provides the customers access to the buildings. Rental revenue is recognized over the lease term on a straight-line basis, subject to a collectability assessment, with the difference between the contractual rental receipts and the straight-line amounts included in accounts receivable. The lease has renewal options, and a penalty is imposed if the customers early terminate the leases. Renewal of contract is on a negotiation basis before termination.

Prior to moving into the buildings, the customer is required to provide the Group with a rental retainer in amount specified in the terms of the lease agreements. The retainer typically cannot be applied against the customer's unpaid balance of rental or other fees.

Future minimum undiscounted lease collections from the contracts existed as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **As of<br> March 31** |
| 2026 | 1755821 |
| 2027 | 1755821 |
| 2028 | 1755821 |
| 2029 | 1755821 |
| 2030 | 1490743 |
| Thereafter | 3265709 |
| Total | 11779736 |

---

*<u>Short-term leases</u>*

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. Lease payments associated with these leases are expensed as incurred.

*<u>Sales and leaseback contracts</u>*

The Group enters sale and leaseback transactions. The Group acts as the seller-lessee, transfers its assets to a third-party entity (the buyer-lessor), and then leases the transferred assets back from the buyer-lessor at a contract designated rental price. The Group evaluates whether a sale of the underlying assets in the sale and leaseback contract has occurred in accordance with ASC 606. When a sale and leaseback transaction does not qualify for sale accounting, the transaction is accounted for as a financing transaction by the seller-lessee and a lending transaction by the buyer-lessor. The seller-lessee shall not derecognize the transferred asset and shall account for any amounts received as a financial liability.

***Property and equipment, net***

Property and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line basis.

---

| | |
|:---|:---|
| **Category** | **Estimated useful life** |
| Equipment | 3 years |
| Building | 40 years |

---

***Construction-in-progress***

Property and equipment that are purchased or constructed which require a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs. Construction-in-progress is transferred to specific property and equipment accounts and commences depreciation when these assets are ready for their intended use.

***Capitalized Interest***

Interest incurred during and directly related to construction-in-progress is capitalized to the related property under construction during the active construction period, which generally commences when borrowings are used to acquire assets of construction-in-progress and ends when the properties are substantially complete or the property becomes inactive. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. All other interest is expensed as incurred. For the three months ended March 31, 2025 and the fiscal year ended December 31, 2024 and 2023, the total interest capitalized in the construction-in-progress was US$102,521, US$316,197, and nil, respectively.

***Intangible assets***

Intangible assets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line method over the estimated useful lives. The estimated useful lives of amortized intangible assets are reassessed if circumstances occur that indicate the original estimated useful lives have changed.

---

| | |
|:---|:---|
| **Category** | **Estimated useful life** |
| Purchased software | 10 years |

---

***Land use right, net***

The land use rights represent the operating lease prepayments for the rights to use the land in the PRC. Amortization of the prepayments is provided on a straight-line basis over the terms of the respective land use rights certificates.

***Impairment of long-lived assets other than goodwill***

 ****

Long-lived assets are evaluated for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment by comparing carrying value of the assets to an estimate of future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based on the excess of the carrying value of the assets over the fair value of the assets. Impairment charge recognized for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023 was US$nil, US$2,837, and US$nil, respectively.

 ****

***Fair value of financial instruments***

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Financial assets and liabilities of the Group primarily consist of cash, accounts receivable, amounts due from related party, advance to suppliers-related party, other receivables, accounts payables, accounts payables - construction in progress and accrued expenses and other liabilities. As of March 31, 2025 and December 31, 2024 and 2023, the carrying values of these financial assets and liabilities approximated their fair values due to the short-term nature.

***Revenue recognition***

The Group applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all periods presented.

Step 1: Identify the contract(s) with a customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price – The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer.

Step 4: Allocate the transaction price to the performance obligations in the contract – Any entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer service to a customer).

The Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

The Group has elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects that, upon the inception of revenue contracts, the period between when the Group transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

As a practical expedient, the Group elected to expense the incremental costs of obtaining a contract when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less.

The Group is a food provider in Fujian Province which principally engages in meat and food product sales, support infrastructure sales and installation , and property rental.

The Group's principal revenue stream includes:

1. Product revenue:

● Meat and food products sales:

The Group enters into contracts with customers for the supply of meat and food products, whereby customers agree to pay product fees over the contract term in line with the terms set out in the sales agreements. Each contract encompasses a single promise: delivering specific goods to customers, which the Group therefore identifies as a single performance obligation, with all service fees (including but not limited to shipping and handling fees and packaging fees) allocated thereto. Control is considered transferred when the customer gains the ability to direct the use of the goods and obtain substantially all remaining economic benefits therefrom. Accordingly, the Group recognizes revenue at the point in time when control of the goods is transferred to the customer.

For the majority of meat and food product sales contracts, the Group assumes inventory risk, has the autonomy to set prices, and is responsible for fulfilling the promise to provide specific goods to customers. As the Group acts as the principal in these transactions, revenue is recognized on a gross basis. In contrast, for a small number of contracts where the Group does not assume inventory risk, does not have pricing authority, and is not primarily responsible, revenue is recognized on a net basis.

● Sale and installation of support infrastructure:

The Group bundles the installation together with the sale of mounts for photovoltaic panels. The installation services do not significantly customize or modify the mounts.

Contracts for bundled sales of equipment and installation services are comprised of two performance obligations because the equipment and installation services are both sold on a stand-alone basis and are distinct within the context of the contract. Accordingly, the Group allocates the transaction price based on the relative stand-alone selling prices of the equipment and installation services.

The Group recognizes revenue from installation services over time because the customer simultaneously receives and consumes the benefits provided to them. The Group uses an input method in measuring progress of the installation services because there is a direct relationship between the Groups effort (i.e., based on the labor hours incurred) and the transfer of service to the customer. The Group recognizes revenue on the basis of the labor hours expended relative to the total expected labor hours to complete the service.

2. Service revenue:

● Rental services: The Group started to generate lease revenue in 2025 from the operating lease of constructed buildings in the Hongchang Food Industrial Park to customers. As a lessor, the Group accounts for these leases under ASC 842. Lease revenue is recognized on a straight-line basis over the lease term, with any difference between straight-line revenue and contractual rental receipts recorded as a component of accounts receivable. Revenue recognition is subject to a collectability assessment, considering the creditworthiness of lessees and historical payment patterns. See "Note 2. Summary of Significant Accounting Policies—Lease—from the perspective as a lessor" for more discussion.

*Disaggregation of Revenue*

Disaggregation of revenue from contracts with clients, in accordance with ASC Topic 606, by major service lines is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the** | **For the** | **For the** |
| | | **fiscal year ended<br> December 31,** | **fiscal year ended<br> December 31,** |
| | **three months ended<br> March 31,**<br>**2025** | **2024** | **2023** |
| <br>**REVENUE** | **US$** | **US$** | **US$** |
| Product revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Meat and food products sales | 4602230 | 2867102 | 2675789 |
| &nbsp;&nbsp;&nbsp;Support infrastructure sales and installation | 2014896 | - | - |
|  | **6617126** | **2867102** | **2675789** |
| Service revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental services | 280563 | - | - |
| Total | **6897689** | **2867102** | **2675789** |

---

Revenue disaggregated by timing of revenue recognition for the three months ended March 31, 2025 and the years ended December 31, 2024 and 2023 is disclosed in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the** | **For the** | **For the** |
|  | **three months ended<br> March 31,** | **fiscal year ended<br> December 31,** | **fiscal year ended<br> December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Point in time: |  |  |  |
| &nbsp;&nbsp;&nbsp;Meat and food products sales | 4602230 | 2867102 | 2675789 |
| Over time: |  |  |  |
| &nbsp;&nbsp;&nbsp;Support infrastructure sales and installation | 2014896 | - | - |
| &nbsp;&nbsp;&nbsp;Rental services | 280563 | - | - |
| **Total** | **6897689** | **2867102** | **2675789** |

---

The Group also selected to apply the practical expedients allowed under ASC Topic 606 to omit the disclosure of remaining performance obligations for contracts with an original expected duration of one year or less. As of March 31, 2025 and December 31, 2024 and 2023, all contracts of the Group were with an original expected duration within one year.

***Cost of revenue***

Costs of revenue consist primarily of purchase price of products, shipping and handling expenses from suppliers to the Group, and related costs, which are directly attributable to products. Write-down of inventories is also recorded in cost of sales, if any. Shipping and handling costs incurred to transport goods to customers are expensed in the periods incurred and are included in cost of revenue. The Group accounts for shipping and handling expenses as fulfillment costs because shipping and handling activities occur before the customers obtains control of the goods. Shipping and handling expenses amounted to US$nil, US$11,521, and US$5,900 for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, respectively.

***Sales and marketing expenses***

Sales and marketing expenses consist primarily of travelling expenses, marketing conference expenses, advertising expenses, and salaries and other compensation-related expenses to sales and marketing personnel. The Group expenses all advertising costs as incurred. Advertising costs amounted to $nil, $1,353, and $nil for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, respectively.

***General and administrative expenses***

General and administrative expenses consist primarily of salaries and benefits for employees involved in general corporate functions, amortization of land use right, legal and other professional services fees, rental, and other general corporate related expenses.

***Government Subsidies***

Government subsidies are recognized when there is reasonable assurance that the subsidy will be received, and all attaching conditions will be complied with. When the subsidy relates to an expense item, it is recognized as income over the periods necessary to match the subsidy on a systematic basis to the costs that it is intended to compensate. Where the subsidy relates to an asset, it is recognized as deferred subsidies and is released to the statement of operations over the expected useful life in a consistent manner with the depreciation method for the relevant asset. Total government subsidies recorded in the deferred subsidies were $1,935,462, $1,929,637, and $1,989,463 as of March 31, 2025 and December 31, 2024 and 2023, respectively.

***Value-added taxes***

Sales revenue represents the invoiced value of goods, net of VAT. The applicable VAT rate was 13% or 9% (depending on the type of goods involved) for products sold in the PRC. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded as VAT payable if output VAT is larger than input VAT and is recorded as VAT recoverable if input VAT is larger than output VAT. All of the VAT returns filed by the Company's subsidiaries in China have been and remain subject to examination by the tax authorities.

 ****

***Income taxes***

Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group accounts for income taxes under the asset and liability method in accordance with ASC 740, *Income Tax*, ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences between carrying amounts of existing assets and liabilities in the financial statements and their respective tax basis, and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations and comprehensive income (loss) in the period of change. Valuation allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more likely than not that amount of the deferred tax assets will not be realized.

The Group records liabilities related to uncertain tax positions when, despite the Group's belief that the Group's tax return positions are supportable, the Group believes that it is more likely than not that those positions may not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax benefits are classified as income tax expense. The Group did not recognize uncertain tax positions as of March 31, 2025 and December 31, 2024 and 2023.

***Related party transactions***

 ****

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature.

***Earnings per share***

The Group calculates earnings per share in accordance with ASC Topic 260 "Earnings per Share." Basic earnings per share is computed by dividing the net income by the weighted average number of common stock outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common stock that would have been outstanding if the potential common stock equivalents had been issued and if the additional common stock were dilutive. On September 4, 2023, the Group completed the Hongchang Acquisition, whereby Hongchang BVI's stockholders received 415,582,375 shares of the Company in exchange for all of the share capital of Hongchang BVI, which is reflected retroactively to December 31, 2021, and will be utilized for calculating earnings per share in all prior periods. The per share amounts have been updated to show the effect of the exchange on earnings per share as if the exchange occurred at the beginning of both years for the annual financial statements of the Group. The impact of the stock exchange is also shown on the Group's Statements of Stockholders' Equity.

Before the reorganization, Hongchang Food depended on loans from stockholders for the construction of the Hongchang Food Industrial Park and its daily operations. These were recorded as loans from related parties. In May 2023, Hongchang Food reached an agreement with a stockholder to convert an outstanding loan balance of US$41,241,108 into a capital contribution. The company then recalculated the weighted average number of common stock outstanding during the period, based on the timing of the cash inflows from the stockholder loans.

***Comprehensive income***

The Group applies ASC 220, Comprehensive Income ("ASC 220"), with respect to reporting and presentation of comprehensive income and its components in a full set of financial statements. Comprehensive income is defined to include all changes in equity of the Group during a period arising from transactions and other event and circumstances except those resulting from investments by stockholders and distributions to stockholders. For the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, the Group's comprehensive income (loss) included net income (loss) and other comprehensive income (loss).

***Segment reporting***

ASC 280, Segment Reporting ("ASC 280"), establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280, our chief operating decision maker ("CODM") has been identified as our Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. As a whole and hence, we have only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group's long-lived assets are substantially located in the PRC, no geographical segments are presented.

***Uncertainty and risks***

<u>Political, social, and economic risks</u>

The Group has substantial operations in China through its PRC subsidiaries. Accordingly, the Group's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. The Group's results may be adversely affected by changes in the political, regulatory, and social conditions in the PRC. Although the Group has not experienced losses from these situations and believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1, this may not be indicative of future results.

The Group's business, financial condition, and results of operations may also be negatively impacted by risks related to regional wars, geopolitical tensions, natural disasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could potentially and significantly disrupt the Group's operations.

<u>Concentration risks</u>

*Concentration of credit risk*

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash in bank and accounts receivable. The Group places its cash with financial institutions with high credit ratings and quality.

The Group conducts credit evaluations of customers, and generally does not require collateral or other security from its customers. The Group establishes an allowance for expected credit losses primarily based upon the factors surrounding the credit risk of specific customers.

*Concentration of customers and suppliers*

As of March 31, 2025, one major client accounted for 96% of the Group's total accounts receivable. No credit loss expense has been incurred historically for this client.

As of December 31, 2024, one client accounted for 100% of the Group's total accounts receivable. No credit loss expense has been incurred historically for this client.

As of December 31, 2023, one major client accounted for 96.0% of the Group's total accounts receivable. No credit loss expense has been incurred historically for this client.

For three months ended March 31, 2025, two major clients accounted for 59% and 29% of the Group's total revenue, respectively.

For the fiscal year ended December 31, 2024, one major client accounted for 24% of the Group's total revenue.

For the fiscal year ended December 31, 2023, one major client accounted for 96% of the Group's total revenue.

As of March 31, 2025, one vendor accounted for 98% of the Group's total account payable. For the three months ended March 31, 2025, one vendor accounted for 67% of the Group's total purchases.

As of December 31, 2024, one vendor accounted for 100% of the Group's total account payable. For the fiscal year ended December 31, 2024, two vendors accounted for 46% and 29% of the Group's total purchases, respectively.

As of December 31, 2023, two vendors accounted for 81% and 15% of the Group's total account payable. For the fiscal year ended December 31, 2023, three vendors accounted for 42%, 38%, and 16% of the Group's total purchases, respectively.

***Recent accounting pronouncements***

In December 2023, the FASB issued ASU 2023-09 Improvements to Income Tax Disclosures. The ASU improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the ASU is effective for annual periods beginning after December 15, 2025. The Company is evaluating the potential impact of this guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expense and ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASU improves the disclosures about a public business entity's expenses and provides more detailed information about the types of expenses in commonly presented expense captions. The amendments require that at each interim and annual reporting period an entity will, inter alia, disclose amounts of purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption (such as cost of sales, general and administrative, and research and development). The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the potential impact of this guidance on its consolidated financial statement disclosures.

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 consolidated financial statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its consolidated financial condition, results of operations, cash flows or disclosures.

**3. BUSINESS ACQUISITION**

*<u>Acquisitions in 2025</u>*

*Pucheng Green Health Food*

On January 1, 2025, the Company, through WFOE, acquired 51% equity interests in Pucheng Green Health Food for a total cash consideration of approximately US$559,782 Upon the acquisition, Pucheng Green Health Food became a consolidated subsidiary of the Company.

The total purchase consideration of approximately US$559,142 consisted of a cash payment of approximately US$559,142 to the former shareholders of Pucheng Green Health Food. The assets and liabilities of Pucheng Green Health Food were recorded at their respective estimated fair value as of the acquisition date.

The following table summarizes the purchase price allocation of the assets acquired, liabilities assumed, and related deferred income tax assumed at the date of acquisition. The dollar amount presented in the table was based on the exchange rate of RMB1.00 to US$0.1370 on January 1, 2025.

---

| | |
|:---|:---|
|  | **Amount in<br> US$** |
| Current assets | 172667 |
| Construction-in-progress | 838442 |
| Other non-current assets | 740897 |
| Total assets acquired | 1752006 |
| Current liabilities | (590974) |
| Non-current liabilities | (7660) |
| Total liabilities assumed | (598634) |
| Net identifiable assets acquired (51%) | 588220 |
| Total consideration | 559142 |
| Bargain purchase gain | 29078 |

---

**4. ACCOUNTS RECEIVABLE**

Accounts receivable consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Accounts receivable | 2278878 | 52514 | 742851 |
|  | 2278878 | 52514 | 742851 |

---

As of March 31, 2025 and December 31, 2024 and 2023, the Company had no allowance for expected credit losses for accounts receivable

**5. OTHER RECEIVALBE**

Other receivable consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Advanced construction payment | - | 6849972 | - |
| Loans to third parties | - | - | 1079127 |
| Others | 74693 | 4402 | 27447 |
|  | 74693 | 6854374 | 1106574 |

---

In March 2025, Hongchang Food received a refund of approximately US$1.12 million from Sichuan Xiongji Construction Engineering Co., Ltd. ("Sichuan Xiongji") and reached Supplementary Agreement No. 1 with Sichuan Xiongji that the remaining advanced approximately US$5.77 million to Sichuan Xiongji would be treated as a prepayment for the construction of Phase II of the Hongchang Food Industrial Park.

For the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, the Company had no allowance for expected credit losses for other receivable.

**6. OTHER CURRENT ASSETS**

Other current assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| VAT recoverable | 649496 | 846269 | 1039421 |
| Deferred tax assets | 104217 | 85865 | 65858 |
| Prepaid Expenses | 4120 | 4096 | 23319 |
| Advance to suppliers | - | - | 13811 |
|  | 757833 | 936230 | 1142409 |

---

**7. PROPERTY AND EQUIPMENT**

Property and equipment consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Office equipment | 3298 | 3279 | 3381 |
| Other machinery and Equipment | 17647 | 17546 | - |
| Buildings | 27526188 | - | - |
| Accumulated depreciation | (407599) | (3937) | (188) |
|  | 27139534 | 16888 | 3193 |

---

Depreciation expenses were US$112,597, US$3,809, and US$188 for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, respectively.

Phase I of Hongchang Food Industrial Park was complete and reached usable condition in January 2025. The buildings started to depreciate from February 2025.

On February 1, 2025, Hongchang Food entered into a lease contract with Fuqing Yuanchuang Property Management Co., Ltd. to lease out a total of seven buildings in Phase I of Hongchang Food Industrial Park, with the leased area of 46,656.40 square meters from February 1, 2025 to January 31, 2030. As of March 31, 2025, the balance of rental properties was US$27,106,219. Depreciation expenses of US$107,084.00 for the three months ended March 31, 2025 were included in cost of revenue.

As of March 31, 2025, the buildings with a carrying value of US$27,106,219 had been pledged as security for bank loans obtained by a related party, Fuqing Xinhongbo Trading Co., Ltd. ("Xinhongbo").

**8. CONSTRUCTION-IN-PROGRESS**

Construction-in-progress consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Construction in progress | 16832470 | 41264766 | 41423399 |
|  | 16832470 | 41264766 | 41423399 |

---

Hongchang Food Industrial Park covers a site area of 108,000 square meters, with a floor area of about 130,000 square meters. The construction of Phase I of Hongchang Food Industrial Park was complete in January 2025. The remaining part is still under construction and the construction is expected to complete by 2026.

**9. INTANGIBLE ASSTES**

Intangible assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Purchased software | 3214 | 3196 | 3295 |
| Less: accumulated amortization | (375) | (399) | (82) |
| Less: impairment allowance | (2839) | (2797) | - |
|  | - | - | 3213 |

---

Amortization expenses for the purchased software were US$nil, US$324, and US$82 for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, respectively. Impairment charge recorded was US$nil, US$2,837, and US$nil for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, respectively.

**10. LAND USE RIGHT, NET**

Land use rights, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Land use rights | 4420268 | 4256831 | 4388808 |
| Less: accumulated amortization | (421701) | (347717) | (270707) |
|  | 3998567 | 3909114 | 4118101 |

---

Amortization expenses for the land use rights were US$21,992, US$86,377, and US$87,903 for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, respectively. No impairment charge was recorded for the three months ended March 31, 2025 and the fiscal years ended December 31, 2024 and 2023, respectively. The land use right has a term of 50 years and will terminate in 2070. The land use right acquired through the acquisition of Pucheng Green Health Food will terminate in 2055.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** | **For the fiscal years ended March 31,** |
|  | **2026** | **2027** | **2028** | **2029** | **2030** | **2031 and**<br> **thereafter** |
|  | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
| Amortization expenses | 87968 | 87968 | 87968 | 87968 | 87968 | 3558728 |

---

\* For the nine months ending December 31, 2025

As of March 31, 2025, the land use right with a carrying value of US$1,763,099 had been pledged as security for bank loans obtained by a related party, Xinhongbo.

**11. OTHER NON-CURRENT ASSETS**

Other non-current assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Other non-current asset –Advanced construction payment | 6992158 | 3561700 | 706920 |
| Other non-current asset –Prepayment for acquisition of businesses | - | 558957 | - |
| Other non-current asset –Leasehold deposit | 13780 | 13700 | - |
|  | 7005938 | 4134357 | 706920 |

---

Other non-current assets were US$7,005,938, US$4,134,357, and US$706,920 as of March 31, 2025, December 31, 2024, and December 31, 2023, respectively, which primarily consisted of advanced payment to Sichuan Xiongji for the construction of Hongchang Food Industrial Park.

**12. EQUITY-METHOD INVESTMENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Fujian Hongding Pawnshop Co. | 527684 |  |  |

---

The Group acquired the equity investment in Fujian Hongding Pawnshop Co. ("Hongding Pawnshop") through the acquisition of Pucheng Green Health Food. Pucheng Green Health Food held 23% interest in Hongding Pawnshop prior to June 2025. Hongding Pawnshop was not consolidated in our consolidated financial statements and was accounted for under the equity-method.

Investment income accounted by equity-method were US$194 for the three months ended March 31, 2025.

**13. ACCRUED EXPENSES AND OTHER LIABILITIES**

Accrued expenses and other liabilities consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Payroll and welfare payables | 94004 | 80115 | 92262 |
| Value-added tax and other taxes payable | 205053 | 8197 | 239543 |
| Others | 542732 | 66104 | 54000 |
|  | 841789 | 154416 | 385805 |

---

**14. LONG-TERM LOANS**

Long-term loans represent the amounts due to various banks and financial lease companies lasting over one year. As of December 31, 2023, the Group had no loans. During 2024, the Group entered into long-term loans contracts with two creditors. The outstanding balances on long-term loans as of March 31, 2025 and December 31, 2024 consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Creditors** |  | **As of<br> March 31,<br> 2025**<br>**Balance** | **As of<br> December 31,<br> 2024**<br>**Balance** | **Maturity**<br>**Date** | **Effective<br> Interest**<br>**Rate** | <br>**Collateral/Guarantee** |
|  |  | **US$** | **US$** |  | |  |
| Fujian Fuqing Huitong Rural Commercial Bank<br> Co., Ltd. | 1 | **2204698** | **2191991** | January 16, 2034 | 5.25% | Construction in progress of |
|  | 2 | **2480285** | **2465990** |  |  | the Hongchang Food |
|  | 3 | **964555** | **958996** |  |  | Industrial Park, WFOE, |
|  | 4 | **275587** | **273999** |  |  | Mr. Zengqiang Lin, |
|  | 5 | **344484** | **342499** |  |  | Ms. Zhenzhu Lin |
| **Subtotal** |  | **6269609** | **6233475** |  |  |  |
| Chailease International Finance Co., Ltd. ("Chailease") |  | **529769** | 564759 | October 25, 2027 | 15.16% | Machines, WFOE, |
|  |  |  |  |  |  | Mr. Zengqiang Lin and |
|  |  |  |  |  |  | Mr. Huaqiang Lin |
| Pucheng Rural Credit Union |  | 135038 | - | August 30, 2025 | 6.48% |  |
| **Total** |  | **6934416** | **6798234** |  |  |  |

---

On October 23, 2024, Hongchang Food entered into a sales and leaseback contract with Chailease. Pursuant to the contract, the Company sold its machines for approximately US$561,698 and immediately leased it back from Chailease for a three-year period from October 25, 2024 to October 25, 2027. The cost of the relevant equipment was approximately US$218,505, which has been accounted in the other non-current assets. The Company had not transferred the control of the underlying assets to Chailease and the Company evaluated that the sales transaction did not qualify as a sale in accordance with ASC 606. Therefore, the sales and leaseback contract was in essence a debt financing arrangement and did not apply sales and leaseback accounting in ASC 842. The proceeds, net of the financing costs, were financial liability with a yearly implied interest rate of 15.16%. This long-term loan was guaranteed by WFOE, Mr. Zengqiang Lin, and Mr. Huaqiang Lin. The Company was required to make monthly interest and principal payment.

During the fiscal year ended December 31, 2024, the Company repaid approximately US$2,740. As of December 31, 2024, the Company had an outstanding balance of US$564,759, of which US$161,325 and US$403,434 were classified to current portion and non-current portion, respectively.

During the three months ended March 31, 2025, the Company repaid approximately US$58,585. As of March 31, 2025, the Company had an outstanding balance of US$529,769, of which US$168,580 and US$361,189 were classified to current portion and non-current portion, respectively.

The future maturities of long-term loans from Fujian Fuqing Huitong Rural Commercial Bank Co., Ltd. are as follows:

---

| | |
|:---|:---|
| **For the years ending December 31,** | **Principal** |
| Remainder of 2025 | $74408 |
| 2026 | 137794 |
| 2027 | 137794 |
| 2028 | 264564 |
| Thereafter | 5655050 |
|  | $6269610 |
| less: current portion | $74408 |
| Non-current portion | $6195202 |

---

The purposes of these long-term loans are for the construction of Hongchang Food Industrial Park, and the interest of these loans was capitalized in construction-in-progress. Interest capitalized in construction-in-progress was US$102,521 and US$316,197 for the three months ended March 31, 2025 and the fiscal year ended December 31, 2024, respectively.

The loan from Pucheng Rural Credit Union will mature on August 30, 2025. As of March 31, 2025, the Company had an outstanding balance of US$135,038 were classified to current portion.

**15. COMMON STOCK AND ADDITIONAL PAID-IN CAPITAL**

In January 2023, 100 ordinary shares of Hongchang BVI were allotted and issued to the controlling stockholders, of par value US$1.00.

As per the Reorganization described in Note 1(b) History and reorganization of the Group, the consolidated financial statements were prepared as if the 100 shares had been in existence since the beginning of the periods presented. As per the Reverse merger described in Note 1(c), in the "Consolidated Statements of Stockholder's Equity," the 100 shares of the legal subsidiary (the accounting acquirer) were restated using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent (the accounting acquiree) issued in the reverse acquisition.

In preparation of the Merger Transactions, the following transactions were undertaken to reorganize the legal structure of Operating Entity. On January 13, 2023, Mr. Zengqiang Lin and Ms. Zhenzhu Lin, the existing stockholders of Hongchang Food established BVI-1 and BVI-2 in the British Virgin Islands, respectively. On January 18, 2023, Hongchang BVI was then incorporated by BVI-1 and BVI-2, which held 70% and 30% equity interests in Hongchang BVI, respectively. On February 6, 2023, Hongchang BVI incorporated a wholly owned subsidiary, Hongchang HK. On February 28, 2023, Hongchang HK incorporated WFOE in the PRC. WFOE then purchased 100% of the equity interests in Hongchang Food. After the Reorganization, Mr. Zengqiang Lin and Ms. Zhenzhu Lin held 70% and 30% of the equity interests in Hongchang Food through WFOE, respectively. As all the entities involved in the process of the Reorganization were under common ownership of Hongchang Food's stockholders before and after the Reorganization, the Reorganization was accounted for in a manner similar to a pooling of interests with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. Therefore, the consolidated financial statements were prepared as if the 100 shares had been in existence since the beginning of the periods presented.

On August 21, 2023, the Company entered into the Share Exchange Agreement with Hongchang BVI and Hongchang BVI's stockholders, the Selling Stockholders, in relation to the Hongchang Acquisition. BVI-1 is wholly owned by Mr. Zengqiang Lin and BVI-2 is wholly owned by Ms. Zhenzhu Lin. Mr. Zengqiang Lin has been a director of the Company since February 17, 2023, and Ms. Zhenzhu Lin is the sister of Mr. Zengqiang Lin. In accordance with the terms of the Share Exchange Agreement, the Selling Stockholders sold and transferred 100 shares of Hongchang BVI, constituting all of the issued and outstanding share capital of Hongchang BVI, to the Company in exchange for the Consideration Shares, of which 353,322,843 shares were issued to BVI-1 and 62,259,532 shares were issued to BVI-2. Therefore, in the "Consolidated Statements of Stockholders' Equity," the 100 shares of the legal subsidiary (the accounting acquirer) were restated using the exchange ratio established in the acquisition agreement to reflect the number of shares of the legal parent (the accounting acquiree) issued in the reverse acquisition.

In May 2023, Hongchang BVI received US$41,241,108 cash contribution from stockholders through its subsidiary Hongchang Food.

On September 1, 2023, upon closing the Merger Transactions, 100 shares of Hongchang BVI, par value US$1.00, constituting all of the issued and outstanding share capital of Hongchang BVI, were exchanged for the right to receive 415,582,375 shares of common stock of the Company, par value US$0.001.

**16. INCOME TAX**

The Company is subject to income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.

*United States*

The Company is subject to U.S. federal tax laws. On December 22, 2017, the "Tax Cuts and Jobs Act" (the "Act") was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34% to 21%. Accordingly, the Company has remeasured its deferred tax assets on its net operating loss carry forwards in the U.S at the lower enacted tax rate of 21%. However, this remeasurement had no effect on the Company's income tax expense as the Company has provided a 100% valuation allowance on its deferred tax assets previously.

*British Virgin Islands*

Hongchang BVI was incorporated in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their stockholders, no British Virgin Islands withholding tax will be imposed.

*Hong Kong*

HK$2.0 million assessable profits will be subject to a lower tax rate of 8.25% and the excessive taxable income will continue to be taxed at the existing 16.5% tax rate. The two-tiered tax regime becomes effective from the assessment year of 2018/2019, which was on or after April 1, 2018. The application of the two-tiered rates is restricted to only one nominated enterprise among connected entities.

*PRC*

WFOE and its subsidiaries are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. Under the Enterprise Income Tax Laws of the PRC (the "EIT Laws"), Chinese enterprises are subject to income tax at a rate of 25% after appropriate tax adjustments.

Hongfu Food and Pucheng Green Health Food, primarily engaged in processing of agricultural products, are eligible for full exemption from corporate income tax under the tax preferential policies stipulated in the "EIT Laws," with an effective tax rate of 0% during the relevant accounting period.

Income taxes in the PRC consisted of:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the** | **For the** | **For the** |
|  | **three months ended<br> March 31,** | **Fiscal year ended<br> December 31,** | **Fiscal year ended<br> December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Income tax expense | 157881 |  |  |
| Deferred income tax benefit | (5212) | (22303) | (65905) |
| **Total income tax expense (benefit)** | $**152669** | $**(22303)** | $**(65905)** |

---

The Company had an income tax expense of US$152,669 for the three months ended March 31, 2025, an income tax benefit of US$22,303 for the fiscal year ended December 31, 2024, and an income tax expense of US$65,905 for the fiscal year ended December 31, 2023.

Below is a reconciliation of the statutory tax rate to the effective tax rate:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the** | **For the** | **For the** |
|  | | **Fiscal year ended<br> December 31,** | **Fiscal year ended<br> December 31,** |
|  | **three months ended<br> March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| PRC statutory income tax rates\* | 25.00% | 25.00% | 25.00% |
| Non-deductible expenses | - | (0.27)% | (0.34)% |
| Preferential tax rate reduction | (8.57)% | (1.2)% | - |
| Change in valuation allowance | (7.20)% | (18.97)% | (3.80)% |
| Actual income tax rate | 9.23% | 4.56% | 20.85% |

---

\* As the Company's business operation mainly concentrated in PRC, the Company determined to apply PRC statutory tax rate in reconciliation of the statutory tax rate to the effective tax rate.

Deferred tax assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **March 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Land use right amortization | 91714 | 85865 | 65858 |
| Appraisal appreciation | 12503 | - | - |
| Net operating losses carried forward in the PRC | 15931 | 148993 | 101852 |
| Net operating losses carried forward in the U.S. | 221318 | 193608 | 150645 |
| Totals | 341466 | 428466 | 318355 |
| Less: Valuation allowance | (237249) | (342601) | (252497) |
| Deferred tax assets, net | 104217 | 85865 | 65858 |

---

**17. RELTED PARTY TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Related parties

The principal related parties with which the Group had transactions during the years presented are as follows:

---

| | |
|:---|:---|
| **Names of related parties** | **Relationship with The Group** |
| Zengqiang Lin | The principal stockholder and director of the Company |
| Xinhongbo | An entity controlled by the principal stockholder of the Company |
| Fuqing Changhong Agricultural Products Supply Chain Co. Ltd. ("Changhong") | An entity controlled by the principal stockholder of the Company |
| Zhenzhu Lin | The principal stockholder of the Company |
| Xindefu | Non-controlling shareholder of Hongfu Food |
| Xiuhua Zhou | Owner of Xindefu |
| Fujian Xiangbing Logistics Co., Ltd. ("Xiangbing") | Common controller with Xindefu |
| Huaqiang Lin | Father of Zengqiang Lin |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than disclosed elsewhere,
the Group had the following significant related party transactions for the three months ended March 31, 2025 and the fiscal years ended
December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the** | **For the** | **For the** |
|  | | **Fiscal year ended<br> December 31,** | **Fiscal year ended<br> December 31,** |
|  | **three months ended<br> March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Loans from related parties: |  |  |  |
| &nbsp;&nbsp;&nbsp;-Zhenzhu Lin | 41821 | 1683718 | - |
| &nbsp;&nbsp;&nbsp;-Zengqiang Lin | 4115573 | 5685707 | 2900289 |
| &nbsp;&nbsp;&nbsp;-Xiuhua Zhou | - | 1557007 | - |
|  | **4115573** | **8926432** | **2900289** |
| Repayment of loan from a related party: |  |  |  |
| &nbsp;&nbsp;&nbsp;-Zengqiang Lin | - | - | (3199390) |
| Repayments to related parties: |  |  |  |
| &nbsp;&nbsp;&nbsp;-Zhenzhu Lin | (38506) | (1644203) | - |
| &nbsp;&nbsp;&nbsp;-Zengqiang Lin | (7481645) | (2405036) | - |
| &nbsp;&nbsp;&nbsp;-Xiuhua Zhou | - | (1557007) | - |
|  | **(7520151)** | **(5606246)** | - |
| Capital contribution to Hongchang Food: |  |  |  |
| &nbsp;&nbsp;&nbsp;-Zengqiang Lin | - | - | 41241108 |
| Refunds from a related party |  |  |  |
| &nbsp;&nbsp;&nbsp;-Xinhongbo | - | 58368 | - |
| &nbsp;&nbsp;&nbsp;-Changhong | - | 139 | - |
| &nbsp;&nbsp;&nbsp;-Xindefu | 38506 | - | - |
|  | **38506** | **58507** | - |
| Sales of goods: |  |  |  |
| &nbsp;&nbsp;&nbsp;-Xindefu | - | 1576 | - |
| Procurement of goods: |  |  |  |
| &nbsp;&nbsp;&nbsp;-Xindefu | - | 229453 | - |
| Procurement of service: |  |  |  |
| &nbsp;&nbsp;&nbsp;-Xindefu | - | 272647 | - |
| &nbsp;&nbsp;&nbsp;-Fujian Xiangbing Logistics Co., Ltd. | - | 112236 | - |
|  | - | **384883** | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Group had the following
related party balances as of March 31, 2025 and December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | | **December 31,** | **December 31,** |
|  | **March 31,**<br>**2025** | **2024** | **2023** |
|  | **US$** | **US$** | **US$** |
| Advance to suppliers-related party |  |  |  |
| -Xinhongbo | - | - | 59324 |
| Amount due from a related party |  |  |  |
| -Xindefu | - | 38360 | - |
| -Changhong | - | - | 141 |
| Amounts due to related parties: |  |  |  |
| -Zhenzhu Lin - current portion | 42500 | 38953 | - |
| -Zengqiang Lin | 3513737 | 3493486 | 6682959 |
| -Zengqiang Lin - current portion | 2907575 | 6250487 | - |
|  | 6463812 | 9782926 | 6682959 |

---

All balances with the related parties as of March 31, 2025 and December 31, 2024 and 2023 were unsecured and interest-free and had no fixed terms of repayments.

On April 1, 2023, Hongchang Food entered into an interest-free loan agreement with Zengqiang Lin to obtain aggregate maximum loans of up to US$8.5 million) for the period from April 1, 2023 to March 31, 2026.

On March 1, 2024, Hongchang Food entered into a loan agreement with Zengqiang Lin, bearing an annual interest rate of 3%, to obtain aggregate maximum loans of up to RMB 50.0 million (US$6.9 million) for the period from March 1, 2024, to March 1, 2027.

On May 16, 2024, Hongfu Food entered into an interest-free loan agreement with Zhenzhu Lin to obtain aggregate maximum loans of up to US$4.3 million for the period from May 16, 2024 to May 15, 2027.

On September 19, 2024, Hongchang Food entered into an interest-free loan agreement with Zengqiang Lin to obtain aggregate maximum loans of up to US$8.5 million for the period from September 20, 2024 to September 20, 2027. On March 21, 2025, they entered into a supplementary agreement, pursuant to which Zengqiang Lin promised that he would not ask Hongchang Food to pay back an amount of US$3,493,486 of the loan until March 31, 2026.

On December 15, 2024, Hongchang Supply Chain entered into an interest-free loan agreement with Zengqiang Lin to obtain aggregate maximum loans of up to RMB5.0 million (US$0.7 million) for the period from December 15, 2024 to December 15, 2027.

On January 25, 2025, Hongchang Supply Chain entered into an interest-free loan agreement with Huaqiang Lin to obtain aggregate maximum loans of up to US$0.7 million for the period from January 25, 2025 to January 25, 2028. As of March 31, 2025, the loan was repaid.

On January 26, 2025, Hongchang Food entered into a mortgage contract with Fujian Fuqing Huitong Rural Commercial Bank Co., Ltd., pledging the buildings and land use right as collateral to secure the loans obtained by Xinhongbo. The carrying value of the buildings was US$27,106,219, and the carrying value of the land use right was US$1,763,099.

**18. COMMITMENTS AND CONTINGENCIES**

As of March 31, 2025, the Group had entered into several contracts for construction of the Hongchang Food Industrial Park and the improvement of industrial buildings. Total outstanding commitments under these contracts were US$3,859,662 and US$9,275,828 and US$18,492,173 as of March 31, 2025, December 31, 2024, and December 31, 2023, respectively. The Group expected to pay off all the balances within one to three years.

**19. SUPPLEMENTAL INFORMATION CONDENSED FINANCIAL INFORMATION FOR THE THREE MONTHS ENDED MARCH 31, 2024**

Condensed consolidated statement of operations for the three months ended March 31, 2024 was:

---

| | |
|:---|:---|
|  | **Amount** |
| Net revenue | $18204 |
| Cost of revenue | (18477) |
| Gross profit (loss) | (273) |
| Total operating expenses | (102036) |
| Loss from operations | (102309) |
| Total other income | 314 |
| Loss before income taxes | (101995) |
| Income tax expense | 5426 |
| Net loss | $(96569) |
| Basic net income (loss) per share | $(0.00) |

---

Condensed consolidated statement of cash flows for the three months ended March 31, 2024 was:

---

| | |
|:---|:---|
|  | **Amount** |
| Net loss | $(96569) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities | 16637 |
| Changes in operating assets and liabilities | 89650 |
| Net cash provided by operating activities | 9718 |
| Net cash used in investing activities | (5045461) |
| Net cash provided by financing activities | 5052878 |
| Effect of foreign exchange on cash | (17791) |
| Net decrease in cash | (656) |
| Cash and restricted cash at the beginning of the year | 895730 |
| Cash and restricted cash at the end of the year | $895074 |

---

**20. SUBSEQUENT EVENTS**

The Group has evaluated subsequent events through the date the financial statements were issued and filed with the Securities and Exchange Commission. Based on the Company's evaluation, no other event has occurred requiring adjustment or disclosure in the notes to the consolidated financial statements.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

As previously reported in our Current Report on Form 8-K filed with the SEC on April 30, 2025, on April 24, 2025, the Company appointed Enrome LLP to serve as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, and dismissed WWC, P.C. For the fiscal years ended December 31, 2024 and 2023, WWC, P.C.'s audit reports on the Company's financial statements did not contain an adverse opinion or disclaimer of opinion, nor were they qualified as to audit scope or accounting principles.

**Item 9A. Controls and Procedures.**

**CONTROLS AND PROCEDURES**

 ****

***Evaluation of Disclosure Controls and Procedures***

Management has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Report. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were not effective as a result of a material weakness primarily related to a lack of a sufficient number of personnel with appropriate training and experience in accounting principles generally accepted in the United States of America, or U.S. GAAP. We plan to enhance our internal control system through a series of measures, including hiring more personnel with adequate training and U.S. GAAP experience, appointing independent directors, and setting up an audit committee.

***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 item is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, for the Company. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of its management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Under the supervision and with the participation of our current chief executive officer we conducted an evaluation of the effectiveness of our internal control over financial reporting as of March 31, 2025, based on the framework set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on our evaluation under this framework, current management concluded that our internal control over financial reporting was not effective as of the evaluation dates due to the same reasons illustrated in "Evaluation of Disclosure Controls and Procedures" above.

***Changes in Internal Control over Financial Reporting***

There was no change in our internal control over financial reporting that occurred during the quarterly period ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within any company have been detected.

**Item 9B. Other Information.**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

The following table sets forth information regarding each of our current directors and executive officers:

**Directors and Executive Officers**

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Zengqiang Lin | 28 | Chief Executive Officer, Chief Financial Officer, Chairman of the Board, and President |
| Ban Siong Ang | 50 | Director |
| Zhenzhu Lin | 32 | Director |

---

Set forth below is a brief description of the background and business experience of our current executive officers or directors.

***Mr. Zengqiang Lin*** has been our chairman of the board of director since April 24, 2025, director since February 17, 2023, and Chief Financial Officer since May 8, 2024, and in connection with the acquisition of Fuqing Hongchang Food Co., Ltd., was appointed as our Chief Executive Officer and President on August 21, 2023. Mr. Zengqiang Lin is one of the founders and has served as the chairman of the board of directors of Hongchang Food since 2017. He also held the position of manager at Xizang Changhui Construction Engineering Co., Ltd from July 2015 to May 2017. We believe Mr. Lin is qualified to serve as our director because of his wealth of experience in business operation, supply chain management, and market expansion.

***Mr. Ban Siong Ang*** has been our Director since April 18, 2018 and worked as the Chairman of the Board from April 18, 2018 to April 24, 2025. He graduated from the University of Southern Queensland, Australia, in 1998 and completed his Doctor of Philosophy in International Finance (Honoris Causa) from Gideon Robert University in 2017. Upon his graduation from the University of Southern Queensland, he started his career and worked as Senior Officer in Bursa Malaysia Depository Sdn Bhd (formerly known as Kuala Lumpur Stock Exchange) between 1998 and 2004. From 2004 to 2009, he served as the Director and principal consultant for Golden Design Renovation and Construction Sdn Bhd. Between 2010 and 2011, he served as General Manager and Directors for E-World Films Production Limited. In 2012, he founded Heyu Group of Companies in China, Hong Kong, and Malaysia. Heyu Group of Companies are engaged in leisure and hotels management, biotechnology, finance and investment, brand franchising, advance entertainment technology, event management, property development and management, and land and real estate property development. He is responsible for the formulation and implementation of the Heyu Group of Companies' corporate strategies as well as in charge of the corporate finance and investment management aspects of the Group due to his acute knowledge with rich experience, strong commitment, innovative and dynamic personality. He also as a member of "The Academic Council on the United Nations System (ACUNS)" in Canada. In view of Mr. Ang's humanitarian sectors, his outstanding contributions to establish, promote and protect humanity, peace, culture human resource development and education for the well-being of human society through volunteerism, he was also bestowed the Royal Orders from the State of Pahang in Malaysia. We believe Mr. Ang is qualified to serve as our director because he has comprehensive experience in financial supervision and corporate management.

***Ms. Zhenzhu Lin*** serves as our Director from August 21, 2023. Ms. Lin is one of the founders and has served as a director of Hongchang Food since 2017. Prior to her current role, Ms. Lin served as the general manager of Xizang Changhui Construction Engineering Co., Ltd from December 2008 to May 2017. We believe Ms. Lin is qualified to serve as our director because she has extensive experience in the Company from the grassroots to the management level.

**Family Relationships**

Mr. Zengqiang Lin and Ms. Zhenzhu Lin are siblings. None of our other directors or executive officers have a family relationship as defined in Item 401 of Regulation S-K.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past ten years:

● been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

● had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

● been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

● been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

● been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

● been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**Director Independence**

After review of all relevant transactions or relationships between each director, or any of his or her family members, our board has determined that there is no "independent director" as defined under the Nasdaq listing standards. Pursuant to the applicable Nasdaq listing standards, an "independent director" refers to a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship which, in the opinion of the company's board of directors, would interfere with the director's exercise of independent judgment in carrying out the responsibilities of a director.

Our common stock is not currently listed on Nasdaq.

***Committees of the Board of Directors***

We do not have a standing nominating, compensation, or audit committee. Rather, our full board performs the functions of these committees. We do not believe it is necessary for our board to appoint such committees because the volume of matters that come before our board for consideration permits the directors to give sufficient time and attention to such matters to be involved in all decision making. Additionally, because our common stock is not listed for trading or quotation on a national securities exchange, we are not required to have such committees.

**Code of Business Conduct and Ethics**

We adopted a written code of business conduct and ethics that applies to our directors, officers, and employees, including our principal executive officer or persons performing similar functions. A copy of the code was filed as Exhibit 14.1 to our Annual Report on Form 10-K filed with the SEC on March 28, 2025 and is incorporated herein by reference.

**Item 11. Executive Compensation.**

**Executive Officers' Compensation**

The following table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to our executive officer (including director compensation) during the three months ended March 31, 2025. No other executive officer received compensation in excess of $100,000 during the three months ended March 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Year** | **Fees<br> Earned or<br> Paid in<br> Cash <br> ($)** | **Stock <br> Awards<br> ($)** | **Option <br> Awards<br> ($)** | **Non-Equity<br> Incentive<br> Plan<br> Compensation<br> ($)** | **Nonqualified<br> deferred<br> compensation<br> earnings<br> ($)** | **All Other<br> Compensation<br> ($)** | **Total <br> ($)** |
| Zengqiang Lin<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*CEO, CFO, President, and Chairman of the Board* | 2025 | 825 |  |  |  |  |  | 825 |

---

(1) Such
amounts were accrued based on his appointment date in 2023. Mr. Zengqiang Lin was appointed as the chairman of the Board on April 24,
2025, a director of the Company on February 17, 2023, and also as the Chief Executive Officer of the Company on August 21, 2023, and
as the Chief Financial Officer of the Company on May 8, 2024.

The following table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to our executive officers (including director compensation) during the fiscal years ended December 31, 2024 and 2023. No other executive officer received compensation in excess of $100,000 during the fiscal years ended December 31, 2024 and 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Year** | **Fees<br> Earned or<br> Paid in<br> Cash <br> ($)** | **Stock <br> Awards<br> ($)** | **Option <br> Awards<br> ($)** | **Non-Equity<br> Incentive<br> Plan<br> Compensation<br> ($)** | **Nonqualified<br> deferred<br> compensation<br> earnings<br> ($)** | **All Other<br> Compensation<br> ($)** | **Total<br> ($)** |
| Zengqiang Lin |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*CEO, CFO, President, and Chairman of the Board* | 2024 | 3335 |  |  |  |  |  | 3335 |
|  | 2023 | 1130 |  |  |  |  |  | 1130<sup>(1)</sup> |
| Wendy Li<sup>(2)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Former CFO* | 2024 |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
| Bo Lyu<sup>(3)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Former CFO* | 2024 |  |  |  |  |  |  |  |
|  | 2023 | 64000 |  |  |  |  |  | 64000 |

---

(1) Such amounts were accrued based
on his appointment date in 2023. Mr. Zengqiang Lin was appointed as the chairman of the Board on April 24, 2025, a director of the Company
on February 17, 2023, and also as the Chief Executive Officer of the Company on August 21, 2023, and as the Chief Financial Officer of
the Company on May 8, 2024.

(2) Ms. Wendy Li was appointed as
the Chief Financial Officer of the Company on August 21, 2023, and resigned from her position on May 8, 2024.

(3) Mr. Bo Lyu was appointed as the
Chief Financial Officer of the Company on November 30, 2021, and resigned from his position on August 21, 2023.

**Aggregated Option Exercises and Fiscal Year-End Option Value Table**

There were no stock options exercised since the date of our inception by the executive officers.

**Long-Term Incentive Plan ("LTIP") Awards Table**

There were no awards made to any named executive officers in the last completed fiscal year under any LTIP.

**Employment Agreements**

*Offer Letters to Mr. Zengqiang Lin*

On August 21, 2023, Mr. Zengqiang Lin signed an offer letter with Hongchang International. Pursuant to this offer letter, Mr. Lin has served as the director and chief executive officer of Hongchang International since August 21, 2023, responsible for formulating and implementing the company's long-term strategic plans, overseeing day-to-day operations, leading senior management team development and talent cultivation, and ensuring that the company's operations comply with the laws and regulations of the State of Nevada and federal authorities.

On May 2, 2024, Mr. Zengqiang Lin signed an offer letter with Hongchang International. Pursuant to this offer letter, Mr. Lin has served as the chief financial officer of Hongchang International since May 8, 2024, responsible for developing financial plans, leading capital operations, establishing an internal financial control system, overseeing company budget management, and managing asset-related risk.

Pursuant to these offer letters, Mr. Lin is entitled to receive monthly cash compensation of RMB2,200, payable quarterly in advance on the first business day of each calendar quarter.

**Compensation of Directors** 

The following is a summary of the compensation we paid to our non-executive directors, for the three months ended March 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees**<br> **Earned or**<br> **Paid in**<br> **Cash**<br> **($)** | **Stock**<br> **Awards**<br> **($)** | **Option**<br> **Awards**<br> **($)** | **Non-Equity**<br> **Incentive Plan**<br> **Compensation**<br> **($)** | **Nonqualified**<br> **deferred**<br> **compensation**<br> **earnings**<br> **($)** | **All Other**<br> **Compensation**<br> **($)** | **Total**<br> **($)** |
| Ban Siong Ang | – |  | – | &nbsp;&nbsp;&nbsp;&nbsp;- |  |  |  |
| Zhenzhu Lin | – |  | – |  |  |  |  |

---

The following is a summary of the compensation we paid to our non-executive directors, for the fiscal years ended December 31, 2024 and 2023.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees**<br> **Earned or**<br> **Paid in**<br> **Cash**<br> **($)** | **Stock**<br> **Awards**<br> **($)** | **Option**<br> **Awards**<br> **($)** | **Non-Equity**<br> **Incentive Plan**<br> **Compensation**<br> **($)** | **Nonqualified**<br> **deferred**<br> **compensation**<br> **earnings**<br> **($)** | **All Other**<br> **Compensation**<br> **($)** | **Total**<br> **($)** |
| Ban Siong Ang |  |  |  |  |  |  |  |
| Zhenzhu Lin |  |  |  |  |  |  |  |
| Stephan Truly Busch <sup>(1)</sup> | 5000 |  |  |  |  |  | 5000 |
| Xingjia Gao <sup>(2)</sup> |  |  |  |  |  |  |  |

---

(1) Mr. Stephan Truly Busch was appointed
as a director of the Company on August 21, 2023 and resigned from his position on March 27, 2024.

(2) Mr. Xingjia Gao was appointed
as a director of the Company on August 21, 2023, and resigned from his position on May 8, 2024.

We do not currently have an established policy to provide compensation to members of our board for their services in that capacity.

**Option Plan**

We currently do not have a Stock Option Plan. However, we may issue stock options pursuant to a Stock Option Plan in the future. Such stock options may be awarded to management, employees, and members of the Board and consultants of the Company.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

The following table sets forth certain information, as of August 8, 2025, with respect to the beneficial ownership of the outstanding common stock by (i) any holder of more than five (5%) percent; (ii) each of the Company's executive officers and directors; and (iii) the Company's directors and executive officers as a group. Unless otherwise indicated, the beneficial owners have sole voting and investment power, as applicable, over the shares of common stock listed below. For each individual and group included in the table below, percentage ownership is calculated by dividing (a) the number of shares of common stock beneficially owned by such person or group by (b) the sum of the shares of common stock outstanding as of August 8, 2025, plus the number of shares of common stock that such person or group had the right to acquire on or within 60 days after August 8, 2025. The address for each individual listed below is Room 2409, Rongshang Building, Furen Avenue, Yangpu Village, Yinxi Subdistrict, Fuqing City, Fuzhou City, Fujian Province, China, unless otherwise noted. Currently, there are no equity compensation plans in place for the Company.

---

| | | |
|:---|:---|:---|
| **Name and Address of Beneficial Owner <sup>(1)</sup>** | **Number of<br> Shares<sup>(2)</sup>** | **Percentage<sup>(3)</sup>** |
| ***Directors and Executive Officers*** | | |
| Zengqiang Lin<sup>(4)</sup> | 353322843 | 68.1% |
| Ban Siong Ang | 56011747 | 10.8% |
| Zhenzhu Lin<sup>(5)</sup> | 62259532 | 12.0% |
| **Directors and officers as a group (three persons)** | 471594122 | 90.9% |
| ***Other 5% or more stockholders*** |  |  |
| Zengqiang Investment Limited<sup>(4)</sup> | 353322843 | 68.1% |
| Hong Jin Investment Limited<sup>(5)</sup> | 62259532 | 12.0% |

---

(1) Except as otherwise indicated, the persons named in this table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them, subject to community property laws where applicable and to the information contained in the footnotes to this table.

(2) The number of shares of common stock reflects the 1-for-10 reverse stock split effective on August 14, 2023.

(3) Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. Pursuant to Rules 13d-3 and 13d-5 of the Exchange Act, beneficial ownership includes any shares as to which a stockholder has sole or shared voting power or investment power, and also any shares which the stockholder has the right to acquire within 60 days, including upon exercise of common shares purchase options or warrants.

(4) Mr. Zengqiang Lin is the sole stockholder of Zengqiang Investment Limited. Mr. Zengqiang Lin is the sibling of Ms. Zhenzhu Lin. Ms. Zhenzhu Lin and Mr. Zengqiang Lin are not acting in concert to acquire interests in the securities of our Company and Mr. Zengqiang Lin expressly disclaims any interest in the securities of our Company held directly or indirectly by Ms. Zhenzhu Lin.

(5) Ms. Zhenzhu Lin is the sole stockholder of
Hong Jin Investment Limited. Ms. Zhenzhu Lin is the sibling of Mr. Zengqiang Lin. Ms. Zhenzhu Lin and Mr. Zengqiang Lin are not acting
in concert to acquire interests in the securities of our Company and Ms. Zhenzhu Lin expressly disclaims any interest in the securities
of our Company held directly or indirectly by Mr. Zengqiang Lin.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

**Related Person Transactions**

The following sets out the transactions or series of similar transactions to which we were or will be a party in which the amount involved exceeds $120,000 and in which any director, nominee for director, executive officer, beneficial holder of more than 5% of our common stock or any member of their immediate family or any entity affiliated with any of the foregoing persons had or will have a direct or indirect material interest, other than equity and other compensation, termination, change of control and other arrangements, which are described under "Executive Compensation.

***Loan Agreements with Related Parties***

As of March 31, 2025, we obtained several loans from Mr. Zengqiang Lin, the CEO of the Company, with an aggregate principal amount of approximately $19.6 million.

Pursuant to a loan agreement entered into on April 1, 2023, Hongchang Food would be able to obtain aggregate maximum loans of up to RMB60.0 million (US$8.5 million) from Mr. Zengqiang Lin for the period from April 1, 2023 to March 31, 2026. The loan is unsecured and non-interest bearing.

On March 1, 2024, Hongchang Food obtained a loan of up to RMB50.0 million (US$6.9 million) from Mr. Zengqiang Lin for the period from March 1, 2024 to March 1, 2027, which loan bears interest at an annual rate of 3% and is secured.

On September 19, 2024, Hongchang Food obtained a loan of up to RMB30.0 million (US$4.2 million) from Mr. Zengqiang Lin for the period from September 20, 2024 to September 20, 2027. The loan is non-interest bearing and secured. On March 21, 2025, they entered into a supplementary agreement, pursuant to which Zengqiang Lin promised that he would not ask Hongchang Food to pay back an amount of RMB25.5 million (US$3,493,486) of the loan until March 31, 2026.

On December 15, 2024, Hongchang Supply Chain obtained a loan of up to RMB5 million (US$0.69 million) from Mr. Zengqiang Lin for the period from December 15, 2024 to December 15, 2027. The loan is non-interest bearing and secured.

As of March 31, 2025, we obtained a loan from Ms. Zhenzhu Lin, a director of the Company, with an aggregate principal amount of approximately $4.2 million. Pursuant to a loan agreement entered into on May 16, 2024, Hongfu Food would be able to obtain aggregate maximum loans of up to RMB30.0 million (US$4.2 million) from Ms. Zhenzhu Lin for the period from May 16, 2024 to May 15, 2027. The loan is non-interest bearing and secured.

***Other Related Party Transactions***

On January 26, 2025, Hongchang Food entered into a mortgage contract with Fujian Fuqing Huitong Rural Commercial Bank Co., Ltd., pledging the buildings and land use right as collateral to secure the loans obtained by Xinhongbo. The carrying value of the buildings is $27,106,219, and the carrying value of the land use right is $1,763,099.

**Controlling Stockholder**

Zengqiang Investment Limited is the investment vehicle of our controlling stockholder and director, Mr. Zengqiang Lin, and directly owns 67.1% of our shares of common stock.

**Item 14. Principal Accounting Fees and Services.**

The following table provides information about the fees billed to us for professional services rendered by external accounting firms and auditing firms during the three months ended March 31, 2025:

---

| | |
|:---|:---|
|  | **2025** |
| Audit Fees | 81000 |
| Audit Related Fees |  |
| Tax Fees |  |
| All Other Fees | - |
| Total | 81000 |

---

The following table provides information about the fees billed to us for professional services rendered by external accounting firms and auditing firms during years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Audit Fees | 109000 | 80000 |
| Audit Related Fees |  |  |
| Tax Fees | 3800 |  |
| All Other Fees | - | - |
| Total | 112800 | 80000 |

---

*Audit Fees*

Audit fees consist of fees for the audit of our annual financial statements or services that are normally provided in connection with statutory and regulatory annual and quarterly filings or engagements.

*Tax Fees.*

Tax fees consist of fees for tax compliance services, tax advice and tax planning. During the fiscal years of 2024 and 2023, the services provided in this category included assistance and advice in relation to the preparation of corporate income tax returns.

**Pre-Approval Policies and Procedures.**

Our board pre-approved all services to be provided by Enrome LLP.

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules.**

(a) Financial Statements

We have filed the financial statements in Item 8. Financial Statements and Supplementary Data as a part of this Transition Report on Form 10-K.

(b) Exhibits

The following is a list of all exhibits filed or incorporated by reference as part of this Transition Report on Form 10-K.

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit Description** |
| 3.1\* | [Articles of Incorporation](ea025198801ex3-1_hong.htm) |
| 3.2 | [Certificate of Amendment (Incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on July 6, 2018)](https://www.sec.gov/Archives/edgar/data/1086303/000121390018008800/f8k070518ex3-1_heyubiol.htm) |
| 3.3 | [Certificate of Amendment (Incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on August 3, 2018)](https://www.sec.gov/Archives/edgar/data/1086303/000121390018010168/f8k080318ex3-1_heyubio.htm) |
| 3.4 | [Certificate of Amendment (Incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on September 14, 2018)](https://www.sec.gov/Archives/edgar/data/1086303/000108630318000043/exhibit3.1heyu_ex3z1.htm) |
| 3.5 | [Certificate of Amendment of Articles of Incorporation filed with the Nevada Secretary of State on November 17, 2023 (Incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on November 21, 2023)](https://www.sec.gov/Archives/edgar/data/1086303/000121390023089247/ea188838ex3-1_hongchang.htm) |
| 3.6 | [Third Amended and Restated Bylaws of Hongchang International Co., Ltd effective as of November 23, 2023 (Incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on November 24, 2023)](http://www.sec.gov/Archives/edgar/data/1086303/000121390023089900/ea188999ex3-1_hongchang.htm) |
| 4.1 | [Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (Incorporated herein by reference to Exhibit 4.1 to the Annual Report on Form 10-K, filed with the SEC on March 23, 2023)](http://www.sec.gov/Archives/edgar/data/1086303/000121390023022296/f10k2022ex4-1_heyubio.htm) |
| 4.2\* | [Specimen Stock Certificate](ea025198801ex4-2_hong.htm) |
| 10.1+ | [Form of Director Service Agreement between the Registrant and its Directors (Incorporated herein by reference to Exhibit 10.3 to the Current Report on Form 8-K, filed with the SEC on August 23, 2023)](https://www.sec.gov/Archives/edgar/data/1086303/000121390023070271/ea184015ex10-3_heyubio.htm) |
| 10.2\* | [Shareholders' Agreement by and between Fuqing Hongchang Food Co., Ltd. and Fujian Xindefu Agricultural Products Co., Ltd., dated May 8, 2024](ea025198801ex10-2_hong.htm) |
| 10.3\* | [Lease by and between Fuqing Hongchang Food Co., Ltd. and Fuqing Yuan Chuang Property Management Co., Ltd., dated February 1, 2025](ea025198801ex10-3_hong.htm) |
| 10.4\* | [Loan agreement dated April 1, 2023 by and between Hongchang Food and Zengqiang Lin](ea025198801ex10-4_hong.htm) |
| 10.5\* | [Loan Agreement dated March 1, 2024 by and between Hongchang Food and Zengqiang Lin](ea025198801ex10-5_hong.htm) |
| 10.6\* | [Loan Agreement dated May 16, 2024 by and between Hongfu Food and Zhenzhu Lin](ea025198801ex10-6_hong.htm) |
| 10.7\* | [Loan Agreement dated May 30, 2024 by and between Xiuhua Zhou and Hongfu Food Co., Ltd.](ea025198801ex10-7_hong.htm) |
| 10.8\* | [Loan Agreement dated September 19, 2024 by and between Hongchang Food and Zengqiang Lin, as supplemented](ea025198801ex10-8_hong.htm) |
| 10.9\* | [Loan Agreement dated December 15, 2024 by and between Hongchang Supply Chain and Zengqiang Lin](ea025198801ex10-9_hong.htm) |
| 10.10\* | [Loan Agreement dated January 25, 2025 by and between Hongchang Supply Chain and Huaqiang Lin](ea025198801ex10-10_hong.htm) |
| 10.11\* | [Maximum Amount Mortgage Agreement dated January 26, 2025 by and between Hongchang Food and Fujian Fuqing Huitong Rural Commercial Bank Co., Ltd.](ea025198801ex10-11_hong.htm) |
| 14.1 | [Code of Ethics (Incorporated herein by reference to Exhibit 14.1 to the Annual Report on Form 10-K, filed with the SEC on March 28, 2025)](https://www.sec.gov/Archives/edgar/data/1086303/000101376225004096/ea023556801ex14-1_hongchang.htm) |
| 16.1 | [Letter From WWC, P.C. to the Securities and Exchange Commission dated April 27, 2025 (Incorporated herein by reference to Exhibit 16.1 to the Current Report on Form 8-K, filed with the SEC on April 30, 2025)](https://www.sec.gov/Archives/edgar/data/1086303/000121390025037594/ea024002301ex16-1_hong.htm) |
| 19.1 | [Insider trading policies and procedures (Incorporated herein by reference to Exhibit 19.1 to the Annual Report on Form 10-K, filed with the SEC on March 28, 2025)](https://www.sec.gov/Archives/edgar/data/1086303/000101376225004096/ea023556801ex19-1_hongchang.htm) |
| 21.1\* | [List of subsidiaries of the registrant](ea025198801ex21-1_hong.htm) |
| 31.1\* | [Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea025198801ex31-1_hong.htm) |
| 31.2\* | [Certification pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea025198801ex31-2_hong.htm) |
| 32.1\*\* | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea025198801ex32-1_hong.htm) |
| 32.2\*\* | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea025198801ex32-2_hong.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 (formatted as Inline XBRL and contained in Exhibit 101). |

---

---

| | |
|:---|:---|
| + | Indicates a management contract or compensatory plan, contract, or arrangement. |
| \* | Filed herewith. |
| \*\* | In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1 and 32.2 herewith are deemed to accompany this Form 10-K and will not be deemed filed for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange Act. |

---

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Hongchang International Co., Ltd** | **Hongchang International Co., Ltd** |
| Dated: August 11, 2025 | By: | /s/ *Zengqiang Lin* |
|  |  | Zengqiang Lin |
|  |  | Chief Executive Officer, Chief Financial Officer, Chairman of the Board, and President |
|  |  | (Principal Executive Officer and Principal Financial and Accounting Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ *Zengqiang Lin* | Chief Executive Officer, Chief Financial Officer, Chairman of the Board, | August 11, 2025 |
| Zengqiang Lin | and President (Principal Executive Officer and Principal Financial and Accounting Officer) |  |
| /s/ *Ban Siong Ang* | Director | August 11, 2025 |
| Ban Siong Ang |  |  |
| /s/ *Zhenzhu Lin* | Director | August 11, 2025 |
| Zhenzhu Lin |  |  |

---

## Exhibit 3.1

**Exhibit 3.1**

**ARTICLES OF INCORPORATION**

**OF**

**ASPHALT ASSOCIATES, INC.**

I. NAME. The name of the corporation is:

ASPHALT ASSOCIATES, INC.

II. PRINCIPAL OFFICE. The location of the principal office of this corporation within the State of Nevada is located at:

c/o Kay Carter

1372 Idaho Street

Elko, NV 89801

III. PURPOSE. The purpose for which this corporation is formed is to engage in any lawful activity.

IV. AUTHORIZATION OF CAPITAL STOCK. The amount of the total authorization of capital stock of the corporation shall be TWENTY THOUSAND DOLLARS ($20,000.00), consisting of twenty million (20,000,000) shares of common stock with a par value of ONE TENTH OF ONE CENT ($0.001) per share.

V. INCORPORATOR. The name and address of the incorporator signing these Articles of Incorporation is as follows:

James R. Glavas

2920 South ____________

Salt Lake City, UT 84115

(Initial number of shareholders will be less than three)

VI. DIRECTORS. The governing board of this corporation shall be known as directors, and the number of directors may from time to time be increased or decreased in such manner as shall be specified by the by-laws of the corporation; provided, however, the number of directors shall not be reduced to less than one (1).

The name and address of the Director comprising the first Board of Directors is as follows:

James R. Glavas

2920 South ____________

Salt Lake City, UT 84115

(Initial number of shareholders will be less than three)

The name and residence address within the state of Nevada of this Corporation's initial resident agent shall be

Kay Carter

1372 Idaho Street

Elko, NV 89801

VII. STOCK NON-ASSESSABLE. The capital stock or holder thereof, after the amount of the subscription price has been paid in, shall not be subject to any assessment whatsoever to pay the debts of the corporation.

VIII. TERM OF EXISTENCE. This corporation shall have perpetual existence.

IV. CUMULATIVE VOTING. No cumulative voting shall be permitted in the election of Directors.

X. PRE-EMPTIVE RIGHTS. Stockholders shall not be entitled to pre-emptive rights.

THE UNDERSIGNED, being the incorporator hereinbefore named for the purpose of forming a corporation pursuant to the General Corporation Laws of the state of Nevada, does make and file these Articles of Incorporation, hereby declaring and certifying the facts stated are true, and accordingly has hereunto set his hand this 9th day of May, 1987.

---

| |
|:---|
| /S/ |
| JAMES R. GLAVAS |

---

STATE OF UTAH)) ss.

COUNTY OF SALT LAKE)

I, Ben Russo, a Notary Public, hereby certify that on the 9th day of May, 1987, James R. Glavas personally appeared before me who, being duly sworn, severally declared that he is the person who signed the foregoing document as incorporator and that the statements therein contained are true.

DATED this 9th day of May, 1987.

---

| |
|:---|
| /S/ |
| Notary Public |
| Residing in Salt Lake County, Utah |

---

My commission expires: <br> Feb. 10, 1989 <br>

## Exhibit 4.2

**Exhibit 4.2**

**Common Stock Certificate**

Certificate Number Number of Shares <br>

**Hongchang International Co., Ltd**

**Incorporated under the laws of the State of Nevada**

This certifies that [Name] of [Address] is the registered holder of [Number] shares of common stock fully paid and non-assessable, subject to the Articles of Incorporation of the Company, as amended. The information regarding the relative rights, preferences, and limitations applicable to different classes of shares will be furnished to stockholders in writing and without charge.

---

| | |
|:---|:---|
| [Transfer date] | [Transfer date] |
| Director | Director/ Secretary |

---

## Exhibit 10.2

**Exhibit 10.2**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

**鸿福食品 (福建） 有限公司 股东协议书**

Shareholder Agreement

Hongfu Food (Fujian) Co., Ltd.

2024 年 5 月 8 日 May 8, 2024

签约地址：中国-福建福清

Signing address: Fuqing, Fujian, China

**鸿福食品（福建） 有限公司 股东协议书**

**Shareholders' Agreement of Hongfu Food (Fujian) Co., LTD**

甲方: 福清市鸿昌食品有限公司(以下称为"甲方"或"鸿昌")

Party A:Fuqing Hongchang Food co., LTD.(hereinafter referred to as "Party A" or "Hongchang")

法定代表人：林增强

Legal representative: Zengqiang Lin

<u>乙方: Party B:</u>

乙方一:福建省鑫德福农产品有限公司(以下称为"鑫德福")

Pparty B I:Fujian xindefu Agricultural products co.,LTD. (hereinafer referred to as "xindefu")

法定代表人：周秀华

Legal representative: Xiuhua Zhou

乙方二: （实际控制人）郑智彬

Party B II:(actual controller) Zhibin Zheng

身份证号码： [\*]

Id number: [\*]

乙方三: 周秀华

Party B III: Xiuhua Zhou.

身份证号码： [\*]

Id number: [\*]

本协议中， 乙方一、乙方二、乙方三统称为" 乙方" ， 甲方、乙方合并称为

"双方"或"各方" ，单独称为"一方"。

**1** / **55**

In this Agreement, Party B I, Party B II and Party B III are collectively referred to as "Party B", Party A and Party B are collectively referred to as "the Parties" or "the parties", and separately referred to as "a party".

鉴于：Whereas:

1. 甲乙双方各有资源优势， 各方愿意就猪肉分割、肉制品加工和贸易等相关 领域展开互信互利的全面合作。

Each party has its own resource advantages and is willing to carry out comprehensive cooperation with mutual trust and mutual benefit in pork segmentation, meat processing and trade and other related fields

2. 乙方一、乙方二、乙方三一致共同确认，郑智彬为鑫德福的实际控制人， 对鑫德福具有实际、完全的支配和控制权。

根据《中华人民共和国民法典》 《中华人民共和国公司法》及有关法律法规

规定，本着平等互信互利的原则，经各方友好协商签订如下协议，以资共同遵守：

Party B I, Party B II and Party B III jointly confirm that Zheng Zhibin is the actual controller of Xindefu and has actual and complete control over Xindefu. In accordance with the provisions of the Civil Code of the

People's Republic of China, the Company Law of the People's Republic of China and relevant laws and regulations, and on the principle of equality, mutual trust and mutual benefit, the parties hereby enter into the following agreement through friendly negotiation for mutual compliance:

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**第一条** 公司基本情况 Article 1 Basic Information of the Company

1.1 公司名称： 鸿福食品（福建） 有限公司（以下简称" 鸿福公司"或"公 司"）

1.1 Company Name: Hongfu Food (Fujian) Co., LTD. (hereinafter referred to as "Hongfu Company" or the "Company")

1.2 公司住所： 福建省福清市城头镇元创路 1 号 2 栋 8 层

1.2 Company address: 8th Floor, Building 2, No. 1 Yuanchuang Road, Chengtou Town, Fuqing City, Fujian Province

1.3 组织形式： 有限责任公司

1.3 Organizational form: Limited liability company

1.4 经营范围： 许可项目：食品生产；食品销售；食品可联网销售； 粮食加 工食品生产； 动物 肠衣加工；城市配送运输服务（不含危险货物） ；互 联网域名注册服务; 网络文化经营。（依法 须经批准的项目，经相关部门批准后方可开展经营活动， 具体经营项目以相关部门批准文件或 许可证 件为准）一般项目:食用农产品初加工;农产品的生产、销售、加工、运输、

贮藏及其他相关服务;食用农产品批发;初级农产品收购; 肉制品及副产品 加工（3000 吨/年及以下 的西式肉制品加工项目除外） ;鲜肉批发;鲜肉零 售;鱼糜制品及水产品干腌制加工（冷冻海水鱼 糜生产线除外） ;水产品 批发;水产品零售;外卖递送服务;谷物磨制;非食用植物油加工； 企业咨 询。 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。

1.4 Business scope: Licensed items: food production; Food sales; Food can be sold online; Grain processing food production; Animal casing processing; Urban distribution and transportation services (excluding dangerous goods); Internet domain name registration service; Network culture management. (For projects subject to approval according to law, business activities can only be carried out after approval by relevant departments. Specific business projects shall be subject to approval documents or licenses of relevant departments.) General projects: preliminary processing of edible agricultural products; Production, sale, processing, transportation, storage and other related services of agricultural products; Wholesale of edible agricultural products; Acquisition of primary agricultural products; Meat products and by-products processing (except Western-style meat products processing projects of 3000 tons/year or less); Fresh meat wholesale; Fresh meat retail; Dried salting and processing of surimi products and aquatic products (except frozen sea surimi production line); Wholesale of aquatic products; Retail of aquatic products; Takeout delivery services; Grain grinding; Non-edible vegetable oil processing; Corporate consulting. (Except for projects subject to approval according to law, independently carry out business activities according to law with business license).

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1.5 主营业务：猪肉切割与销售、肉制品加工与销售、预制菜生产与销售， 以及与之相关的业 务经营。

以上涉及工商登记事项的，在工商登记时如有变更，以最终工商登记为准。

1.5 Main business: pork cutting and sales, processing and sales of meat products, production and sales of prepared dishes, and related business operations. If there is any change during the industrial and commercial registration, the final industrial and commercial registration shall prevail.

**第二条** 出资额、持股比例

Article 2 Capital contribution and shareholding ratio

2.1 公司注册资本为人民币 5000 万元整，其中：甲方认缴出资额为人民币 2550 万元整，以现金出资，占注册资本的 51%；乙方认缴出资额为人民

币 2450 万元整，以现金出资，占注册资本的 49%，各方至迟应于公司 成立之日起五年内完成注册资本实缴。

2.1 The registered capital of the Company shall be RMB50 million only, of which: the capital contribution subscribed by Party A shall be RMB25.5 million only, which shall be contributed in cash, accounting for 51% of the registered capital; The capital contribution subscribed by Party B shall be RMB 24.5 million only and shall be made in cash, accounting for 49% of the registered capital. Each party shall complete the paid-up of the registered capital within five years from the date of establishment of the Company at the latest.

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| | | |
|:---|:---|:---|
| 股东名称<br> Name of <br> Shareholder | 认缴出资额 （万元）<br> Amount of Subscribed Contributon (Ten Thousand yuan) | 持股比例（![](ex10-2_001.jpg)）<br> shareholding Ratioo%) |
| 鸿昌Honchang | 2550 | 51 |
| 鑫德福Xindefu | 2450 | 49 |
| 合计Total | 5000 | 100 |

---

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**第三条** 新设公司事务执行办理

Article 3 Execution and handling of Affairs for newly established companies

3.1 协议各方一致同意由甲方委派人士具体负责办理设立公司的有关手续， 并负责公司设立过 程中的其他具体事务，乙方需全力配合甲方办理新设 公司事宜。

The parties agree that the person appointed by Party A shall be responsible for handling the relevant procedures for the establishment of the company and other specific affairs during the establishment of the company. Party B shall fully cooperate with Party A in handling the matters concerning the establishment of the new company.

3.2 公司开展业务所需要的资质证照，由乙方委派人士具体负责办理。

The qualification certificates required by the company for business development shall be handled by persons appointed by Party B.

3.3 办理设立公司及相关资质证照的相关费用由公司承担。

**第四条** 先决条件

Article 4 Prerequisites

4.1 本协议项下鸿福公司的设立受制于下列各项先决条件全部完成或者豁 免 （如适用）：

The establishment of Hongfu Company under this Agreement is subject to the full completion or waiver (if applicable) of the following conditions precedent:

4.1.1 乙方在鸿昌对鑫德福的尽职调查过程中披露的信息在所有重大 方面均真实、准确、无误 导且无遗漏；

The information disclosed by Party B in the course of Hongchang's due diligence on Xindefu is true, accurate, not misleading and without omission in all material respects;

4.1.2 鑫德福主营业务未发生改变， 鑫德福及其子公司、关联方均不再 开展鸿福公司拟开展的 业务，并签署了书面同意函（见附件 1）；

The main business of Xindefu has not been changed. Xindefu and its subsidiaries and related parties will no longer carry out the business planned by Hongfu Company and have signed a written consent letter (see Appendix 1);

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4.1.3 鑫德福、鑫德福唯一股东周秀华、鑫德福实际控制人郑智彬承诺 并保证且签署了书面确 认函（见附件 1）， 鑫德福除本协议另有约 定，停止其原所有业务，并由鸿福公司承接， 乙方 保证原供应商、 客户同意与鸿福公司签订新的业务合同；

Xindefu, Zhou Xiuhua(the sole shareholder of Xindefu)and Zheng Zhibin, the actual controller of Xindefu, promise and guarantee and sign written confirmation letters (see Appendix 1). Unless otherwise agreed herein, Xindefu shall stop all its original business and be undertaken by Hongfu Company. Party B warrants that the original suppliers and customers agree to sign new business contracts with Hongfu Company;

4.1.4 确保核心员工（见附件 2）同意加入公司，并签署书面不竞争承 诺函（见附件3）；

Ensure that core employees (see Appendix 2) agree to join the Company and sign a written non- competition commitment letter (see Appendix 3);

4.1.5 各方均已取得成立公司的内部有权批准；

Each party has obtained the internal authorized approval for the establishment of the Company;

4.1.6 乙方确保并保证鑫德福所有并经甲方盘点确认的用于投入合作 固定资产（见附件 4）拥有 合法且无瑕疵的所有权，乙方确保原登 记在个人名下车辆过户至鑫德福名下；

Party B shall ensure and guarantee that all the fixed assets (see Appendix 4) used for investment in cooperation by Xindefu and confirmed by Party A's inventory have legal and faultless ownership, and Party B shall ensure that the vehicles originally registered in personal names are transferred to Xindefu's name;

4.1.7 鑫德福同意并签署了其名下拥有的知识产权（清单见附件 5）免 费独家授权鸿福公司使 用，并于本协议的约定的无偿转让至鸿福公 司（见附件6）。

Xinfu has agreed and signed that the intellectual property rights owned by Xinfu (see Appendix 5 for the list) are exclusively licensed to Hongfu Company for free, and transferred to Hongfu Company free of charge as agreed in this Agreement (see Appendix 6).

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4.2 上述各项先决条件需经鸿昌审查并获得鸿昌书面认可或经鸿昌豁免后 方视为完成。各项先决条件全部完成后， 安排设立鸿福公司。如本协议 签署日起 20 日或本协议各方以书面一致同意的较迟日期（以下简称" 最 终截止日" ）内各项先决条件仍未全部完成或被鸿昌书面豁免的，则终止 本协议。

Each of the above conditions precedent shall be deemed to be completed only after being reviewed and approved in writing by Hongchang or waived by Hongchang. Arrangements for the establishment of Hung Fu Company upon the completion of all conditions precedent. This Agreement shall be terminated if all conditions precedent are not fully completed or waived in writing by Hongchang within 20 days from the signing date of this Agreement or the later date agreed by the parties hereto in writing (hereinafter referred to as the "Final Closing Date").

**第五条** 合作期限 Article 5 Term of cooperation

5.1 除鸿昌根据本协议约定单方终止合作的情形外， 鸿福公司经营期限为无 限存续。本次投资合 作设定过渡期六个月， 自鸿福公司成立之日起计算， 双方协商一致可顺延，具体情况由双方另行 确认。

Except for the case that Hongchang unilaterally terminates the cooperation as agreed herein, the operation term of Hongfu Company shall be unlimited.This investment cooperation sets a transition period of six months, calculated from the date of establishment of Hongfu Company. It can be extended upon mutual agreement of both parties. The specific details will be confirmed separately by both parties.

5.2 过渡期内，乙方需履行如下义务：

During the transition period, Party B shall perform the following obligations:

5.2.1 确保办理鸿福公司企业经营必需的各类行政许可的全部资质证 照， 甲方及鸿福公司予以配 合， 资质证照包含但不限于食品生产许 可证、食品经营许可证、排污登记证。

Ensure that Party A and Hongfu Company cooperate in obtaining all the qualification certificates of all kinds of administrative licenses necessary for business operation of Hongfu Company, including but not limited to food production license, food business license and sewage discharge registration certificate.

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5.2.2 乙方承诺与保证鸿福公司在过渡期内鸿福公司猪肉切割类及深 加工类业务（不包含未经切 割猪肉的贸易业务） 营业收入不低于人 民币 12,000 万元，且扣除非经常性损益税后净利润率不 低于5%或 净利润不低于人民币 600 万元。

Party B undertakes and warrants that the operating income of Hongfu's pork cutting and deep processing business (excluding the trade business of uncut pork) shall not be less than RMB 120 million yuan, and the net profit margin after deducting non-recurring gains and losses shall not be less than 5% or the net profit shall not be less than RMB 6 million yuan during the transition period.

未免歧义，第 5.2.2 条约定的业绩，除董事会一致通过决议外，仅指鸿 福公司成立以后且以鸿福公司名义签订合同的业务， 不包括乙方原有签 署合同和业务。

To avoid ambiguity, the performance stipulated in Article 5.2.2, except for resolutions unanimously passed by the board of directors, only refers to the business contracted in the name of Hongfu Company after its establishment, and does not include the contracts and business originally signed by Party B.

5.3 过渡期内，在鸿福公司未获得业务经营所需的资质证照前，鸿福公司生 产切割业务委托鑫德 福完成，鑫德福只能接受鸿福公司委托加工业务， 未经甲方及鸿福公司书面同意，不得从事与合 作无关的生产经营活动。

During the transition period, before Hongfu Company obtains the required qualification certificate for business operation, Hongfu Company entrusts Xindefu to complete the production and cutting business. Xindefu can only accept the processing business entrusted by Hongfu Company, and shall not engage in production and operation activities unrelated to cooperation without written consent of Party A and Hongfu Company.

5.4 过渡期内，鑫德福与行政管理人员终止劳动合同，并且与鸿福公司重新 建立劳动关系且重新 签订劳动合同。

During the transition period, Xindefu shall terminate the labor contract with the administrative personnel, and re-establish the labor relationship and sign the labor contract with Hongfu Company.

5.5 过渡期结束之日起 10 日内，鸿福公司财务报表经甲方确认或经甲方认 可的会计师事务所进 行审定或确认。

Within 10 days after the end of the transition period, the financial statements of Hongfu Company shall be confirmed by Party A or examined or confirmed by an accounting firm recognized by Party A.

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5.6 过渡期结束，如乙方未能完成第 5.2 条约定义务， 甲方有权选择终止合 作。 甲方终止合作 的， 公司应在甲方向乙方、公司发出终止合作通知之 日起 45 日内向甲方偿还流动资金借款，并按照年化利率 10%计算利息， 乙方对此承担连带责任。 如乙方存在违约的，应赔偿甲方损失。

At the end of the transition period, if Party B fails to fulfill the obligations stipulated in Article 5.2, Party A shall have the right to terminate the cooperation. If Party A terminates the cooperation, the Company shall repay the working capital loan to Party A within 45 days from the date when Party A gives the notice of termination to Party B and the Company, and the interest shall be calculated at an annualized rate of 10%, for which Party B shall be jointly and several-liability. If Party B breaches the contract, it shall compensate Party A for the losses.

5.7 如过渡期后，各方决定继续合作的，过渡期产生的利润，除甲方豁免，应优先偿还甲方提供的流动资金贷款。

If the parties decide to continue the cooperation after the transition period, the profits generated during the transition period, except for the exemption of Party A, shall have priority in repaying the working capital loan provided by Party A.

**第六条** 合作条件

Article 6 Cooperation Conditions

6.1 流动资金支持 Working Capital Support

经各方一致确认，鸿福公司需流动资金人民币 3,600 万元，由鸿昌或其 指定人士、鑫德福以无息贷款方式向鸿福公司提供货币资金支持。

It is unanimously confirmed by all parties that Hongfu Company needs working capital of RMB 36 million yuan, and Hongchang or its designees and Xindefu will provide monetary financial support to Hongfu Company in the form of interest-free loans.

6.1.1 鸿昌或其指定人士提供人民币 2,880 万元流动资金支持，其中， 第一期人民币 500 万元 于鸿福公司成立之日起一个月内提供； 第二 期人民币 2,380 万元视经营情况于鸿福公司成立之 日起三个月内提 供。

Hongchang (or its designated party) shall provide working capital support of RMB 28.8 million, of which:

The first tranche of RMB 5 million shall be provided within one month after the establishment of Hongfu Company;

The second tranche of RMB 23.8 million shall be provided within three months after the establishment of Hongfu Company, subject to operational conditions.

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6.1.2 鑫德福提供人民币720 万元流动资金支持， 于鸿福公司成立之日 起一个月内提供。

Xindefu shall provide working capital support of RMB 7.2 million, which shall be provided within one month after the establishment of Hongfu Company.

6.1.3 后期根据公司经营运行的实际情况， 如公司需要增加经营资金的， 按届时持股比例提供 流动资金贷款支持或按持股比例增资， 或各方 届时另行约定。

If additional operating funds are required in the future based on the actual operational needs of the company, the parties shall provide further working capital loans or capital increases in proportion to their respective shareholdings at that time, or as otherwise agreed by the parties.

6.2 固定资产 Fixed Assets

鑫德福向鸿福公司无偿提供其现有的生产设备、行政设备、物流配送车 辆等设备设施使用，乙方提供固定资产明细表（见附件 4），并经甲方 确认及登记造册。

Xindefu shall provide Hongfu Company with the free use of its existing production equipment, administrative equipment, logistics vehicles, and other facilities. Party B shall provide a detailed list of fixed assets (see Appendix 4), which shall be confirmed and recorded by Party A.

6.3 无形资产 Intangible Assets

6.3.1 鑫德福向鸿福公司免费提供其现有非专利技术、管理能力、市场 资源整合等无形资产， 乙方负责无形资产的登记造册， 并经甲方确 认。

Xindefu shall provide Hongfu Company with the free use of its existing non-patented technologies, management capabilities, market resources, and other intangible assets Party B shall be responsible for registering and recording such intangible assets, subject to confirmation by Party A.

6.3.2 商号、注册商标等知识产权（见附件 5），由鑫德福免费独家授 权鸿福公司使用， 鸿福 公司成立之日起 2 年后未终止合作的， 届时 鑫德福名下所有的知识产权应无偿转让至鸿福公 司； 如公司成立之 日起 2 年内终止合作的，则授权期限至合作终止之日。

Intellectual property rights, including trade names and registered trademarks (see Appendix 5), shall be exclusively licensed to Hongfu Company by Xindefu free of charge. If the cooperation is not terminated within two years after the establishment of Hongfu Company, all intellectual property rights under Xindefu's name shall be transferred to Hongfu Company without compensation. If the cooperation is terminated within two years of the company's establishment, the license shall remain valid until the date of termination.

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6.3.3 鸿福公司成立后， 均以鸿福公司名义申请新的知识产权并完全归 鸿福公司所有，鑫德福 及其子公司均不得再申请与其原有商标相类 似或与鸿福公司业务经营有关的商标及其他知识产 权。

After the establishment of Hongfu Company, all new intellectual property rights shall be applied for in the name of Hongfu Company and shall be wholly owned by Hongfu Company. Xindefu and its subsidiaries shall not apply for any trademarks or other intellectual property rights that are similar to their original trademarks or related to the business operations of Hongfu Company.

6.4 人员 Personnel

乙方确保鑫德福核心人员（名单见附件 2）与鑫德福终止劳动合同，并 与鸿福公司重新建立劳动关系并重新签署劳动合同， 人员薪酬由鸿福公 司董事会决议；其他人员视生产经营情况按定岗、定员、定责原则由鸿 福公司董事会决议。

Party B shall ensure that the core personnel of Xindefu (see Appendix 2 for the list) terminate their employment contracts with Xindefu and enter into new labor contracts with Hongfu Company. The remuneration of such personnel shall be determined by the board of directors of Hongfu Company. For other personnel, the board of directors of Hongfu Company shall decide on their employment based on operational needs, following the principles of position allocation, staffing quotas, and responsibility assignment.

6.5 新建车间厂房 Construction of New Workshops and Facilities

经双方协商一致需要扩大生产新建车间厂房的， 则入驻鸿昌食品产业园 内， 场地租赁费按产业园市场价租金进行计付，由鸿福公司承担。若仍 需要继续使用鑫德福原生产车间、厂房等设备， 鑫德福仍需无偿提供使 用。

If both parties agree to expand production by constructing new workshops and facilities, such construction shall take place within Hongchang Food Industrial Park. The rental fee for the site shall be calculated at the market rate of the industrial park and borne by Hongfu Company. If the continued use of Xindefu's original production workshops, facilities, or other equipment is required, Xindefu shall continue to provide them free of charge.

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6.6 鑫德福租赁房产 Leased Property of Xindefu

截至本协议签署之日，鑫德福名下租赁厂房房产一处（见附件 7），由 鸿福公司承租。

As of the date of this agreement, Xindefu leases one factory property (see Appendix 7), which shall be subleased to Hongfu Company.

6.7 协议各方均应积极配合发挥、整合、引进各自的专业特长、技术能力、社会资源等要素，促进公司的良性发展。

All parties hereto shall actively collaborate by fully utilizing, integrating, and introducing their respective professional expertise, technical competencies, and social resources to facilitate the sustainable and sound development of the Company.

**第七条** 公司治理

**Article 7 Corporate Governance**

7.1 股东会 Shareholders ' Meeting

7.1.1 公司设股东会，股东会召开的程序、表决等由公司章程规定。

The Company shall establish a Shareholders ' Meeting. The procedures for convening and voting at the Shareholders ' Meeting shall be stipulated in the Company 's Articles of Association.

7.1.2 除届时适用法律规定必须由股东决议的事项， 其余事项均由董事会 决议。

Except for matters that must be resolved by the shareholders under applicable laws at the time, all other matters shall be decided by the Board of Directors.

7.2 董事会 Board of Directors

7.2.1 公司设立董事会， 董事会由 5 人组成。

The Company shall establish a Board of Directors, which shall consist of five (5) members.

7.2.2 董事 Directors

（1） 鸿昌有权委派 3 名董事，鑫德福有权委派 2 名董事。

Hongchang shall have the right to appoint three directors, and Xindefu shall have the right to appoint two directors.

（2） 董事任期 3 年， 除非相关董事已提出辞呈， 董事任期届满后自动 连任，每次连任任期不得超过 3 年。

The term of office for directors shall be three years. Unless a director has submitted a resignation, they shall automatically be reappointed upon expiry of their term, with each reappointment term not exceeding three years.

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（3） 董事成员除在鸿福公司另有任职的除外， 不在鸿福公司领取薪酬。

Directors shall not receive remuneration from Hongfu Company, unless they hold another position within the Company.

7.2.3 董事长 Chairman of the Board

（1） 董事会设董事长一名， 任期 3 年， 由鸿昌从其委派的董事中选任 一名董事担任董事长。

The Board of Directors shall have one Chairman, with a term of three years, who shall be appointed by Hongchang from among its nominated directors.

（2） 董事长任公司法定代表人。

The Chairman shall serve as the legal representative of the Company.

（3） 董事长拥有与任何其他董事相同的投票表决权。

The Chairman shall have the same voting rights as any other director.

（4） 董事长应主持其出席的所有董事会会议。董事长可以授权其他董 事主持董事会会议。

The Chairman shall preside over all Board meetings they attend. The Chairman may authorize another director to chair Board meetings.

7.2.4 董事会职权 Authority of the Board of Directors

除了适用法律明确规定必须由股东会作出决议的事项以外，董事会 决定公司的一切重大事项。

Except for matters expressly required by applicable law to be resolved by the Shareholders ' Meeting, the Board of Directors shall decide all major matters of the Company.

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7.2.5 董事会会议 Board Meetings

（1） 董事会会议应按照相关适用法律与公司章程的规定召集。

Board meetings shall be convened in accordance with applicable laws and the Company's Articles of Association.

（2） 任何董事会会议的法定人数均应包括至少超过半数的董事。

A quorum for any Board meeting shall require the attendance of at least a majority of the directors.

（3） 在董事会会议上， 每一董事享有一票表决权。在适用法律许可的 范围内，任何董事均可授权另一董事参加董事会会议并代表该董事 表决。任何董事均可提出议案在董事会会议上进行表决， 但董事会 不得就任何未在该次会议议程中载明的任何事项做出决议。

Each director shall have one vote at Board meetings. To the extent permitted by law, any director may authorize another director to attend and vote on their behalf. Any director may propose a resolution for voting, but the Board shall not adopt any resolution on matters not included in the meeting agenda.

7.2.6 董事会批准 Board Approvals

董事会的任何决议均应由参加董事会超过半数的董事投赞成票方可 通过。 以下事项，必须提交董事会讨论并作出决议：

Any resolution of the Board of Directors shall require approval by a majority vote of the directors present. The following matters must be submitted to the Board for discussion and resolution:

（1） 审议批准公司的年度经营计划， 审议批准、修改公司的年度财务 预算、决算方案；

Review and approval of the Company's annual business plan, annual financial budget, and final accounts

（2） 审议总经理提交的各种拟定方案；

Deliberation of various proposed plans submitted by the Company's Chief Executive Officer (CEO);

（3） 聘任或解聘公司总经理；

Appointment or removal of the Company's CEO;

（4） 终止进行或者开展任何公司从事的主要业务或改变其现有的任 何业务行为；

Termination or modification of any principal business activities conducted by the Company;

（5） 增加或者减少公司董事会成员人数；

Increase or decrease in the number of Board members;

（6） 任何对外投资（包括子公司的对外投资）、合资、合作等；

Any external investments (including those made by subsidiaries), joint ventures, cooperative agreements, or similar transactions.

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（7） 任何对外提供借款；

Any extension of loans to external parties;

（8） 公司任何的借贷、担保、债务偿还，或任何在公司和/或其任何下 属公司的全部或部分业务、资产或权利上设定抵押、留置权或质押 及其他任何的权利限制；

Any borrowing, guarantee, debt repayment, or the creation of mortgages, liens, pledges or any other encumbrances on all or part of the business, assets or rights of the Company and/or any of its subsidiaries

（9） 变更公司名称；

Change of the Company's name;

（10） 制定或修改公司《公司章程》；

Adoption of or amendments to the Company's Articles of Association;

（11） 出售或购买任何价值超过人民币 10 万元的资产；

Sale or purchase of any assets valued at more than RMB 100,000;

（12） 制定公司分立，或与第三方进行合并的方案；

Formulation of plans for the Company's division or merger with any third party;

（13） 与公司董事、高级管理人员及其关联方发生的（与关联自然人 单笔超过人民币 10 万元，与关联法人单笔超过人民币 30 万元）关 联交易；

Any connected transactions with directors, senior management or their affiliates (exceeding RMB 100,000 per transaction with connected individuals or RMB 300,000 per transaction with connected entities);

（14） 聘用乙方的亲属或其他关联人；

Employment of relatives or other connected persons of Party B;

（15） 制定增发新股及债券的方案；

Formulation of plans for new share issues or bond offerings;

（16） 宣派任何股息或任何利润分配方案；

Declaration of any dividends or profit distribution plans;

（17） 提起或和解金额超过人民币 20 万元或等值货币的任何重大诉 讼或仲裁（公司发起诉讼的除外）；

Initiation or settlement of any material litigation or arbitration involving amounts exceeding RMB 200,000 or equivalent (excluding litigation initiated by the Company);

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（18） 其他董事会认为需要审议的事项。

Any other matters deemed by the Board to require deliberation.

7.3 监事 Supervisor

公司不设监事会，设一名监事，由甲方提名。

The Company shall not establish a Board of Supervisors, but shall have one (1) Supervisor nominated by Party A.

7.4 经营管理层

7.4.1 总经理 Management

公司设一名总经理， 由董事会选举产生。公司成立之日起， 总经理 由郑智彬担任，任期三年。总经理向董事会负责，行使以下职权：

The Company shall have one (1) Chief Executive Officer (CEO), who shall be appointed by the Board of Directors. From the date of the Company's establishment, Zheng Zhibin shall serve as the CEO for a term of three years. The CEO shall report to the Board of Directors and exercise the following authorities:

（1） 主持公司的日常经营管理工作，并向董事会报告工作；

Oversee the Company's day-to-day operations and management, and report to the Board of Directors;

（2） 对外开展、洽谈业务，进行合同谈判；

Conduct external business development, negotiations, and contract discussions;

（3） 催收应收货款；

Manage the collection of accounts receivable;

（4） 拟订公司内部管理机构设置方案，提交董事会表决；

Formulate proposals for the Company's internal organizational structure and submit them to the Board of Directors for approval;

（5） 拟订公司的基本管理制度，提交董事会表决；

Draft the Company's fundamental management policies and submit them to the Board of Directors for approval;

（6） 聘任或解聘除应由董事会聘任或解聘以外的人员

Appoint or dismiss personnel, except for those whose appointment or dismissal falls under the authority of the Board of Directors.

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（7） 拟订公司职工的工资、福利、奖惩， 提交董事会表决；

Prepare proposals regarding employee compensation, benefits, and reward/discipline systems for Board approval;

（8） 公司董事会授予的其他职权。

Exercise other authorities delegated by the Board of Directors.

7.4.2 副总经理 Deputy CEOs

副总经理两名， 由董事会任命， 其中由甲方指派一名， 全面对接和 监管公司财务、采购、业务、仓管、 劳动用工等；乙方指派一名，根据公司实际需要分工。

The Company shall have two (2) Deputy CEOs appointed by the Board of Directors:

One nominated by Party A, responsible for overseeing finance, procurement, business operations, warehouse management, and labor relations;One nominated by Party B, with responsibilities assigned according to operational needs.

7.4.3 财务 Finance

财务负责人由甲方指派，董事会任命。财务负责人负责组建公司财 务团队、保管公司公章等，乙方委派一名财务人员。

The financial officer shall be responsible for setting up the company's financial team and keeping the company's official seal, etc. Party B shall appoint a financial officer.

7.4.4 业务

（1） 甲、乙双方均委派业务人员，共同对外开拓业务、洽谈合同；

Both parties appoint business personnel to jointly develop business and negotiate contracts;

（2） 反商业贿赂。各方均需恪守法律和诚信原则， 均不得向业务交易 对方或对方经办人或其他相关人员索要、收受、提供、给予合同约 定外的任何利益，包括但不限于现金、购物卡、实物、有价证券、旅游或其他非物质性利益等， 但如该等利益属于行业惯例或通常做 法，则须在交易合同中明示。

Anti-commercial bribery. Each party shall abide by the law and the principle of good faith, and shall not ask, accept, provide or give any benefits other than those agreed in the contract to the other party or the manager of the other party or other relevant personnel, including but not limited to cash, gift cards, physical goods, securities, travel or other non-material benefits, provided that such benefits are industry practices or common practices, It must be stated in the transaction contract.

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7.4.5 仓管 Warehouse Management 甲乙双方各指派一人。

Each Party shall assign one warehouse management personnel.

**第八条** 财务、会计与审计

**Article 8** Finance, Accounting and Audit

8.1 公司财务团队由鸿昌委派人士负责，并组建财务团队。

The Company's finance team shall be headed by a personnel designated by Hongchang, who will establish the financial team.

8.2 公司应保留账簿并对其分别进行的与业务有关的所有交往和交易作出真实和完整的记录。

The Company shall maintain complete and accurate accounting records of all business transactions in accordance with applicable standards.

8.3 公司应不迟于相关会计基准期间结束之后 1 个月内按美国上市公司会 计准则编制有关每个 财务年度的财务报表。

The Company shall prepare annual financial statements in compliance with U.S. GAAP within one month after the end of each fiscal year.

8.4 在每个月结束之后20 个工作 日，公司应向其董事会提交月度未经审计 的财务报表。

Within twenty working days after each month-end, the Company shall submit unaudited monthly financial statements to its Board of Directors.

8.5 鑫德福、郑智彬在此共同且连带承诺并保证， 总经理郑智彬负责公司应 收货款催收（货款 账期最长不超过 45 天） ，除非受甲方豁免或不可抗力 因素影响，应收货款超过 45 天未收回 的， 鑫德福、郑智彬以现金补足，鑫德福、郑智彬共同且连带提供保证担保，甲方、公司均有权向鑫德福、 郑智彬主张并追偿。

Xindefu and Zheng Zhibin hereby jointly and severally undertake and guarantee that CEO Zheng Zhibin shall be responsible for accounts receivable collection (with payment terms not exceeding 45 days). If receivables remain unpaid after 45 days (unless exempted by Party A or due to force majeure), Xindefu and Zheng Zhibin shall compensate the shortfall in cash. This joint and several guarantee entitles both Party A and the Company to claim compensation from Xindefu and Zheng Zhibin.

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**第九条** 业绩承诺与补偿

**Article 9** Performance Commitment and Compensation

9.1 承诺业绩 Performance Targets

9.1.1 乙方在此共同且连带承诺， 公司每年度经甲方指定的会计师事务 所按照美国上市公司会 计准则审定的业绩应达到：

Party B jointly and severally commits that the Company's annual performance, as audited by Party A's designated accounting firm under U.S. GAAP, shall achieve:

（1） 2024 年度， 自公司成立之日次月起计算，至 2024 年 12 月 31 日营业收入不低于 2,000 万元乘以实际月份数之金额， 扣除非 经常性损益税后净利润率不低于5%或净利润不低于人民币 100 万元乘以实际月份数之金额。

In 2024, calculated from the month following the date of establishment of the company, the operating income shall not be less than 20 million yuan multiplied by the actual number of months, and the net profit margin after tax after deducting non-recurring gains and losses shall not be less than 5% or the net profit shall not be less than 1 million yuan multiplied by the actual number of months until December 31, 2024.

（2） 2025 年度，营业收入每年度不低于人民币 24,000 万元且， 扣除非经常性损益税后净利润率不低于5%且净利润不低于人 民币 1,200 万元。

In 2025, the operating revenue shall not be less than RMB 24 million yuan each year, and the net profit margin after tax excluding non-recurring gains and losses shall not be less than 5% and the net profit shall not be less than RMB 12 million yuan.

（3） 2026 年度及其后， 业绩承诺与奖励各方另行协商，但承诺业 绩条件不得低于 2025 年度承诺业绩条件。

In 2026 and after, the performance commitment and reward parties shall negotiate separately, provided that the performance commitment conditions shall not be lower than the performance commitment conditions in 2025.

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9.1.2 未免歧义，前述业绩业务仅指猪肉切割及深加工业务，不包含未 经切割的贸易业务，董 事会决议通过的除外。

For ambiguity, the aforementioned performance business only refers to pork cutting and deep processing business, excluding uncut trading business, except as approved by the resolution of the Board of Directors.

9.1.3 各方一致确认，经董事会一致确认的公司因战略合作需要的业务 订单，不计入前述承诺 业绩。

All parties unanimously confirm that the business orders of the Company required for strategic cooperation unanimously confirmed by the board of Directors shall not be included in the performance of the aforementioned commitment.

9.2 奖励与补偿 Rewards and Compensation

9.2.1 各方一致同意，如公司实现前述承诺业绩， 按本协议第十一条的 约定分配利润。

The parties agree that if the Company achieves the aforementioned performance, the profits shall be distributed according to Article 11 of this Agreement.

9.2.2 鑫德福、郑智彬在此共同且连带承诺与保证， 如公司未能实现业绩，则：

Xindefu and Zheng Zhibin hereby jointly and severally undertake and guarantee that if the Company fails to achieve performance, then:

（1） 鑫德福、郑智彬共同且连带责任，在公司经审计之日起一个 月内，向甲方支付按其提供流动资金金额的年化利率 10%计算 补偿金；

Xin Defu and Zheng Zhibin shall, with joint and several liability, pay Party A compensation calculated at the annual interest rate of 10% of the amount of working capital provided by the Company within one month from the date of audit;

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（2） 除甲方豁免外，如实际业绩未达承诺业绩数的 80% ，则甲方 有权终止合作；如实际业绩未达承诺业绩数但超过承诺业绩数 的 80% ，则甲方可选择继续合作，如延期一年后仍未实现业绩 承诺，则甲方有权终止合作； 甲方终止合作的，公司应在甲方 向乙方、公司发出终止合作通知之日起 45 日内向甲方偿还流动 资金借款，并按照年化利率 10%计算利息，乙方对此承担连带 责任。

Unless exempted by Party A, if the actual performance does not reach 80% of the promised performance, Party A has the right to terminate the cooperation; If the actual performance fails to reach the promised performance amount but exceeds 80% of the promised performance amount, Party A may choose to continue the cooperation. If the performance commitment is still not achieved after one year's extension, Party A shall have the right to terminate the cooperation; If Party A terminates the cooperation, the Company shall repay the working capital loan to Party A within 45 days from the date when Party A gives the notice of termination to Party B and the Company, and the interest shall be calculated at an annualized rate of 10%, for which Party B shall be jointly and several-liability.

**第十条** 竞业禁止

Article 10 Non-competition

10.1 全职服务 Full-time Service

乙方在此共同且连带承诺并保证， 承诺方将会为公司投入其全部工作时 间和精力，并将会尽其最大努力发展公司的业务并维护公司的利益。承 诺方在此进一步承诺并保证， 在其直接或者间接地拥有公司业务相竞争的公司股权或在公 司任职期间， 未经甲方、鸿福公司事先书面同意，不会在中国以自身名 义或代理身份，直接或者间接地：

Party B hereby jointly and severally undertakes and warrants that Party A will devote all its working time and energy to the Company and will use its best efforts to develop the Company's business and safeguard the Company's interests. The promisee hereby further undertakes and warrants that, without the prior written consent of Party A and Hongfu, it will not, directly or indirectly, in its own name or as an agent in China:

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10.1.1 受雇于任何存在竞争关系或者上下游业务关系的实体（包括但不 限于作为实体的董事、高 级管理人员）；

Employed by any entity (including but not limited to directors and senior managers of the entity) that has a competitive relationship or upstream or downstream business relationship;

10.1.2 向任何存在竞争关系或者上下游业务关系的实体进行任何形式 的投资（包括但不限于，成 为该实体的所有人、股东、实际控制人 或以其他方式拥有其权益），或成立与公司存在竞争关 系、上下游 业务关系的任何公司或其他商业组织；

Make any form of investment in any entity that competes with or has upstream and downstream business relationships (including but not limited to, becoming the owner, shareholder, actual controller or otherwise having an interest in such entity), or establish any company or other commercial organization that competes with or has upstream and downstream business relationships with the Company;

10.1.3 与任何实体进行与公司主营业务相关的、损害公司利益的任何业 务往来（包括但不限于成 为该实体的业务代理、供应商或分销商）；

Conduct any business transactions with any entity related to the main business of the Company and detrimental to the interests of the Company (including but not limited to becoming a business agent, supplier or distributor of such entity);

10.1.4 为任何实体提供与业务相关的任何形式的咨询或意见；

Provide any form of consultation or advice to any entity in connection with its business;

10.1.5 签署任何可能限制或损害公司从事其现有业务的协议、做出任何 类似承诺或采取其他任何 类似安排；

Enter into any agreement, make any similar undertaking or adopt any other similar arrangement which may restrict or impair the Company from engaging in its existing business;

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10.1.6 为除公司之外的任何实体的利益而从公司的客户、代理、供应商 及/或独立承包商中招揽业 务， 或唆使公司的客户、代理、供应商及 /或独立承包商终止与公司的合作。

Solicit business from the Company's customers, agents, suppliers and/or independent contractors for the benefit of any entity other than the Company, or instigation the Company's customers, agents, suppliers and/or independent contractors to terminate their cooperation with the Company.

10.2 不竞争 Non-competition

承诺方在此均共同且连带地承诺并保证，在其直接或者间接地拥有公司业务相竞争的 公司股权或在公司任职期间， 以及在其不再直接或者间接地拥有公司业务相竞争的公 司股权或不再在公司任职后的二十四（24）个月内， 承诺人及其直接或 者间接控制的公司业务相竞争的实体， 除通过公司之外， 未经甲方、鸿福公司事先书 面同意，不会在中国以自身名义或代理身份，直接或者间接地：

The promisee hereby jointly and severallyundertakes and warrants that, during the period when it directly or indirectly owns the equity of the Company in competition with the Company's business or holds office in the Company, and within twenty-four (24) months after it ceases to directly or indirectly own the equity of the Company in competition with the Company's business or holds office in the Company, Except through the Company, the promisee and the entities directly or indirectly controlled by the Company shall not, without the prior written consent of Party A and Hongfu Company, directly or indirectly:

10.2.1 受雇于任何竞争者（包括但不限于作为竞争者的董事、高级管理 人员）；

Employed by any competitor (including but not limited to directors and senior management as competitors);

10.2.2 向任何竞争者进行任何形式的投资（包括但不限于， 成为该竞争者的所有人、股东、实际 控制人或以其他方式拥有其权益），或成 立与公司存在竞争关系的任何公司或其他商业组织；

Make any form of investment in any competitor (including, but not limited to, becoming the owner, shareholder, de facto controller or otherwise having an interest in such competitor), or establish any company or other business organization in competition with the Company;

10.2.3 与任何竞争者进行与公司主营业务相关的、损害公司利益的任何 业务往来（包括但不限于 成为该竞争者的业务代理、供应商或分销 商）；

Conduct any business transaction with any competitor related to the main business of the Company and detrimental to the interests of the Company (including but not limited to becoming the business agent, supplier or distributor of such competitor);

10.2.4 为任何竞争者提供与业务相关的任何形式的咨询或意见；

Provide any form of consultation or advice to any competitor in connection with the business;

10.2.5 签署任何可能限制或损害公司从事其现有业务的协议、做出任何 类似承诺或采取其他任何 类似安排；

Enter into any agreement, make any similar undertaking or adopt any other similar arrangement which may restrict or impair the Company from engaging in its existing business;

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10.2.6 为任何竞争者的利益而从公司的客户、代理、供应商及/或独立承 包商中招揽业务， 或唆 使公司的客户、代理、供应商及/或独立承包 商终止与公司的合作。

Solicit business from the Company's customers, agents, suppliers and/or independent contractors for the benefit of any competitor, or instigation the Company's customers, agents, suppliers and/or independent contractors to terminate their cooperation with the Company.

10.3 不招揽 No solicitation

承诺方在此均进一步承诺并保证， 在其直接或者间接地拥有公司业务相竞争的公司股 权或在公司任职期间， 以及在其不再直接或者间接地拥有公司业务相竞争的公司股权 且不再在公司任职后的十二（12）个月内， 承诺方及其直接或者间接控 制的公司业务相竞争的实体，不得促使、寻求、诱使或者鼓励公司的任何员工离职，或者雇用、聘用该等个人，或者促使、寻求或者鼓励公司任何现有的或 者潜在的客户、消费者、供应商、被许可人或者许可人或者与公司有任 何商业关系的人员终止或者修改该等业务关系，损害公司利益。

The Promising Party hereby further undertakes and warrants that, during the period when it directly or indirectly owns the equity of the Company in competition with the Company's business or holds office in the Company, and within twelve (12) months after it ceases to directly or indirectly own the equity of the Company in competition with the Company's business and ceases to hold office in the Company, The promisee and any entity directly or indirectly controlled by the Company that competes with the business of the Company shall not cause, seek, induce or encourage any employee of the Company to leave the company, or hire or engage such individual, or cause, seek or encourage any existing or potential customers, consumers, suppliers, licensees or licensors of the Company or persons having any business relationship with the Company to terminate or modify such business relationship to the detriment of the interests of the Company.

10.4 承诺方在此进一步承诺与保证， 其不得利用任何关联方或者其他任何直 接或间接控制的实体从事与公司竞争的业务损害公司利益。

The promisee hereby further undertakes and warrants that it shall not damage the interests of the Company by using any affiliated party or any other entity directly or indirectly controlled by the Company to engage in business in competition with the Company.

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**第十一条** 利润分配及亏损负担

**Article 11** Profit Distribution and Loss Burden

11.1 双方一致同意， 在考虑公司现金流、经营状况等情况后，由董事会决议 是否进行利润分配及 利润分配的具体事宜。

Both parties agree that after considering the Company's cash flow, operating conditions and other circumstances, the Board of Directors shall decide whether to make profit distribution and the specific matters of profit distribution.

11.2 如公司盈利的， 在考虑公司正常经营的流动资金需求后，公司应按照各 方提供流动资金借款 比例偿还各方借款。

If the Company makes a profit, the Company shall repay the borrowings to each party in proportion to the borrowings of working capital provided by each party after taking into account the working capital requirements for the normal operation of the Company.

11.3 公司在偿还甲方、乙方借款且弥补亏损和提取法定公积金后仍有盈余的， 利润分配以现金分 配方式实施，其中，扣除非经常性损益税后净利润率 5% 以内的净利润，按照届时股东持股比例 进行分配；净利润率超过 5%的利 润部分，按照鸿昌 40% 、鑫德福 60%的比例进行分配。

If the company still has surplus after repaying the loans of Party A and Party B, making up the losses and withdrawing the statutory reserve fund, the profit distribution shall be implemented in the form of cash distribution, in which the net profit margin after deducting non-recurring gains and losses within 5% shall be distributed according to the shareholding ratio of shareholders at that time; The profit portion of the net profit margin exceeding 5% shall be distributed according to the proportion of 40% for Hongchang and 60% for Xindefu.

11.4 公司如存在亏损的， 由乙方以现金方式补足， 经董事会一致确认的公司 因战略合作需要的 业务项目导致亏损的除外。

Any loss of the Company shall be made up by Party B in cash, except for the loss caused by the business projects required by strategic cooperation unanimously confirmed by the Board of Directors.

**第十二条** 股权 Equity

12.1 转让限制 **Equity Transfer Restriction**s

在甲方境外母公司 Hongchang International Co., Ltd 未成功实现转板美国 纳斯达克上市前， 未经甲方同意， 乙方不得直接或间接转让、质押或以其 他方式处分其持有的任何公司股权。

Prior to the successful uplisting of Party A's offshore parent company, Hongchang International Co., Ltd., on NASDAQ, Party B shall not directly or indirectly transfer, pledge, or otherwise dispose of any equity interest in the Company without Party A's prior written consent.

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12.2 优先购买权 Right of First Refusal (ROFR)

12.2.1 除第 12.1 条的转让限制外， 乙方（ "售股股东 " ）拟转让公司股 权的，其应在完成该等股 权转让前三十（30） 日给予甲方事先书面通 知（ " 售股通知 " ），载明该售股股东拟转让的股权 （ ℼ待售股权 " ） 的数额、价格、 其他重要交易条件以及拟受让方的名称等情况。

Subject to the transfer restrictions under Section 12.1, if Party B (the "Selling Shareholder") proposes to transfer any Company equity, it shall provide Party A with thirty (30) days' prior written notice ("Transfer Notice") before completing such transfer. The Transfer Notice shall specify:The quantity of equity to be transferred ("Offered Shares"); The proposed price;Other material terms; and The identity of the proposed transferee.

12.2.2 售股股东在此无条件且不可撤销地授予甲方（包括其继受人和受 让人）在不低于售股通知 中载明价格及其他重要交易条件的情况下， 优先购买全部（或任何部分） 待售股权的权利。为行 使其优先购买权， 甲方应在收到售股通知后三十（30） 日内（ "优先购买权期限 " ） 向售股股东 和公司发出书面行权通知， 该通知应列明甲方就购买待 售股权提供的价格和其他重要交易条件 （不低于售股通知中载明的条款）以及其拟购买的待售股权的数量。

The Selling Shareholder hereby irrevocably grants Party A (including its successors and assigns) the right to purchase all or any portion of the Offered Shares on terms no less favorable than those stated in the Transfer Notice. To exercise this ROFR, Party A must deliver a written acceptance notice to the Selling Shareholder and the Company within thirty (30) days ("ROFR Period"), specifying:

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12.3 共同出售权 Co-Sale Rights (Tag-Along Rights)

12.3.1 如甲方未根据第 12.2 条的规定行使优先购买权，则甲方有权按 照其共同出售权比例（见 下文定义） ，并以售股通知中规定的价格 与条件与售股股东一起向拟受让人出售其所持有的股权 （即甲方参 与共同出售的股权不应超过待售股权总数与共同出售权比例之乘 积）。 前述"共同出 售权比例 " 系指甲方所持全部的公司股权占甲 方与售股股东所持全部的公司股权之和的比例。在 甲方行使共同出售权的情况下，售股股东可向拟受让方出售的待售股权的数量应相应减少。

If Party A does not exercise its Right of First Refusal under Section 12.2, Party A shall have the right to sell its equity shares (the "Co-Sale Shares") to the proposed transferee together with the Selling Shareholder, at the same price and terms specified in the Transfer Notice. The number of Co-Sale Shares shall not exceed the product of (i) the total Offered Shares and (ii) the Co-Sale Ratio (as defined below). The "Co-Sale Ratio" means the proportion of Party A's total equity holdings in the Company relative to the combined equity holdings of Party A and the Selling Shareholder. If Party A exercises its co-sale rights, the number of Offered Shares that the Selling Shareholder may sell to the proposed transferee shall be reduced accordingly.

12.3.2 为行使上述共同出售权， 甲方应在优先购买权期限期满后的二十 （20） 日内（ "共同出售 期限 " ）向售股股东发出共同出售的书面 通知，载明在共同出售权比例范围内拟参与共同出售的 股权数额。

To exercise the co-sale rights, Party A must deliver a written notice (the "Co-Sale Notice") to the Selling Shareholder within twenty (20) days after the expiration of the ROFR Period ("Co-Sale Period"), specifying the number of shares Party A elects to sell under the Co-Sale Ratio.

12.3.3 售股股东向拟受让人出售待售股权及甲方根据上述规定参与的共同出售，应在共同出售期 限届满后二十（20） 日内完成。

The sale of the Offered Shares by the Selling Shareholder and the Co-Sale Shares by Party A must be completed within twenty (20) days after the expiration of the Co-Sale Period.

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12.3.4 待售股权的拟受让人应直接向甲方支付甲方因行使共同出售权 所应取得的转让价款。如拟 受让人拒绝从甲方购买其共同出售的股 权，则售股股东不得向该拟受让人出售任何待售股权， 除 非在出售待售股权的同时，该售股股东依据售股通知规定的价格与条件向甲 方购买共同出售权下 的全部股权。

The proposed transferee shall pay Party A directly for the Co-Sale Shares. If the proposed transferee refuses to purchase Party A's Co-Sale Shares, the Selling Shareholder may not sell any Offered Shares to such transferee unless it simultaneously purchases all of Party A's Co-Sale Shares at the price and terms specified in the Transfer Notice.

12.4 鸿昌股权转让 Transfer of Hongchang's Equity

各方在此确认并一致同意， 鸿昌如因上市或其他资本市场重组需要， 将其 持有鸿福公司股权转让至其指定的第三方名下的， 乙方放弃优先购买权。

The Parties hereby acknowledge and agree that if Hongchang needs to transfer its equity in Hongfu Company to a designated third party for IPO or other capital market restructuring purposes, Party B waives its Right of First Refusal with respect to such transfer.

**第十三条** 投资终止及费用承担

**Article 13 Investment Termination and Cost Allocation**

13.1 公司成立前，如因不可归责于任何一方事由导致投资无法进行而须提 前终止的，各方收回其 投资款，互相不产生违约责任， 但因公司设立所 产生的债务由各方按其拟定的持股比例分担。

Before the establishment of the company, if the investment cannot be carried out due to reasons not attributable to any party and must be terminated before the establishment, the parties shall recover their investment funds and shall not be liable for breach of contract with each other, but the debts arising from the establishment of the company shall be shared by the parties according to their proposed shareholding ratio.

13.2 公司成立后， 甲方可以根据第五条、第九条约定单方终止合作， 以及乙 方违反第十条约定 的， 甲方可单方终止合作。甲方单方终止合作的， 公 司、乙方全部偿还甲方借款及承担赔偿责任 后，公司解散、终止。

After the establishment of the Company, Party A may unilaterally terminate the cooperation according to

Articles 5 and 9, or if Party B violates Treaty 10, Party A may unilaterally terminate the cooperation. If Party A unilaterally terminates the cooperation, the Company shall be dissolved and terminated after the Company and Party B repay the loan to Party A in full and assume the compensation liability.

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13.3 公司解散、终止的，按照《公司法》所规定的清算、注销程序进行。

In case of dissolution or termination of the Company, the liquidation and cancellation procedures as stipulated in the Company Law shall be followed.

**第十四条** 各方声明和保证

Article 14 Representations and warranties of the parties

14.1 协议各方均为完全民事权利能力和民事行为能力的民事主体，并拥有合法的权利或授权签 订本协议。

Each party hereto is a civil subject with full capacity for civil rights and civil conduct, and has the legal right or authorization to enter into this Agreement.

14.2 协议各方投入公司的资金、资产、技术等，均为协议各方所拥有的合法 财产，且不涉及与 第三方的任何争议或纠纷。

The funds, assets and technologies invested by the parties to the Agreement into the Company shall be the legal property owned by the parties to the Agreement and shall not involve any dispute or dispute with any third party.

14.3 协议各方向公司提交的文件、资料等均是真实、准确和有效的。

**第十五条** 保密

Article 15 Confidentiality

15.1 协议各方在合作过程中应严格保守对方的商业秘密。本条所指商业秘 密包括但不限于协议 各方在合作中所涉及的、提供的、签署的全部资 料、信息，在合作过程中所产生的任何新信息、 新文件以及其他具有 保密性的信息，无论是书面的、口头的、图形的、电磁的或其他任何 形式的 信息。协议各方承诺不得因自身原因泄露对方商业秘密而使对 方商业信誉受到损害， 并确保不会 将该信息用于执行或履行其在本协 议中的权利或义务之外的其他目的。

Each party shall strictly keep the trade secrets of the other party during the cooperation. The trade secrets referred to in this Article include but are not limited to all the materials and information involved, provided and signed by the parties to the Agreement in the course of cooperation, as well as any new information, new documents and other confidential information generated in the course of cooperation, whether written, oral, graphic, electromagnetic or any other form of information. Each party hereto undertakes that it shall not disclose the other party's trade secrets for its own reasons that will damage the business reputation of the other party, and shall ensure that it will not use such information for any purpose other than the execution or performance of its rights or obligations under this Agreement.

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15.2 上述限制不适用于：The above restrictions shall not apply to:

15.2.1 在披露时已成为公众一般可取的资料和信息；

Materials and information which, at the time of disclosure, have become generally desirable to the public;

15.2.2 并非因接收方的过错在披露后已成为公众一般可取的资料 和信息；

Materials and information that have become generally desirable to the public after disclosure through no fault of the receiving party;

15.2.3 接收方可以证明在披露前其已经掌握， 并且不是从其他方直 接或间接取得的资料；

The receiving party can prove that the information is in its possession prior to the disclosure and is not directly or indirectly obtained from another party;

15.2.4 任何一方依照法律或其他适用法律及规则的要求，有义务向有关政府部门及监管机构披 露， 或任何一方因其正常经营所需， 向其直接法律顾问和财务顾问披露上述保密信息。

Either party is obliged to disclose the above confidential information to the relevant government authorities and regulatory authorities as required by law or other applicable laws and rules, or to its direct legal advisers and financial advisers as required by the normal operation of either party.

15.3 本保密条款的效力不因本协议的终止而终止。

The validity of this Confidentiality Clause shall not terminate upon termination of this Agreement.

 **第十六条** 通知

Article 16 Notice

16.1 本协议要求任何一方发出的通知或其他通讯， 应用专人递送、快递或 传真发至其他方在下列的地址或其他方不时通知该方的其他指定地 址。通知被视为实际送达的日期， 应按如下确定：（a）专人递送或 通过快递发出的通知， 被通知人签收之日即视为已实际送达； 如被通 知人拒绝签收的， 被通知人拒绝签收之日即视为已实际送达； 如因无 法联系到被通知人等原因未签收的，则在被通知人未签收后的第 7 天， 即视为已实际送达； （b）用传真发送的通知，在有关文件的传送确认 单上所显示的接收时间视为已实际送达。

Notices or other communications required by this Agreement by either party shall be delivered by hand, Courier or facsimile to the other party at the address set out below or such other designated address as the other party may notify such party from time to time. The date on which a notice is deemed to have been actually delivered shall be determined as follows: (a) where a notice is delivered by hand or by Courier, it shall be deemed to have been actually delivered on the date on which the person so notified signs for receipt; If the notified party refuses to sign for receipt, the date on which the notified party refuses to sign for receipt shall be deemed to have been actually served; If it fails to sign for receipt due to the inability to contact the notified person or other reasons, it shall be deemed to have been actually delivered on the 7th day after the notified person fails to sign for receipt; (b) A notice sent by facsimile shall be deemed to have been actually served at the time of receipt shown on the confirmation of transmission of the relevant document.

（1） 鸿昌 Hongchang

联系地址 福建省福州市福清市城头镇东皋村元洪投资区原管 委会大楼二层

Address: 2nd Floor, Former Management Committee Building, Yuanhong Investment Zone, Donggao Village, Chengtou Town, Fuqing City, Fujian Province, China

联系人 Contact Person: 林增强 联系电话 Phone: [\*]

传真 Fax:

（2） 鑫德福 Xindefu

联系地址 福建省福清市城头镇元洪工业园区海城路 28 号 A 区

Address:No. 28 Haicheng Road, Area A, Yuanhong Industrial Park, Chengtou Town, Fuqing City, Fujian Province, China

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联系人 郑智彬

Contact Person: Zhibin Zheng

联系电话 Phone: [\*]

传真 Fax: [\*]

（3） 郑智彬 Zhibin Zheng

联系地址 福建省福清市城头镇元洪工业园区海城路 28 号 A 区

Address:No. 28 Haicheng Road, Area A, Yuanhong Industrial Park, Chengtou Town, Fuqing City, Fujian Province, China

联系人 郑智彬

Contact Person: Zhibin Zheng

联系电话 Phone: [\*]

传真 Fax: [\*]

![](ex10-2_002.jpg)（4）周秀华 Xiuhua Zhou 联系地址

Address 联系人

Contact Person

联系电话 Phone:

传真 Fax:

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**第十七条** 协议的变更与解除

**Article 17 Amendment and Termination**

17.1 各方在以下情况，可变更或协商解除本协议：

The Parties may amend or terminate this Agreement under the following circumstances: （1） 协议各方一致同意；

Upon mutual written consent of all Parties;

（2） 发生不可抗力事件时或由于一方当事人虽无过失但无法防止的 外因，致使本协议无法履行，本协议解除。

If Force Majeure events or unforeseeable external causes beyond any Party's control render this Agreement unperformable.

不可抗力事件是指不能预见、不能避免并不能克服的客观自然情况， 不包括政策法规环境的变化、社会动乱的发生、罢工等社会情况。

Force Majeure means objective natural circumstances that are unforeseeable, unavoidable, and insurmountable, excluding changes in policies/laws, social unrest, strikes, or other societal events.

不可抗力事件发生后， 协议各方均可在事件发生后的三天内书面通 知对方解除本协议，并各自负担此前有关本协议项下的支出。

Within three （3） days after a Force Majeure event, any Party may terminate this Agreement by written notice, with each Party bearing its own incurred expenses.

17.2 协议各方协商一致同意解除本协议，并已就协议解除后的善后事宜作 出妥当安排。

The Parties may terminate this Agreement by mutual consent if they have made proper arrangements for post-termination matters.

第十八条 违约责任

Article 18 Liability for Breach

18.1 如果本协议任何一方未按本协议的规定， 适当地、全面地履行其义务， 应当承担违约责任 及损失赔偿责任。任何一方未完全履行本协议约定义 务， 或违反承诺与保证约定，致使对方遭 受损失的， 违约方应赔偿或弥 补守约方所遭受的全部损失（包括不限于损失补偿金、诉讼费、 律师费 等）。

Any Party failing to fully perform its obligations shall compensate for all losses (including compensation, litigation fees, and attorney fees).

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18.2 承诺方如违反第十条承诺的， 甲方有权追索，乙方应向甲方赔偿损失， 并向甲方支付其已 向公司投资的投资款总额（包括提供的流动资金及实缴的注册资本）的 20%作为违约金。

If Party B breaches Article 10, Party A may claim damages plus 20% of Party B's total investment (including working capital and registered capital) as liquidated damages.

18.3 任何一方违反本协议约定， 造成其他守约方损失或影响公司成立、经营 的，应向其他守约 方承担赔偿责任。

Breaching Parties shall indemnify others for losses affecting the Company's establishment or operations. 18.4 如任何一方未按本协议约定向公司缴纳注册资本的， 每逾期一 日，需向 守约方支付应缴纳 金额的千分之一的违约金。

Late capital contributions shall incur 0. 1% daily penalty of the overdue amount. **第十九条** 争议解决

Article 19 Dispute Resolution

19.1 本协议的订立、效力、解释和履行， 以及本协议项下争议的解决， 均受 中国的法律的保护和管辖。

The conclusion, validity, interpretation and performance of this Agreement, as well as the settlement of disputes hereunder, shall be protected and governed by the laws of China.

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19.2 在各方就本协议项下条款的解释和履行发生争议、纠纷或索赔（包括任 何关于本协议的存在、有效性或终止的问题）时，各方应善意地协商解 决该争议， 协商不成的， 任何一方均有权向本协议签署地人民法院提起 诉讼。

In the event of any dispute, dispute or claim (including any issue regarding the existence, validity or termination of the Agreement) arising between the parties in relation to the interpretation and performance of the terms hereunder, the parties shall negotiate in good faith to settle such dispute, if no agreement can be reached through negotiation, either party shall have the right to file a lawsuit with the People's court at the place where the Agreement is executed.

第二十条 其他 Article 20 Others

20.1 公司的其他股东权益安排由公司章程另行予以规定，公司章程与本股 东协议内容不一致或 冲突的，以本协议约定内容为准。

Other shareholders' rights and interests arrangements of the Company shall be separately stipulated in the articles of association of the Company. In case of any inconsistency or conflict between the Articles of association and the Shareholders' Agreement, the contents agreed herein shall prevail.

20.2 若根据任何法律法规， 本协议的任何条款或其他规定无效、不合法或不 可执行，本协议的 所有其他条款和规定仍应保持其全部效力。

If any term or other provision of this Agreement is invalid, illegal or unenforceable under any laws and regulations, all other terms and provisions of this Agreement shall remain in full force and effect.

20.3 各方确认，本协议一经各方适当签署即构成了各方就本协议中内容所 达成的完整的协议及 共识， 即时具有法律效力， 并彻底取代各方在本协 议之前达成任何与本协议内容有关的全部 口 头或/和书面的协议及共识。

The parties acknowledge that this Agreement, once properly executed by the parties, constitutes the entire agreement and consensus between the parties with respect to the contents hereof and shall have immediate legal effect and completely supersede all oral or/and written agreements and consensus reached by the parties prior to this Agreement in connection with the contents hereof.

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20.4 本协议的标题仅为方便阅读而设， 不应被用来解释、说明或在其他方面 影响本协议各项规 定的含义。

The headings in this Agreement are for ease of reading only and shall not be used to interpret, illustrate or otherwise affect the meaning of the provisions herein.

20.5 各方同意，本协议一方的股东或该方的名称、企业性质发生变更，不影 响本协议的效力， 各方仍需按照本协议的约定享有本协议项下的权利并 履行相应的义务。

The parties agree that the change of the shareholders of a party hereto or the name and nature of the enterprise of such party shall not affect the validity of this Agreement, and the parties shall still enjoy the rights and perform the corresponding obligations hereunder in accordance with the provisions hereof.

20.6 本协议未尽事宜， 协议各方应遵循诚实信用、公平合理的原则协商签订补充协议， 并积极 推进公司的设立工作。

For matters not covered herein, the parties shall negotiate and sign a supplementary agreement in good faith, fairness and reasonability, and actively promote the establishment of the Company.

20.7 本协议一式 三 份， 协议各方各执壹份， 自协议各方签字或盖章后生 效。

This Agreement is made in triplicate, with each party holding one copy and shall come into force upon signature or seal by each party.

20.8 本协议于 2024 年 月 日由协议各方在 福建省福清市 签署。 （以下无正文，为本协议 签署页）

This Agreement is signed by the parties in Fuqing City, Fujian Province on the date of 2024. (The following is the signing page of this Agreement without text)

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（本页无正文，为《股东协议书》签署页）

This page is blank and serves as the signing page of the "Shareholders' Agreement".

甲方:福清市鸿昌食品有限公司 （盖章）

Party A: Fuqing Hongchang Food Co., LTD. (seal)

法定代表人或授权代表：林增强（签字）

Legal representative or authorized representative: */s/Zengqiang Lin*

**36** / **55**

（本页无正文，为《股东协议书》签署页）

This page is blank and serves as the signing page of the "Shareholders' Agreement".

乙方一:福建省鑫德福农产品有限公司(盖章)

Party BI: Fujian Xindefu Agricultural Products Co., LTD. (seal)

法定代表人或授权代表：周秀华（签字）

Legal representative or authorized representative: */s/Xiuhua Zhou*

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（本页无正文，为《股东协议书》签署页）

This page is blank and serves as the signing page of the "Shareholders' Agreement".

乙方二: 郑智彬 （签字）

Party BII: */s/ Zhibin Zheng*

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（本页无正文，为《股东协议书》签署页）

This page is blank and serves as the signing page of the "Shareholders' Agreement".

乙方三: 周秀华（签字）

Party B III: */s/ Xiuhua Zhou*

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**附件 1：保证与承诺**

**Appendix1: Warranties and Undertakings**

郑智彬、周秀华、福建省鑫德福农产品有限公司、福州市新德福食品科技 有限公司、福州市兴德福食品有限公司（以下合称"承诺方" ）在此共同且连带 保证与承诺： 自鸿福食品（福建） 有限公司（最终以公司登记主管机关实际登记 的为准， 以下简称" 鸿福公司" ）成立之日起， 承诺方将停止其原有相关业务经 营， 其所有相关业务由鸿福公司承接，保证其供应商、客户同意与鸿福公司签订 新的业务合同。承诺方在此进一步保证与承诺， 其不从事任何与鸿福公司相竞争 的业务。承诺方如违反以上承诺和保证， 造成鸿福公司或鸿昌公司损失的，承担 连带赔偿责任。

Zheng Zhibin, Zhou Xiuhua, Fujian Xindefu Agricultural Products Co., LTD., Fuzhou Xindefu Food Technology Co., LTD., Fuzhou Xingdefu Food Co., LTD. (hereinafter collectively referred to as the "undertakings") hereby jointly and severallywarrant and undertake that: From the date of establishment of Hongfu Food (Fujian) Co., LTD. (ultimately subject to the actual registration by the competent company registration authority, hereinafter referred to as "Hongfu Company"), the Undertaking Party will cease its original relevant business operation, and all its relevant business will be undertaken by Hongfu Company, and guarantee that its suppliers and customers agree to enter into new business contracts with Hongfu Company. The Promising Party hereby further warrants and undertakes that it will not engage in any business in competition with Hongfu Company. If the promisee breaches the above undertakings and warranties and causes losses to Hongfu Company or Hongchang Company, it shall be jointly liable for compensation.

---

| | |
|:---|:---|
| 承诺方：郑智彬（签字） | 承诺方：郑智彬（签字） |
| Promisee: | /s/ *Zhibin Zheng* |
| 周秀华（签字） | 周秀华（签字） |
| */s/ Xiuhua Zhou* | */s/ Xiuhua Zhou* |
| 福建省鑫德福农产品有限公司（盖章） | 福建省鑫德福农产品有限公司（盖章） |
| Fujian Xindefu Agricultural Products Co., LTD. (seal) | Fujian Xindefu Agricultural Products Co., LTD. (seal) |

---

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福州市新德福食品科技有限公司（盖章）

Fuzhou Xindefu Food Technology Co., LTD. (seal)

福州市兴德福食品有限公司（盖章）

Fuzhou Xingdefu Food Co., LTD. (seal)

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附件2:核心员工名单

Appendix 2: List of key employees

---

| | | |
|:---|:---|:---|
| 序号<br> NO. | 姓名 <br> Name | 现任鑫德福职务/'职位<br> current position of xindefu |
| 1 | 郑智彬 Zhibin Zheng | 总经理/实际控制人 <br>General Manager/actual controller |
| 2 | 周秀华 Xiuhua Zhou | 鑫德福唯一登记股东 <br>the sole registered shareholder |
| 3 | 郑翔 Xiang Zheng | 副总经理<br> Deputy General Manager |
| 4 | 陈木仁 Muren Chen | 副总经理<br> Deputy General Manager |
| 5 | 何文韬 Wentao He | 首席运营官<br> Chief Operating Officer |
| 6 | 杨春林 Chunlin Yang | 厂长<br> Director of the Factory |

---

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**附件 3：不竞争承诺函**

**Appendix 3: Letter of Non-competition Undertaking**

郑翔、陈木仁、何文韬、杨春林（以下称"承诺方" ）在此承诺并保证如下 条款，并且在鸿福公司成立后，其将与鸿福公司签署包含以下条款的不竞争协议：

Xiang Zheng, Muren Chen, Wentao He and Chunlin Yang (hereinafter referred to as the "Promisee") hereby undertake and warrant the following terms and that they will enter into a non-compete agreement with Hongfu Company upon the establishment of Hongfu Company containing the following terms:

1.不竞争 Non-competition

承诺方在此承诺并保证，在公司任职期间， 以及不再在公司任职后的十二个

（12）个月内， 承诺方及其直接或者间接控制的公司业务相竞争的实体， 除通过公司之外， 未 经鸿昌、鸿福公司事先书面同意，不会在中国以自身名义或代理身份， 直接或者 间接地：

The Promisee hereby undertakes and warrants that, during the term of office of the Company and for twelve (12) months after ceding office of the Company, the Promisee and the entities directly or indirectly controlled by the Company that compete with the business of the Company, except through the Company, without the prior written consent of Hongchang and Hongfu, will not, directly or indirectly, in their own names or as agents in China:

1） 受雇于任何竞争者（包括但不限于作为竞争者的董事、高级管理人员）；

to be employed by any competitor (including but not limited to directors and senior management as competitors);

2） 向任何竞争者进行任何形式的投资（包括但不限于， 成为该竞争者的所有 人、股东、实际控制人或以其他方式拥有其权益） ，或成立与公司存在竞争关系 的任何公司或其他商业组织；

make any form of investment in any competitor (including, but not limited to, becoming the owner, shareholder, de facto controller or otherwise having an interest in such competitor), or establish any company or other business organization that competes with the Company;

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3） 与任何竞争者进行与公司主营业务相关的、损害公司利益的任何业务往 来（包括但不限于成为该竞争者的业务代理、供应商或分销商）；

to conduct any business dealings with any competitor related to the main business of the Company and detrimental to the interests of the Company (including but not limited to becoming the business agent, supplier or distributor of such competitor);

4） 为任何竞争者提供与业务相关的任何形式的咨询或意见；

Provide any form of consultation or advice related to the business for any competitor;

5）为任何竞争者的利益而从公司的客户、代理、供应商及/或独立承包商中招 揽业务， 或唆使公司的客户、代理、供应商及/或独立承包商终止与公司的合作。

Solicit business from the Company's customers, agents, suppliers and/or independent contractors for the benefit of any competitor, or instil the Company's customers, agents, suppliers and/or independent contractors to terminate their cooperation with the Company.

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2.不招揽 No solicitation

承诺方在此均进一步承诺并保证， 在公司任职期间， 以及在其不再在公司任 职后的十二个（12）个月内， 承诺方及其直接或者间接控制的公司业务相竞争的实体， 不得促 使、寻求、诱使或者鼓励公司的任何员工离职， 或者雇用、聘用该等个人，或者 促使、寻求或者鼓励公司任何现有的或者潜在的客户、消费者、供应商、被许可 人或者许可人或者与公司有任何商业关系的人员终止或者修改该等业务关系，损 害公司利益。

The Promisee hereby further undertakes and warrants that, during the term of office of the Company and within twelve (12) months after he ceases to be in office of the Company, the Promisee and any entity directly or indirectly controlled by the Company that competes with the business of the Company shall not cause, seek, induce or encourage any employee of the Company to leave the Company, or employ or engage such individual, or cause, seek or encourage any existing or potential customers, consumers, suppliers, licensees or licensors of the Company or persons having any business relationship with the Company to terminate or modify such business relationship to the detriment of the interests of the Company.

承诺人（签字）： 郑翔

Promisee (signature) : */s/ Xiang Zheng*

陈木仁 */s/ Muren Chen*

何文韬 */s/ Wentao He*

 

杨春林 */s/ Chunlin Yang*

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**附件 4：固定资产清单**

**Appendix4: List of fixed assets**

**【 固定资产以各方于2024年 5 月 31 日前最终共同盘点确认的为准】**

[Fixed Assets shall be subject to the final joint inventory confirmed by all parties on May 31, 2024]

[listed after joint inventory by all parties]

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附件5:知识产权清单

Appendix5: List of intellectual property rights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![](ex10-2_003.jpg)![](ex10-2_004.jpg)![](ex10-2_005.jpg) | 商标名称/'围图形 Trademrk nam/graphic | 注册号 Rlogistration number | 注册类 别<br> registration category | 有效期限<br> expiration date | 权利受 限情况<br> L,imitation of rights |
| ![](ex10-2_006.jpg) | ![](ex10-2_007.jpg) | 15742470 | 田类-食 品<br> category y29- Food | 2016 年 1月14日<br> 至2026 年 1月13<br> 日<br> January 14,<br> 2016 to January 13, 2026 | 无 None |
| ![](ex10-2_008.jpg) | ![](ex10-2_009.jpg) | 15742530 | 31类-阿 料种子<br> catogory y31- Forage so eds | 2016 年 1月14日 <br> 至2026 年 1月13 日 January 14, 2016 to January 13, 2026 | 无 None |
| ![](ex10-2_010.jpg) | ![](ex10-2_011.jpg) | 15742572 | 35类-广广 告销售<br> category35-<br> Advortising salos | 2016 年 1月14日 至2026 年 1月13 日 January 14, 2016 to January 13, 2026 | 无 None |
| ![](ex10-2_012.jpg) | ![](ex10-2_013.jpg) | 19716489 | 30类-·方方 便食品<br> category y30- Instant food | 2017 年 6月7日 至 2027 年 6月6 日 June 7, 2017 to June 6, 2027 day | 无 None |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>![](ex10-2_014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex10-2_015.jpg) | 20298107.0 | &nbsp;&nbsp;&nbsp;&nbsp;31类-阿 料种子 cate gor yy31- Forage so eds | 2017 年 8月7日 <br>至 2027 年 8月6 <br>日 <br>August 7, 2017 to August 6, <br>2027 day | 无 None |
| <br>![](ex10-2_016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex10-2_017.jpg) | 71204358.0 | &nbsp;&nbsp;&nbsp;&nbsp;30类-·方方 便食品 cate gor yy30- Instant food | 2023 年 12月7日 <br>至 2033 年 12月6 <br>日 <br>December 7, 2023 to <br>December 6, 2033 | 无 None |
| <br>![](ex10-2_018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex10-2_019.jpg) | 19716413.0 | &nbsp;&nbsp;&nbsp;&nbsp;43类--餐 饮住宿 cate gor y43- Food <br>and <br>Bover ag OAnd Ao comm dati on | 2017 年 08月21日 <br>至 2027 年 8月20 <br>日 <br>August 21, 2017 to August 20, <br>2027 | 无 None |

---

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**附件 6： 注册商标独占许可合同**

**Appendix 6: Exclusive License Contract for Registered Trademarks**

商标专用权人（甲方） ：福建省鑫德福农产品有限公司

Trademark owner (Party A) : Fujian Xindefu Agricultural Products Co., LTD

商标独占使用人（乙方）： 鸿福食品（福建） 有限公司（暂定名， 最终以工商登记的 为准）

Exclusive User of trademark (Party B) : Hongfu Food (Fujian) Co., LTD. (tentative name, subject to the final industrial and commercial registration)

根据《中华人民共和国民法典》《中华人民共和国商标法》《中华人民共和国商标法 实施条例》等相关规定， 甲、乙双方遵循自愿和诚实信用的原则， 经协商一致， 签署本合 同。

In accordance with the Civil Code of the People's Republic of China, Trademark Law of the People's Republic of China, Regulations on the Implementation of Trademark Law of the People's Republic of China and other relevant provisions, Party A and Party B, in accordance with the principle of voluntariness, good faith and through consultation, enter into this contract.

**第一条** 授权范围

Article 1 Scope of Authorization

1.1 甲方将其合法注册登记的七项商标专用权（详见附件 5）无偿许可乙方独家使用及许可乙方再 许可第三方使用。

1.1 Party A shall grant Party B the exclusive use of the seven legally registered trademarks (see Appendix 5 for details) free of charge and permit Party B to sublicense a third party to use them.

1.2 商标注册号及标识详见附件 5。

1.2 Please refer to Appendix 5 for the trademark registration number and logo.

1.3 许可使用的期限自本合同签署之日起至将该全部商标无偿转让至乙方名下之日； 或， 如因合 作终止未转让至乙方的， 期限至合作终止之日。

1.3 The term of license shall be from the date of signing this Contract to the date of transferring all the trademarks to Party B free of charge; Or, if the transfer is not made to Party B due to termination of cooperation, the term shall expire on the date of termination of cooperation.

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1.4 甲方许可乙方使用商标的地域范围： <u>中华人民共和国</u>。

1.4 Party A permits Party B to use the trademark in <u>the People's Republic of China</u>.

1.5 甲方许可乙方使用商标的形式为：在中华人民共和国区域行业内独占许可使用。 合同存续期 间， 甲方不在加工和销售鲜品猪肉及冷冻猪肉的行业同类产品上， 自 己使用或授权其他生产厂家

使用上述独占许可的商标专用权。

Party A shall license Party B to use the trademark in the form of exclusive license in the regional industry of the People's Republic of China. During the term of this Contract, Party A shall not use or authorize other manufacturers to use the exclusive trademark right of the above exclusive license in processing and selling similar products of fresh pork and frozen pork.

**第二条** 双方权利和义务

Article 2 Rights and obligations of both parties

2.1 乙方不得任意改变甲方注册商标的文字、图形或者其组合，不得超越许可的产品 范围使用甲方 的注册商标。

Party B shall not arbitrarily change the words, graphics or their combination of Party A's registered trademark, and shall not use Party A's registered trademark beyond the scope of permitted products.

2.2 根据《中华人民共和国商标法》规定，乙方必须在使用甲方注册商标的商品上标 明乙方的企业 名称和产地。

In accordance with the Trademark Law of the People's Republic of China, Party B must indicate Party B's enterprise name and origin on the commodities using Party A's registered trademark.

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2.3 甲方对乙方的商标使用许可授权，是根据《中华人民共和国商标法》及《中华人 民共和国商标 法实施条例》的规定， 仅为提高乙方知名度、扩大市场占有率所进 行的企业形象和产品形象策划及 包装，是在法律许可下的合法授权并受到法律保 护。同时应当强调， 双方都是独立法人， 各自独 立承担法律责任； 甲、 乙各方的 债权、债务， 以及与本合同无关的法律责任均不得涉及对方； 甲、乙各方的债权、债务， 以及与本合同无关的其他法律纠纷和责任， 也均不能构成对各方的法 律连带责任。

Party A's trademark licensing to Party B is based on the provisions of the Trademark Law of the People's Republic of China and the Regulations on the Implementation of the Trademark Law of the People's Republic of China, and the planning and packaging of corporate image and product image for the purpose of improving Party B's popularity and expanding its market share. It is legally authorized under the law and is protected by law. At the same time, it should be emphasized that both parties are independent legal persons and bear legal liabilities independently. Party A and Party B's creditor's rights, debts and legal liabilities unrelated to this Contract shall not involve the other party; The creditor's rights and debts of parties A and B, as well as other legal disputes and liabilities unrelated to this Contract, shall not constitute joint and several liabilities to the parties.

**第三条** 交易程序

Article 3 Transaction Procedures

3.1 双方签署《注册商标独占许可合同》根据中国的法规由商标代理机构递交国家知 识产权局商标 局备案。

Both parties sign the Exclusive License Contract for Registered Trademarks, which shall be submitted to the Trademark Office of the State Intellectual Property Office for record by the trademark agency according to the laws and regulations of China.

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3.2 代理机构将双方签署的《注册商标独占许可合同》递交国家知识产权局商标局 后， 甲方所承担的义务全部完成。

After the agency submits the Registered Trademark Exclusive License Contract signed by both parties to the Trademark Office of the State Intellectual Property Office, all obligations undertaken by Party A shall be completed.

第四条 违约责任

Article 4 Liability for breach of contract

4.1 乙方对甲方商标的使用不能超越《注册商标独占许可合同》及其附件中规定的商 标类别、 商品种类、商标使用的地域、使用形式、使用期限等条件。

4.1 Party B's use of Party A's trademark shall not exceed the trademark category, commodity category, trademark use region, use form, use period and other conditions stipulated in the Exclusive License Contract for Registered Trademarks and its attachments.

4.2 甲方在许可合同的存续期间， 不能单方面终止乙方的商标使用权（但符合本合同 中" 合同 终止条件" 的条款除外）。

4.2 During the term of the License Contract, Party A shall not unilaterally terminate Party B's right to use the trademark (except in accordance with the provisions of "Contract termination Conditions" hereof).

4.3 双方如有违反本合同约定的， 违约方承担违约责任，违约金金额为 5 万元人民 币。

4.3 If both parties breach this Contract, the breaching party shall be liable for breach of contract and the amount of liquidated damages shall be RMB 50,000 Yuan.

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**第五条** 其他

Article 5 Others

5.1 本合同经双方签署盖章后生效。

5.1 This Contract shall come into force upon being signed and sealed by both parties.

5.2 对合同有争议需要修改， 必须经过双方一致同意并以书面形式补充协议。

5.2 If the Contract needs to be modified due to disputes, it must be mutually agreed by both parties and supplemented in writing.

5.3 合同履行中若发生争议， 双方应友好协商解决，协商不成时， 甲乙双方可向合同 签署地 （福建省福清市） 所在地人民法院提起诉讼。

5.3 Any dispute arising from the performance of this Contract shall be settled by both parties through friendly negotiation. If no agreement can be reached through negotiation, both parties may file a lawsuit with the people's court of the place where this Contract is signed (Fuqing City, Fujian Province).

5.4 本合同一式四份，根据《中华人民共和国商标法》和《中华人民共和国商标法实 施条例》 的规定，由甲方将合同副本报送国家知识产权局商标局备案； 由乙方将 合同副本交送注册地工 商局存查。

The Contract is made in quadruples. party A shall submit a copy of the Contract to the Trademark Office of the State Intellectual Property Office for filing in accordance with the provisions of the Trademark Law of the People's Republic of China and the Regulations on the Implementation of the Trademark Law of the People's Republic of China; Party B shall submit a copy of the contract to the industrial and commercial bureau of the registration place for record.

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| | |
|:---|:---|
| 甲方（盖章）：___________ | 乙方（盖章）：___________ |
| Party A (seal) : | Party B (seal) : |
| 授权代表（签字）：林增强 | 授权代表（签字）：周秀华 |
| Authorized Representative (signature) : */s/ Zengjiang Lin* | Authorized Representative (signature) : */s/ Xiuhua Zhou* |
| <u>2024</u>年 <u>5</u> 月 <u>8</u> 日 | <u>2024</u>年 <u>5</u> 月 <u>8</u> <u>日</u> |
| 8 May 2024 | 8 May 2024 |

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**53** / **55**

附件7: 鑫德福租赁房产

Appendix:7: Xindefu Rental Property

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 房产<br> 所有权人 Owner of property | 物业位置<br> Location of<br> property | &nbsp;&nbsp; 房产证号<br> Real<br> estate<br> cert if ica te number | &nbsp;&nbsp; 房产用途<br> Use of<br> property | &nbsp;&nbsp;&nbsp; 租赁面积 （平方米） Leased<br> area<br> (square meters） | &nbsp;&nbsp;&nbsp; 租赁期限<br> Term of lease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 租金 （元）<br> Rent (RMB) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>克马太平建设<br> 开发（福建）<br> 有限公司<br> Kema<br> Taiping<br> Construction &<br> Development (Fujian)<br> Co., Ltd. | &nbsp;&nbsp; <br>福清市城 头镇东皋<br> 村后俸村 2#厂房 Building 2,<br> Houfeng Village<br> ,<br> Donggao Village<br> ,<br> Chengtou Town, Fuqing City | &nbsp;&nbsp;&nbsp;&nbsp; <br>融房权证 R<br> 字第<br> 0102543 号<br> Real<br> Estate<br> Ownership Certificate R No.<br> 0102543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>食品工业生 产<br> Food<br> Industry<br> Production | &nbsp;&nbsp;&nbsp;&nbsp; <br>3982 | <br>2021 年 4 月 1 日至 2031 年 3 月 31 日 From 1 April 2021 to 31<br> March 2031 | &nbsp;&nbsp;&nbsp;&nbsp; 租金： 按现状<br> 第一年至第三<br> 年每月每平方<br> 米 8 元人民币<br> （但其中第 一<br> 年的第 1 一<br> 10 个月优惠<br> 为每月每平方<br> 米 4 元） ， 第<br> 四年至第六年<br> 每月每平方米<br> 为 8.5 元，第<br> 七年至第八年<br> 每月每平方米<br> 为 9 元，第九<br> 年至第十年每<br> 月每平方米<br> 9.5 元出租给<br> 承租方，每一<br> 次支付 3 个月<br> 租金（其中第<br> 一笔租金须在<br> 2021 年 4 月 1<br> 日前支付给出<br> 租方） ，银行<br> 转账到出租方<br> 账户 。如果承<br> 租方不能按时<br> 向出租方交纳<br> 租金，那么应<br> 缴未缴纳租金<br> 月份的租金每<br> 平方米自动增<br> 加 1 元。<br> From April 1,<br> 2021 to<br> March 31,<br> 2031 Rent: RMB8 per<br> square<br> meter per<br> month from the first<br> year to the third year (except<br> that the<br> discount is RMB4 per<br> square<br> meter per<br> month for<br> months 1 to<br> 10 of the first<br> year),<br> RMB8.5 per square<br> meter per month from |

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**54** / **55**

&nbsp;&nbsp;&nbsp;&nbsp; the fourth year to the sixth year, RMB 9 per<br> square<br> meter per<br> month from the seventh year to the eighth<br> year, and<br> RMB 9.5 per square<br> meter per<br> month from the ninth<br> year to the tenth year shall be<br> leased to<br> the lessee for 3<br> months at a time (the<br> first rent shall be<br> paid to the lessor<br> before<br> April 1,<br> 2021), and the bank<br> transfer<br> shall be<br> made to the lessor's<br> account.If the lessee fails to<br> pay the<br> rent to the lessor on<br> time, the<br> rent for<br> the unpaid rent month will be<br> automatical ly<br> increased by 1 yuan per square meter.<br>

**55** / **55**

## Exhibit 10.3

**Exhibit 10.3**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

合同编号：HCYC001

Contract No. : HCYC001

租**赁合同**

**Lease Contract**

甲方: 福清市鸿昌食品有限公司

Party A: Fuqing Hongchang Food Co., LTD

乙方: 福清市元创物业管理有限公司

Party B: Fuqing Yuanchuang Property

签订日期:2025 年 月 日

Date of signing :2025

**出租方(以下简称甲方)：福清市鸿昌食品有限公司**

Lessor (hereinafter referred to as Party A) : Fuqing Hongchang Food Co., LTD

法定代表人：林增强

Legal representative: Lin Zengjiang

**承租方(以下简称乙方)：福清市元创物业管理有限公司**

Lessee (hereinafter referred to as Party B) : Fuqing Yuanchuang Property Management Co., LTD

法定代表人：柳政炜

Legal representative: Liu Zhengwei

甲方保证租赁给乙方的场地为甲方合法拥有的资产，乙方承诺签订本合同前已对使用场所进行了实地考察，详细了解使用场所的权属、面积、位置以及其相关配套设施等。

Party A warrants that the site leased to Party B is an asset legally owned by Party A, and Party B undertakes that it has conducted a field investigation of the site before signing this Contract to understand in detail the ownership, area, location and related supporting facilities of the site.

双方在自愿、平等、公平基础上，根据《中华人民共和国民法典》等法律的相关规定，就租赁和使用场地相关事宜达成以下约定，以兹双方共同信守。

On a voluntary, equal and fair basis and in accordance with the relevant provisions of the Civil Code of the People's Republic of China and other laws, both parties have entered into the following agreement regarding the lease and use of the site, and both parties shall abide by it.

**一、租赁场所的坐落、面积、及设施情况**

**The location, area and facilities of the leased site**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 甲方将位于福州市福清市元洪食品产业园永宾路12号以下场地租赁给乙方合法合理使用；租赁场地明细为：

Party A shall lease the following premises located at No. 12 Yongbin Road, Yuanhong Food Industrial Park, Fuqing City, Fuzhou City to Party B for lawful and reasonable use; Details of the leased site are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| 序号 <br>Serial number | 房产证 <br>编号 房产证编号 | 层数 <br>Number of layers | 房产证 <br>建筑面积 <br>Building area of property ownership certificate | 说明 <br>Description |
| 1 | C车间 <br>Workshop C | 3 | 10093.99平米<br> (Square meter) | 每层3364.36平米 <br>Each floor is 3,364.36 square meters |
| 2 | 1#车间 <br>Workshop 1# | 3 | 5973.40平米<br> (Square meter) | 每层1991.13平米 <br>Each floor is 1,991.13 square meters |
| 3 | B车间 <br>Workshop B | 4 | 7710.92平米<br> (Square meter) | 每层1927.73平米 <br>Each floor is 1,927.73 square meters |
| 4 | E车间 <br>Workshop E | 4 | 7710.92平米<br> (Square meter) | 每层1927.73平米 <br>Each floor is 1,927.73 square meters |
| 5 | 18#宿舍 <br>Dormitory 18# | 5 | 5153.67平米<br> (Square meter) | 首层商业区1030.73平米，其他层宿舍136套 <br>The first floor commercial area 1030.73 square meters, other floor dormitory 136 sets |
| 6 | 19#宿舍 <br>Dormitory 19# | 5 | 5153.67平米<br> (Square meter) | 首层商业区1030.73平米，其他层宿舍136套 <br>The first floor commercial area 1030.73 square meters, other floor dormitory 136 sets |
| 7 | 20#宿舍 <br>Dormitory 20# | 6 | 4859.83平米<br> (Square meter) | 首层商业区809.97平米，其他每层办公区809.97平米 The commercial area on the first floor is 809.97 square meters, and the office area on each other floor is 809.97 square meters |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 场地外的公共区域为甲方委托乙方的管理区，乙方使用和管理时须遵从国家安全消费及甲方规定；

The public area outside the site shall be the management area entrusted by Party A to Party B. Party B shall comply with the regulations of national safety consumption and Party A when using and managing the public area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 该场地按验收合格的现状交付使用，包括公共设施、设备等配套，具体详见实物照片。

The site shall be delivered and used according to the acceptance status, including public facilities, equipment and other supporting facilities. Please refer to the physical photos for details.

**二、租赁期限 Lease term**

乙方支付租赁费从 <u>2025</u>年 <u>2</u>月 <u>1</u>日算起；本合同租赁期限为5 年，即从2025年2月1日起至2030年1月31日止；租期届满后，同等条件下乙方有优先租赁权。

The lease fee paid by Party B shall be calculated from February 1, 2025; The lease term of this contract is 5 years, that is, from February 1, 2025 to January 31, 2030; Upon expiration of the lease term, Party B shall have the priority to lease under the same conditions.

**三、租赁费计算及支付方式** **Calculation and payment method of rental fee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1、租赁费的计算 Calculation of rental fee**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 序号 Serial number | 场所<br> Place  | 类别<br> Location  | 面积(平米)或套数(套)<br> Area <br> (square meters) or<br> number of sets (sets) | 租赁单价(元/平米或套/月)<br> Rental unit price<br> (YUAN/square meter or set/month) | 月租金(元/月)<br> Monthly rent (Yuan/month) | 备注 <br> Remarks |
| 1 | 车间 <br> Workshop  | 首层 <br> Floor 1  | 9211.26 | 18 | 165802.68 |  |
| 2 | 车间 <br> Workshop  | 2层 <br> Floor 2  | 9211.26 | 17 | 156591.42 |  |
| 3 | 车间 <br> Workshop  | 3层 <br> Floor 3  | 9211.26 | 16 | 147380.16 |  |
| 4 | 车间 <br> Workshop  | 4层 <br> Floor 4  | 3855.46 | 15 | 57831.9 |  |
| 5 | 办公区 <br> Office area  | 2层 <br> Floor 2  | 809.97 | 29 | 23489.13 |  |
| 6 | 办公区 <br> Office area  | 3层 <br> Floor 3  | 809.97 | 29 | 23489.13 |  |
| 7 | 办公区 <br> Office area  | 4层 <br> Floor 4  | 809.97 | 29 | 23489.13 |  |
| 8 | 办公区 <br> Office area  | 5层<br> Floor 5 | 809.97 | 29 | 23489.13 |  |
| 9 | 办公区 <br> Office area  | 6层<br> Floor 6 | 809.97 | 29 | 23489.13 |  |
| 10 | 商业区 <br> Business district  | 首层<br> Floor 1 | 2871.44 | 45 | 129214.8 |  |
| 11 | 宿舍 <br> Dormitory  | 标准房 <br> Standard room  | 200 | 650 | 130000 |  |
| 12 | 宿舍 <br> Dormitory  | 高配房 <br> Premium room  | 72 | 800 | 57600 |  |
| 月租金合计 <br> Total monthly rent  | 月租金合计 <br> Total monthly rent  |  |  |  | 961866.61 |  |

---

以上共计月租赁费基准为人民币961866.61元/月，含税价，税率为9%。

The total monthly rental fee above is 96, 1866.61 yuan/month, including tax, and the tax rate is 9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3租赁费付二个月(合计1923733.22元)押一个月(961866.61元)，每二个月支付一次，先交租后使用，乙方需在每一期租赁费到期之日前<u>10</u>日内全额支付下一期租赁费，甲方收到租赁费后开具税务发票。款项汇至甲方指定银行账户。

The lease fee shall be paid for two months (RMB 1,923,733.22 in total) and one month (RMB 96, 1866.61) shall be paid once every two months. Party B shall pay the next lease fee in full within 10 days before the expiration of each lease fee, and Party A shall issue a tax invoice upon receipt of the lease fee. The amount shall be remitted to the bank account designated by Party A.

收款单位：福清市鸿昌食品有限公司

Collection unit: Fuqing Hongchang Food Co., LTD

开户名：[\*]

Account name: [\*]

账号：[\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4乙方对外转租时价格需报备甲方备案、年度调整租金需报甲方审核，需保证园区场地租金符合该产业园的政策与标准。

Party B shall submit the price to Party A for the record and the annual adjustment of the rent to Party A for review, and shall ensure that the rent of the park conforms to the policies and standards of the industrial park.

**四、水、电、卫生、公摊费用支付**

**Payment of water, electricity, sanitation and shared expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1水(含市政污水处理费)、电费用分户计量，由乙方系甲方委托的物业公司对园区的实际租赁者按相关规定收取水电费，电费为：基本变压器费用由使用者共同分摊，电费单价按实际使用的峰谷平单价计量(年度如有调整以园区水电公示付费标准为准)，水费将根据乙方实际使用量按5元/吨收取(年度如有调整以园区水电公示付费标准为准)。

Water (including municipal sewage treatment fee) and electricity fee shall be measured separately. Party B, the property company entrusted by Party A, shall charge water and electricity fee to the actual lessee in the park according to relevant regulations. The basic transformer fee shall be shared by the users, and the unit price of electricity shall be measured according to the peak-valley unit price actually used (the annual adjustment shall be subject to the public payment standard of hydropower in the Park), and the water fee shall be charged at RMB 5 yuan / ton according to the actual usage of Party B (the annual adjustment shall be subject to the public payment standard of hydropower in the Park).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 非因甲方原因及因园区维护而导致停电、停水，甲方不对乙方承担任何责任；

Party A shall not be liable to Party B for power outage or water outage not attributable to Party A or maintenance of the Park;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 公共区域卫生费、公摊水电费按月甲方结算后缴纳，物业费按<u>0.8</u>元/m²收取，园区实际租赁人半年缴纳一次，由乙方收取，保证乙方的正常物业管理开支和提升物业管理能力。

Party A shall pay the health fee and water and electricity fee in the public area on a monthly basis after the settlement. The property fee shall be charged at RMB 0.8 yuan /m². The actual lessee of the park shall pay the fee once every six months and Party B shall collect it to ensure Party B's normal property management expenses and improve its property management ability.

**五、履约保证金** **Performance bond**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 乙方应在本合同签订当日向甲方一次性支付履约保证金100000.00元(大写: <u>壹拾万元整</u>)。甲方有权将保证金用于抵扣乙方应支付的但不限于使用费、水电费用、违约金以及损害赔偿金等。履约保证金因上述情况减少，乙方应在<u>5个</u>工作日内予以补足；

Party B shall pay a performance deposit of RMB 10, 0000.00 (in words: RMB one hundred thousand only) to Party A in a lump sum on the signing date hereof. Party A has the right to use the deposit to offset but not limited to usage fee, water and electricity fee, liquidated damages and damages payable by Party B. If the performance bond is reduced due to the above circumstances, Party B shall make up the amount within <u>5</u> working days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 本合同终止后，若乙方履行了本协议项下的义务，甲方于退场之日起<u>15</u>个工作日内将履约保证金无息退还给乙方。

Upon termination of this Contract, if Party B performs its obligations hereunder, Party A shall return the performance bond to Party B without interest within <u>15</u> working days from the date of withdrawal.

**六、场所装修改造及使用**

**Renovation and use of the site**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1租赁场所外部及门头牌匾装修改造由乙方自行负责，乙方在装修改造前应将装修改造方案提交甲方书面审查，未经甲方书面同意，乙方不得动工；甲方不因上述审查而承担责任，相反，乙方也不因甲方上述审查而减轻或免除其应承担责任。

Party B shall be responsible for the decoration and renovation of the exterior and door head plaques of the leased Premises. Party B shall submit the decoration and renovation plan to Party A for written review before the decoration and renovation. Without the written consent of Party A, Party B shall not start the construction; Party A shall not be liable as a result of the above examination, and on the contrary, Party B shall not reduce or exempt its liability as a result of the above examination by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 乙方对租赁场所的装修和改造不得破坏、改变房屋主体结构，不得对消防、电路和其他管线造成不良影响，不能影响园区内其他企业的正常经营；

Party B's decoration and renovation of the leased premises shall not damage or change the main structure of the premises, cause adverse effects on fire fighting, electrical circuits and other pipelines, or affect the normal operation of other enterprises in the Park;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 乙方装修过程中导致人身伤害或财产损失由乙方承担一切经济赔偿及法律责任；

Party B shall bear all economic compensation and legal liabilities for personal injury or property loss caused by Party B's decoration process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 本合同非甲方原因终止的，乙方不得要求甲方赔偿、补偿租赁场所内已形成附合的装修装饰费用及装修装饰物损失；

If this Contract is terminated for reasons other than Party A, Party B shall not require Party A to compensate or compensate for the attached decoration expenses and losses of decoration items in the leased premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 租赁期内，甲方若需要对该租赁物进行维护时，乙方应积极协助配合；

During the lease term, if Party A needs to maintain the leased property, Party B shall actively assist and cooperate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 乙方应在其经营范围内合理使用并爱护园区各项设施、设备，因乙方使用不当造成设施损坏或发生故障，由乙方承担维修、赔偿责任；

Party B shall reasonably use and take good care of the facilities and equipment in the Park within its business scope. Party B shall be liable for maintenance and compensation if the facilities are damaged or malfunctioning due to Party B's improper use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 未经甲方书面同意，乙方不得将租赁场所的物业管理和服务以转租、借用、变更实际控制人等任何形式转让给他人或单位；

Without the written consent of Party A, Party B shall not transfer the property management and services of the leased Premises to any other person or entity in any form such as subletting, borrowing or changing the actual controller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 甲方同意乙方装修、改造的，仍不影响在合同终止后要求乙方恢复原状，恢复原状费用由乙方自行承担。

Party A agrees that Party B's decoration and renovation shall not affect the request Party B to restore the original state after the termination of the Contract, and the cost of restoring the original state shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 若乙方需要开通蒸汽，开户费、计量表、蒸汽管道建设等相关费用均由乙方承担，甲方仅代收代付蒸汽相关费用。

If Party B needs to open steam, Party B shall bear the account opening fee, meter, steam pipeline construction and other related expenses, and Party A shall only collect and pay steam related expenses on its behalf.

**七、双方的权利义务** **Rights and obligations of both parties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 甲方的权利义务Rights and obligations of Party A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 甲方有权要求乙方按约支付全部费用，包括但不限于使用费、水电费、卫生费，乙方应当按约足额缴纳。若乙方逾期未付清，甲方有权采取相关措施；

Party A shall have the right to require Party B to pay all expenses as agreed, including but not limited to usage fees, utilities and health expenses, and Party B shall pay in full as agreed. If Party B fails to make the payment within the time limit, Party A has the right to take relevant measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 甲方有权按照乙方签署的承诺书、责任书或签收的其他规章制度等要求乙方支付违约金或者要求赔偿损失；

Party A has the right to demand Party B to pay liquidated damages or claim compensation for losses in accordance with the letter of commitment, letter of responsibility or other rules and regulations signed by Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 甲方有责任保障相关经营设施的正常使用，为乙方的经营管理服务活动提供便利；

Party A shall be responsible for ensuring the normal use of relevant operating facilities and providing convenience for Party B's operation and management service activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 甲方有依法制订、修定各项管理办法、规章制度、实施细则，自主开展各项管理并负责监督实施的权利。

Party A has the right to formulate and revise various management methods, rules and regulations and implementation rules according to law, independently carry out various management and supervise the implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2乙方的权利义务Rights and obligations of Party B**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 乙方应在合同签订后 ______<u>/ _____</u>内完成装修，并在 <u>2025</u> 年 <u>2</u>月 <u>1</u>日启动物业管理服务与招商活动； Party B shall complete the decoration _____<u>/_______</u> within the signing of the Contract, and start the property management services and investment promotion activities on February 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 乙方不得从事非法经营；在其营业执照核定的经营范围内从事合法的经营活动，不受甲方干涉；政府相关部门的例行检查乙方应积极主动配合；

Party B shall not engage in illegal business; To engage in lawful business activities within the business scope approved in its business license without interference from Party A; Party B shall actively cooperate with the routine inspection of relevant government departments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 乙方必须遵守的甲方的各项合理的规章制度，维护正常的市场秩序；

Party B shall abide by all reasonable rules and regulations of Party A to maintain normal market order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4 乙方不得以甲方名义从事经营活动，乙方必须持证经营；

Party B shall not engage in business activities in the name of Party A, and Party B must operate with a license;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.5 乙方应当保持对本合同项下承租使用场所的持续经营；不得出现无人值班经营现象；

Party B shall maintain the continuous operation of the leased premises hereunder; No unattended operation shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.6 乙方保证对租赁使用场所范围及实际使用区域内的生产安全、治安安全、消防安全负责；并独自承担因上述安全问题产生的一切责任；

Party B warrants that it is responsible for production safety, public security safety and fire safety within the scope of the leased premises and the actual use area; And solely assume all responsibilities arising from the above safety problems;

乙方特别要根据《福建省消防条例》、《机关、团体、企业、事业单位消防安全管理规定》等消防法律规定履行包括但不限于以下消防职责：

Party B shall, in particular, perform fire control duties including but not limited to the following in accordance with Fire Control Regulations of Fujian Province, Fire Control Safety Management Regulations of Government Organs, Organizations, Enterprises and Institutions and other fire control laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.7.1乙方装修、经营过程中应根据国家、地方及项目消防规范要求，不得使用、存放任何易燃、易爆、有毒、有害装修材料、设施及其他物品;

Party B shall not use or store any flammable, explosive, toxic or harmful decoration materials, facilities or other articles in the course of decoration and operation according to the requirements of national, local and project fire control codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.7.2乙方不得堵占消防通道，并自费在使用场所内配齐消防器具，并确保使用场所内消防设施处于正常使用状态；

Party B shall not block the fire access, equip the fire fighting equipment in the use site at its own expense, and ensure that the fire fighting facilities in the use site are in normal use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.7.3营业期间使用场所内必须有乙方工作人员在场，在下班、假期前应对使用场所进行检查，确保不存在任何火灾隐患：

During the business period, Party B's staff must be present in the premises to be used, and the premises shall be inspected before leaving work or holidays to ensure that there is no fire hazard:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.8乙方及实际承租方在生产过程中，必须严格遵守相应的法律法规，严格把控排放标准，加工污水须处理达到排放标准后统一入甲方化粪池，沉淀后再排入污水管网，若乙方未遵守，对甲方及第三方造成损失的，均由乙方全部承担。

During the production process, Party B and the actual lessee shall strictly abide by the relevant laws and regulations and strictly control the discharge standards. The processed sewage shall be treated to meet the discharge standards and then uniformly transferred into Party A's septic tank, and then discharged into the sewage pipe network after sedimentation. If Party B fails to comply, Party B shall bear all losses caused to Party A and third parties.

**八、合同的变更与解除** **Modification and termination of the contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 合同如需变更，甲乙双方应当另行协商并签订书面合同；

If the Contract needs to be changed, both parties shall negotiate separately and sign a written contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 使用期内，乙方存在以下情形的，甲方可以单方解除本合同:

During the term of use, Party A may unilaterally terminate this Contract if Party B has any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1乙方逾期未按本合同约定足额向甲方支付其应付的使用费及应向第三方支付的相关费用(包括但不限于使用费、水电费、卫生费等)超过三十天的；

Party B fails to pay Party A the royalty payable and relevant fees payable to third parties (including but not limited to royalty, utilities, health expenses, etc.) in full as agreed herein for more than thirty days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 乙方未在本合同签订当日交付履约保证金或未补足履约保证金超过三十天的；

Party B fails to pay the performance bond on the signing date hereof or fails to make up the performance bond for more than 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 乙方擅自改变使用场所使用用途，并从事违法、犯罪活动的。

Party B changes the use of the site without authorization and engages in illegal or criminal activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 因政府原因及自然灾害等不可抗力事件无法履行本合同，双方均有权单方面解除本合同。

If the Contract cannot be performed due to force majeure events such as government reasons and natural disasters, both parties shall have the right to unilaterally terminate the Contract.

**九、违约责任** **Liability for breach of contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 若甲方违约造成乙方损失，甲方应当赔偿乙方的全部损失；

If Party A breaches the contract and causes losses to Party B, Party A shall compensate Party B for all losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 乙方违反本合同约定，甲方有权书面要求乙方进行整改，乙方拒绝整改的，甲方有权自行强制整改，因此产生的费用及责任由乙方自行承担；

If Party B breaches provisions hereof, Party A shall have the right to request Party B to make rectification in writing. If Party B refuses to make rectification, Party A shall have the right to force Party B to make rectification, and all expenses and liabilities arising therefrom shall be borne by Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 乙方未按本合同约定向甲方支付应付款项的，应向甲方支付逾期付款违约金，逾期付款违约金以应付款项为基数，按每日万分之五自应付之日起计算至实付之日止；

If Party B fails to pay the amount payable to Party A as agreed herein, it shall pay liquidated damages for overdue payment to Party A. The liquidated damages for overdue payment shall be calculated at 0.5% per day from the date of payable to the date of actual payment based on the amount payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4乙方违反本合同约定、园区管理规定、物业管理规定拒不改正的，或逾期未向甲方支付补足履约保证金、公区卫生费、水电费的，甲方有权对乙方进行停水停电，停水停电产生后果由乙方自行承担；

If Party B violates provisions hereof, park management regulations and property management regulations and refuses to make corrections, or fails to pay supplementary performance deposit, public area health fee, water and electricity fee to Party A within the time limit, Party A shall have the right to cut off water and power to Party B, and Party B shall bear the consequences arising from the cut off water and power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 甲方根据8.2条单方解除合同的，有权没收乙方已交付的履约保证金，乙方预交的使用费也不再退还，此外乙方还应赔偿其违约给甲方造成的所有损失(包含但不限于整改、清理费用)；

If Party A unilaterally terminates the Contract according to Article 8.2, it shall have the right to confiscate the performance bond paid by Party B and the usage fee paid by Party B shall not be refunded. In addition, Party B shall compensate Party A for all losses caused by its breach of contract (including but not limited to rectification and cleanup costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 若甲方对乙方违约采取的相关督促措施造成乙方经营损失，由乙方自行承担；

Party B shall be liable for operating losses caused by relevant supervision measures taken by Party A in response to Party B's breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 乙方违约的，除承担本合同约定的违约责任外，还应承担甲方主张权利产生所支付的全部费用。

If Party B breaches the contract, it shall bear the liability for breach of contract as agreed herein and all the expenses paid by Party A for claiming the rights.

**十、租赁场所的退还** **Return of the leased premises**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1本合同终止时，乙方应积极与甲方办理交接手续，及时退场；若乙方违反合同约定未及时退场，甲方有权立即对该场所采取停水、停电措施；

Upon termination of this Contract, Party B shall actively handle the handover procedures with Party A and exit in time; If Party B fails to leave the premises in time in violation of provisions hereof, Party A shall have the right to immediately take measures to cut off water or power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 合同终止，对于租赁场所内的装修附着物，双方有权要求保留或恢复原状，乙方无条件予以配合。乙方违反规定的，甲方有权选择不同意乙方退场；

Upon termination of the Contract, both parties shall have the right to request retention or restoration of the decoration attachments in the leased premises, and Party B shall provide unconditional cooperation. If Party B violates the provisions, Party A has the right to choose not to agree with Party B's withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3对于租赁场所内的装修附着物，甲方有权要求保留或恢复原状，乙方无条件予以配合：乙方违反该约定的，甲方有权选择不同意乙方退场。此外，甲方也有权选择要求乙方对擅自拆卸、毁坏的装修附着物按全新价进行赔偿或委托第三方进行修复，并由乙方承担恢复原状费用，甲方选择自行恢复原状，乙方仍需按上述标准向甲方支付场地占用费；

Party A shall have the right to request to retain or restore the decoration attachments in the leased premises, and Party B shall provide unconditional cooperation. If Party B violates this agreement, Party A shall have the right to choose not to agree with Party B's withdrawal. In addition, Party A also has the right to request Party B to compensate for the decoration attachments disassembled or destroyed without authorization at a new price or entrust a third party to repair them, and Party B shall bear the cost of restoring the original state. If Party A chooses to restore the original state by itself, Party B shall still pay Party A the site occupancy fee according to the above standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4乙方尚有未付清本合同约定应付款项及应承担责任时，甲方有权不同意乙方退场，乙方仍应承担逾期退场而产生的场地占用费等；

If Party B fails to pay off the amount payable and responsibilities as agreed herein, Party A shall have the right to disagree with Party B's withdrawal, and Party B shall still bear the site occupancy fees incurred by the overdue withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5乙方在退场时应该服从甲方的安排，做好卫生清理工作并将物品清空，未清空的物品视为放弃，甲方有权进行处置，并要求乙方支付处置费用；

Party B shall obey the arrangement of Party A when leaving the premises, do a good job in cleaning and emptying the items. The items not emptied shall be deemed as abandoned, and Party A shall have the right to dispose of them and require Party B to pay the disposal fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6乙方违反合同的约定，除需按上述约定承担责任外，甲方还有权没收乙方全部的履约保证金。

If Party B breaches the provisions hereof, Party A shall have the right to confiscate all the performance bond of Party B in addition to bearing responsibilities as agreed above.

**十一、争议的解决** **Dispute resolution**

若双方履行本合同发生争议，应当友好协商，协商不成，任何一方有权向甲方所在地的有管辖权的人民法院提起诉讼，违约方还应承担诉讼费\保全费\律师费\评估费\鉴定费等。

In case of any dispute arising from the performance of this Contract, the parties shall negotiate in a friendly manner. If no agreement can be reached through negotiation, either party shall have the right to file a lawsuit with the people's court with jurisdiction in the place where Party A is located, and the breaching party shall also bear legal costs, preservation fees, attorney's fees, evaluation fees, appraisal fees, etc.

**十二、续约** **Renewal**

本合同到期后若乙方需要继续使用场所，须在本合同到期前60天内，向甲方提出继续使用的书面要求，在同等条件下，乙方享有优先承租权。甲方有权进行使用费调整，并于本合同到期前10天签订续签合同。若乙方不再继续使用场所，须于本合同到期前60天书面告知甲方，以便甲方提前做好招租工作。

If Party B needs to continue to use the premises after the expiration of this Contract, it shall submit a written request to Party A for continued use within 60 days prior to the expiration of this contract. Under the same conditions, Party B shall have the priority to rent the premises. Party A has the right to adjust the usage fee and sign the renewal contract 10 days before the expiration of this contract. If Party B does not continue to use the premises, it shall notify Party A in writing 60 days before the expiration of this contract, so that Party A can complete the leasing work in advance.

**十三、其他** **Others**

本合同载明的乙方联系方式为法院诉讼法律文书的送达地址以及甲方通知乙方履行本合同的所有相关事项的送达地址；若乙方需变更联系方式，须变更前七日以特快专递通知甲方。

The contact information of Party B specified in this Contract shall be the address of service of legal documents in court proceedings and the address of service of all matters related to Party A's notification of Party B's performance of this Contract; If Party B needs to change its contact information, it shall notify Party A by express mail seven days in advance of the change.

**十四、保密义务** **Confidentiality obligation**

甲乙双方对双方的合作及本合同的具体内容以及在合作过程中获知的对方的商业秘密(包括但不限于商业信息、企业管理文档、企业数据)等负有保密义务，未经对方事先书面同意，任何一方不得批露给任何第三方，尤其乙方不得将甲方的商业秘密泄露给其他商户和甲方的竞争者。

Party A and Party B shall keep confidential the cooperation between the two parties and the specific contents of this Contract, as well as the other party's trade secrets (including but not limited to business information, enterprise management documents and enterprise data) obtained during the cooperation. Without the prior written consent of the other party, neither party shall disclose them to any third party. In particular, Party B shall not disclose Party A's trade secrets to other merchants and Party A's competitors.

**十五、其他约定** **Other conventions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1本合同所指"经甲方书面同意"均为指经甲方盖章后才能视为书面同意，仅有甲方工作人员的签字均不能视为已取得甲方书面同意；

"With written consent of Party A" referred to herein means that written consent shall not be deemed to have been obtained until sealed by Party A, and written consent shall not be deemed to have been obtained only when signed by Party A's staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2本合同自双方盖章(签字)之日起生效，本合同壹式肆份，甲方执叁份，乙方执壹份，具有同等的法律效力；

This Contract shall come into force upon being sealed (signed) by both parties. This Contract is made in four originals, with Party A holding three copies and Party B holding one copy, all of which shall have the same legal effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3本合同未尽事宜，双方另行协商，并另行签订补充合同；

For matters not covered herein, both parties shall negotiate separately and enter into a supplementary contract separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4乙方承诺签订本合同前与甲方就本合同的内容进行了充分协商，本合同非甲方的格式合同；本合同内容是双方一致真实意思的表示，乙方没有受到任何欺诈、胁迫、乘人之危；

Party B undertakes that it has fully negotiated with Party A on the contents of this Contract before signing this Contract, and this Contract is not a standard contract of Party A; The contents of this contract represent the true intentions of both parties. Party B is not subject to any fraud, coercion or danger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5乙方承诺签订本合同前甲方已经详细、真实的向乙方披露了甲方的所有规章制度，包括但不限于使用场所管理制度、安全管理规范等相关制度，乙方充分知晓并承诺自觉履行和遵守前述标准和制度。若甲方变更前述标准和制度，乙方承诺自愿按照变更后的标准和制度履行；

Party B undertakes that before signing this Contract, Party A has disclosed all rules and regulations of Party A to Party B in detail and truthfully, including but not limited to the site management system, safety management standards and other relevant systems, and Party B is fully aware of and promises to consciously perform and abide by the aforementioned standards and regulations. If Party A changes the aforesaid standards and systems, Party B undertakes to voluntarily comply with the changed standards and systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6甲方承诺若本合同项下的房屋所有权、土地使用权发生转让，乙方放弃优先购买权，甲方也无需通知乙方；

Party A undertakes that if the building ownership and land use right hereunder are transferred, Party B will give up the preemptive right and Party A does not need to notify Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7本合同签订后，甲方有权单方将本合同项下的权利、义务转让给第三人，乙方无条件同意；但乙方权利义务不变。

Upon the signing of this Contract, Party A shall have the right to unilaterally transfer the rights and obligations hereunder to a third party, and Party B shall unconditionally agree; However, the rights and obligations of Party B remain unchanged.

（以下无正文，为合同签署页）

(The following is the contract signing page without text)

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| | | | |
|:---|:---|:---|:---|
| 甲方：福清市鸿昌食品有限公司 | 甲方：福清市鸿昌食品有限公司 | 乙方：福清市元创物业管理有限公司 | 乙方：福清市元创物业管理有限公司 |
| Party A: Fuqing Hongchang Food Co., LTD. | Party A: Fuqing Hongchang Food Co., LTD. | Party B: Fuqing Yuanchuang Property Management Co., LTD | Party B: Fuqing Yuanchuang Property Management Co., LTD |
| 法定代表人： 林增强 | 法定代表人： 林增强 | 法定代表人：柳政炜 | 法定代表人：柳政炜 |
| Legal representative: | */s/ Zengjiang Lin* | Legal representative: | */s/ Zhengwei Liu* |
| 联系电话： | 联系电话： | 联系电话： | 联系电话： |
| Tel: | Tel: | Tel: | Tel: |
| 签订时间： 2025年 月 日 | 签订时间： 2025年 月 日 | 签订地点：福清市元洪食品产业园永宾路12号 | 签订地点：福清市元洪食品产业园永宾路12号 |
| Date of signing: | Date of signing: | Place of signing: No. 12 Yongbin Road, Yuanhong Food Industrial Park, Fuqing City | Place of signing: No. 12 Yongbin Road, Yuanhong Food Industrial Park, Fuqing City |

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| | | |
|:---|:---|:---|
| 合同附件： |  |  |
| <br> Appendix  | 1. | 身份证复印件 Copy of ID card |
|  | 2. | 使用区域平面图 Use area plans |
|  | 3. | 租赁场地设施交接清单 Handover list of leased site facilities |
|  | 4. | 营业执照复印件 Copy of business license |
|  | 5. | 《消防安全承诺书》 ***"Fire Safety Commitment"*** |

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附件三：租赁场地设施交接单

Appendix 3: Handover form of leased site facilities

乙方代表在签订本合同前已对使用场所进行了实地考察，详细了解使用场所的权属、面积、位置以及其相关配套设施等，并正式接受甲方移交的消防功能区、自来水供应系统、电气系统、环保及污水处理功能区、消防安全通道等功能区与体系的设施与设备。

The representative of Party B has conducted a field investigation on the site before signing this Contract, understood the ownership, area and location of the site and its related supporting facilities in detail, and formally accepted the facilities and equipment handed over by Party A in the fire protection functional area, water supply system, electrical system, environmental protection and sewage treatment functional area, fire safety passage and other functional areas and systems.

甲方移交的设施与设备符合标准与要求、使用功能正常；乙方承诺按照标准正常使用、维护；当乙方在使用中有损坏时，乙方及时维修保证其正常运行。

The facilities and equipment handed over by Party A meet the standards and requirements and function normally; Party B undertakes to use and maintain it normally according to the standards; If Party B is damaged during use, Party B shall timely repair and ensure its normal operation.

---

| | | | |
|:---|:---|:---|:---|
| 甲方 (盖章)Fuqing Hongchang Food Co., LTD | 甲方 (盖章)Fuqing Hongchang Food Co., LTD | 乙方 (盖章)Fuqing Yuanchuang Property | 乙方 (盖章)Fuqing Yuanchuang Property |
| Party A (seal) | */s/ Jie Lin* | Party B (seal) | */s/ Junping Huang* |
| 日期：2025年 月 日 | 日期：2025年 月 日 | 日期：2025年 月 日 | 日期：2025年 月 日 |
| Date: 2025 | Date: 2025 | Date: 2025 | Date: 2025 |

---

附件五：《消防安全管理责任承诺书》

Appendix 5: Commitment of Fire Safety Management Responsibility

消防安全管理责任承诺书 Commitment of Fire Safety Management Responsibility

为了配合福清市鸿昌食品有限公司及鸿昌食品产业园的消防安全管理工作，预防火灾、爆炸、等安全事故发生，保障人身财产安全，根据《中华人民共和国消防法》、《机关、团体、企业、事业单位消防安全管理规定》等法律法规的有关规定，承诺人特承诺如下：

In order to cooperate with the fire safety management of Fuqing Hongchang Food Co., Ltd. and Hongchang Food Industrial Park, prevent fire, explosion and other safety accidents, and ensure the safety of people and property, the promisee hereby undertakes as follows in accordance with the relevant provisions of the Fire Prevention Law of the People's Republic of China, the Regulations on Fire Safety Management of Organs, Organizations, Enterprises and Institutions and other laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.对本承诺人及雇请人员引起的火警火灾、爆炸、中毒及其他造成人身财产损失的事故承担全部责任；

The promisee and its employees shall be fully liable for fire, explosion, poisoning and other accidents causing personal and property losses caused by the promisee and its employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.贯彻"安全第一、预防为主"的方针，对其经营管理区域内的安全管理全面负责，制定安全管理制度和操作规程，及时消除安全事故隐患；对雇请人员进行安全教育，使其自觉遵守各项安全管理规定，确保安全经营。一旦发生安全事故应及时、如实报告园区消防管理部门；

Adhere to the principle of 'Safety First, Prevention Foremost,' assume full responsibility for safety management within the operational area, establish safety management systems and operational procedures, and promptly eliminate potential safety hazards. Provide safety education to hired personnel to ensure their voluntary compliance with all safety regulations and maintain safe operations. In the event of any safety incident, immediately and truthfully report it to the park's fire safety management authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.对经营范围内包括消防设施器材(室内消火栓、声光报警器、手动报警器、喷淋设施等)在内的安全设备设施进行经常性维护、保养，保证处于适用状态；

Regularly maintain and maintain the safety equipment and facilities within the business scope, including fire fighting facilities and equipment (indoor fire hydrants, sound and light alarms, manual alarms, spray facilities, etc.), to ensure that they are in the applicable state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.承诺人应加强防火措施，按规定配备足量、有效消防器材，并放置于容易取到的位置；

The promisee shall strengthen fire prevention measures, be equipped with sufficient and effective fire fighting equipment as required, and place it in an easily accessible location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.承诺人进行装修前，应向福清市鸿昌食品有限公司及园区消防主管部门提出书面申请，经审批并准许后方可进行装修；

The promisee shall submit a written application to Fuqing Hongchang Food Co., Ltd. and the fire department of the park before the decoration. The decoration can only be carried out after the examination and approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.装修期间消防设施、设备应按照规定装修，消防管网阀门位置应设置观察孔，不能将阀门位置封闭，如未按规定装修，由承诺人承担后期整改的全部费用及全部消防事故责任。

During the decoration period, the fire fighting facilities and equipment shall be decorated in accordance with the provisions, and the valve position of the fire fighting pipe network shall be set with observation holes, and the valve position shall not be closed. If the decoration is not in accordance with the provisions, the promisee shall bear all the expenses for later rectification and all the responsibility for fire fighting accidents.

特此承诺。This is hereby promised.

---

| | |
|:---|:---|
| 乙方公司(盖章) |  |
| Party B's Company (seal) | Party B's Company (seal) |
| 承诺人：柳政炜 | 承诺人：柳政炜 |
| Promisee: | */s/ Zhengwei Liu* |
| 2025年 月 日 |  |
| Date: 2025 |  |

---

## Exhibit 10.4

**Exhibit 10.4**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

借款协议

Loan Agreement

甲方（出借人）：林增强

Party A (creditor) : Zengqiang Lin

身份证号码：[\*]

Id number: [\*]

地址：福清市融商大厦B区1008

Address: 1008, Zone B, Rongshang Building, Fuqing City

联系电话：[\*]

Tel: [\*]

乙方（借款人）：福清市鸿昌食品有限公司

Party B (debtor) : Fuqing Hongchang Food Co., LTD

统一社会信用代码：91350181MA2YLLW82H

Unified social credit code: 91350181MA2YLLW82H

授权代表：林增强

Authorized representative: Zengqiang Lin

地址：福建省福州市福清市城头镇东皋村元洪投资区原管委会大楼二层

Address: 2nd floor, Former Management Committee Building, Yuanhong Investment Zone, Donggao Village, Chengtou Town, Fuqing City, Fujian Province

联系电话：0591-85151898

Tel: 0591-85151898

乙方因经营需要向甲方申请借款，甲方经审查同意借款给乙方。根据我国有关法律法规，甲、乙双方在平等自愿的基础上协商一致，签订本合同，以兹共同遵守。

Party B applies for loan from Party A for business needs, and Party A agrees to loan the loan to Party B after examination. In accordance with the relevant laws and regulations of our country, Party A and Party B have reached an agreement through consultation on the basis of equality and voluntariness to enter into this contract and abide by it.

第一条：借款金额

Article 1: Loan amount

人民币(大写)： <u>陆仟万</u> 元整(小写¥ <u>60,000,000</u> 元），不计利息。以实际到账金额为准。

RMB (in words) : <u>sixty million yuan only</u> (in case ¥60,000,000), without interest. The actual amount to the account shall prevail.

第二条：借款期限

Article 2: Loan term

自 <u>2023</u> 年 <u>4</u> 月 <u>1</u> 日起，至 <u>2026</u> 年 <u>3</u> 月 <u>31</u> 日止共 <u>36</u> 个月。

From April 1, 2023 to March 31, 2026, a total of 36 months.

第三条：还款方式

Article 3: Repayment method

借款到期由乙方一次性向甲方归还借款本金。

When the loan is due, Party B shall repay the loan principal to Party A in a lump sum.

第四条：合同变更

Article 4: Contract modification

本合同有效期间，甲、乙双方均不得擅自变更或解除本合同。如需变更、解除的，必须经双方协商一致并达成书面协议。

During the term of this Contract, neither party A nor Party B shall modify or terminate this Contract without authorization. In case of modification or termination, both parties must reach a written agreement through consultation.

第五条：违约责任

Article 5: Liability for breach of contract

（一）若乙方在本协议规定的借款期限届满之日未能偿还全部借款本金，甲方有权自逾期之日起按逾期未还借款本金的<u>_0.05</u>_%（滞纳金率）按日计收滞纳金，直至借款本金及滞纳金全部清偿完毕。

If Party B fails to repay all the loan principal on the expiration date of the loan term stipulated herein, Party A shall have the right to charge a late fee of 0.005_ % (late fee rate) of the overdue loan principal on a daily basis from the overdue date until the loan principal and late fee are fully paid off.

（二）甲方未按期提供借款，应按违约数额和延期天数，付给乙方违约金。违约金数额的计算应与加收乙方的滞纳金计算相同。

If Party A fails to provide the loan on time, it shall pay Party B liquidated damages according to the amount of breach and the number of days delayed. The amount of liquidated damages shall be calculated in the same way as the late fee charged to Party B.

第六条：争议解决方式

Article 6: Method of dispute resolution

本合同履行中如发生争议，甲、乙双方应进行协商；协商不成时，任何一方均可向乙方所在地人民法院提起诉讼。

In case of any dispute arising from the performance of this Contract, Party A and Party B shall negotiate with each other. If no agreement can be reached through negotiation, either party may file a lawsuit with the people's court in the place where Party B is located.

第七条：合同的生效

Article 7: Effectiveness of the contract

本合同经甲、乙双方签字盖章后产生法律效力。

This contract shall become legally effective upon being signed and sealed by both parties.

第八条：其他

Article 8: Others

本合同如有未尽事宜，须经合同双方当事人共同协商，作出补充规定。本协议的修改和补充应以书面形式进行，并作为本协议不可分割的一部分，与本合同具有同等法律效力。

Any matters not covered herein shall be supplemented by the parties through mutual negotiation. The amendment and supplement to this Agreement shall be made in writing and shall be an integral part of this Agreement and shall have the same legal effect as this Contract.

本合同正本一式二份，甲、乙双方各执一份。

This Contract is made in duplicate, with each party holding one copy.

甲方（盖章）：___林增强__________________

Party A (seal) : ___/*<u>s/ Zengqiang Lin</u>* __________________

授权代表签字：_____________________

Signature of authorized representative: _____________________

日期：_<u>_2023</u>_年_<u>_4_</u>_月_<u>_1__</u>日

Date: April 1, 2023

乙方（盖章）：_____________________

Party B (seal) : <u>Fuqing Hongchang Food Co., LTD</u>

授权代表签字： ________________

Signature of authorized representative: _____*<u>__/s/ Zengqiang Lin</u>*________

日期：<u>_2023_</u>__年__<u>4_</u>_月_<u>1__</u>_日

Date: April 1, 2023

## Exhibit 10.5

**Exhibit 10.5**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

**借款合同**

**Loan Agreement**

合同编号： <u>JK202403010001</u> 

Agreement No.: <u>JK202403010001</u> 

**甲方（出借人）： 林增强**

**Party A (Creditor): Lin Zengqiang**

**<br> 乙方（借款人）：福清市鸿昌食品有限公司**

**Party B (Debtor): Fuqing Hongchang Food Co., Ltd.**

乙方因 <u>企业日常经营</u> 需要，向甲方借款，双方经协商一致，订立本借款合同，以资共同遵守。

Whereas Party B requires funds for <u>daily business operations</u> , Party A agrees to provide a loan to Party B. Both parties hereby enter into this Loan Agreement in accordance with mutual agreement and for mutual compliance.

**一、借款金额Loan Amount**

甲方向乙方提供借款资金人民币（大写） <u>伍仟万整</u> （￥ <u>50000000.0</u>元）。

Party A shall provide a loan to Party B in the amount of RMB :

<u>Fifty Million Yuan</u> (￥<u>50,000,000.00</u>).

**二、借款期限及用途 Loan Term and Purpose**

1.本合同项下的借款期限为 <u>36</u> 个月，自 <u>2024</u> 年 <u>03</u> 月 <u>01</u> 日起至 <u>2027</u> 年 <u>03</u> 月 <u>01</u> 日止。

The term of the loan under this contract is <u>36</u> months, from <u>March 1, 2024</u> to <u>March 1, 2027</u>.

借款实际发放日与借款起始日不一致的，借款起始日以借款实际发放日为准，借款期限随之顺延。

If the actual disbursement date differs from the commencement date, the commencement date shall be adjusted to the actual disbursement date, and the loan term shall be extended accordingly.

2.借款为 <u>股东借款</u> 。

The loan is categorized as <u>shareholder loan</u> .

三、借款利率及支付方式Loan interest rate and payment method

1.本合同项下借款利率为固定利率，借款月利率为 <u>3</u> %。

The interest rate of the loan under this contract is fixed and the monthly interest rate of the loan is <u>3</u> %.

2.本合同项下借款本息采用 <u>到期一次性归还</u> 方式归还：

The principal and interest of the loan under this contract shall be returned by <u>one-time repayment at maturity</u>:

3.乙方应当将借款本金和利息等通过转账方式支付到甲方指定的如下账户：

Party B shall pay the loan principal and interest to the following accounts designated by Party A by transfer:

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：林增强

Account Name: Zengqiang Lin

四、借款发放

**Loan Disbursement**

乙方符合甲方要求的借款发放条件并办妥相应借款及担保手续后，甲方在 <u>3</u> 个工作日内放款。双方一致同意，甲方将借款通过转账方式汇入乙方指定的如下账户。转账一旦成功，即视为借款已被乙方提取和使用。

After Party B meets the loan granting conditions required by Party A and completes the corresponding loan and guarantee procedures, Party A shall make the loan within 3 working days. Both parties agree that Party A shall remit the loan to the following account designated by Party B by transfer. Once the transfer is successful, the loan shall be deemed to have been withdrawn and used by Party B.

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：福清市鸿昌食品有限公司

Account Name: Fuqing Hongchang Food Co., LTD

五、乙方债务范围及清偿顺序

**Scope of Debts of Party B and Repayment Priority**

1.本合同项下乙方借款及所涉债务系指借款本金、利息、违约金、赔偿金以及实现债权和担保权利所花费的费用（包括但不限于公证费、评估费、鉴定费、拍卖费、保全费、诉讼或仲裁费、送达费、执行费、保管费、过户费、律师代理费、差旅费等全部费用）。

The loan and related obligations under this Agreement include the principal, interest, penalties, compensation, and all costs incurred for realizing the creditor's rights and enforcing guarantees (including but not limited to notarization fees, appraisal fees, evaluation fees, auction fees, preservation fees, litigation or arbitration fees, service fees, execution fees, custody fees, transfer fees, attorney fees, travel expenses, and all other related costs).

2.甲方依本合同和相应担保合同所获得的用以清偿债务的款项，按照先清偿实现债权和担保权利的费用，再清偿违约金、赔偿金，之后清偿利息，最后清偿本金的顺序进行清偿。如借款人与出借人之间存在数笔到期债务，且借款人的还款不足以清偿全部到期债务的，对于借款人给付的款项到底清偿的是哪笔债务也即清偿债务的顺序，由出借人确定。

Any funds obtained by Party A under this Agreement or related guarantee agreements for debt repayment shall be allocated in the following order: first, costs for realizing creditor's rights and enforcing guarantees; second, penalties and compensation; third, interest; and finally, the principal. If Party B has multiple matured debts with Party A and the repayment is insufficient to cover all matured debts, Party A shall determine the order in which the repayment is allocated.

六、乙方陈述与保证

**Representations and Warranties of Party B**

1.乙方是依法设立并合法存续的民事主体，具备所有必要的权利能力和行为能力，能以自身名义履行本合同的义务并承担相应责任。

Party B is a legally established and duly existing entity with full legal capacity and authority to execute this Agreement, perform its obligations hereunder, and assume corresponding liabilities.

2.乙方签署和履行本合同是乙方真实的意思表示，并经过乙方有权决策和批准机构的决定或授权，不存在任何法律上的瑕疵。

The execution and performance of this Agreement by Party B constitute its true intention and have been duly authorized or approved by its competent decision-making body, without any legal defects.

3.乙方在签署和履行本合同过程中向甲方提供的全部文件、资料及信息是真实、准确、完整和有效的，未向甲方隐瞒可能影响其还款能力的任何信息。

All documents, materials, and information provided by Party B to Party A during the execution and performance of this Agreement are true, accurate, complete, and valid, and Party B has not concealed any information that may affect its repayment ability.

七、甲方权利和义务

Rights and Obligations of Party A

1.甲方有权对乙方的借款使用情况、经营情况和财务资金状况、负债和对外担保等信息和情况进行检查、监督，乙方应给予配合并按时如实提供甲方要求的有关资料和报告相关信息。

Party A has the right to inspect and supervise Party B's use of the loan, operational and financial conditions, liabilities, and external guarantees. Party B shall cooperate and provide all requested materials and information in a timely and truthful manner.

2.在乙方履行本合同约定义务的前提下，甲方应按本合同约定向乙方发放借款。

Provided that Party B fulfills its obligations under this Agreement, Party A shall disburse the loan as stipulated herein.

3.对乙方存在逃避甲方监督、拖欠借款本金及利息、恶意逃废债务或其他严重违约行为时，甲方有权向乙方进行催收，甲方作出的催收行为视为向乙方主张权利。

If Party B engages in actions to evade supervision, defaults on loan principal or interest, maliciously avoids debt repayment, or commits any other material breach, Party A has the right to initiate collection procedures. Any collection action taken by Party A shall be deemed as asserting its rights against Party B.

八、乙方权利和义务

Rights and Obligations of Party B

1.乙方应当按本合同约定用途使用借款，不得将本合同项下借款挪作他用。乙方应承担本合同项下所有费用支出，包括但不限于公证费、鉴定费、评估费、登记费、保险费等。

Party B shall use the loan strictly for the purpose specified in this Agreement and shall not divert the funds for other purposes. Party B shall bear all costs related to this Agreement, including but not limited to notarization fees, appraisal fees, evaluation fees, registration fees, and insurance fees.

2.乙方应按照本合同约定的时间、金额和币种偿还本合同项下的借款本金并支付利息。

Party B shall repay the loan principal and pay interest in accordance with the time, amount, and currency specified in this Agreement.

3.乙方在出现和可能出现影响其还款能力的行为或事件时应当在三日内书面通知甲方。

Party B shall notify Party A in writing within three days if any event occurs or is likely to occur that may affect its repayment ability.

4.本合同项下的担保（如有）发生不利于甲方债权的变化时，乙方应按甲方的要求及时提供甲方认可的其他担保。

Guarantees under this contract (if any) changing claims against party a, party b should provide party a according to the requirements of party a's approval of the other guarantees.

九、提前还款

Repayment in advance

乙方要求提前还款的，应提前向甲方提出申请，未经甲方同意，乙方不得提前还款。

If Party B requests repayment in advance, it shall apply to Party A in advance and shall not make repayment in advance without the consent of Party A.

十、担保方式

Guarantee method

为保证本合同项下的借款能得到清偿，甲方可要求乙方提供担保措施（包括但不限于保证、抵押、质押等），具体担保事宜以相应的担保合同为准。

To ensure the repayment of the loan under this Agreement, Party A may require Party B to provide guarantees (including but not limited to suretyship, mortgage, or pledge). Specific guarantee terms shall be stipulated in separate guarantee agreements.

十一、违约责任

**Default and Remedies**

1.乙方违反本协议约定的任何义务或承诺与保证的均构成违约，甲方有权停止向乙方支付尚未交付的借款，单方面宣布合同项下已发放的所有借款全部提前到期并要求乙方立即偿还所有借款本金并结清利息，并有权要求乙方支付借款本金 <u>10</u> %的违约金。

Any breach of obligations, representations, or warranties by Party B under this Agreement shall constitute a default. Party A may suspend any undisbursed loan, declare all outstanding loans immediately due and payable, demand repayment of all principal and accrued interest, and require Party B to pay a penalty of <u>10</u> % of the principal.

2.乙方逾期还款的，乙方自逾期之日按照逾期清偿本息的 <u>0.05</u> %/日按日计收逾期违约金，直至清偿完毕之日。

If Party B delays in repayment, Party B shall charge penalty for overdue payment at <u>0.05</u> % day of overdue principal and interest on a daily basis from the date of overdue payment until the date of completion of repayment.

3.乙方未按时足额还款的，应当承担甲方为实现债权而支付的所有费用，该费用包括但不限于诉讼费、律师费、财产保全费和所有其他应付合理费用。

If Party B fails to repay the debt in full and on time, it shall bear all expenses paid by Party A for the realization of the creditor's rights, including but not limited to legal costs, attorney's fees, property preservation fees and all other reasonable expenses payable.

十二、通知与送达

**Notification**

1.双方的联系信息如下：

The contact information of both parties is as follows:

---

| | | |
|:---|:---|:---|
| 联系人信息<br> Details<br>| 出借人<br> Creditor | 借款人<br> Debtor |
| 联系人姓名<br> Contact Person<br>| 林增强<br> Zengqiang Lin | 福清市鸿昌食品有限公司<br> Fuqing Hongchang Food Co., Ltd. |
| 联系电话<br> Phone Number<br>| [\*] | 0591-85151891 |
| 联系地址<br> Address<br>| \ | 福清市城头镇东皋村元洪投资区<br> Donggao Village, Chengtou Town, Fuqing City |
| 电子邮箱<br> Email | \ | [\*] |

---

2.双方履行本合同过程中相互发送的函件或通知应按照本条所预留的联系方式和地址进行送达：

Any correspondence or notice sent to each other during the performance hereof shall be delivered in accordance with the contact information and address reserved in this Article:

（1）如为信函，以邮戳所示日期为送达之日；

In the case of a letter, the date indicated by the postmark shall be the date of service;

（2）如为专人递送，收件人签收之日为送达之日；

If the delivery is made by hand, the date of receipt signed by the recipient shall be the date of service;

（3）如交由专业快递公司递送，以实际签收日或寄件人交寄后满三日为送达之日（以先到之日为准）；

If it is delivered by a professional express company, the actual date of receipt or three days after the sender delivers it shall be regarded as the date of delivery (whichever comes first);

（4）如用电子邮件送达，电子邮件发出之日为送达之日。

If it is served by E-mail, the date on which the E-mail is sent shall be the date of service.

3.上述送达地址同时作为有效的司法文书送达地址。任何一方变更其联系方式或地址的，应自变更之日起三日内以书面形式通知另一方。否则，由未通知方承担由此而引起的相关责任。

The above address for service shall also be the valid address for service of judicial documents. If either party changes its contact information or address, it shall notify the other party in writing within three days from the date of change.Otherwise, the party that fails to notify shall bear the relevant responsibility arising therefrom.

十三、争议解决

Dispute Resolution

因本合同引起的或与本合同有关的任何争议，由合同各方协商解决，也可由有关部门调解。协商或调解不成的，依法向甲方所在地有管辖权的人民法院起诉。

Any dispute arising from or related to this Agreement shall be resolved through negotiation between the parties or mediation by relevant authorities. If negotiation or mediation fails, the dispute shall be submitted to the competent court in the jurisdiction of Party A's location.

十四、合同生效

**Effectiveness**

1.本协议一式二份，协议各方各执一份，各份协议文本具有同等法律效力。

This Agreement is executed in duplicate, with each party holding one copy. All copies shall have equal legal effect.

2.本协议经各方盖章后生效。

This Agreement shall come into force upon being sealed by the parties.

（以下无正文）

(No text below)

（本页为《借款合同》签署页）

**(This page is the signing page of Loan Contract)**

签署时间： 2024 年 03 月 01 日

**Signing date: March 1, 2024**

甲方（盖章）：

Party A (seal) : *<u>/s/ Zengqiang Lin</u>*_____________

联系方式Contact：[\*]

乙方（盖章）：Fuqing Hongchang Food Co., Ltd.

Party B (seal) :

**联系方式Contact：0591-85151891**

## Exhibit 10.6

**Exhibit 10.6**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

**借款合同**

**Loan Agreement**

合同编号： <u>JK202405160001</u> 

Agreement No.: <u>JK202405160001</u> 

**甲方（出借人）： 林真珠**

**Party A (Creditor): Lin Zhenzhu**

**身份证号码：[\*]**

**Id Number: [\*]**

**乙方（借款人）：鸿福食品（福建）有限公司**

**Party B (Debtor): Hongfu Food (Fujian) Co., Ltd** 

**税号：91350181MADKQYYP4H**

**Tax number: 91350181MADKQYYP4H**

**法定代表人：林真珠**

**Legal representative: Lin Zhenzhu**

乙方因 <u>企业日常经营</u> 需要，向甲方借款，双方经协商一致，订立本借款合同，以资共同遵守。

Whereas Party B requires funds for <u>daily business operations</u> , Party A agrees to provide a loan to Party B. Both parties hereby enter into this Loan Agreement in accordance with mutual agreement and for mutual compliance.

**一、借款金额Loan Amount**

甲方向乙方提供借款资金人民币（大写） <u>叁仟万整</u> （￥ <u>30,000,000.0</u>元）。

Party A shall provide a loan to Party B in the amount of RMB :

<u>Thirty Million Yuan</u> (￥<u>30,000,000.00</u>).

**二、借款期限及用途 Loan Term and Purpose**

1.本合同项下的借款期限为 <u>36</u> 个月，自 <u>2024</u> 年 <u>05</u> 月 <u>16</u> 日起至 <u>2027</u> 年 <u>05</u> 月 <u>15</u> 日止。

The term of the loan under this contract is <u>36</u> months, from <u>May 16, 2024</u> to <u>May 15, 2027</u>.

借款实际发放日与借款起始日不一致的，借款起始日以借款实际发放日为准，借款期限随之顺延。

If the actual disbursement date differs from the commencement date, the commencement date shall be adjusted to the actual disbursement date, and the loan term shall be extended accordingly.

2.借款指定用于 <u>企业日常运营</u> ， 乙方不得挪作他用。

The loan is designated for <u>the daily operation</u> of the enterprise and Party B shall not use it for other purposes.

**三、借款利率及支付方式Loan interest rate and payment method**

1.本合同项下借款利率为固定利率，借款月利率为 <u>0</u> %。

The interest rate of the loan under this contract is fixed and the monthly interest rate of the loan is <u>0</u> %.

2.本合同项下借款本息采用 <u>到期一次性归还</u> 方式归还：

The principal and interest of the loan under this contract shall be returned by <u>one-time repayment at maturity</u>:

3.乙方应当将借款本金和利息等通过转账方式支付到甲方指定的如下账户：

Party B shall pay the loan principal and interest to the following accounts designated by Party A by transfer:

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：林真珠

Account Name: Lin Zhenzhu

**四、借款发放**

**Loan Disbursement**

乙方符合甲方要求的借款发放条件并办妥相应借款及担保手续后，甲方在 <u>3</u> 个工作日内放款。双方一致同意，甲方将借款通过转账方式汇入乙方指定的如下账户。转账一旦成功，即视为借款已被乙方提取和使用。

After Party B meets the loan granting conditions required by Party A and completes the corresponding loan and guarantee procedures, Party A shall make the loan within 3 working days. Both parties agree that Party A shall remit the loan to the following account designated by Party B by transfer. Once the transfer is successful, the loan shall be deemed to have been withdrawn and used by Party B.

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：鸿福食品（福建）有限公司

Account Name: Hongfu Food (Fujian) Co., Ltd

**五、乙方债务范围及清偿顺序**

**Scope of Debts of Party B and Repayment Priority**

1.本合同项下乙方借款及所涉债务系指借款本金、利息、违约金、赔偿金以及实现债权和担保权利所花费的费用（包括但不限于公证费、评估费、鉴定费、拍卖费、保全费、诉讼或仲裁费、送达费、执行费、保管费、过户费、律师代理费、差旅费等全部费用）。

The loan and related obligations under this Agreement include the principal, interest, penalties, compensation, and all costs incurred for realizing the creditor's rights and enforcing guarantees (including but not limited to notarization fees, appraisal fees, evaluation fees, auction fees, preservation fees, litigation or arbitration fees, service fees, execution fees, custody fees, transfer fees, attorney fees, travel expenses, and all other related costs).

2.甲方依本合同和相应担保合同所获得的用以清偿债务的款项，按照先清偿实现债权和担保权利的费用，再清偿违约金、赔偿金，之后清偿利息，最后清偿本金的顺序进行清偿。如借款人与出借人之间存在数笔到期债务，且借款人的还款不足以清偿全部到期债务的，对于借款人给付的款项到底清偿的是哪笔债务也即清偿债务的顺序，由出借人确定。

Any funds obtained by Party A under this Agreement or related guarantee agreements for debt repayment shall be allocated in the following order: first, costs for realizing creditor's rights and enforcing guarantees; second, penalties and compensation; third, interest; and finally, the principal. If Party B has multiple matured debts with Party A and the repayment is insufficient to cover all matured debts, Party A shall determine the order in which the repayment is allocated.

**六、乙方陈述与保证**

**Representations and Warranties of Party B**

1.乙方是依法设立并合法存续的民事主体，具备所有必要的权利能力和行为能力，能以自身名义履行本合同的义务并承担相应责任。

Party B is a legally established and duly existing entity with full legal capacity and authority to execute this Agreement, perform its obligations hereunder, and assume corresponding liabilities.

2.乙方签署和履行本合同是乙方真实的意思表示，并经过乙方有权决策和批准机构的决定或授权，不存在任何法律上的瑕疵。

The execution and performance of this Agreement by Party B constitute its true intention and have been duly authorized or approved by its competent decision-making body, without any legal defects.

3.乙方在签署和履行本合同过程中向甲方提供的全部文件、资料及信息是真实、准确、完整和有效的，未向甲方隐瞒可能影响其还款能力的任何信息。

All documents, materials, and information provided by Party B to Party A during the execution and performance of this Agreement are true, accurate, complete, and valid, and Party B has not concealed any information that may affect its repayment ability.

**七、甲方权利和义务**

**Rights and Obligations of Party A**

1.甲方有权对乙方的借款使用情况、经营情况和财务资金状况、负债和对外担保等信息和情况进行检查、监督，乙方应给予配合并按时如实提供甲方要求的有关资料和报告相关信息。

Party A has the right to inspect and supervise Party B's use of the loan, operational and financial conditions, liabilities, and external guarantees. Party B shall cooperate and provide all requested materials and information in a timely and truthful manner.

2.在乙方履行本合同约定义务的前提下，甲方应按本合同约定向乙方发放借款。

Provided that Party B fulfills its obligations under this Agreement, Party A shall disburse the loan as stipulated herein.

3.对乙方存在逃避甲方监督、拖欠借款本金及利息、恶意逃废债务或其他严重违约行为时，甲方有权向乙方进行催收，甲方作出的催收行为视为向乙方主张权利。

If Party B engages in actions to evade supervision, defaults on loan principal or interest, maliciously avoids debt repayment, or commits any other material breach, Party A has the right to initiate collection procedures. Any collection action taken by Party A shall be deemed as asserting its rights against Party B.

**八、乙方权利和义务**

**Rights and Obligations of Party B**

1.乙方应当按本合同约定用途使用借款，不得将本合同项下借款挪作他用。乙方应承担本合同项下所有费用支出，包括但不限于公证费、鉴定费、评估费、登记费、保险费等。

Party B shall use the loan strictly for the purpose specified in this Agreement and shall not divert the funds for other purposes. Party B shall bear all costs related to this Agreement, including but not limited to notarization fees, appraisal fees, evaluation fees, registration fees, and insurance fees.

2.乙方应按照本合同约定的时间、金额和币种偿还本合同项下的借款本金并支付利息。

Party B shall repay the loan principal and pay interest in accordance with the time, amount, and currency specified in this Agreement.

3.乙方在出现和可能出现影响其还款能力的行为或事件时应当在三日内书面通知甲方。

Party B shall notify Party A in writing within three days if any event occurs or is likely to occur that may affect its repayment ability.

4.本合同项下的担保（如有）发生不利于甲方债权的变化时，乙方应按甲方的要求及时提供甲方认可的其他担保。

Guarantees under this contract (if any) changing claims against party a, party b should provide party a according to the requirements of party A's approval of the other guarantees.

**九、提前还款**

**Repayment in advance**

乙方要求提前还款的，应提前向甲方提出申请，未经甲方同意，乙方不得提前还款。

If Party B requests repayment in advance, it shall apply to Party A in advance and shall not make repayment in advance without the consent of Party A.

**十、担保方式**

**Guarantee method**

为保证本合同项下的借款能得到清偿，甲方可要求乙方提供担保措施（包括但不限于保证、抵押、质押等），具体担保事宜以相应的担保合同为准。

To ensure the repayment of the loan under this Agreement, Party A may require Party B to provide guarantees (including but not limited to suretyship, mortgage, or pledge). Specific guarantee terms shall be stipulated in separate guarantee agreements.

**十一、违约责任**

**Default and Remedies**

1.乙方违反本协议约定的任何义务或承诺与保证的均构成违约，甲方有权停止向乙方支付尚未交付的借款，单方面宣布合同项下已发放的所有借款全部提前到期并要求乙方立即偿还所有借款本金并结清利息，并有权要求乙方支付借款本金 <u>10</u> %的违约金。

Any breach of obligations, representations, or warranties by Party B under this Agreement shall constitute a default. Party A may suspend any undisbursed loan, declare all outstanding loans immediately due and payable, demand repayment of all principal and accrued interest, and require Party B to pay a penalty of <u>10</u> % of the principal.

2.乙方逾期还款的，乙方自逾期之日按照逾期清偿本息的 <u>0.05</u> %/日按日计收逾期违约金，直至清偿完毕之日。

If Party B delays in repayment, Party B shall charge penalty for overdue payment at <u>0.05</u> % day of overdue principal and interest on a daily basis from the date of overdue payment until the date of completion of repayment.

3.乙方未按时足额还款的，应当承担甲方为实现债权而支付的所有费用，该费用包括但不限于诉讼费、律师费、财产保全费和所有其他应付合理费用。

If Party B fails to repay the debt in full and on time, it shall bear all expenses paid by Party A for the realization of the creditor's rights, including but not limited to legal costs, attorney's fees, property preservation fees and all other reasonable expenses payable.

**十二、通知与送达**

**Notification**

1.双方的联系信息如下：

The contact information of both parties is as follows:

---

| | | |
|:---|:---|:---|
| 联系人信息<br>Details | 出借人<br>Creditor | 借款人<br>Debtor |
| 联系人姓名<br>Contact Person<br>| 林真珠<br>Lin Zhenzhu | 鸿福食品（福建）有限公司<br>Hongfu Food (Fujian) Co., LTD<br>法定代表人：林真珠<br>Legal representative: Lin Zhenzhu<br>|
| 联系地址<br>Address<br>| [\*]<br>[\*] | 福建省福清市城头镇元创路1号2栋8层<br>8th Floor, Building 2, No.1 Yuanchuang Road, Chengtou Town, Fuqing City, Fujian Province, China |

---

2.双方履行本合同过程中相互发送的函件或通知应按照本条所预留的联系方式和地址进行送达：

Any correspondence or notice sent to each other during the performance hereof shall be delivered in accordance with the contact information and address reserved in this Article:

（1）如为信函，以邮戳所示日期为送达之日；

In the case of a letter, the date indicated by the postmark shall be the date of service;

（2）如为专人递送，收件人签收之日为送达之日；

If the delivery is made by hand, the date of receipt signed by the recipient shall be the date of service;

（3）如交由专业快递公司递送，以实际签收日或寄件人交寄后满三日为送达之日（以先到之日为准）；

If it is delivered by a professional express company, the actual date of receipt or three days after the sender delivers it shall be regarded as the date of delivery (whichever comes first);

（4）如用电子邮件送达，电子邮件发出之日为送达之日。

If it is served by E-mail, the date on which the E-mail is sent shall be the date of service.

3.上述送达地址同时作为有效的司法文书送达地址。任何一方变更其联系方式或地址的，应自变更之日起三日内以书面形式通知另一方。否则，由未通知方承担由此而引起的相关责任。

The above address for service shall also be the valid address for service of judicial documents. If either party changes its contact information or address, it shall notify the other party in writing within three days from the date of change.Otherwise, the party that fails to notify shall bear the relevant responsibility arising therefrom.

**十三、争议解决**

**Dispute Resolution**

因本合同引起的或与本合同有关的任何争议，由合同各方协商解决，也可由有关部门调解。协商或调解不成的，依法向甲方所在地有管辖权的人民法院起诉。

Any dispute arising from or related to this Agreement shall be resolved through negotiation between the parties or mediation by relevant authorities. If negotiation or mediation fails, the dispute shall be submitted to the competent court in the jurisdiction of Party A's location.

**十四、合同生效**

**Effectiveness**

1.本协议一式二份，协议各方各执一份，各份协议文本具有同等法律效力。

This Agreement is executed in duplicate, with each party holding one copy. All copies shall have equal legal effect.

2.本协议经各方盖章后生效。

This Agreement shall come into force upon being sealed by the parties.

（以下无正文）

(No text below)

**（本页为《借款合同》签署页）**

**(This page is the signing page of Loan Contract)**

**签署时间： 2024 年 05 月 16 日**

**Signing date: May 16, 2024**

甲方（签字）：林真珠

Party A (signature) : *<u>/s/ Zhenzhu Lin</u>________________*

乙方（盖章）：Hongfu Food (Fujian) Co., Ltd

Party B (seal) :

法定代表人（签字）:林真珠

Legal representative (signature): *<u>/s/ Zhenzhu Lin</u>*___________________

## Exhibit 10.7

**Exhibit 10.7**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

**借款合同**

**Loan Agreement**

合同编号： <u>JK202405300001</u> 

Agreement No.: <u>JK202405300001</u> 

**甲方（出借人）： 周秀华**

**Party A (Creditor): Zhou Xiuhua**

**<br> 乙方（借款人）：鸿福食品（福建）有限公司**

**Party B (Debtor): Hongfu Food (Fujian) Co., Ltd** 

乙方因 <u>企业日常经营</u> 需要，向甲方借款，双方经协商一致，订立本借款合同，以资共同遵守。

Whereas Party B requires funds for <u>daily business operations</u> , Party A agrees to provide a loan to Party B. Both parties hereby enter into this Loan Agreement in accordance with mutual agreement and for mutual compliance.

**一、借款金额Loan Amount**

甲方向乙方提供借款资金人民币（大写） <u>贰仟万整</u> （￥ <u>20000000.0</u>元）。

Party A shall provide a loan to Party B in the amount of RMB :

<u>Twenty Million Yuan</u> (￥<u>20,000,000.00</u>).

**二、借款期限及用途** 

**Loan Term and Purpose**

1.本合同项下的借款期限为 <u>36</u> 个月，自 <u>2024</u> 年 <u>05</u> 月 <u>30</u> 日起至 <u>2027</u> 年 <u>05</u> 月 <u>29</u> 日止。

The term of the loan under this contract is <u>36</u> months, from <u>May 30, 2024</u> to <u>May 29, 2027</u>.

借款实际发放日与借款起始日不一致的，借款起始日以借款实际发放日为准，借款期限随之顺延。

If the actual disbursement date differs from the commencement date, the commencement date shall be adjusted to the actual disbursement date, and the loan term shall be extended accordingly.

2.借款指定用于 <u>企业日常运营</u> ， 乙方不得挪作他用。

The loan is designated for <u>the daily operation</u> of the enterprise and Party B shall not use it for other purposes.

**三、借款利率及支付方式**

**Loan interest rate and payment method**

1.本合同项下借款利率为固定利率，借款月利率为 <u>0</u> %。

The interest rate of the loan under this contract is fixed and the monthly interest rate of the loan is <u>0</u> %.

2.本合同项下借款本息采用 <u>到期一次性归还</u> 方式归还：

The principal and interest of the loan under this contract shall be returned by <u>one-time repayment at maturity</u>:

3.乙方应当将借款本金和利息等通过转账方式支付到甲方指定的如下账户：

Party B shall pay the loan principal and interest to the following accounts designated by Party A by transfer:

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：周秀华

Account Name:Zhou Xiuhua

**四、借款发放**

**Loan Disbursement**

乙方符合甲方要求的借款发放条件并办妥相应借款及担保手续后，甲方在 <u>3</u> 个工作日内放款。双方一致同意，甲方将借款通过转账方式汇入乙方指定的如下账户。转账一旦成功，即视为借款已被乙方提取和使用。

After Party B meets the loan granting conditions required by Party A and completes the corresponding loan and guarantee procedures, Party A shall make the loan within 3 working days. Both parties agree that Party A shall remit the loan to the following account designated by Party B by transfer. Once the transfer is successful, the loan shall be deemed to have been withdrawn and used by Party B.

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：鸿福食品（福建）有限公司

Account Name: Hongfu Food (Fujian) Co., Ltd

**五、乙方债务范围及清偿顺序**

**Scope of Debts of Party B and Repayment Priority**

1.本合同项下乙方借款及所涉债务系指借款本金、利息、违约金、赔偿金以及实现债权和担保权利所花费的费用（包括但不限于公证费、评估费、鉴定费、拍卖费、保全费、诉讼或仲裁费、送达费、执行费、保管费、过户费、律师代理费、差旅费等全部费用）。

The loan and related obligations under this Agreement include the principal, interest, penalties, compensation, and all costs incurred for realizing the creditor's rights and enforcing guarantees (including but not limited to notarization fees, appraisal fees, evaluation fees, auction fees, preservation fees, litigation or arbitration fees, service fees, execution fees, custody fees, transfer fees, attorney fees, travel expenses, and all other related costs).

2.甲方依本合同和相应担保合同所获得的用以清偿债务的款项，按照先清偿实现债权和担保权利的费用，再清偿违约金、赔偿金，之后清偿利息，最后清偿本金的顺序进行清偿。如借款人与出借人之间存在数笔到期债务，且借款人的还款不足以清偿全部到期债务的，对于借款人给付的款项到底清偿的是哪笔债务也即清偿债务的顺序，由出借人确定。

Any funds obtained by Party A under this Agreement or related guarantee agreements for debt repayment shall be allocated in the following order: first, costs for realizing creditor's rights and enforcing guarantees; second, penalties and compensation; third, interest; and finally, the principal. If Party B has multiple matured debts with Party A and the repayment is insufficient to cover all matured debts, Party A shall determine the order in which the repayment is allocated.

**六、乙方陈述与保证**

**Representations and Warranties of Party B**

1.乙方是依法设立并合法存续的民事主体，具备所有必要的权利能力和行为能力，能以自身名义履行本合同的义务并承担相应责任。

Party B is a legally established and duly existing entity with full legal capacity and authority to execute this Agreement, perform its obligations hereunder, and assume corresponding liabilities.

2.乙方签署和履行本合同是乙方真实的意思表示，并经过乙方有权决策和批准机构的决定或授权，不存在任何法律上的瑕疵。

The execution and performance of this Agreement by Party B constitute its true intention and have been duly authorized or approved by its competent decision-making body, without any legal defects.

3.乙方在签署和履行本合同过程中向甲方提供的全部文件、资料及信息是真实、准确、完整和有效的，未向甲方隐瞒可能影响其还款能力的任何信息。

All documents, materials, and information provided by Party B to Party A during the execution and performance of this Agreement are true, accurate, complete, and valid, and Party B has not concealed any information that may affect its repayment ability.

**七、甲方权利和义务**

**Rights and Obligations of Party A**

1.甲方有权对乙方的借款使用情况、经营情况和财务资金状况、负债和对外担保等信息和情况进行检查、监督，乙方应给予配合并按时如实提供甲方要求的有关资料和报告相关信息。

Party A has the right to inspect and supervise Party B's use of the loan, operational and financial conditions, liabilities, and external guarantees. Party B shall cooperate and provide all requested materials and information in a timely and truthful manner.

2.在乙方履行本合同约定义务的前提下，甲方应按本合同约定向乙方发放借款。

Provided that Party B fulfills its obligations under this Agreement, Party A shall disburse the loan as stipulated herein.

3.对乙方存在逃避甲方监督、拖欠借款本金及利息、恶意逃废债务或其他严重违约行为时，甲方有权向乙方进行催收，甲方作出的催收行为视为向乙方主张权利。

If Party B engages in actions to evade supervision, defaults on loan principal or interest, maliciously avoids debt repayment, or commits any other material breach, Party A has the right to initiate collection procedures. Any collection action taken by Party A shall be deemed as asserting its rights against Party B.

**八、乙方权利和义务**

**Rights and Obligations of Party B**

1.乙方应当按本合同约定用途使用借款，不得将本合同项下借款挪作他用。乙方应承担本合同项下所有费用支出，包括但不限于公证费、鉴定费、评估费、登记费、保险费等。

Party B shall use the loan strictly for the purpose specified in this Agreement and shall not divert the funds for other purposes. Party B shall bear all costs related to this Agreement, including but not limited to notarization fees, appraisal fees, evaluation fees, registration fees, and insurance fees.

2.乙方应按照本合同约定的时间、金额和币种偿还本合同项下的借款本金并支付利息。

Party B shall repay the loan principal and pay interest in accordance with the time, amount, and currency specified in this Agreement.

3.乙方在出现和可能出现影响其还款能力的行为或事件时应当在三日内书面通知甲方。

Party B shall notify Party A in writing within three days if any event occurs or is likely to occur that may affect its repayment ability.

4.本合同项下的担保（如有）发生不利于甲方债权的变化时，乙方应按甲方的要求及时提供甲方认可的其他担保。

Guarantees under this contract (if any) changing claims against party a, party b should provide party a according to the requirements of party A's approval of the other guarantees.

**九、提前还款**

**Repayment in advance**

乙方要求提前还款的，应提前向甲方提出申请，未经甲方同意，乙方不得提前还款。

If Party B requests repayment in advance, it shall apply to Party A in advance and shall not make repayment in advance without the consent of Party A.

**十、担保方式**

**Guarantee method**

为保证本合同项下的借款能得到清偿，甲方可要求乙方提供担保措施（包括但不限于保证、抵押、质押等），具体担保事宜以相应的担保合同为准。

To ensure the repayment of the loan under this Agreement, Party A may require Party B to provide guarantees (including but not limited to suretyship, mortgage, or pledge). Specific guarantee terms shall be stipulated in separate guarantee agreements.

**十一、违约责任**

**Default and Remedies**

1.乙方违反本协议约定的任何义务或承诺与保证的均构成违约，甲方有权停止向乙方支付尚未交付的借款，单方面宣布合同项下已发放的所有借款全部提前到期并要求乙方立即偿还所有借款本金并结清利息，并有权要求乙方支付借款本金 <u>10</u> %的违约金。

Any breach of obligations, representations, or warranties by Party B under this Agreement shall constitute a default. Party A may suspend any undisbursed loan, declare all outstanding loans immediately due and payable, demand repayment of all principal and accrued interest, and require Party B to pay a penalty of <u>10</u> % of the principal.

2.乙方逾期还款的，乙方自逾期之日按照逾期清偿本息的 <u>0.05</u> %/日按日计收逾期违约金，直至清偿完毕之日。

If Party B delays in repayment, Party B shall charge penalty for overdue payment at <u>0.05</u> % day of overdue principal and interest on a daily basis from the date of overdue payment until the date of completion of repayment.

3.乙方未按时足额还款的，应当承担甲方为实现债权而支付的所有费用，该费用包括但不限于诉讼费、律师费、财产保全费和所有其他应付合理费用。

If Party B fails to repay the debt in full and on time, it shall bear all expenses paid by Party A for the realization of the creditor's rights, including but not limited to legal costs, attorney's fees, property preservation fees and all other reasonable expenses payable.

**十二、通知与送达**

**Notification**

1.双方的联系信息如下：

The contact information of both parties is as follows:

---

| | | |
|:---|:---|:---|
| 联系人信息<br> Details<br>| 出借人<br> Creditor | 借款人<br> Debtor |
| 联系人姓名<br> Contact Person<br>| 周秀华<br> Zhou Xiuhua | 鸿福食品（福建）有限公司<br> Hongfu Food(Fujian) Co., LTD<br> 法人：林真珠<br> Legal Representative: Lin Zhenzhu |
| 联系地址<br> Address<br>| [\*]<br> [\*] | 福建省福清市城头镇元创路1号2栋8层<br> 8th Floor, Building 2, No.1 Yuanchuang Road, Chengtou Town, Fuqing City, Fujian Province, China |

---

2.双方履行本合同过程中相互发送的函件或通知应按照本条所预留的联系方式和地址进行送达：

Any correspondence or notice sent to each other during the performance hereof shall be delivered in accordance with the contact information and address reserved in this Article:

（1）如为信函，以邮戳所示日期为送达之日；

In the case of a letter, the date indicated by the postmark shall be the date of service;

（2）如为专人递送，收件人签收之日为送达之日；

If the delivery is made by hand, the date of receipt signed by the recipient shall be the date of service;

（3）如交由专业快递公司递送，以实际签收日或寄件人交寄后满三日为送达之日（以先到之日为准）；

If it is delivered by a professional express company, the actual date of receipt or three days after the sender delivers it shall be regarded as the date of delivery (whichever comes first);

（4）如用电子邮件送达，电子邮件发出之日为送达之日。

If it is served by E-mail, the date on which the E-mail is sent shall be the date of service.

3.上述送达地址同时作为有效的司法文书送达地址。任何一方变更其联系方式或地址的，应自变更之日起三日内以书面形式通知另一方。否则，由未通知方承担由此而引起的相关责任。

The above address for service shall also be the valid address for service of judicial documents. If either party changes its contact information or address, it shall notify the other party in writing within three days from the date of change.Otherwise, the party that fails to notify shall bear the relevant responsibility arising therefrom.

**十三、争议解决**

**Dispute Resolution**

因本合同引起的或与本合同有关的任何争议，由合同各方协商解决，也可由有关部门调解。协商或调解不成的，依法向甲方所在地有管辖权的人民法院起诉。

Any dispute arising from or related to this Agreement shall be resolved through negotiation between the parties or mediation by relevant authorities. If negotiation or mediation fails, the dispute shall be submitted to the competent court in the jurisdiction of Party A's location.

**十四、合同生效**

**Effectiveness**

1.本协议一式二份，协议各方各执一份，各份协议文本具有同等法律效力。

This Agreement is executed in duplicate, with each party holding one copy. All copies shall have equal legal effect.

2.本协议经各方盖章后生效。

This Agreement shall come into force upon being sealed by the parties.

（以下无正文）

(No text below)

（本页为《借款合同》签署页）

**(This page is the signing page of Loan Contract)**

签署时间： 2024 年 05 月 30 日

**Signing date: May 30, 2024**

甲方（签字）：周秀华

Party A (signature) : *<u>/s/ Xiuhua Zhou</u>*_______________

乙方（盖章）：Hongfu Food (Fujian) Co., Ltd

Party B (seal) :

法定代表人（签字）:林真珠

Legal representative (signature*): <u>/s/ Zhenzhu Lin________________</u>*

## Exhibit 10.8

**Exhibit 10.8**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

**借款合同**

**Loan Agreement**

合同编号： <u>JK202409200001</u> 

Agreement No.: <u>JK202409200001</u> 

**甲方（出借人）： 林增强**

**Party A (Creditor): Lin Zengqiang**

**乙方（借款人）：福清市鸿昌食品有限公司**

**Party B (Debtor): Fuqing Hongchang Food Co., Ltd.**

乙方因 <u>企业日常经营</u> 需要，向甲方借款，双方经协商一致，订立本借款合同，以资共同遵守。

Whereas Party B requires funds for <u>daily business operations</u> , Party A agrees to provide a loan to Party B. Both parties hereby enter into this Loan Agreement in accordance with mutual agreement and for mutual compliance.

**一、借款金额Loan Amount**

甲方向乙方提供借款资金人民币（大写） <u>叁仟万整</u> （￥ <u>30000000.0</u>元）。

Party A shall provide a loan to Party B in the amount of RMB :

<u>Thirty Million Yuan</u> (￥<u>30,000,000.00</u>).

**二、借款期限及用途 Loan Term and Purpose**

1.本合同项下的借款期限为 <u>36</u> 个月，自 <u>2024</u> 年 <u>09</u> 月 <u>20</u> 日起至 <u>2027</u> 年 <u>09</u> 月 <u>20</u> 日止。

The term of the loan under this contract is <u>36</u> months, from <u>September 20, 2024</u> to <u>September 20, 2027</u>.

借款实际发放日与借款起始日不一致的，借款起始日以借款实际发放日为准，借款期限随之顺延。

If the actual disbursement date differs from the commencement date, the commencement date shall be adjusted to the actual disbursement date, and the loan term shall be extended accordingly.

2.借款为 <u>股东借款</u> 。

The loan is categorized as <u>shareholder loan</u> .

三、借款利率及支付方式Loan interest rate and payment method

1.本合同项下借款利率为固定利率，借款月利率为 <u>0</u> %。

The interest rate of the loan under this contract is fixed and the monthly interest rate of the loan is <u>0</u> %.

2.本合同项下借款本息采用 <u>到期一次性归还</u> 方式归还：

The principal and interest of the loan under this contract shall be returned by <u>one-time repayment at maturity</u>:

3.乙方应当将借款本金和利息等通过转账方式支付到甲方指定的如下账户：

Party B shall pay the loan principal and interest to the following accounts designated by Party A by transfer:

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：林增强

Account Name: Zengjiang Lin

四、借款发放

**Loan Disbursement**

乙方符合甲方要求的借款发放条件并办妥相应借款及担保手续后，甲方在 <u>3</u> 个工作日内放款。双方一致同意，甲方将借款通过转账方式汇入乙方指定的如下账户。转账一旦成功，即视为借款已被乙方提取和使用。

After Party B meets the loan granting conditions required by Party A and completes the corresponding loan and guarantee procedures, Party A shall make the loan within 3 working days. Both parties agree that Party A shall remit the loan to the following account designated by Party B by transfer. Once the transfer is successful, the loan shall be deemed to have been withdrawn and used by Party B.

1.账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：福清市鸿昌食品有限公司

Account Name: Fuqing Hongchang Food Co., LTD

2.账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：福清市鸿昌食品有限公司

Account Name: Fuqing Hongchang Food Co., Ltd.

五、乙方债务范围及清偿顺序

**Scope of Debts of Party B and Repayment Priority**

1.本合同项下乙方借款及所涉债务系指借款本金、利息、违约金、赔偿金以及实现债权和担保权利所花费的费用（包括但不限于公证费、评估费、鉴定费、拍卖费、保全费、诉讼或仲裁费、送达费、执行费、保管费、过户费、律师代理费、差旅费等全部费用）。

The loan and related obligations under this Agreement include the principal, interest, penalties, compensation, and all costs incurred for realizing the creditor's rights and enforcing guarantees (including but not limited to notarization fees, appraisal fees, evaluation fees, auction fees, preservation fees, litigation or arbitration fees, service fees, execution fees, custody fees, transfer fees, attorney fees, travel expenses, and all other related costs).

2.甲方依本合同和相应担保合同所获得的用以清偿债务的款项，按照先清偿实现债权和担保权利的费用，再清偿违约金、赔偿金，之后清偿利息，最后清偿本金的顺序进行清偿。如借款人与出借人之间存在数笔到期债务，且借款人的还款不足以清偿全部到期债务的，对于借款人给付的款项到底清偿的是哪笔债务也即清偿债务的顺序，由出借人确定。

Any funds obtained by Party A under this Agreement or related guarantee agreements for debt repayment shall be allocated in the following order: first, costs for realizing creditor's rights and enforcing guarantees; second, penalties and compensation; third, interest; and finally, the principal. If Party B has multiple matured debts with Party A and the repayment is insufficient to cover all matured debts, Party A shall determine the order in which the repayment is allocated.

六、乙方陈述与保证

Representations and Warranties of Party B

1.乙方是依法设立并合法存续的民事主体，具备所有必要的权利能力和行为能力，能以自身名义履行本合同的义务并承担相应责任。

Party B is a legally established and duly existing entity with full legal capacity and authority to execute this Agreement, perform its obligations hereunder, and assume corresponding liabilities.

2.乙方签署和履行本合同是乙方真实的意思表示，并经过乙方有权决策和批准机构的决定或授权，不存在任何法律上的瑕疵。

The execution and performance of this Agreement by Party B constitute its true intention and have been duly authorized or approved by its competent decision-making body, without any legal defects.

3.乙方在签署和履行本合同过程中向甲方提供的全部文件、资料及信息是真实、准确、完整和有效的，未向甲方隐瞒可能影响其还款能力的任何信息。

All documents, materials, and information provided by Party B to Party A during the execution and performance of this Agreement are true, accurate, complete, and valid, and Party B has not concealed any information that may affect its repayment ability.

七、甲方权利和义务

Rights and Obligations of Party A

1.甲方有权对乙方的借款使用情况、经营情况和财务资金状况、负债和对外担保等信息和情况进行检查、监督，乙方应给予配合并按时如实提供甲方要求的有关资料和报告相关信息。

Party A has the right to inspect and supervise Party B's use of the loan, operational and financial conditions, liabilities, and external guarantees. Party B shall cooperate and provide all requested materials and information in a timely and truthful manner.

2.在乙方履行本合同约定义务的前提下，甲方应按本合同约定向乙方发放借款。

Provided that Party B fulfills its obligations under this Agreement, Party A shall disburse the loan as stipulated herein.

3.对乙方存在逃避甲方监督、拖欠借款本金及利息、恶意逃废债务或其他严重违约行为时，甲方有权向乙方进行催收，甲方作出的催收行为视为向乙方主张权利。

If Party B engages in actions to evade supervision, defaults on loan principal or interest, maliciously avoids debt repayment, or commits any other material breach, Party A has the right to initiate collection procedures. Any collection action taken by Party A shall be deemed as asserting its rights against Party B.

八、乙方权利和义务

Rights and Obligations of Party B

1.乙方应当按本合同约定用途使用借款，不得将本合同项下借款挪作他用。乙方应承担本合同项下所有费用支出，包括但不限于公证费、鉴定费、评估费、登记费、保险费等。

Party B shall use the loan strictly for the purpose specified in this Agreement and shall not divert the funds for other purposes. Party B shall bear all costs related to this Agreement, including but not limited to notarization fees, appraisal fees, evaluation fees, registration fees, and insurance fees.

2.乙方应按照本合同约定的时间、金额和币种偿还本合同项下的借款本金并支付利息。

Party B shall repay the loan principal and pay interest in accordance with the time, amount, and currency specified in this Agreement.

3.乙方在出现和可能出现影响其还款能力的行为或事件时应当在三日内书面通知甲方。

Party B shall notify Party A in writing within three days if any event occurs or is likely to occur that may affect its repayment ability.

4.本合同项下的担保（如有）发生不利于甲方债权的变化时，乙方应按甲方的要求及时提供甲方认可的其他担保。

Guarantees under this contract (if any) changing claims against party a, party b should provide party a according to the requirements of party a's approval of the other guarantees.

九、提前还款

Repayment in advance

乙方要求提前还款的，应提前向甲方提出申请，未经甲方同意，乙方不得提前还款。

If Party B requests repayment in advance, it shall apply to Party A in advance and shall not make repayment in advance without the consent of Party A.

十、担保方式

Guarantee method

为保证本合同项下的借款能得到清偿，甲方可要求乙方提供担保措施（包括但不限于保证、抵押、质押等），具体担保事宜以相应的担保合同为准。

To ensure the repayment of the loan under this Agreement, Party A may require Party B to provide guarantees (including but not limited to suretyship, mortgage, or pledge). Specific guarantee terms shall be stipulated in separate guarantee agreements.

十一、违约责任

**Default and Remedies**

1.乙方违反本协议约定的任何义务或承诺与保证的均构成违约，甲方有权停止向乙方支付尚未交付的借款，单方面宣布合同项下已发放的所有借款全部提前到期并要求乙方立即偿还所有借款本金并结清利息，并有权要求乙方支付借款本金 <u>10</u> %的违约金。

Any breach of obligations, representations, or warranties by Party B under this Agreement shall constitute a default. Party A may suspend any undisbursed loan, declare all outstanding loans immediately due and payable, demand repayment of all principal and accrued interest, and require Party B to pay a penalty of <u>10</u> % of the principal.

2.乙方逾期还款的，乙方自逾期之日按照逾期清偿本息的 <u>0.05</u> %/日按日计收逾期违约金，直至清偿完毕之日。

If Party B delays in repayment, Party B shall charge penalty for overdue payment at <u>0.05</u> % day of overdue principal and interest on a daily basis from the date of overdue payment until the date of completion of repayment.

3.乙方未按时足额还款的，应当承担甲方为实现债权而支付的所有费用，该费用包括但不限于诉讼费、律师费、财产保全费和所有其他应付合理费用。

If Party B fails to repay the debt in full and on time, it shall bear all expenses paid by Party A for the realization of the creditor's rights, including but not limited to legal costs, attorney's fees, property preservation fees and all other reasonable expenses payable.

十二、通知与送达

**Notification**

1.双方的联系信息如下：

The contact information of both parties is as follows:

---

| | | |
|:---|:---|:---|
| 联系人信息<br> Details<br>| 出借人<br> Creditor | 借款人<br> Debtor |
| 联系人姓名<br> Contact Person<br>| 林增强<br> Zengqiang Lin | 福清市鸿昌食品有限公司<br> Fuqing Hongchang Food Co., Ltd. |
| 联系电话<br> Phone Number<br>| [\*] | 0591-85151891 |
| 联系地址<br> Address<br>| \ | 福清市城头镇东皋村元洪投资区<br> Donggao Village, Chengtou Town, Fuqing City |
| 电子邮箱<br> Email | \ | [\*] |

---

2.双方履行本合同过程中相互发送的函件或通知应按照本条所预留的联系方式和地址进行送达：

Any correspondence or notice sent to each other during the performance hereof shall be delivered in accordance with the contact information and address reserved in this Article:

（1）如为信函，以邮戳所示日期为送达之日；

In the case of a letter, the date indicated by the postmark shall be the date of service;

（2）如为专人递送，收件人签收之日为送达之日；

If the delivery is made by hand, the date of receipt signed by the recipient shall be the date of service;

（3）如交由专业快递公司递送，以实际签收日或寄件人交寄后满三日为送达之日（以先到之日为准）；

If it is delivered by a professional express company, the actual date of receipt or three days after the sender delivers it shall be regarded as the date of delivery (whichever comes first);

（4）如用电子邮件送达，电子邮件发出之日为送达之日。

If it is served by E-mail, the date on which the E-mail is sent shall be the date of service.

3.上述送达地址同时作为有效的司法文书送达地址。任何一方变更其联系方式或地址的，应自变更之日起三日内以书面形式通知另一方。否则，由未通知方承担由此而引起的相关责任。

The above address for service shall also be the valid address for service of judicial documents. If either party changes its contact information or address, it shall notify the other party in writing within three days from the date of change. Otherwise, the party that fails to notify shall bear the relevant responsibility arising therefrom.

十三、争议解决

Dispute Resolution

因本合同引起的或与本合同有关的任何争议，由合同各方协商解决，也可由有关部门调解。协商或调解不成的，依法向甲方所在地有管辖权的人民法院起诉。

Any dispute arising from or related to this Agreement shall be resolved through negotiation between the parties or mediation by relevant authorities. If negotiation or mediation fails, the dispute shall be submitted to the competent court in the jurisdiction of Party A's location.

十四、合同生效

**Effectiveness**

1.本协议一式二份，协议各方各执一份，各份协议文本具有同等法律效力。

This Agreement is executed in duplicate, with each party holding one copy. All copies shall have equal legal effect.

2.本协议经各方盖章后生效。

This Agreement shall come into force upon being sealed by the parties.

（以下无正文）

(No text below)

（本页为《借款合同》签署页）

**(This page is the signing page of Loan Contract)**

签署时间： 2024 年 09 月 19 日

**Signing date: September 19, 2024**

甲方（盖章）：

Party A (seal) : *<u>/s/ Zengqiang Lin</u>*________________

 

联系方式Contact：[\*]

乙方（盖章）：Fuqing Hongchang Food Co., LTD

Party B (seal) : *<u>/s/ Zengqiang Lin</u>*________________

 

**承诺函**

**Letter of Commitment**

甲方：林增强

Party A: Lin Zhengqiang

身份证号：[\*]

Id number: [\*]

乙方：福清市鸿昌食品有限公司

Party B: Fuqing Hongchang Food Co., LTD

纳税识别号：91350181MA2YLLW82H

Tax identification number: 91350181MA2YLLW82H

鉴于甲方需向乙方投入个人借款维持企业生产经营。甲方承诺乙方应付甲方 欠款余额中的2550万人民币于2026年3月31日后还款。

Whereas Party A needs to invest personal loans from Party B to maintain the production and operation of the enterprise. Party A undertakes that Party B shall repay the balance of RMB 25.5 million due to Party A after March 31, 2026.

甲 方 ：

Party A: */s/ Zengqiang Lin*

 

(签字/盖章)

乙 方 ：Fuqing Hongchang Food Co., LTD

Party B:

(签字盖章) .

(Signature and seal).

日期：2025年3月21日

Date: March 21, 2025

## Exhibit 10.9

**Exhibit 10.9**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

**借款合同**

**Loan Agreement**

合同编号： <u>JK202412150001</u> 

Agreement No.: <u>JK202412150001</u> 

**甲方（出借人）： 林增强**

**Party A (Creditor): Lin Zengqiang**

**<br> 乙方（借款人）：福清市鸿昌环球供应链有限公司**

**Party B (Debtor): Fuqing Hongchang Global Supply Chain Co., Ltd.**

乙方因 <u>企业日常经营</u> 需要，向甲方借款，双方经协商一致，订立本借款合同，以资共同遵守。

Whereas Party B requires funds for <u>daily business operations</u> , Party A agrees to provide a loan to Party B. Both parties hereby enter into this Loan Agreement in accordance with mutual agreement and for mutual compliance.

**一、借款金额Loan Amount**

甲方向乙方提供借款资金人民币（大写） <u>伍百万整</u> （￥ <u>5000000.0</u>元）。

Party A shall provide a loan to Party B in the amount of RMB :

<u>Five Million Yuan</u> (￥<u>5,000,000.00</u>).

**二、借款期限及用途 Loan Term and Purpose**

1.本合同项下的借款期限为 <u>36</u> 个月，自 <u>2024</u> 年 <u>12</u> 月 <u>15</u> 日起至 <u>2027</u> 年 <u>12</u> 月 <u>15</u> 日止。

The term of the loan under this contract is <u>36</u> months, from <u>December 15, 2025</u> to <u>December 25, 2027</u>.

借款实际发放日与借款起始日不一致的，借款起始日以借款实际发放日为准，借款期限随之顺延。

If the actual disbursement date differs from the commencement date, the commencement date shall be adjusted to the actual disbursement date, and the loan term shall be extended accordingly.

2.借款为 <u>自然人借款</u> 。

The loan <u>is a natural person loan</u> .

三、借款利率及支付方式Loan interest rate and payment method

1.本合同项下借款利率为固定利率，借款为<u>无息借款</u>。

The loan under this Agreement bears a fixed interest rate, and is an interest-free loan.

2.本合同项下借款本息采用 <u>到期一次性归还</u> 方式归还：

The principal and interest of the loan under this contract shall be returned by <u>one-time repayment at maturity</u>:

3.乙方应当将借款本金和利息等通过转账方式支付到甲方指定的如下账户：

Party B shall pay the loan principal and interest to the following accounts designated by Party A by transfer:

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：林增强

Account Name: Lin Zengqiang

四、借款发放

**Loan Disbursement**

乙方符合甲方要求的借款发放条件并办妥相应借款及担保手续后，甲方在 <u>3</u> 个工作日内放款。双方一致同意，甲方将借款通过转账方式汇入乙方指定的如下账户。转账一旦成功，即视为借款已被乙方提取和使用。

After Party B meets the loan granting conditions required by Party A and completes the corresponding loan and guarantee procedures, Party A shall make the loan within 3 working days. Both parties agree that Party A shall remit the loan to the following account designated by Party B by transfer. Once the transfer is successful, the loan shall be deemed to have been withdrawn and used by Party B.

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：福清市鸿昌环球供应链有限公司

Account Name: Fuqing Hongchang Global Supply Chain Co., Ltd.

五、乙方债务范围及清偿顺序

**Scope of Debts of Party B and Repayment Priority**

1.本合同项下乙方借款及所涉债务系指借款本金、利息、违约金、赔偿金以及实现债权和担保权利所花费的费用（包括但不限于公证费、评估费、鉴定费、拍卖费、保全费、诉讼或仲裁费、送达费、执行费、保管费、过户费、律师代理费、差旅费等全部费用）。

The loan and related obligations under this Agreement include the principal, interest, penalties, compensation, and all costs incurred for realizing the creditor's rights and enforcing guarantees (including but not limited to notarization fees, appraisal fees, evaluation fees, auction fees, preservation fees, litigation or arbitration fees, service fees, execution fees, custody fees, transfer fees, attorney fees, travel expenses, and all other related costs).

2.甲方依本合同和相应担保合同所获得的用以清偿债务的款项，按照先清偿实现债权和担保权利的费用，再清偿违约金、赔偿金，之后清偿利息，最后清偿本金的顺序进行清偿。如借款人与出借人之间存在数笔到期债务，且借款人的还款不足以清偿全部到期债务的，对于借款人给付的款项到底清偿的是哪笔债务也即清偿债务的顺序，由出借人确定。

Any funds obtained by Party A under this Agreement or related guarantee agreements for debt repayment shall be allocated in the following order: first, costs for realizing creditor's rights and enforcing guarantees; second, penalties and compensation; third, interest; and finally, the principal. If Party B has multiple matured debts with Party A and the repayment is insufficient to cover all matured debts, Party A shall determine the order in which the repayment is allocated.

六、乙方陈述与保证

**Representations and Warranties of Party B**

1.乙方是依法设立并合法存续的民事主体，具备所有必要的权利能力和行为能力，能以自身名义履行本合同的义务并承担相应责任。

Party B is a legally established and duly existing entity with full legal capacity and authority to execute this Agreement, perform its obligations hereunder, and assume corresponding liabilities.

2.乙方签署和履行本合同是乙方真实的意思表示，并经过乙方有权决策和批准机构的决定或授权，不存在任何法律上的瑕疵。

The execution and performance of this Agreement by Party B constitute its true intention and have been duly authorized or approved by its competent decision-making body, without any legal defects.

3.乙方在签署和履行本合同过程中向甲方提供的全部文件、资料及信息是真实、准确、完整和有效的，未向甲方隐瞒可能影响其还款能力的任何信息。

All documents, materials, and information provided by Party B to Party A during the execution and performance of this Agreement are true, accurate, complete, and valid, and Party B has not concealed any information that may affect its repayment ability.

七、甲方权利和义务

Rights and Obligations of Party A

1.甲方有权对乙方的借款使用情况、经营情况和财务资金状况、负债和对外担保等信息和情况进行检查、监督，乙方应给予配合并按时如实提供甲方要求的有关资料和报告相关信息。

Party A has the right to inspect and supervise Party B's use of the loan, operational and financial conditions, liabilities, and external guarantees. Party B shall cooperate and provide all requested materials and information in a timely and truthful manner.

2.在乙方履行本合同约定义务的前提下，甲方应按本合同约定向乙方发放借款。

Provided that Party B fulfills its obligations under this Agreement, Party A shall disburse the loan as stipulated herein.

3.对乙方存在逃避甲方监督、拖欠借款本金及利息、恶意逃废债务或其他严重违约行为时，甲方有权向乙方进行催收，甲方作出的催收行为视为向乙方主张权利。

If Party B engages in actions to evade supervision, defaults on loan principal or interest, maliciously avoids debt repayment, or commits any other material breach, Party A has the right to initiate collection procedures. Any collection action taken by Party A shall be deemed as asserting its rights against Party B.

八、乙方权利和义务

Rights and Obligations of Party B

1.乙方应当按本合同约定用途使用借款，不得将本合同项下借款挪作他用。乙方应承担本合同项下所有费用支出，包括但不限于公证费、鉴定费、评估费、登记费、保险费等。

Party B shall use the loan strictly for the purpose specified in this Agreement and shall not divert the funds for other purposes. Party B shall bear all costs related to this Agreement, including but not limited to notarization fees, appraisal fees, evaluation fees, registration fees, and insurance fees.

2.乙方应按照本合同约定的时间、金额和币种偿还本合同项下的借款本金并支付利息。

Party B shall repay the loan principal and pay interest in accordance with the time, amount, and currency specified in this Agreement.

3.乙方在出现和可能出现影响其还款能力的行为或事件时应当在三日内书面通知甲方。

Party B shall notify Party A in writing within three days if any event occurs or is likely to occur that may affect its repayment ability.

4.本合同项下的担保（如有）发生不利于甲方债权的变化时，乙方应按甲方的要求及时提供甲方认可的其他担保。

Guarantees under this contract (if any) changing claims against party a, party b should provide party a according to the requirements of party a's approval of the other guarantees.

九、提前还款

Repayment in advance

乙方要求提前还款的，应提前向甲方提出申请，未经甲方同意，乙方不得提前还款。

If Party B requests repayment in advance, it shall apply to Party A in advance and shall not make repayment in advance without the consent of Party A.

十、担保方式

Guarantee method

为保证本合同项下的借款能得到清偿，甲方可要求乙方提供担保措施（包括但不限于保证、抵押、质押等），具体担保事宜以相应的担保合同为准。

To ensure the repayment of the loan under this Agreement, Party A may require Party B to provide guarantees (including but not limited to suretyship, mortgage, or pledge). Specific guarantee terms shall be stipulated in separate guarantee agreements.

十一、违约责任

**Default and Remedies**

1.乙方违反本协议约定的任何义务或承诺与保证的均构成违约，甲方有权停止向乙方支付尚未交付的借款，单方面宣布合同项下已发放的所有借款全部提前到期并要求乙方立即偿还所有借款本金并结清利息，并有权要求乙方支付借款本金 <u>10</u> %的违约金。

Any breach of obligations, representations, or warranties by Party B under this Agreement shall constitute a default. Party A may suspend any undisbursed loan, declare all outstanding loans immediately due and payable, demand repayment of all principal and accrued interest, and require Party B to pay a penalty of <u>10</u> % of the principal.

2.乙方逾期还款的，乙方自逾期之日按照逾期清偿本息的 <u>0.05</u> %/日按日计收逾期违约金，直至清偿完毕之日。

If Party B delays in repayment, Party B shall charge penalty for overdue payment at <u>0.05</u> % day of overdue principal and interest on a daily basis from the date of overdue payment until the date of completion of repayment.

3.乙方未按时足额还款的，应当承担甲方为实现债权而支付的所有费用，该费用包括但不限于诉讼费、律师费、财产保全费和所有其他应付合理费用。

If Party B fails to repay the debt in full and on time, it shall bear all expenses paid by Party A for the realization of the creditor's rights, including but not limited to legal costs, attorney's fees, property preservation fees and all other reasonable expenses payable.

十二、通知与送达

**Notification**

1.双方的联系信息如下：

The contact information of both parties is as follows:

---

| | | |
|:---|:---|:---|
| 联系人信息<br> Details<br>| 出借人<br> Creditor | 借款人<br> Debtor |
| 联系人姓名<br> Contact Person<br>| 林增强<br> Lin Zengqiang | 福清市鸿昌环球供应链有限公司<br> Fuqing Hongchang Global Supply Chain Co., Ltd. |
| 联系电话<br> Phone Number<br>| [\*] | [\*] |
| 联系地址<br> Address<br>| \ | 福清市城头镇<br> Chengtou Town, Fuqing City |

---

2.双方履行本合同过程中相互发送的函件或通知应按照本条所预留的联系方式和地址进行送达：

Any correspondence or notice sent to each other during the performance hereof shall be delivered in accordance with the contact information and address reserved in this Article:

（1）如为信函，以邮戳所示日期为送达之日；

In the case of a letter, the date indicated by the postmark shall be the date of service;

（2）如为专人递送，收件人签收之日为送达之日；

If the delivery is made by hand, the date of receipt signed by the recipient shall be the date of service;

（3）如交由专业快递公司递送，以实际签收日或寄件人交寄后满三日为送达之日（以先到之日为准）；

If it is delivered by a professional express company, the actual date of receipt or three days after the sender delivers it shall be regarded as the date of delivery (whichever comes first);

（4）如用电子邮件送达，电子邮件发出之日为送达之日。

If it is served by E-mail, the date on which the E-mail is sent shall be the date of service.

3.上述送达地址同时作为有效的司法文书送达地址。任何一方变更其联系方式或地址的，应自变更之日起三日内以书面形式通知另一方。否则，由未通知方承担由此而引起的相关责任。

The above address for service shall also be the valid address for service of judicial documents. If either party changes its contact information or address, it shall notify the other party in writing within three days from the date of change.Otherwise, the party that fails to notify shall bear the relevant responsibility arising therefrom.

十三、争议解决

Dispute Resolution

因本合同引起的或与本合同有关的任何争议，由合同各方协商解决，也可由有关部门调解。协商或调解不成的，依法向甲方所在地有管辖权的人民法院起诉。

Any dispute arising from or related to this Agreement shall be resolved through negotiation between the parties or mediation by relevant authorities. If negotiation or mediation fails, the dispute shall be submitted to the competent court in the jurisdiction of Party A's location.

十四、合同生效

**Effectiveness**

1.本协议一式二份，协议各方各执一份，各份协议文本具有同等法律效力。

This Agreement is executed in duplicate, with each party holding one copy. All copies shall have equal legal effect.

2.本协议经各方盖章后生效。

This Agreement shall come into force upon being sealed by the parties.

（以下无正文）

(No text below)

（本页为《借款合同》签署页）

**(This page is the signing page of Loan Contract)**

签署时间： 2024 年 12 月 15 日

**Signing date: December 15, 2024**

甲方（盖章）：

Party A (seal) : *<u>/s/ Zengqiang Lin</u>*________________

联系方式Contact：[\*]

乙方（盖章）：Fuqing Hongchang Global Supply Chain Co., Ltd.

Party B (seal) :

**联系方式Contact：[\*]**

## Exhibit 10.10

**Exhibit 10.10**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

**借款合同**

**Loan Agreement**

合同编号： <u>JK202501250001</u> 

Agreement No.: <u>JK202501250001</u> 

<u> </u>

**甲方（出借人）： 林华强**

**Party A (Creditor): Lin Huaqiang**

**<br> 乙方（借款人）：福清市鸿昌环球供应链有限公司**

**Party B (Debtor): Fuqing Hongchang Global Supply Chain Co., Ltd.**

乙方因 <u>企业日常经营</u> 需要，向甲方借款，双方经协商一致，订立本借款合同，以资共同遵守。

Whereas Party B requires funds for <u>daily business operations</u> , Party A agrees to provide a loan to Party B. Both parties hereby enter into this Loan Agreement in accordance with mutual agreement and for mutual compliance.

**一、借款金额Loan Amount**

甲方向乙方提供借款资金人民币（大写） <u>伍百万整</u> （￥ <u>5000000.0</u>元）。

Party A shall provide a loan to Party B in the amount of RMB :

<u>Five Million Yuan</u> (￥<u>5,000,000.00</u>).

**二、借款期限及用途 Loan Term and Purpose**

1.本合同项下的借款期限为 <u>36</u> 个月，自 <u>2025</u> 年 <u>01</u> 月 <u>25</u> 日起至 <u>2028</u> 年 <u>01</u> 月 <u>25</u> 日止。

The term of the loan under this contract is <u>36</u> months, from <u>January 25, 2025</u> to <u>January 25, 2028</u>.

借款实际发放日与借款起始日不一致的，借款起始日以借款实际发放日为准，借款期限随之顺延。

If the actual disbursement date differs from the commencement date, the commencement date shall be adjusted to the actual disbursement date, and the loan term shall be extended accordingly.

2.借款为 <u>自然人借款</u> 。

The loan <u>is a natural person loan</u> .

三、借款利率及支付方式Loan interest rate and payment method

1.本合同项下借款利率为固定利率，借款为<u>无息借款</u>。

The loan under this Agreement bears a fixed interest rate, and is an interest-free loan.

2.本合同项下借款本息采用 <u>到期一次性归还</u> 方式归还：

The principal and interest of the loan under this contract shall be returned by <u>one-time repayment at maturity</u>:

3.乙方应当将借款本金和利息等通过转账方式支付到甲方指定的如下账户：

Party B shall pay the loan principal and interest to the following accounts designated by Party A by transfer:

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：林华强

Account Name: Lin Huaqiang

四、借款发放

**Loan Disbursement**

乙方符合甲方要求的借款发放条件并办妥相应借款及担保手续后，甲方在 <u>3</u> 个工作日内放款。双方一致同意，甲方将借款通过转账方式汇入乙方指定的如下账户。转账一旦成功，即视为借款已被乙方提取和使用。

After Party B meets the loan granting conditions required by Party A and completes the corresponding loan and guarantee procedures, Party A shall make the loan within 3 working days. Both parties agree that Party A shall remit the loan to the following account designated by Party B by transfer. Once the transfer is successful, the loan shall be deemed to have been withdrawn and used by Party B.

账 号：[\*]

Account Number: [\*]

开 户 行：[\*]

Bank Name: [\*]

户 名：福清市鸿昌环球供应链有限公司

Account Name: Fuqing Hongchang Global Supply Chain Co., Ltd.

五、乙方债务范围及清偿顺序

**Scope of Debts of Party B and Repayment Priority**

1.本合同项下乙方借款及所涉债务系指借款本金、利息、违约金、赔偿金以及实现债权和担保权利所花费的费用（包括但不限于公证费、评估费、鉴定费、拍卖费、保全费、诉讼或仲裁费、送达费、执行费、保管费、过户费、律师代理费、差旅费等全部费用）。

The loan and related obligations under this Agreement include the principal, interest, penalties, compensation, and all costs incurred for realizing the creditor's rights and enforcing guarantees (including but not limited to notarization fees, appraisal fees, evaluation fees, auction fees, preservation fees, litigation or arbitration fees, service fees, execution fees, custody fees, transfer fees, attorney fees, travel expenses, and all other related costs).

2.甲方依本合同和相应担保合同所获得的用以清偿债务的款项，按照先清偿实现债权和担保权利的费用，再清偿违约金、赔偿金，之后清偿利息，最后清偿本金的顺序进行清偿。如借款人与出借人之间存在数笔到期债务，且借款人的还款不足以清偿全部到期债务的，对于借款人给付的款项到底清偿的是哪笔债务也即清偿债务的顺序，由出借人确定。

Any funds obtained by Party A under this Agreement or related guarantee agreements for debt repayment shall be allocated in the following order: first, costs for realizing creditor's rights and enforcing guarantees; second, penalties and compensation; third, interest; and finally, the principal. If Party B has multiple matured debts with Party A and the repayment is insufficient to cover all matured debts, Party A shall determine the order in which the repayment is allocated.

六、乙方陈述与保证

**Representations and Warranties of Party B**

1.乙方是依法设立并合法存续的民事主体，具备所有必要的权利能力和行为能力，能以自身名义履行本合同的义务并承担相应责任。

Party B is a legally established and duly existing entity with full legal capacity and authority to execute this Agreement, perform its obligations hereunder, and assume corresponding liabilities.

2.乙方签署和履行本合同是乙方真实的意思表示，并经过乙方有权决策和批准机构的决定或授权，不存在任何法律上的瑕疵。

The execution and performance of this Agreement by Party B constitute its true intention and have been duly authorized or approved by its competent decision-making body, without any legal defects.

3.乙方在签署和履行本合同过程中向甲方提供的全部文件、资料及信息是真实、准确、完整和有效的，未向甲方隐瞒可能影响其还款能力的任何信息。

All documents, materials, and information provided by Party B to Party A during the execution and performance of this Agreement are true, accurate, complete, and valid, and Party B has not concealed any information that may affect its repayment ability.

七、甲方权利和义务

Rights and Obligations of Party A

1.甲方有权对乙方的借款使用情况、经营情况和财务资金状况、负债和对外担保等信息和情况进行检查、监督，乙方应给予配合并按时如实提供甲方要求的有关资料和报告相关信息。

Party A has the right to inspect and supervise Party B's use of the loan, operational and financial conditions, liabilities, and external guarantees. Party B shall cooperate and provide all requested materials and information in a timely and truthful manner.

2.在乙方履行本合同约定义务的前提下，甲方应按本合同约定向乙方发放借款。

Provided that Party B fulfills its obligations under this Agreement, Party A shall disburse the loan as stipulated herein.

3.对乙方存在逃避甲方监督、拖欠借款本金及利息、恶意逃废债务或其他严重违约行为时，甲方有权向乙方进行催收，甲方作出的催收行为视为向乙方主张权利。

If Party B engages in actions to evade supervision, defaults on loan principal or interest, maliciously avoids debt repayment, or commits any other material breach, Party A has the right to initiate collection procedures. Any collection action taken by Party A shall be deemed as asserting its rights against Party B.

八、乙方权利和义务

Rights and Obligations of Party B

1.乙方应当按本合同约定用途使用借款，不得将本合同项下借款挪作他用。乙方应承担本合同项下所有费用支出，包括但不限于公证费、鉴定费、评估费、登记费、保险费等。

Party B shall use the loan strictly for the purpose specified in this Agreement and shall not divert the funds for other purposes. Party B shall bear all costs related to this Agreement, including but not limited to notarization fees, appraisal fees, evaluation fees, registration fees, and insurance fees.

2.乙方应按照本合同约定的时间、金额和币种偿还本合同项下的借款本金并支付利息。

Party B shall repay the loan principal and pay interest in accordance with the time, amount, and currency specified in this Agreement.

3.乙方在出现和可能出现影响其还款能力的行为或事件时应当在三日内书面通知甲方。

Party B shall notify Party A in writing within three days if any event occurs or is likely to occur that may affect its repayment ability.

4.本合同项下的担保（如有）发生不利于甲方债权的变化时，乙方应按甲方的要求及时提供甲方认可的其他担保。

Guarantees under this contract (if any) changing claims against party a, party b should provide party a according to the requirements of party a's approval of the other guarantees.

九、提前还款

Repayment in advance

乙方要求提前还款的，应提前向甲方提出申请，未经甲方同意，乙方不得提前还款。

If Party B requests repayment in advance, it shall apply to Party A in advance and shall not make repayment in advance without the consent of Party A.

十、担保方式

Guarantee method

为保证本合同项下的借款能得到清偿，甲方可要求乙方提供担保措施（包括但不限于保证、抵押、质押等），具体担保事宜以相应的担保合同为准。

To ensure the repayment of the loan under this Agreement, Party A may require Party B to provide guarantees (including but not limited to suretyship, mortgage, or pledge). Specific guarantee terms shall be stipulated in separate guarantee agreements.

十一、违约责任

**Default and Remedies**

1.乙方违反本协议约定的任何义务或承诺与保证的均构成违约，甲方有权停止向乙方支付尚未交付的借款，单方面宣布合同项下已发放的所有借款全部提前到期并要求乙方立即偿还所有借款本金并结清利息，并有权要求乙方支付借款本金 <u>10</u> %的违约金。

Any breach of obligations, representations, or warranties by Party B under this Agreement shall constitute a default. Party A may suspend any undisbursed loan, declare all outstanding loans immediately due and payable, demand repayment of all principal and accrued interest, and require Party B to pay a penalty of <u>10</u> % of the principal.

2.乙方逾期还款的，乙方自逾期之日按照逾期清偿本息的 <u>0.05</u> %/日按日计收逾期违约金，直至清偿完毕之日。

If Party B delays in repayment, Party B shall charge penalty for overdue payment at <u>0.05</u> % day of overdue principal and interest on a daily basis from the date of overdue payment until the date of completion of repayment.

3.乙方未按时足额还款的，应当承担甲方为实现债权而支付的所有费用，该费用包括但不限于诉讼费、律师费、财产保全费和所有其他应付合理费用。

If Party B fails to repay the debt in full and on time, it shall bear all expenses paid by Party A for the realization of the creditor's rights, including but not limited to legal costs, attorney's fees, property preservation fees and all other reasonable expenses payable.

十二、通知与送达

**Notification**

1.双方的联系信息如下：

The contact information of both parties is as follows:

---

| | | |
|:---|:---|:---|
| 联系人信息<br>Details<br>| 出借人<br>Creditor | 借款人<br>Debtor |
| 联系人姓名<br> Contact Person<br>| 林华强<br> Lin Huaqiang | 福清市鸿昌环球供应链有限公司<br>Fuqing Hongchang Global<br>Supply Chain Co., Ltd. |
| 联系电话<br> Phone Number<br>| [\*] | [\*] |
| 联系地址<br> Address<br>| \ | 福清市城头镇<br> Chengtou Town, Fuqing City |

---

2.双方履行本合同过程中相互发送的函件或通知应按照本条所预留的联系方式和地址进行送达：

Any correspondence or notice sent to each other during the performance hereof shall be delivered in accordance with the contact information and address reserved in this Article:

（1）如为信函，以邮戳所示日期为送达之日；

In the case of a letter, the date indicated by the postmark shall be the date of service;

（2）如为专人递送，收件人签收之日为送达之日；

If the delivery is made by hand, the date of receipt signed by the recipient shall be the date of service;

（3）如交由专业快递公司递送，以实际签收日或寄件人交寄后满三日为送达之日（以先到之日为准）；

If it is delivered by a professional express company, the actual date of receipt or three days after the sender delivers it shall be regarded as the date of delivery (whichever comes first);

（4）如用电子邮件送达，电子邮件发出之日为送达之日。

If it is served by E-mail, the date on which the E-mail is sent shall be the date of service.

3.上述送达地址同时作为有效的司法文书送达地址。任何一方变更其联系方式或地址的，应自变更之日起三日内以书面形式通知另一方。否则，由未通知方承担由此而引起的相关责任。

The above address for service shall also be the valid address for service of judicial documents. If either party changes its contact information or address, it shall notify the other party in writing within three days from the date of change.Otherwise, the party that fails to notify shall bear the relevant responsibility arising therefrom.

十三、争议解决

Dispute Resolution

因本合同引起的或与本合同有关的任何争议，由合同各方协商解决，也可由有关部门调解。协商或调解不成的，依法向甲方所在地有管辖权的人民法院起诉。

Any dispute arising from or related to this Agreement shall be resolved through negotiation between the parties or mediation by relevant authorities. If negotiation or mediation fails, the dispute shall be submitted to the competent court in the jurisdiction of Party A's location.

十四、合同生效

**Effectiveness**

1.本协议一式二份，协议各方各执一份，各份协议文本具有同等法律效力。

This Agreement is executed in duplicate, with each party holding one copy. All copies shall have equal legal effect.

2.本协议经各方盖章后生效。

This Agreement shall come into force upon being sealed by the parties.

（以下无正文）

(No text below)

（本页为《借款合同》签署页）

**(This page is the signing page of Loan Contract)**

签署时间： 2025 年 01 月 25 日

**Signing date: January 25, 2025**

甲方（盖章）：

Party A (seal) : *<u>/s/ Huaqiang Lin</u>*_________________

联系方式Contact：[\*]

乙方（盖章）：Fuqing Hongchang Global Supply Chain Co., Ltd.

Party B (seal) : *<u>/s/ Kangming Lin</u>*_____________________

**联系方式Contact：[\*]**

## Exhibit 10.11

**Exhibit 10.11**

**[Certain confidential portion of this exhibit were omitted by means of marking such portion with brackets and asterisks because the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed, or constituted personally identifiable information that is not material]**

---

| | |
|:---|:---|
| ![](ex10-11_001.jpg) | <br>合同编号：<u>加州城</u><u>2025-00301号</u> <br> No. : City of California 2025-00301 |
| ![](ex10-11_001.jpg) |  |

---

**福建农信**

**Fujian Fuqing Huitong Rural Commercial Bank Co., LTD**

**最高额抵押合同**

**Maximum Amount Mortagage Contract**

**签约重要提示**

**Important Notice for Signing the Contract**

为了维护您（贵单位）的权益，请您（贵单位）在签署本合同之前仔细阅读，检查并确认以下事宜：

In order to protect your (your unit) rights and interests, please read, check and confirm the following matters carefully before signing this contract:

一、您（贵单位）有权签署本合同，若依法需要取得他人同意的，您（贵单位）已经取得充分授权；

You (your company) have the right to sign this Contract. If consent is required from others according to law, you (your company) have obtained full authorization;

二、您（贵单位）已经认真阅读并充分理解合同条款，并特别注意了其中有关责任承担、免除或限制抵押权人责任和加黑字体部分内容；

You (your company) have carefully read and fully understood the terms and conditions of the contract, and paid special attention to the contents related to liability assumption, exemption or limitation of the mortgagee's liability and the part with black font;

三、抵押权人已经就本合同做了相关条款说明，您（贵单位）对本合同条款的含义及相应法律后果已全部通晓并充分理解，并愿意接受这些条款约定；

The mortgagee has explained the relevant terms of this Contract, and you (your company) have fully understood and understood the meaning and corresponding legal consequences of the terms of this contract, and are willing to accept these terms and conditions;

四、您（贵单位）确保提供的贷款材料真实、合法和有效，并愿为提供内容的真实性、合法性和有效性承担法律责任。

You (your company) ensure that the loan materials provided are true, legal and effective, and are willing to assume legal responsibility for the authenticity, legality and effectiveness of the contents provided.

**最高额抵押合同**

**Maximum Amount Mortagage Contract** 

立约人信息：见本合同专用条款第十五条。

Information of the parties: See Article 15 of the special provisions of this contract.

根据国家有关法律法规，当事人各方经协商一致，订立本合同。本合同由一般条款和专用条款组成。

This Contract is entered into by the parties through mutual agreement in accordance with relevant national laws and regulations. This contract consists of general terms and special terms.

**一般条款**

**General Terms and Conditions**

**第一条 被担保的主债权见专用条款第十六条。**

**Article 1 See Article 16 of the special article for the principal creditor's rights guaranteed.**

主合同项下每笔业务种类、金额、利率、期限等以相关法律文书或凭证、电子记录为准。

The type, amount, interest rate and term of each business under the main contract shall be subject to relevant legal documents or vouchers and electronic records.

**第二条 抵押物**

**Article 2 Mortgaged property**

一、抵押人同意就抵押权人对债务人所享有的债权，以本合同《抵押物品清单》所列财产提供抵押担保；抵押物因附合、混合、加工、改建、装修等原因而新增的物也作为抵押权人债权的抵押担保，抵押人应根据抵押权人要求办理必要的抵押登记和评估等手续。抵押权的效力及于抵押物的孳息、从物、添附物、代位物及法律法规规定的其他财产和权利。抵押物所生孳息需要办理抵（质）押登记手续的，抵押人应当配合抵押权人办妥抵押物所生孳息的抵（质）押登记手续。

The mortgagor agrees to provide mortgage security with respect to the creditor's rights enjoyed by the mortgagee against the debtor with respect to the property listed in the List of Mortgagee Items hereof;New additions to the mortgaged property due to reasons such as adhesion, mixing, processing, reconstruction, and decoration are also used as mortgage security for the mortgagee's creditor's rights. The mortgagor shall, in accordance with the requirements of the mortgagee, handle necessary mortgage registration and assessment procedures, etc. The validity of the mortgage and the fruits of the mortgaged property, the collateral, the adjoint, the subrogation and other property and rights stipulated by laws and regulations.Where the fructus arising from the secured property need to go through the registration procedures for the fructus arising from the secured property, the mortgager shall cooperate with the mortgager to complete the registration procedures for the fructus arising from the secured property.

二、抵押人保证对抵押物依法享有完整的所有权或处分权，抵押物不存在权属争议、被查封、被扣押、被监管等情形，抵押权人依法处置抵押物时不存在任何争议或限制。

The mortgagor warrants that the mortgagee enjoys complete ownership or disposal right of the mortgagee according to law, the mortgagee is not subject to ownership dispute, seizure, seizure, supervision, etc., and there is no dispute or restriction in the disposal of the mortgagee according to law.

三、如抵押物已出租，或已与他人签订抵押物转让合同，或已设立房屋居住权，或已设立购买价款抵押，或已设立其他抵、质押等担保，抵押人须事先书面告知抵押权人。

If the mortgaged property has been leased, or a contract for the transfer of the mortgaged property has been signed with others, or the right of residence of the house has been established, or the mortgage of the purchase price has been established, or other guarantees such as offset or pledge have been established, the mortgagor shall inform the mortgagee in writing in advance.

四、抵押权人依法处置抵押物时，抵押物品清单所列评估价值不作为处置的估价依据，对抵押权人处置抵押物不构成任何限制。

When the mortgagee disposes of the mortgagee in accordance with the law, the appraised value listed in the list of mortgagee items shall not be regarded as the valuation basis for the disposal, and shall not constitute any restriction on the disposal of the mortgagee.

五、抵押人已就本合同项下抵押事宜征得抵押物共有人同意。

The mortgagor has obtained the consent of the co-owners of the mortgaged property for the mortgage matters hereunder.

**第三条 抵押担保范围**

**Article 3 Scope of mortgage guarantee**

抵押担保范围包括主合同项下主债权本金、利息、罚息、复利、违约金、损害赔偿金、生效法律文书迟延履行的加倍利息、抵押权人为实现债权所支付的一切费用等（包括但不限于诉讼费、仲裁费、办案费、律师服务费、律师代理费、财产保全费、公告费、评估费、鉴定费、公证费、申请执行费、保管费、拍卖费、变卖费、处置费、差旅费、电讯费及其他实现债权的必要费用，下同）。

The scope of mortgage guarantee includes the principal, interest, penalty interest, compound interest, liquidated damages, damages, double interest for delay in performance of effective legal documents, and all expenses paid by the mortgsee to realize the creditor's right (including but not limited to legal costs, arbitration fees, case handling fees, lawyer service fees, lawyer's agency fees, property preservation fees, notice fees, evaluation fees and appraisal fees) , notary fee, application execution fee, storage fee, auction fee, sale fee, disposal fee, travel fee, telecommunications fee and other necessary expenses for the realization of creditor's rights, the same below).

**第四条 抵押物的保险**

**Article 4 Insurance of mortgaged property**

抵押物如需办理保险，有关事项按本条以下约定执行：

If the mortgaged property needs to be insured, the relevant matters shall be governed by the following provisions of this Article:

抵押人按本合同标的涉及金额办理相应的抵押物财产保险，不得中断或撤销保险，直至主合同债务全部清偿。保险单正本由抵押权人保管。借款人承诺抵押权人可以就抵押物保险所获得的保险金优先受偿。

The mortgagor shall handle the corresponding property insurance of the mortgagor according to the amount involved in the subject matter of this contract, and the insurance shall not be interrupted or revoked until the debts of the main contract are fully paid off. The original insurance policy shall be kept by the mortgagee. The borrower undertakes that the mortgagee may have priority in compensation of the insurance benefits obtained from the mortgagee insurance.

发生保险事故，抵押人须在3日内通知抵押权人并负责索赔。保险赔偿金应直接划付至抵押权人指定的账户，抵押权人对保险赔偿金享有优先受偿权并按本合同第八条约定进行处理。

If an insured event occurs, the mortgagor shall notify the mortgagee within 3 days and be responsible for the claim. The insurance compensation shall be directly paid to the account designated by the mortgagee, who shall have the priority to receive the insurance compensation and handle it according to Article 8 of this Contract.

**第五条 抵押物的保管**

**Article 5 Custody of the mortgaged property**

抵押人有义务妥善保管抵押物，随时接受抵押权人的检查，并按抵押权人的要求报告抵押物的权属情况。因抵押人原因导致抵押物财产价值减少、毁损、灭失，抵押人须在3日内书面通知抵押权人，抵押权人有权要求抵押人在15日内恢复抵押物财产价值，或提供相应的担保。

The mortgagor shall be obliged to keep the mortgaged property properly, accept the inspection of the mortgagee at any time, and report the ownership of the mortgagee as required by the mortgagee. If the property value of the mortgaged property is reduced, damaged or lost due to reasons attributable to the mortgagor, the mortgagee shall notify the mortgagee in writing within 3 days, and the mortgagee shall have the right to require the mortgagor to restore the property value of the mortgaged property within 15 days, or provide corresponding guarantee.

**第六条 第三人损害赔偿**

**Article 6 Third party compensation for damages**

抵押物因第三人原因发生毁损、灭失或被征收（用），抵押房屋将被拆迁，抵押人须在（相关公告发出之日起）3日内书面通知抵押权人，所得损害（保险）赔偿金或（拆迁）补（赔）偿金应划付至抵押权人指定的账户，抵押权人对损害（保险）赔偿金、补（赔）偿金享有优先受偿权并按本合同第八条约定进行处理。

If the mortgaged property is damaged, lost or expropriated (used) due to the reasons of a third party, the mortgagor shall notify the mortgagee in writing within 3 days (from the date of issuance of the relevant announcement), and the compensation for the damage (insurance) or compensation (compensation) obtained shall be paid to the account designated by the mortgagee. The mortgagee shall have the priority to be reimbursed for the damages (insurance) and compensation (compensation) and shall handle them according to Article 8 of this Contract.

抵（质）押物价值剩余部分，仍作为主合同项下债权的担保。上述损害（保险）赔偿金、补（赔）偿金及抵（质）押物剩余价值不足以担保或清偿主合同项下债务的差额部分，由债务人提供相应的担保。如抵押房屋被拆迁，抵押权人有权要求抵押人以拆迁安置房为主合同项下债务提供担保；不足部分由债务人另行提供担保。抵押人应于拆迁安置房可办理抵押登记之日起5个工作日内到相应登记机关办妥抵押登记手续，如抵押登记机关可以对抵押物进行禁止或者限制转让登记的，应就禁止或者限制抵押物转让的约定进行登记。抵押物的他项权利证书、抵押登记文件正本及其他权利证书交抵押权人保管。

The remaining part of the value of the pledge shall still be used as security for the creditor's rights under the main contract. If the above damage (insurance) compensation, compensation (compensation) and residual value of the pledge are insufficient to guarantee or repay the difference of the debt under the main contract, the debtor shall provide corresponding security. If the mortgagee is demolished and removed, the mortgagee has the right to require the mortgagor to provide security for the debts under the main contract for demolition and resettlement of the house; The insufficient part shall be separately guaranteed by the debtor. The mortgagor shall complete the mortgage registration procedures at the corresponding registration authority within 5 working days from the date when the mortgage registration can be handled for the demolition and resettlement house. If the mortgage registration authority can prohibit or restrict the transfer of the mortgagee, it shall register the agreement on the prohibition or restriction of the transfer of the mortgagee. The certificate of other rights, the original of the mortgage registration document and other certificates of rights of the mortgagee shall be kept by the mortgagee.

**第七条 抵押物的处置**

**Article 7 Disposal of the mortgaged property**

未经抵押权人书面同意，抵押人不得在抵押期间在抵押物上设立居住权，或擅自出租、出售、转移、转让、承包、赠予、再抵押、托管、以实物形式联营、入股或以其他任何方式处置抵押物；双方另有约定的，按约定执行。经抵押权人书面同意处分的，抵押权人对所得价款享有优先受偿权，并按本合同第八条约定进行处理。

Without the written consent of the mortgagee, the mortgagor shall not establish the right of residence on the mortgaged property during the mortgage period, or lease, sell, transfer, assign, contract, gift, remortgage, escrow, joint venture in kind, take equity interest or dispose of the mortgaged property in any other way without authorization; If the parties agree otherwise, such agreement shall prevail. In case of disposal with the written consent of the mortgagee, the mortgagee shall have the priority to be compensated for the proceeds and handle the disposal according to Article 8 hereof.

**第八条 抵押权人对抵押物有关损害（保险）赔偿金、补（赔）偿金、处分抵押物所得价款有权选择以下任一方式进行处理：**

**Article 8 The mortgagee shall have the right to choose any of the following ways to deal with the damages (insurance), compensation (compensation) and the proceeds from disposal of the mortgaged property:**

一、清偿或提前清偿主合同项下的债务及相关费用。

Settlement or early settlement of debts and related expenses under the Master contract.

二、转为定期存款，存单用于质押，为主合同项下的债务提供担保。

Converted into time deposits, certificates of deposit are used as pledge to provide security for the debts under the main contract.

三、用于恢复抵押物财产价值。

Used to restore the value of the mortgaged property.

四、向抵押权人指定的第三人提存。

Deposit with a third party designated by the mortgagee.

**第九条 抵押权的转让**

**Article 9 Transfer of mortgage**

本合同项下最高额抵押担保的债权确定前，抵押权人转让部分债权的，有权转让相应的抵押权。本合同项下最高额抵押担保的债权确定后，抵押权人转让部 分债权的，有权不转让相应的抵押权。如抵押权人转让抵押权，抵押人应协助办理相应的变更登记手续。

If the mortgagee transfers part of the creditor's right before the determination of the creditor's right secured by the maximum amount of mortgage under this Contract, it shall have the right to transfer the corresponding mortgage right. After the creditor's right secured by the maximum amount of mortgage under this Contract is determined, if the mortgagee transfers part of the creditor's right, it shall have the right not to transfer the corresponding mortgage right. If the mortgagee transfers the mortgage right, the mortgagor shall assist in going through the corresponding change registration procedures.

**第十条 被担保债权的确定**

**Article 10 Determination of secured creditor's rights**

发生下列情形之一的，本合同项下最高额抵押担保的债权确定：

The creditor's rights secured by the maximum amount of mortgage under this contract shall be determined under any of the following circumstances:

一、债权确定期间届满。"债权确定期间届满"包括本合同第一条约定的债权确定期间届满，以及债权人按本合同约定宣布债权确定期间提前届满的情形。债务人或抵押人违反主合同及本合同约定，债权人有权宣布债权确定期间提前届满。

Expiration of the period for determining the creditor's rights. "Expiration of the period for the determination of creditor's rights" includes the expiration of the period for the determination of creditor's rights as stipulated in Article 1 hereof, and the circumstances under which the creditor declares the early expiration of the period for the determination of creditor's rights as agreed herein. If the debtor or mortgagor breaches the main contract and provisions hereof, the creditor shall have the right to declare the expiration of the period for determining the creditor's right in advance.

二、新的债权不可能发生。

New claims are unlikely to occur.

三、债务人、抵押人被宣告破产或解散。

The debtor or mortgagor is declared bankrupt or dissolved.

四、抵押权人知道或者应当知道抵押物被查封、被扣押、被监管或被采取其他强制措施。

The mortgagee knows or should know that the mortgaged property is sealed up, distrained, supervised or subject to other compulsory measures.

五、法律规定债权确定的其他情形。

Other circumstances in which the creditor's right is determined as provided by law.

**第十一条 抵押权的实现**

**Article 11 Realization of mortgage**

一、发生下列情形之一，抵押权人有权行使抵押权并优先受偿。

Under any of the following circumstances, the mortgagee shall have the right to exercise the mortgage and have priority in compensation.

（一）任一主合同项下债务履行期限届满（包括抵押权人按合同约定宣布债务提前到期），抵押权人未受清偿。

When the time limit for the performance of debts under any of the master contracts expires (including the early maturity of debts declared by the mortgagee as agreed in the contract), the mortgagee has not been paid off.

（二）债务人或抵押人被人民法院受理破产申请或裁定和解，被撤销、吊销营业执照、责令关闭或出现其他解散事由，死亡、被宣告失踪或被宣告死亡。

The debtor or mortgagor has an application for bankruptcy accepted by the people's court or an order for settlement is made, its business license is revoked, its business license is revoked, it is ordered to close down or other causes for dissolution occur, and it is dead, declared missing or declared dead.

（三）抵押物被查封、被扣押、被监管或被采取其他强制措施。

The mortgaged property is sealed up, distrained, supervised or subject to other compulsory measures.

（四）债务人或抵押人违反合同约定。

The debtor or mortgagor breaches the provisions of the contract.

（五）债务人逃废债、失联等影响债权或抵押权实现的其他情形。

Other circumstances affecting the realization of creditor's rights or mortgage, such as the debtor's evasion of scrap debts or loss of contact.

二、债务人实行承包、租赁、联营、股份制改造、合并、分立、名称及资本变更及因其他原因改变经营管理方式或产权组织形式时，抵押人的担保责任不因此减免。

Where the debtor implements contracting, leasing, joint venture, joint-stock reform, merger, division, change of name and capital or change of operation and management mode or form of property rights organization for other reasons, the guaranty liability of the mortgagor shall not be reduced accordingly.

三、如主合同项下债权有多种担保方式，抵押权人有权决定担保方式的行使顺序或同时处置担保方式。抵押人为两人（含）以上的，抵押权人行使抵押权时有权处置任意或各个抵押人提供的抵押物。

If the creditor's rights under the master contract are secured by more than one means, the mortgagee shall have the right to decide the order in which the means of guarantee shall be exercised or to dispose of the means of guarantee simultaneously. If there are two or more mortgagors, the mortgagee shall have the right to dispose of the mortgaged property provided by any or all mortgagors when exercising the mortgage right.

第十二条 违约责任

Article 12 Liability for breach of contract

本合同生效后，任何一方违约，应承担相应的法律责任，并赔偿对方的经济损失。

After this Contract becomes effective, if either party breaches the contract, it shall bear corresponding legal liabilities and compensate the other party for economic losses.

**抵押人隐瞒抵押财产的出租、转让、设定居住权、设定购买价款抵押、设**定担保等负担情况，造成抵押权人难以处置抵押物的，抵押人承担赔偿责任。

Where the mortgagor conceals the rental, transfer, establishment of the right of residence, establishment of the mortgage of the purchase price, establishment of the guarantee and other burdens of the mortgagee of the mortgagee, so that it is difficult for the mortgagee to dispose of the mortgagee, the mortgagor shall be liable for compensation.

第十三条 其他约定事项

Article 13 Other agreed matters

一、抵押人承诺：抵押权人有权向银行业监管单位、银行业协会报送抵押人违约失信信息；抵押人自愿接受抵押权人等银行业金融机构联合采取调减或停止 授信，停止开立新的结算账户，停办抵押人新的信用卡等联合失信惩戒维权措施。

Commitment of the mortgagor: The mortgagee has the right to report the information of the mortgagor's breach of contract to the banking regulatory unit and the banking association; The mortgagor voluntarily accepts the mortgagee and other banking financial institutions to jointly reduce or stop granting credit, stop opening new settlement accounts, stop handling new credit cards of the mortgagor and other joint punishment and rights protection measures for truth-breaking.

二、抵押人承诺：抵押人怠于行使对第三方的债权或者与该债权有关的从权利，影响抵押权人的债权实现的，抵押权人有权行使代位权，抵押人自愿放弃针对抵押权人的抗辩。

Commitment of the mortgagor: If the mortgagor delays in exercising the creditor's right to the third party or the subordinate right related to the creditor's right, which affects the realization of the mortgagee's creditor's right, the mortgagor shall have the right to exercise the right of subrogation, and the mortgagor shall voluntarily give up the defense against the mortgagee.

三、抵押人承诺：授权抵押权人向通讯运营商、福建省金服云征信有限责任公司、调解组织、仲裁机构等相关部门及第三方平台提供抵押人的姓名、身份证号、曾用手机号等个人信息以便查询获取抵押人的联系电话、联系地址等用于用户触达、合法催收、调解、仲裁和征信信息报送。同意通讯运营商在贷款人、调解组织、仲裁机构联系抵押人时进行通话录音并保存。

The mortgagor undertakes that: Authorize the mortgagee to provide the mortgagor's name, ID number, used mobile phone number and other personal information to communication operators, Fujian Financial Service Cloud Credit Investigation Co., LTD., mediation organizations, arbitration institutions and other relevant departments and third-party platforms in order to query and obtain the mortgagor's contact number and address for user access, legal collection, mediation, arbitration and credit investigation information submission. Agree that the communication operator shall record and save the call when the lender, mediation organization and arbitration institution contact the mortgager.

四、不论债务人将主合同项下的借款及其他授信资金用于任何用途（包括借新还旧、无还本续贷、资产重组等），抵押人均愿对主合同项下的全部债务承担担保责任。抵押人有义务了解债务人经营状况以及对债务人的借款使用情况进行监督。若该笔贷款为新贷归还旧贷的业务（如借新还旧、无还本续贷、资产重组等），抵押物不变情况下，抵押人同意在不办理注销登记情况下继续以原抵押物为新贷提供担保。

No matter the debtor uses the loan and other credit granting funds under the main contract for any purpose (including borrowing new loans to repay old loans, renewing loans without repayment of principal, asset restructuring, etc.), the mortgagor is willing to assume guarantee liability for all debts under the main contract. The mortgagor has the obligation to know the operating conditions of the debtor and supervise the use of the loan by the debtor. If the loan is the business of the new loan to repay the old loan (such as borrowing the new loan to repay the old loan, renewing the loan without repayment of the principal, asset restructuring, etc.), the mortgagor agrees to continue to provide security for the new loan with the original mortgage without going through cancellation registration.

五、抵押人已充分认识到利率风险，如主合同采用浮动利率，抵押人愿承担因利率浮动而增加的担保责任。

The mortgagor is fully aware of the interest rate risk and is willing to bear the increased guarantee liability arising from the floating interest rate if the master contract adopts the floating interest rate.

六、抵押人实行承包、租赁、联营、股份制改造、合并、分立及因其他原因改变经营管理方式或产权组织形式，申请破产、重整、和解，被撤销、吊销营业执照、责令关闭或出现其他解散事由，抵押物被查封、扣押、监管或被采取其他强制措施，以及发生影响抵押权人抵押权利的其他情形，抵押人须在3日内书面通知抵押权人。

The mortgager implements contracting, leasing, joint venture, joint-stock reform, merger, division, changes the mode of operation and management or the form of property rights organization for other reasons, applies for bankruptcy, reorganization or reconciliation, is revoked or revoked its business license, ordered to close down or has other reasons for dissolution, the mortgage is sealed up, distracted, supervised or other compulsory measures are taken and other circumstances affecting the mortgage rights of the mortgagee, the mortgagor shall notify the mortgagee in writing within 3 days.

七、抵押权人有权决定债权本金、利息、罚息、复利、违约金或相关费用的清偿顺序。

The mortgagee shall have the right to determine the order of repayment of the principal, interest, penalty interest, compound interest, liquidated damages or related expenses of the creditor's right.

八、抵押权人在办理贷款业务过程中通过营业网点现场或手机银行、网上银行、微信银行等线上方式收集的合同当事人身份信息、财产信息、账户信息等将仅用于办理贷款或提供担保需要。抵押权人承诺在经营过程中将按照法律法规规定和各方约定的用途、范围、方式、目的使用合同当事人信息。

The identity information, property information and account information of the parties to the contract collected by the mortgagee in the process of handling the loan business through on-site business outlets or online means such as mobile banking, online banking and WeChat banking shall only be used for handling the loan or providing guarantee. The mortgagee undertakes to use the information of the parties in accordance with the purposes, scope, methods and purposes agreed by the parties in the course of operation in accordance with the provisions of laws and regulations.

九、除抵押权人同意外，抵押权人的抵押权是第一顺位的担保权利。无论出于任何原因，抵押权人就抵押财产未能享受第一顺位担保权利的，抵押权人有权要求抵押人提供其他足额担保、在担保额度内提存或提前清偿债务。抵押人提供其他担保，不免除其按照本合同为抵押权人办理第一顺位的担保义务。抵押人应当尽快涤除在先顺位担保权利。除非抵押人足额提存或提前清偿债务，抵押人应在担保额度内对主债务承担连带责任。

Unless agreed by the mortgagee, the mortgagee's mortgage is the first security right in order. If, for any reason, the mortgagee fails to enjoy the right of first order security with respect to the mortgagee property, the mortgagee shall have the right to require the mortgagor to provide other full amount of security, withdraw within the amount of security or pay off the debt in advance. The provision of other security by the mortgagor shall not exempt it from its obligation to handle the first order of security for the mortgagee in accordance with this contract. The mortgagor shall, as soon as possible, purge the prior collateral rights. Unless the mortgagor fully deposits or pays off the debt in advance, the mortgagor shall be jointly and severally liable for the principal debt within the amount of guarantee.

十、抵押权人有权将抵押人的信用信息（包括违约不良信息）提供给金融信用信息基础数据库和其他依法设立的征信机构；可以根据国家有关规定，通过金融信用信息基础数据库和其他依法设立的征信机构查询、打印、保存符合相关规定的抵押人的信用报告，包括在贷款存续期间对抵押人进行贷后风险管理查询。查询获得的信用报告限用于中国人民银行颁布的《个人信用信息基础数据库管理暂行办法》等规定用途范围。

The mortgagee shall have the right to provide the mortgagor's credit information (including the bad default information) to the basic database of financial credit information and other credit investigation agencies established according to law; In accordance with the relevant regulations of the State, the mortgagor's credit reports conforming to the relevant regulations may be inquired, printed and saved through the basic database of financial credit information and other legally established credit investigation agencies, including the inquiry of post-loan risk management of the mortgagor during the term of the loan. The credit reports obtained from the inquiry shall be used within the scope of use prescribed in ***the Interim Measures for the Management of Basic Database of Personal Credit Information*** promulgated by the People's Bank of China.

十一、法律文书等送达地址

Address for Service of Legal Documents and Other Documents

合同各方约定：以合同当事人的户籍地址和本合同专用条款第十五条约定的邮寄地址、联系电话（含手机短信）、传真、电子邮箱、微信号以及中国审判流程信息公开网、全国统一送达平台、移动微法院、人民法院在线服务等电子方式作为人民法院、仲裁、调解等机构或组织送达诉讼、仲裁、调解等法律文书及合同当事人向其他各方送达有关法律文书、通知、文件、邮件等的送达地址和方式。上述送达地址和方式适用于人民法院、仲裁、调解等机构或组织处理案件的全部程序，包括一审、二审、再审、执行程序、特别程序、督促程序及公示催告程序，也适用于债务人、抵押人在抵押权人处申请的其他授信产品（包括但不限于贷款、信用卡、普惠金融卡、准贷记卡等），任意一种方式送达均视为送达。

The parties hereto agree that: The household address of the parties to the contract and the mailing address, contact number (including mobile phone SMS), fax, email, WeChat account, China Trial Process Information Disclosure Network, national unified Service platform, mobile micro court, online service of the people's court and other electronic means shall be used as the people's court, arbitration, mediation and other institutions or organizations to serve the lawsuit or arbitration Address and method of service of legal documents such as arbitration and mediation and of service of relevant legal documents, notices, documents and mail by the parties to the contract to other parties. The above address and method of service shall apply to all procedures of the people's court, arbitration, mediation and other institutions or organizations to handle cases, including first instance, second instance, retrial, execution procedure, special procedure, supervision procedure and public urging procedure. It is also applicable to other credit granting products (including but not limited to loans, credit cards, inclusive finance cards, quasi-debit cards, etc.) applied by the debtor and mortgagor at the mortgagee, and shall be deemed to have been served in any way.

合同当事人的送达地址等联系方式如有变更，应在5日内书面通知有关各方。如因合同当事人提供的送达地址等联系方式无效或不完整，或变更后未及时书面通知抵押权人，或当事人及相关人员拒绝接收，或因当事人自身非不可抗力的任何因素导致法律文书、通知、文件、邮件等无法接收，视同合同当事人已收到各方当事人、人民法院、仲裁、调解等机构或组织寄送的相关文书。以邮寄方式送达的，回执上注明的收件日期或邮寄文件退回之日为文件签收之日；以传真、电子邮件、微信信息、手机短信、手机银行、网上银行、录音电话、中国审判流程信息公开网、全国统一送达平台、移动微法院、人民法院在线服务等数据电文形式发送相关文书的，除法律另有规定外，发送之日即视为送达和收到之日。电子送达若需提供"回证"的，可以送达内容及信息成功发送的手机截图或电脑屏幕截图等作为电子送达的"回证"形式。

If there is any change in the service address and other contact information of the parties, they shall notify the parties concerned in writing within 5 days. If the service address and other contact information provided by the parties to the contract are invalid or incomplete, or the mortgagee is not timely notified in writing after the change, or the parties and relevant personnel refuse to receive it, or the legal documents, notices, documents, mails and other documents cannot be received due to any factor other than force majeure of the parties themselves, It shall be deemed that the parties to the contract have received the relevant documents sent by the parties, the people's court, arbitration, mediation and other institutions or organizations. If it is served by mail, the date of receipt indicated on the return receipt or the date of return of the mailed documents shall be the date of receipt of the documents; Where relevant documents are sent in the form of data messages such as fax, E-mail, WeChat message, mobile phone short message, mobile banking, online banking, recorded telephone calls, China Trial Process Information Disclosure Network, National Unified Service Platform, mobile micro court, and People's Court online service, the date of sending shall be deemed to be the date of service and receipt, unless otherwise provided by law. If a "reply" is required for electronic service, the mobile phone screenshot or computer screen shot of the content and information successfully sent can be used as the form of "reply" for electronic service.

送达文件如无文件签收日期，则邮寄的文件在邮寄后的第7日即视为送达和收到之日；专递的文件在专递人员送达对方住所地之日即视为送达和收到之日。

If there is no signature date for the documents served, the mailed documents shall be deemed as the date of service and receipt on the 7th day after mailing; The documents delivered by Courier shall be deemed to be served and received on the date when the Courier delivers them to the domicile of the other party.

第十四条 声明条款

Article 14 Declaration provisions

一、抵押人清楚地知悉抵押权人的经营范围、授权权限。

The mortgagor is clearly aware of the business scope and authorization authority of the mortgagee.

二、抵押人已收到并阅知主合同所有条款，知悉主合同中所有权利义务。

The mortgagor has received and read all terms of the master contract and knows all rights and obligations in the master contract.

三、抵押人已阅读本合同所有条款，抵押权人已对本合同所有条款进行详尽说明，并着重就合同中的黑体字部分向抵押人做了特别的说明和解释。抵押人对合同的全部条款及法律后果已全面充分理解且均无疑义，并对有关权利义务和责任限制或免除条款的法律含义有准确无误的理解，对所有条款的法律后果已全面充分理解。

The mortgagor has read all the terms of this Contract, and the mortgagee has made a detailed explanation of all the terms of this contract, and has made special explanation and explanation to the mortgagor with emphasis on the bold words in the contract. The mortgagor has fully and undoubtedly understood all the terms and legal consequences of the contract, and has accurately and accurately understood the legal meaning of the relevant terms of limitation or exemption of rights, obligations and liabilities, and has fully and fully understood the legal consequences of all terms.

四、主合同项下借款用途如为"借新还旧"、"无还本续贷"或"资产重组"等，抵押人对此是知晓并自愿提供担保。

If the purpose of the loan under the main contract is "borrowing new to repay old", "renewing the loan without repayment of principal" or "asset restructuring", the mortgagor is aware of and provides guarantee voluntarily.

五、抵押人保证具有独立或经合法授权签署和履行本合同的民事权利能力和民事行为能力，否则应赔偿抵押权人的全部损失。

The mortgagor warrants that it has the capacity for civil rights and civil acts to sign and perform this Contract independently or legally authorized, failing which, it shall compensate the mortgagee for all losses.

专用条款

Special Terms and Conditions

**第十五条 立约人信息**

**Article 15 Information of the contracting parties**

**抵押权人**：<u>福建福清汇通农村商业银行股份有限公司</u><u> </u>

Mortgagee: <u>Fujian Fuqing Huitong Rural Commercial Bank Co., LTD</u>

法定代表人：<u>谢侨华</u> 授权代理人：<u>林小清</u><u> </u>

Legal representative: <u>Xie Qiaohua</u> Authorized agent: <u>Lin Xiaoqing</u>

法律文书等送达地址：①邮寄地址 <u>福清市音西街道福和路</u><u>88号</u>

Address for service of legal documents: <u>①</u> <u>Mailing address No. 88 Fuhe Road, Yinxi Street, Fuqing City</u>

②联系电话 <u>[\*]___________________________________</u>

② Contact number <u>[\*]</u>

③电子邮箱<u>＿</u><u>[\*]</u>

③ Email address <u>_[\*]</u>

④传真 <u>[\*]</u>

④ Fax <u>[\*]</u>

⑤微信号________________________________________

<u>⑤</u> <u>Wechat account</u>

**抵押人：**<u>福清市鸿昌食品有限公司_______________________</u>

Mortgagor: <u>Fuqing Hongchang Food Co., LTD</u>

证件名称及号码：<u>营业执照</u><u>91350181MA2YLLW82H _______</u>

Certificate name and number: <u>Business license 91350181MA2YLLW82H</u>

法定代表人：________授权代理人：___________________

Legal Representative: ________ Authorized Agent:_______________________

法律文书等送达地址：①邮寄地址<u>福清市城头镇福清市鸿昌食品有限公司_________</u>

Address of service of legal documents: ① Mailing address <u>Fuqing Hongchang Food Co., LTD., Chengtou Town, Fuqing City</u>

②联系电话 <u>[\*] ___________________________________</u>

② Contact number [\*]

③电子邮箱____________________________________

③ E-mail address

④传真_____________________________________

④ Fax

⑤微信号

⑤ WeChat account

**抵押人：________________________________**

Mortgagor:_______________________________________

证件名称及号码：_____________________________________

Certificate name and number:____________________________

法定代表人：__________________授权代理人：__________________

Legal Representative: _____________Authorized Agent:_______________

法律文书等送达地址：①邮寄地址________________________

Address of service of legal documents: ① Mailing address__________________

②联系电话__________________________________

② Contact number__________________________________

③电子邮箱__________________________________

③ E-mail address__________________________________

④传真__________________________________

④ Fax__________________________________

⑤微信号__________________________________

⑤ WeChat account__________________________________

**抵押人：__________________________________**

Mortgagor:__________________________________

证件名称及号码：__________________________________

Certificate name and number:__________________________________

法定代表人：_________ 授权代理人：__________________________________

Legal Representative: ________ Authorized Agent:__________________________________

法律文书等送达地址：①邮寄地址__________________________________

Address of service of legal documents: ① Mailing address__________________________________

②联系电话__________________________________

② Contact number__________________________________

③电子邮箱__________________________________

③ E-mail address__________________________________

④传真__________________________________

④ Fax__________________________________

⑤微信号__________________________________

⑤ WeChat account__________________________________

**第十六条 被担保的主债权**

**Article 16 The principal creditor's right guaranteed**

一、抵押人自愿为抵押权人自<u>2025</u>年<u>01</u>月<u>26</u>日起至<u>2035</u>年<u>01</u>月<u>25</u>日止，与债务人<u>福清市鑫宏博贸易有限公司（</u>证件类型：<u>营业执照</u>，证件号码：<u>91350181MA34Y9858G</u>）办理约定的各类业务所形成的债权提供担保。上述期间为最高额担保债权本金的确定期间。在上述期间办理约定的各类业务所形成的债权，其到期日不超过<u>2035</u>年<u>01</u>月<u>25</u>日。上述业务具体包括：（以划"✓"的为准）

The mortgagor voluntarily provides guarantee for the creditor's rights formed by the mortgagee's various agreed businesses with the debtor Fuqing Xinhongbo Trading Co., LTD. (certificate type: Business license, certificate number: 91350181MA34Y9858G) from January 26, 2025 to January 25, 2035. The above period is the period for determining the maximum principal of the secured creditor's right. The maturity date of the creditor's rights formed by the agreed various businesses handled during the above period shall not exceed January 25, 2035. The above business specifically includes: (subject to "✓")

☑ 人民币／外币贷款 □减免保证金开证 □出口打包放款

☑RMB/foreign currency loan □ Margin reduction and issuance □ Export package loan

□商业汇票贴现 □进口押汇 □银行保函

□ Discount of commercial bill □ Import bill □ Bank guarantee

□银行承兑汇票（扣除保证金部分） □出口押汇

□ Bank acceptance (net of margin) □ Export bill

□其他业务：

□ Other business:

二、抵押人担保的最高额债权金额按以下第<u>（二）</u>种方式确定：

The maximum amount of claims guaranteed by the Mortgagor shall be determined according to **Option (2)** below:

（一）最高额担保债权本金为人民币（大写） <u>/</u> 。基于债权本金所产生的利息、罚息、复利、违约金、损害赔偿金、生效法律文书迟延履行的加倍利息、抵押权人为实现债权所支付的一切费用等也属于被担保的债权，其具体金额在其清偿时确定。上述本金及利息、罚息、复利、违约金、损害赔偿金、生效法律文书迟延履行的加倍利息、抵押权人为实现债权所支付的一切费用等之和，即为本合同所担保的最高债权额。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The maximum principal amount of the secured claims shall be RMB (in words) ________ / ________. Interest, penalty interest, compound interest, liquidated damages, compensation for damages, doubled interest for delayed performance as adjudicated by effective legal documents, and all expenses incurred by the mortgagee to enforce the claims (collectively referred to as "Additional Amounts") shall also constitute part of the secured claims, with their specific amounts to be determined upon actual payment. The aggregate of the aforementioned principal and Additional Amounts shall constitute the maximum amount of secured claims under this Contract.

（二）最高额担保债权金额为人民币（大写）<u>壹亿零陆佰玖拾玖万元整</u>，本合同约定的"抵押担保范围"即为担保的最高债权额。

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The maximum amount of secured claims shall be RMB (in words) One Hundred and Six Million Nine Hundred and Ninety Thousand Yuan Only. The "Scope of Mortgage Security" as stipulated in this Contract shall constitute the maximum amount of secured claims.

第十七条 抵押担保事项

**Article 17 Mortgage Security Matters**

一、本合同项下的抵押物暂作价为人民币（大写）<u>壹亿零陆佰玖拾玖万元整</u>，其最终价值以抵押权实现时处分抵押物的净收入为准。抵押物（□需要／☑不需要）办理保险，抵押物保险费用由 <u>／</u> 承担。

The collateral under this Contract is preliminarily valued at RMB (in words) **One Hundred and Six Million Nine Hundred and Ninety Thousand Yuan Only**. The final value shall be determined by the net proceeds from the disposal of the collateral when the mortgage is enforced. The collateral (☑ does not require / □ requires) insurance. The insurance premium for the collateral shall be borne by ________ / ________.

二、本合同签订后 个法定工作日内，抵押人出具《授权委托书》委托抵押权人，或各方当事人共同到相应登记机关办妥抵押登记手续。如抵押登记机关可以对抵押物进行禁止或者限制转让登记的，应就禁止或者限制转让抵押物的约定进行登记。抵押物的他项权利证书、抵押登记文件正本及其他权利证书交抵押权人保管。

Within legal working days after the signing of this Contract, the mortgagor shall issue a Power of Attorney to entrust the mortgagee, or the parties shall jointly complete the mortgage registration procedures at the corresponding registration authority. If the mortgage registration authority can prohibit or restrict the registration of transfer of the mortgagee, it shall register the agreement on the prohibition or restriction of transfer of the mortgagee. The certificate of other rights, the original of the mortgage registration document and other certificates of rights of the mortgagee shall be kept by the mortgagee.

三、如债务人同时以自身所有的财产为主合同项下的债务提供物的担保，抵押权人有权要求抵押人先于该物的担保承担担保责任；如抵押权人放弃该担保物权、担保方式行使顺序发生变更或变更担保物权，抵押人同意继续按本合 同约定为主合同项下债务提供抵押担保，担保的责任和范围不因此而减免。

If the debtor simultaneously uses its own property as the main security for the debt provided under the contract, the mortgagee shall have the right to require the mortgagor to assume the security liability prior to the security of the said object; If the mortgagee waives the real right of security, the exercise sequence of the guarantee method is changed or the real right of security is changed, the mortgagor agrees to continue to provide mortgage guarantee for the debts under the main contract as agreed herein, and the responsibility and scope of the guarantee shall not be reduced accordingly.

第十八条 其他约定

Article 18 Other provisions

一、抵（质）押登记费由<u>抵押权人________</u> 承担。

The registration fee for mortgagee shall be borne by <u>the mortgagee.</u>

二、抵（质）押评估费由<u>抵押权人</u>___________承担。

The appraisal fee of mortgage (pledge) shall be borne by <u>the mortgagee.</u>

___________________________________________

___________________________________________

___________________________________________

___________________________________________

**第十九条 争议解决方式**

**Article 19 Means of dispute resolution**

本合同履行中如有争议，可由各方协商解决，也可按以下第<u>一</u>种方式解决：

Any dispute arising from the performance of this Contract shall be settled by the parties through negotiation or in the first of the following ways:

一、诉讼。Litigation.

由抵押权人住所地、具体办理贷款的网点所在地、合同签约地或 有管辖权的人民法院管辖。

It shall be under the jurisdiction of the mortgagee's domicile, the location of the specific branch handling the loan, the place where the contract is signed or the people's court with jurisdiction.

二、仲裁。提交 <u>___________/ _____________</u>（仲裁机构全称）按其仲裁规则进行仲裁。

Arbitration. Submit <u>_________/ ________</u> (full name of the arbitration institution) for arbitration in accordance with its arbitration rules.

各方同意贷款人有权将合同当事人信息提供给第三方调解组织用于调解目的，或在立案前由前述管辖法院先行委派或组织调解（依法不适宜调解的除外）。

The parties agree that the Lender has the right to provide the information of the parties to the contract to a third party mediation organization for mediation purposes, or to be appointed or organized by the aforementioned competent court before filing the case (except where mediation is not appropriate according to law).

各方同意人民法院或仲裁等机构或组织可以通过线上调解、线上立案、线上送达、线上举证质证、线上开庭、线上宣判等方式审理争议。

The parties agree that the people's court, arbitration and other institutions or organizations may try disputes through online mediation, online case filing, online service, online evidence cross-examination, online court hearing, online sentencing and other means.

诉讼或仲裁期间，本合同不涉及争议的条款仍须履行。

During the litigation or arbitration, the provisions of this contract not involved in the dispute shall still be performed.

各方当事人因履行本合同产生争议的，可拨打福建农信客户服务热线96336或福建省银行业保险业消费者权益保护服务中心统一服务专线968133。

In case of any dispute arising from the performance of this Contract, the parties may call Fujian Rural Credit Customer Service hotline 96336 or Fujian Banking and Insurance Consumer Rights Protection Service Center unified service line 968133.

本合同适用中华人民共和国（不含港澳台）法律。

This contract shall be governed by the laws of the People's Republic of China (excluding Hong Kong, Macao and Taiwan).

第二十条 本合同自各方签名或盖章之日起生效。本合同一式 <u>五</u>份，抵押人、债务人、登记部门、 各执壹份，抵押权人执 <u>二</u> 份，具有同等法律效力。

Article 20 This Contract shall come into force upon being signed or sealed by all parties. This Contract is made in five counterparts, with one held by the mortgagor, the debtor, the registration department, ________________, and two held by the mortgagee, all of which have the same legal effect.

《抵押物品清单》（编号： ）如下：

The List of mortgaged Articles (No.) is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 抵押物1<br> Collateral 1 | 抵押人名称：福清市鸿昌食品有限公司<br> Name of mortgagor: Fuqing Hongchang Food Co., LTD | 抵押人名称：福清市鸿昌食品有限公司<br> Name of mortgagor: Fuqing Hongchang Food Co., LTD | 抵押人名称：福清市鸿昌食品有限公司<br> Name of mortgagor: Fuqing Hongchang Food Co., LTD | &nbsp;&nbsp; 抵押物共有人名称：<br> Name of co-owner of the mortgaged property: | &nbsp;&nbsp; 抵押物共有人名称：<br> Name of co-owner of the mortgaged property: | &nbsp;&nbsp; 抵押物共有人名称：<br> Name of co-owner of the mortgaged property: |
| 抵押物类型<br> Type of collateral | 抵押物类型<br> Type of collateral | 抵押物名称<br> Name of mortgaged property | 抵押物名称<br> Name of mortgaged property | 抵押物名称<br> Name of mortgaged property | 权属证书及编号<br> The ownership certificate and serial number | 权属证书及编号<br> The ownership certificate and serial number |
|  |  | &nbsp;&nbsp;&nbsp; 福清市鸿昌食品有限公司房产及土地<br> Property and land of Fuqing Hongchang Food Co., LTD | &nbsp;&nbsp;&nbsp; 福清市鸿昌食品有限公司房产及土地<br> Property and land of Fuqing Hongchang Food Co., LTD | &nbsp;&nbsp;&nbsp; 福清市鸿昌食品有限公司房产及土地<br> Property and land of Fuqing Hongchang Food Co., LTD | &nbsp;&nbsp; 闽（2025）福清市不动产权第9002552号<br> Fujian (2025) Fuqing Real Estate Right No. 9002552 | &nbsp;&nbsp; 闽（2025）福清市不动产权第9002552号<br> Fujian (2025) Fuqing Real Estate Right No. 9002552 |
| 品牌及型号<br> Brand and model | 单位及数量<br> Unit and quantity | 单位及数量<br> Unit and quantity | 评估价值（元）<br> Appraised value (RMB) | 评估价值（元）<br> Appraised value (RMB) | 评估价值（元）<br> Appraised value (RMB) | 抵押金额（元）<br> Mortgage amount (RMB) |
|  | 建筑面积：47104.25㎡<br> Building area: 47104.25㎡<br> 土地面积：44443.27㎡<br> Land area: 44443.27㎡ | 建筑面积：47104.25㎡<br> Building area: 47104.25㎡<br> 土地面积：44443.27㎡<br> Land area: 44443.27㎡ | 106990000 | 106990000 | 106990000 | 106990000 |
| 已经为其他债权设定抵押的金额（元）<br> Amount of collateral already set for other claims (RMB) | 已经为其他债权设定抵押的金额（元）<br> Amount of collateral already set for other claims (RMB) | 已经为其他债权设定抵押的金额（元）<br> Amount of collateral already set for other claims (RMB) | 抵押物所处地址<br> Address of the mortgaged property | 抵押物所处地址<br> Address of the mortgaged property | 抵押物所处地址<br> Address of the mortgaged property | 抵押物所处地址<br> Address of the mortgaged property |

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<u> 福清市城头镇福清市鸿昌食品有限公司 Fuqing Hongchang Food Co., LTD. Chengtou Town, Fuqing City</u>

<u> 抵押物2 Collateral 2</u> <u> 抵押人名称： Name of mortgagor:</u> <u> 抵押物共有人名称： Name of co-owner of the mortgaged property:</u>

<u> 抵押物类型 Type of collateral</u> <u> 抵押物名称 Name of mortgaged property</u> <u> 权属证书及编号 The ownership certificate and serial number</u>

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| | | | |
|:---|:---|:---|:---|
| 品牌及型号<br> Brand and model | 单位及数量<br> Unit and quantity | 评估价值（元）<br> Appraised value (RMB) | 抵押金额（元）<br> Mortgage amount (RMB) |

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| | |
|:---|:---|
| 已经为其他债权设定抵押的金额（元）<br> Amount of collateral already set for other claims(RMB) | 抵押物所处地址<br> Address of the mortgaged property |

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**★★★★签约重要内容确认**

**★★★★** **Confirm the important contents of the contract**

一、抵押人清楚地知悉抵押权人的经营范围、授权权限。

The mortgagor is clearly aware of the business scope and authorization authority of the mortgagee.

二、抵押人已收到并阅知主合同所有条款，知悉主合同中所有权利义务。

The mortgagor has received and read all terms of the master contract and knows all rights and obligations in the master contract.

三、抵押人已阅读本合同所有条款，抵押权人已对本合同所有条款进行详尽说明，并着重就合同中的黑体字部分向抵押人做了特别的说明和解释。抵押人对合同的全部条款及法律后果已全面充分理解且均无疑义，并对有关权利义务和责任限制或免除条款的法律含义有准确无误的理解，对所有条款的法律后果已全面充分理解。

The mortgagor has read all the terms of this Contract, and the mortgagee has made a detailed explanation of all the terms of this contract, and has made special explanation and explanation to the mortgagor with emphasis on the bold words in the contract. The mortgagor has fully and undoubtedly understood all the terms and legal consequences of the contract, and has accurately and accurately understood the legal meaning of the relevant terms of limitation or exemption of rights, obligations and liabilities, and has fully and fully understood the legal consequences of all terms.

四、主合同项下借款用途如为"借新还旧"、"无还本续贷"或"资产重组"等，抵押人对此是知晓并自愿提供担保。

If the purpose of the loan under the main contract is "borrowing new to repay old", "renewing the loan without repayment of principal" or "asset restructuring", the mortgagor is aware of and provides guarantee voluntarily.

五、抵押人保证具有独立或经合法授权签署和履行本合同的民事权利能力和民事行为能力，否则应赔偿抵押权人的全部损失。

The mortgagor warrants that it has the capacity for civil rights and civil acts to sign and perform this Contract independently or legally authorized, failing which, it shall compensate the mortgagee for all losses.

---

| | |
|:---|:---|
| &nbsp;&nbsp; 抵押权人（签章）:<br>Mortgagee (signature and seal) : Fujian Fuqing Huitong Rural Commercial Bank Co., LTD<br>法定代表人：<br>Legal representative: */s/Xiaoqing Lin*<br>授权代理人：<br>Authorized Agent:<br>| &nbsp;&nbsp; 抵押人（签章）：<br>Mortgagor (signature and seal) : Fuqing Hongchang Food Co., LTD<br>法定代表人：<br>Legal representative: */s/ Zengqiang Lin*<br>授权代理人：<br>Authorized Agent:<br>|
| &nbsp;&nbsp; <br> 抵押人（签章）：<br>Mortgagor (signature and seal) :<br>| &nbsp;&nbsp; <br> 抵押人（签章）：<br>Mortgagor (signature and seal) :<br>|
| &nbsp;&nbsp; 法定代表人：<br>Legal representative:<br>授权代理人：<br>Authorized Agent: | &nbsp;&nbsp; 法定代表人：<br>Legal representative:<br>授权代理人：<br>Authorized Agent: |

---

签约时间： <u>2025</u> 年 <u>01</u> 月 <u>26</u>日

Date of Signing: January 26, 2025

签约地点：<u>福清市</u>

Place of Signing: <u>Fuqing</u>

抵押人配偶承诺：本人为抵押人配偶，同意抵押人签署及履行本合同，同意按本合同约定以抵押物品清单所列财产的100％为主合同项下债务提供抵押担保；已特别注意合同加黑条款及有关权利义务限制或免除条款，对合同全部条款已全面、准确理解且无异议。本人以下确认的"法律文书等送达地址"同样适用本合同第十三条第十一款有关法律文书等送达地址的效力约定。

The spouse of the mortgagor undertakes that: as the spouse of the mortgagor, I agree that the mortgagor will sign and perform this contract, and agree to provide mortgage guarantee for the debts under the contract with 100% of the property listed in the list of mortgagees as agreed herein; Special attention has been paid to the black clause of the contract and the relevant limitation or exemption clause of rights and obligations, and all the terms of the contract have been fully and accurately understood without objection. The "address for service of legal documents" confirmed below shall also be subject to the provisions on the validity of the address for service of legal documents in paragraph 11 of Article 13 hereof.

---

| | |
|:---|:---|
| &nbsp;&nbsp; 抵押人配偶（签章）：<br> Spouse of mortgagor (signature and seal) : | &nbsp;&nbsp;&nbsp;&nbsp; 证件名称：<br> Certificate Name: |
| &nbsp;&nbsp; 证件号码：<br> Certificate No. : | &nbsp;&nbsp;&nbsp; 签章时间：_____ 年 _____月 _____日<br> Date of Signing: ___________________ |
| &nbsp;&nbsp; 法律文书等送达地址：①邮寄地址<br> Address of service of legal documents: ① Mailing address | &nbsp;&nbsp;<u> </u> |
| &nbsp;&nbsp; ②联系电话<u> </u><br> Contact number:  | |
| &nbsp;&nbsp; ③电子邮箱<u> </u><br> ③ E-mail address | |
| &nbsp;&nbsp; ④传真<u> </u><br> ④ Fax<u> </u> |  |
| &nbsp;&nbsp; ⑤微信号<u> </u><br> ⑤ WeChat account<u> </u> | &nbsp;&nbsp; ⑤微信号<u> </u><br> ⑤ WeChat account<u> </u> |
| &nbsp;&nbsp;抵押人配偶（签章）： | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;证件名称：<br>|
| &nbsp;&nbsp; 证件号码：<br> 法律文书等送达地址：①邮寄地址 _______________<br> ②联系电话 _____________ | 签章时间： _____年 _____月 _____日<br>|
| &nbsp;&nbsp; 证件号码：<br> 法律文书等送达地址：①邮寄地址 _______________<br> ②联系电话 _____________ | <u> </u> |
| ③电子邮箱<u> </u> | ③电子邮箱<u> </u> |
| &nbsp;&nbsp;④传真<u> </u> | &nbsp;&nbsp;<u> </u> |
| ⑤微信号<u> </u> | ⑤微信号<u> </u> |
| &nbsp;&nbsp; 抵押人配偶（签章）：<br>证件号码：<br> 法律文书等送达地址：①邮寄地址 _______________ | &nbsp;&nbsp;&nbsp;&nbsp; 证件名称：<br>签章时间： _____年 _____月 _____日 <br>|
| &nbsp;&nbsp;②联系电话<u> </u> | <u> </u> |
| ③电子邮箱<u> </u> | ③电子邮箱<u> </u> |
| ④传真<u> </u> | ④传真<u> </u> |
| ⑤微信号<u> </u> | ⑤微信号<u> </u> |

---

## Exhibit 21.1

**Exhibit 21.1**

**Principal Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiary** | **<u>Place of Incorporation</u>** |
| Hongchang Global Investment Holdings Limited | British Virgin Islands |
| Hong Chang Biotechnologies (HK) Limited | Hong Kong |
| Fujian Hongjin Biotechnology Co., Ltd. | People's Republic of China |
| Fuqing Hongchang Food Co., Ltd | People's Republic of China |
| Fujian Hongchang Global Food Co., Ltd | People's Republic of China |
| Fuqing Hongchang Global Import & Export Co., Ltd | People's Republic of China |
| Fuqing Hongchang Global Supply Chain Co., Ltd | People's Republic of China |
| Hongfu Food (Fujian) Co., Ltd | People's Republic of China |
| Pucheng Green Health Food Co., Ltd | People's Republic of China |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification by the Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Zengqiang Lin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this transition report on Form 10-K of Hongchang International Co., Ltd;

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(s) 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;&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;

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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer(s) 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 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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

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: | August 11, 2025 |
|  | */s/ Zengqiang Lin* |
| Name: | Zengqiang Lin |
| Title: | Chief Executive Officer <br> *(Principal Executive Officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification by the Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Zengqiang Lin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this transition report on Form 10-K of Hongchang International Co., Ltd;

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(s) 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;&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;

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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer(s) 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 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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

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: | August 11, 2025 |
|  | */s/ Zengqiang Lin* |
| Name: | Zengqiang Lin |
| Title: | Chief Financial Officer<br> (*Principal Financial Officer*) |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification by the Principal Executive Officer** 

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to U.S.C. Section 1350 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Zengqiang Lin, Chief Executive Officer of Hongchang International Co., Ltd (the "Company"), hereby certify to my knowledge that:

The transition report on Form 10-K for the transition period from January 1, 2025 to March 31, 2025 of the Company fully complies, in all material respects, with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 11, 2025

---

| |
|:---|
| */s/ Zengqiang Lin* |
| Zengqiang Lin |
| Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification by the Principal Financial Officer** 

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to U.S.C. Section 1350 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Zengqiang Lin, Chief Financial Officer of Hongchang International Co., Ltd (the "Company"), hereby certify to my knowledge that:

The transition report on Form 10-K for the transition period from January 1, 2025 ended to March 31, 2025 of the Company fully complies, in all material respects, with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 11, 2025

---

| |
|:---|
| */s/ Zengqiang Lin* |
| Zengqiang Lin |
| Chief Financial Officer<br> (Principal Financial Officer) |

---