Liaoning Huaxia Law Firm

About Bingshan Cold & Heat Technology Co., Ltd.

of the 2024 Annual General Meeting

Legal Opinion

Liaohua Law Firm Document No. [2025] 004

To: Bingshan Cold & Heat Technology Co., Ltd.

In accordance with the Company Law of the People’s Republic of China (hereinafter referred to as the “Company Law”), the Rules for Shareholders’ Meetings of Listed Companies (hereinafter referred to as the “Shareholders’ Meeting Rules”), the Detailed Implementation Rules for Online Voting at Shareholders’ Meetings of Listed Companies of the Shenzhen Stock Exchange (hereinafter referred to as the “Online Voting Detailed Rules”), and other relevant laws and regulations, as well as the Articles of Association of Bingshan Cold & Heat Technology Co., Ltd. (hereinafter referred to as the “Articles of Association”), our firm has accepted the engagement of Bingshan Cold & Heat Technology Co., Ltd. (hereinafter referred to as the “Company”) and assigned attorneys Bao Jingxin and Liu Cuimei to attend the Company’s 2024 Annual General Meeting held on May 22, 2024. We have also issued a legal opinion on the legality of such matters as the convening and procedural compliance of the meeting, the qualifications of persons attending the meeting, the qualifications of the convener, as well as the voting procedures and results of the meeting.

The attorneys of this firm consent to the Company’s publication of this legal opinion as a statutory document for the current shareholders’ meeting and undertake legal liability for the opinions expressed herein in accordance with the law.

In accordance with the industry-recognized standards of practice, ethical guidelines, and the duty of due diligence expected of lawyers, the attorneys of this firm have reviewed and verified all documents and materials provided by the Company that are relevant to the issuance of this legal opinion. Based on such review, we hereby render the following legal opinion:

I. Procedures for Convening and Holding This Shareholders’ Meeting

(1) This shareholders’ meeting was convened by the Company’s Board of Directors. The notice of the meeting was published in the China Securities Journal and on the Cninfo website on April 24, 2024, more than twenty days prior to the date of the meeting. In the notice of the shareholders’ meeting, the Company provided clear instructions regarding the online voting system, the voting period, and the operational procedures.

(2) The on-site session of this shareholders’ meeting was chaired by the Chairman of the Company, and the time, venue, and matters to be considered at the meeting were consistent with those specified in the notice of the meeting.

The Company has provided a online voting platform for its shareholders. Specifically, online voting via the Shenzhen Stock Exchange trading system will be available from 9:15 a.m. to 9:25 a.m., from 9:30 a.m. to 11:30 a.m., and from 1:00 p.m. to 3:00 p.m. on May 22, 2025; online voting via the Shenzhen Stock Exchange’s internet voting system may be conducted at any time between 9:15 a.m. and 3:00 p.m. on the same day. The timing and methods for online voting are consistent with the contents of the meeting notice and announcement.

Upon verification, the attorneys of this firm are of the opinion that the procedures for convening and holding the Company’s current shareholders’ meeting are in compliance with the relevant laws and regulations, including the Company Law, the Securities Law, and the Rules of the Shareholders’ Meeting, as well as the provisions of the Company’s Articles of Association.

II. Qualifications of Attendees and the Convenor of This Shareholders’ Meeting

(1) Upon verification, the attendance of shareholders and their proxies at this shareholders’ meeting is as follows:

1. A total of seven shareholders and their proxies attended the on-site meeting of this shareholders’ general meeting, representing 246,677,214 shares, or 29.26% of the company’s total voting shares. The attorneys of this firm verified the identity documents, shareholding certificates, power of attorney letters, the company’s register of shareholders, and other relevant documents and materials submitted by the shareholders and their proxies in attendance, thereby confirming that the aforementioned shareholders and proxies were duly qualified to attend the shareholders’ general meeting.

2. According to the statistical results of online voting provided by Shenzhen Securities Information Co., Ltd., a total of 328 shareholders cast valid votes through the online voting system at this shareholders’ meeting, holding a combined total of 5,420,840 shares, representing 0.64% of the company’s total outstanding shares with voting rights.

In summary, upon verification, a total of 335 shareholders and their proxies attended the Company’s current shareholders’ meeting, representing 252,098,054 shares, or 29.90% of the Company’s total outstanding voting shares.

(2) In addition to the aforementioned shareholders and their proxies, attendees at this shareholders’ meeting also included certain directors, supervisors, senior management personnel of the Company, and attorneys from our firm.

The attorneys of this firm are of the opinion that the qualifications of the aforementioned persons attending and observing this shareholders’ meeting comply with the provisions of the Company Law, the Rules of Procedure for Shareholders’ Meetings, and the Articles of Association.

(3) This shareholders’ meeting was convened by the Company’s Board of Directors, and the convener’s qualifications are lawful and valid.

III. Voting Procedures and Results of This Shareholders’ Meeting

(1) Voting Procedure

1. Upon verification by the attorneys of this firm, the matters actually considered at this shareholders’ meeting are consistent with the proposals announced by the Company’s Board of Directors, and no amendments were made to the proposals during the course of the meeting, thereby complying with the relevant provisions of the Company Law, the Rules of the Shareholders’ Meeting, and the Articles of Association.

2. At the on-site meeting of this shareholders’ general meeting, shareholder representatives, supervisory board representatives, and attorneys from our firm were jointly appointed to conduct the vote-counting and vote-monitoring procedures. The vote-monitoring personnel then tallied the voting results, which were subsequently announced by the chair of the meeting at the venue. The announcement of the voting status and outcomes for each proposal was in full compliance with applicable laws, regulations, and the Articles of Association of the Company.

3. The online voting procedure for this shareholders’ meeting was designed in accordance with the provisions of the Detailed Rules on Online Voting, and the total number of voting rights exercised through online voting as well as the voting results were provided to the Company by Shenzhen Securities Information Co., Ltd., thereby complying with applicable laws and regulations.

In summary, the attorneys of this firm are of the opinion that the voting procedures for this shareholders’ meeting comply with the relevant provisions of the Company Law, the Rules of the Shareholders’ Meeting, and the Articles of Association.

(II) Voting Results

At this shareholders’ meeting, the following proposals were reviewed and approved item by item:

1. The Company’s Board of Directors’ 2024 Work Report;

2. 2024 Annual Work Report of the Company’s Supervisory Board;

3. The Company’s 2024 Annual Financial Settlement Report;

4. Report on the Company’s 2024 Profit Distribution Plan;

5. The Company’s 2024 Annual Report;

6. Report on Authorizing the Company’s Chairman and Management to Apply for Bank Credit Lines and Loan Limits for the Year 2025;

7. Report on the Company’s Estimated Routine Related-Party Transactions for 2025;

7.01 Estimated routine related-party transactions expected to occur in 2025 between the Company and its shareholder, Dalian BingShan Group Co., Ltd., and its controlled subsidiaries;

7.02 Estimated routine related-party transactions expected to occur in fiscal year 2025 between the Company and companies directly or indirectly controlled by its related party, Panasonic Holdings Corporation;

7.03 Estimated routine related-party transactions expected to be entered into by the Company and other related parties in 2025;

8. Report on the Appointment of the Company’s Auditor for the Year 2025;

9. Report on the Absorption Merger of a Wholly Owned Subsidiary.

All of the foregoing proposals were approved by a majority of the voting rights held by shareholders present at the meeting, as required by law. Notably, Proposal No. 7 involves related-party transactions; the related shareholders recused themselves from voting, and their voting rights were not included in the total number of valid votes for this proposal. In addition, Proposal No. 9 was approved by more than two-thirds of the voting rights held by shareholders present at the meeting.

Upon verification, the attorneys of this firm are of the opinion that the voting procedures for the Company’s current shareholders’ meeting comply with the provisions of the Company Law, the Securities Law, the Rules of the Shareholders’ Meeting, the Detailed Rules on Online Voting, and other applicable laws, regulations, normative documents, as well as the Company’s Articles of Association, and that the voting results are lawful and valid.

IV. Concluding Remarks

In summary, the attorneys of this firm are of the opinion that the convening and conduct of the Company’s current shareholders’ meeting comply with the provisions of the Company Law, the Rules of the Shareholders’ Meeting, the Detailed Rules on Online Voting, and other applicable laws, regulations, normative documents, as well as the Company’s Articles of Association; that the qualifications of the attendees and the convener of the meeting are lawful and valid; and that the voting procedures and voting results of the meeting are lawful and valid.

(This page contains no substantive text; it is the signature page for the “Legal Opinion of Liaoning Huaxia Law Firm on the 2024 Annual General Meeting of Shareholders of Bingshan Cold & Heat Technology Co., Ltd.”)

Liaoning Huaxia Law Firm (Seal) Handling Attorney (Signature):

Person in Charge (Signature): Bao Jingxin:

Sun Xuefeng: Liu Cuimei ：              

May 22, 2025