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Notice of change of company name

Release time:

Aug 23,2021

To: All business cooperation units

On August 30, 2021, the name of our company was changed from “Yantai Shougang Magnetic Materials Co., Ltd.” to "Yantai Dongxing Magnetic Materials Co., Ltd." (English name: Yantai Dongxing Magnetic Materials Inc.).After the company changed its name, the operating entity has not changed in any other way. The relevant situation is now explained as follows：

1.The equity structure remains unchanged: the company's existing shareholders and shareholding ratio remain unchanged；

2.The main business remains the same: the company has always been committed to the research, development, production and sales of rare earth permanent magnet materials, and provides related services；

3.The personnel team remains unchanged: the company's senior management, R&D technical team, management team and workers have not changed.；

4.The ownership of intellectual property rights remains unchanged: all patents obtained by the company at home and abroad, as well as the ownership of the ”YSM“ trademark, remain unchanged; (The company still uses the abbreviation ”YSM".）

5.The business entity and the legal relationship remain unchanged: the original signed contracts, agreements, letters and other written materials will continue to be valid, and the original business relationships and service commitments will remain unchanged.；

6.The company's business address, website address and contact information remain unchanged.

We apologize for the inconvenience caused to you due to the change of company name.

Notice is hereby given.

Yantai Dongxing Magnetic Materials Co., Ltd.

August 31, 2021