ZMAX: Departure of core technical personnel has little impact on the company

Guosen Securities conducted an investigation into the departure of Li Bingchuan, a core technical staff member of ZMAX. Li Bingchuan left for personal reasons and will no longer hold any position in the company after his departure. He indirectly held 38,680 shares and did not reduce his holdings. The research and development results and patents he participated in during his tenure belong to the company, and the work handover has been completed. His departure does not affect the integrity of the company's intellectual property. The number of R&D personnel increased from 134 at the end of 2022 to 164 at the end of 2024, and there are still 10 core technical staff members after the personnel change. The sponsor institution believes that this departure will not affect the company's main research projects or the integrity of its patents, and there is no significant adverse impact on its R&D capabilities and ongoing operational capacity