The Board announces that, on 20 May 2022, IRICO Group New Energy Company Limited (as the supplier) and GCL System Integration (as the purchaser) entered into the Strategic Cooperation Agreement for the supply and purchase of Products with an estimated total contract amount of approximately RMB 2.021 billion (tax inclusive), the term of which will expire in April 2024. Term of validity: The Strategic Cooperation Agreement shall come into force on the date of sealing by both parties and signing (or sealing) by their respective legal representatives or authorized representatives, the term of which will expire in April 2024.