According to Zhitong Finance App, Jin Taifeng International Holdings (09689) announced that on September 18, 2026 and October 8, 2026, the Group entered into a purchase agreement (Huafeng Purchase Agreement) with Zhuhai Huafeng Petrochemical Co., Ltd. (Zhuhai Huafeng), a company established in the People's Republic of China (China), to purchase refined oil products and fuel oil. According to Huafeng's purchase contract, prepayment must be made before oil products are delivered. On October 10, 2026, an advance payment of approximately RMB 82.849 million (Huafeng advance payment) was made.
The Group signed a cooperation framework agreement with Huafeng in Zhuhai on March 13, 2026. According to this, the two parties signed an independent purchase agreement after fair negotiations according to individual circumstances. The framework agreement itself contains no provision for advance payments.
Immediately before payment of the advance payment to Huafeng on October 10, 2026, the Group's prepayment balance to Huafeng in Zhuhai was approximately RMB 158.54 million, accounting for about 2.3% of the Group's total assets calculated according to the asset ratio defined in section 14.07 (1) of the Listing Rules. After payment of the advance payment to Huafeng on October 10, 2026, the balance of the advance payment to Huafeng in Zhuhai was approximately RMB 98.703 million, accounting for about 14.3% of the Group's total assets (total amount of Huafeng's prepayment amount).
On September 30, 2026, the Group signed a purchase agreement (CNPC Purchase Agreement) with the Guangdong Sales Branch of CNPC Refining Specialty Products Co., Ltd. (CNPC Refining Specialty Products Guangdong), a branch established in China. According to the CNPC purchase agreement, prepayment is required before oil products are delivered. On October 10, 2026, an advance payment of approximately RMB 7.2 million (CNPC prepayment) was made.
Immediately prior to the advance payment to CNPC on October 10, 2026, the Group's prepayment balance to CNPC's specialty product Guangdong was approximately RMB 53.466 million, accounting for about 7.8% of the Group's total assets calculated according to the asset ratio defined in section 14.07 (1) of the Listing Rules. After payment of the prepayment to CNPC on October 10, 2026, the balance of the prepayment to CNPC's specialty product Guangdong was approximately RMB 606.66 million, accounting for about 8.8% of the Group's total assets (total prepayment amount).
Huafeng's total prepayment amount and CNPC's total prepayment amount are interest-free and unsecured. After delivery of the relevant products, the total amount of Huafeng advance payment made by the Group and the total amount of CNPC advance payment will be confirmed as inventory costs. Any unspent funds will be returned to the Group within about one month or carried over and used in subsequent contracts.