China First Heavy Industries proposes auditor change for 2025

China First Heavy Industries Co., Ltd. (CFHI) is set to hold its fifth extraordinary general meeting of shareholders on December 24, 2025, to approve the appointment of Zhonghua Certified Public Accountants (Special General Partnership) as its auditor for the 2025 financial year. This change follows a tendering process, as the previous auditor, Zhonghuan Certified Public Accountants, has served the company for nine years, nearing the ten-year service limit for state-owned enterprises.

Zhonghua Certified Public Accountants, established in 1985, boasts extensive experience in capital markets, having assisted numerous companies with IPOs across various industries. The firm's last audited annual revenue was 568.93m yuan, with auditing services contributing 472.81m yuan. The proposed audit fee for CFHI in 2025 is 1.85m yuan, comprising 1.40m yuan for financial report audits and 0.45m yuan for internal control audits.

The decision has been communicated to both the outgoing and incoming accounting firms, with both parties acknowledging and agreeing to the transition without objection. The proposal has already received approval from the company's president's office, the party committee, and the board of directors' audit and risk committee, as well as the 62nd meeting of the fourth board of directors.