Securities code: 688005 Securities abbreviation: Rongbai Technology Announcement No.: 2023-011

Ningbo Rongbai New Energy Technology Co., Ltd.

Announcement on Changes in Accounting Policies

the company's board of directors and all directors to ensure that the contents of this announcement does not exist any false records, misleading statements or major omissions, and the authenticity, accuracy and completeness of the contents of the legal responsibility.

Important Content Tips:

Ningbo Rongbai New Energy Technology Co., Ltd. (hereinafter referred to as the "Company") is based on December 30, 2021.

and the "Enterprise" issued by the Ministry of Finance of the People's Republic of China (the "Ministry of Finance") on November 30, 2022.

Accounting Standards Interpretation No. 15 (Accounting [2021] No. 35, hereinafter referred to as "Standard Interpretation No. 15"))

and Interpretation of Enterprise Accounting Standards No. 16 (Accounting [2022] No. 31, hereinafter referred to as "Interpretation of Standards".

No. 16 ") requires a change in accounting policy. This change in accounting policy has a significant impact on the Company's financial position.

operating results and cash flows will not have a significant impact.

Overview of changes in 1. accounting policies

Reasons for changes in (I) accounting policies

On December 30, 2021, the Ministry of Finance issued Interpretation No. 15 of the Guidelines, which "Regarding Enterprises

Export products or by-products produced before fixed assets are ready for use or during research and development.

The accounting treatment of sales "and" judgment on loss contracts "will come into effect on January 1, 2022.

In accordance with the requirements of the above documents, the Company shall make corresponding changes to its accounting policies, which shall be implemented from the prescribed date.

On November 30, 2022, the Ministry of Finance issued Code Interpretation No. 16, which "on individual

Deferred income tax related to assets and liabilities arising from the transaction does not apply to the accounting treatment of the initial recognition exemption "within

The implementation will take effect from January 1, 2023, allowing enterprises to advance the implementation from the release year, the company from January 1, 2023.

The accounting treatment related to the matter will come into effect on January 1, and the contents of "accounting treatment on the income tax impact of dividends related to financial instruments classified as equity instruments by issuers" and "accounting treatment on the modification of cash-settled share-based payments to equity-settled share-based payments by enterprises" will come into effect on the date of publication. According to the above documents

Requirements, the company to make corresponding changes to the accounting policy, from the date of implementation.

(II) policies adopted prior to this change

Prior to the change in accounting policy, the Company implemented the Ministry of Finance's "Enterprise Accounting Standards-Basic Standards" and various specific accounting standards, subsequent issuance and revision of enterprise accounting standards, guidelines for the application of enterprise accounting standards, announcements on the interpretation of enterprise accounting standards and other relevant regulations.

(III) policies adopted after this change

After the change in accounting policy, the Company, in accordance with the Interpretation of Standards No. 15 and Interpretation of Standards No. 16, is required

The remaining unchanged or not up to the date of execution is still in accordance with the original provisions of the above.

The impact of changes in 2. accounting policies on the company.

This change in accounting policy is a reasonable change made by the Company in accordance with the provisions and requirements of Standard Interpretation No. 15 and Standard Interpretation No. 16 issued by the Ministry of Finance. The changed accounting policy can more objectively and fairly reflect the company's financial status and operating results, comply with relevant laws and regulations and the company's actual situation, and will not have a significant impact on the company's financial status, operating results and cash flow, and does not involve previous The retrospective adjustment of the year does not harm the interests of the company and shareholders.

3. Approval Procedures and Opinions of the Supervisory Board and Independent Directors

On March 28, 2023, the company held the 21st meeting of the second board of directors and the 10th meeting of the second board of supervisors.

The seven meetings considered and adopted the Bill on Changes in the Company's Accounting Policy. The independent directors, the audit committee and the board of supervisors all agree with the change of accounting policy, and believe that the change of accounting policy of the company conforms to the relevant provisions of the Ministry of Finance, the China Securities Regulatory Commission and the Shanghai Stock Exchange, can accurately reflect the company's financial situation and operating results, and is also in the interests of the company and all shareholders.

It is hereby announced.

Board of Directors of Ningbo Rongbaixin Energy Technology Co., Ltd.

29 March 2023