{"url_path":"/sec/hcai/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1958399/0001213900-26-055775-index.html","accession_number":"0001213900-26-055775","cik":"0001958399","ticker":"HCAI","issuer_name":"Huachen AI Parking Management Technology Holding Co., Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1958399/0001213900-26-055775-index.html","primary_entity_key":"0001958399","primary_entity_name":"Huachen AI Parking Management Technology Holding Co., Ltd"},"word_count":12417,"has_tables":true,"body_markdown":"**Item 19. Exhibits**\n\n** **\n\n**Exhibit No.**\n \n**Description of Exhibit**\n\n \n \n \n\n1.1*\n \n[Amended and Restated Memorandum and Articles of Association of Huachen AI Parking Management Technology Holding Co., Ltd ](ea028945301ex1-1.htm)\n\n \n \n \n\n2.1*\n \n[Description of Securities](ea028945301ex2-1.htm)\n\n \n \n \n\n4.1\n \n[Employment Agreement by and between Huachen AI Parking Management Technology Holding Co., Ltd and Bin Lu dated August 1, 2024 (incorporated by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex10-1_huachenai.htm)\n\n \n \n \n\n4.2\n \n[Employment Agreement by and between Huachen AI Parking Management Technology Holding Co., Ltd and Lei Shen dated August 1, 2024 (incorporated by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex10-2_huachenai.htm)\n\n \n \n \n\n4.3\n \n[Director Offer Letter by and between Huachen AI Parking Management Technology Holding Co., Ltd and Dennis Tao Chen dated August 1, 2024 (incorporated by reference to Exhibit 10.3 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex10-3_huachenai.htm)\n\n \n \n \n\n4.4\n \n[Director Offer Letter by and between Huachen AI Parking Management Technology Holding Co., Ltd and Jing Wang dated August 1, 2024 (incorporated by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex10-4_huachenai.htm)\n\n \n \n \n\n4.5\n \n[Director Offer Letter by and between Huachen AI Parking Management Technology Holding Co., Ltd and Chao Xu dated August 1, 2024 (incorporated by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex10-6_huachenai.htm)\n\n \n \n \n\n4.6\n \n[2024 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to current report on Form 6-K (File No. 001-42505), filed with the SEC on March 31, 2025)](https://www.sec.gov/Archives/edgar/data/1958399/000121390025026263/ea023610301ex99-1_huachen.htm)\n\n \n \n \n\n4.7\n \n[Form of Purchase Agreement with Supplier 1 (incorporated by reference to Exhibit 10.8 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024113570/ea022482801ex10-8_huachenai.htm)\n\n \n \n \n\n4.8\n \n[Form of Purchase Agreement with Supplier 2 (incorporated by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024113570/ea022482801ex10-9_huachenai.htm)\n\n \n \n \n\n4.9\n \n[Form of Purchase Agreement with Supplier 3 (incorporated by reference to Exhibit 10.10 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024113570/ea022482801ex10-10_huachenai.htm)\n\n \n \n \n\n4.10\n \n[Form of Purchase Agreement with Customer 1 (incorporated by reference to Exhibit 10.11 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024113570/ea022482801ex10-11_huachenai.htm)\n\n \n\n93\n\n \n\n4.11\n \n[Form of Sales Agreement of the Operating Subsidiaries (incorporated by reference to Exhibit 10.12 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024113570/ea022482801ex10-12_huachenai.htm)\n\n \n \n \n\n8.1\n \n[List of Subsidiaries (incorporated by reference to Exhibit 21.1 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex21-1_huachenai.htm)\n\n \n \n \n\n11.1\n \n[Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex14-1_huachenai.htm)\n\n \n \n \n\n11.2\n \n[Insider Trading Policies (incorporated by reference to Exhibit 19.1 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex19-1_huachenai.htm)\n\n \n \n \n\n12.1*\n \n[Certification of Chief Executive Officer Required by Rule 13a-14(a)](ea028945301ex12-1.htm)\n\n \n \n \n\n12.2*\n \n[Certification of Chief Financial Officer Required by Rule 13a-14(a)](ea028945301ex12-2.htm)\n\n \n \n \n\n13.1**\n \n[Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea028945301ex13-1.htm)\n\n \n \n \n\n13.2**\n \n[Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](ea028945301ex13-2.htm)\n\n \n \n \n\n15.1*\n \n[Consent of Audit Alliance LLP](ea028945301ex15-1.htm)\n\n \n \n \n\n97.1\n \n[Executive Compensation Recovery Policy (incorporated by reference to Exhibit 99.6  to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex99-6_huachenai.htm)\n\n \n \n \n\n97.2\n \n[Related Party Transaction Policy (incorporated by reference to Exhibit 99.5 to our registration statement on Form F-1 (File No. 333-281543), as amended, initially filed with the SEC on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/1958399/000121390024068783/ea021039401ex99-5_huachenai.htm)\n\n \n \n \n\n101.INS*\n \nInline XBRL Instance Document.\n\n \n \n \n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema Document.\n\n \n \n \n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n \n \n \n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n \n \n \n\n101.LAB*\n \nInline XBRL Taxonomy Extension Labels Linkbase Document.\n\n \n \n \n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n \n \n \n\n104*\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*\nFiled with this annual report on Form 20-F\n\n \n \n\n**\nFurnished with this annual report on Form 20-F\n\n \n\n94\n\n** **\n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies\nthat it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this\nannual report on its behalf.\n\n \n\n \n**Huachen AI\nParking Management Technology Holding Co., Ltd**\n\n \n \n \n\n \nBy: \n*/s/ Bin Lu*\n\n \n \nName: \nBin Lu\n\n \n \nTitle:\nChief Executive Officer and Director\n\n \n\nDate: May 13, 2026\n\n \n\n95\n\n \n\n**Huachen AI Parking Management Technology Holding\nCo., Ltd**  \n\n** **\n\n**FINANCIAL STATEMENTS**\n\n** **\n\n**TABLE OF CONTENTS**\n\n \n\n    **PAGE(S)**\n\n**CONSOLIDATED FINANCIAL STATEMENTS**    \n\n     \n\n[REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 3487)](#F_001)   F-2\n\n     \n\n[CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2025 AND 2024](#F_002)   F-3\n\n     \n\n[CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023](#F_003)   F-4\n\n     \n\n[CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023](#F_004)   F-5\n\n     \n\n[CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023](#F_005)   F-6\n\n     \n\n[NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#F_006)   F-7 - F-23\n\n \n\nF-1\n\n \n\n \n\n**Report of Independent Registered Public Accounting\nFirm**\n\n** **\n\nTo the Board of Directors and Shareholders of\n\nHuachen AI Parking Management Technology Holding\nCo., Ltd\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the\naccompanying consolidated balance sheets of Huachen AI Parking Management Technology Holding Co., Ltd and its subsidiaries (the\n“Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive\n(loss) income, changes in shareholders’ equity, and cash flows for each of the years ended December 31, 2025, 2024 and 2023\nand the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the\nconsolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31,\n2025 and 2024, and the results of its operations and its cash flows for each of the years ended December 31, 2025, 2024 and 2023, in\nconformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).\n\n \n\n**Basis for Opinion**\n\n \n\nThese consolidated financial\nstatements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nconsolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight\nBoard (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.\nfederal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in\naccordance with the standards of the PCAOB.\nThose standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements\nare free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform,\nan audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal\ncontrol over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal\ncontrol over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing\nprocedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing\nprocedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures\nin the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates\nmade by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits\nprovide a reasonable basis for our opinion.\n\n \n\n/s/ Audit Alliance LLP\n\n \n\nWe have served as the Company’s auditor since 2023\n\n \n\nSingapore\n\n \n\nMay 13, 2026\n\n \n\nF-2\n\n \n\n \n\n**Huachen AI Parking Management Technology Holding\nCo., Ltd**\n\n** **\n\n**CONSOLIDATED BALANCE SHEETS**\n\n \n\n  \nAs of \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nASSETS \n   \n  \n\nCURRENT ASSETS: \n   \n  \n\nCash and cash equivalents \n$389  \n$509 \n\nAccounts receivable \n 7,070,814  \n \n-\n \n\nOther receivables-related party \n 4,779,184  \n \n-\n \n\nPrepaid expenses and other current assets \n 101,344  \n \n-\n \n\nCurrent assets of discontinued operations \n \n-\n  \n 34,666,790 \n\nTOTAL CURRENT ASSETS \n 11,951,731  \n 34,667,299 \n\n  \n    \n   \n\nRight-of-use asset, net \n 39,552  \n \n-\n \n\nNon-current assets from discontinued operations \n \n-\n  \n 11,185,473 \n\nTOTAL NON-CURRENT ASSETS \n 39,552  \n 11,185,473 \n\nTOTAL ASSETS \n$11,991,283  \n$45,852,772 \n\n  \n    \n   \n\nCURRENT LIABILITIES: \n    \n   \n\nAccounts payable \n 6,593,137  \n \n-\n \n\nAccrued liabilities and other payables \n 73,638  \n 209,631 \n\nOther payables - related parties \n 21,587  \n 1,440 \n\nTax payable \n 59,531  \n \n-\n \n\nLease liability - current \n 24,229  \n \n \n \n\nCurrent liabilities from discontinued operations \n \n-\n  \n 13,221,655 \n\nTOTAL CURRENT LIABILITIES \n 6,772,122  \n 13,432,726 \n\n  \n    \n   \n\nLease liability – non-current \n 18,735  \n \n-\n \n\nNon-current liabilities from discontinued operations \n \n-\n  \n 4,575,071 \n\nTOTAL NON-CURRENT LIABILITIES \n 18,735  \n 4,575,071 \n\nTOTAL LIABILITIES \n 6,790,857  \n 18,007,797 \n\n  \n    \n   \n\nCOMMITMENTS AND CONTINGENCIES (NOTE 12) \n \n \n  \n \n \n \n\n  \n    \n   \n\nSHAREHOLDERS’ EQUITY \n    \n   \n\nClass A ordinary shares (par value of US$0.0000375 per share; 1,666,666,667 Class A ordinary shares authorized, 629,942 and 10,000,000 Class A ordinary shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) \n 24  \n 38 \n\nClass B ordinary shares (par value of US$0.0000375 per share; 416,666,667 Class B ordinary shares authorized, 533,334 and nil Class B ordinary shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) \n 20  \n \n-\n \n\nAdditional paid-in capital \n 30,196,454  \n 3,462,427 \n\nStatutory reserves \n \n-\n  \n 400,454 \n\n(Accumulated deficits) retained earnings \n (25,043,811) \n 16,873,997 \n\nAccumulated other comprehensive income (loss) \n 48,321  \n (4,924,576)\n\nTOTAL HUACHEN CAYMAN SHAREHOLDERS’ EQUITY \n 5,201,008  \n 15,812,340 \n\nNon-controlling interest \n (582) \n 12,032,635 \n\nTOTAL SHAREHOLDERS’ EQUITY \n 5,200,426  \n 27,844,975 \n\n  \n    \n   \n\nTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY \n$11,991,283  \n$45,852,772 \n\n  \n\n*Giving\nretroactive effect to the 30 for 1 share split effected on April 13, 2026.\n\n \n\nF-3\n\n \n\n** **\n\n**Huachen AI Parking Management Technology Holding\nCo., Ltd**\n\n** **\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE\n(LOSS) INCOME**\n\n \n\n  \nFor the Years Ended \n\n  \nDecember 31, \n\n  \n2025  \n2024  \n2023 \n\nREVENUE \n   \n   \n  \n\nRevenue \n$6,575,095  \n$\n-\n  \n$\n-\n \n\n  \n    \n    \n   \n\nTotal revenue \n 6,575,095  \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\nCOST OF REVENUE AND RELATED TAX \n 6,166,197  \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\nGROSS PROFIT \n 408,898  \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\nOPERATING EXPENSES \n    \n    \n   \n\nGeneral and administrative expenses \n 21,628,718  \n 78,136  \n \n-\n \n\nTotal operating expenses \n 21,628,718  \n 78,136  \n \n-\n \n\n  \n    \n    \n   \n\nLOSS FROM OPERATIONS \n (21,219,820) \n (78,136) \n \n-\n \n\n  \n    \n    \n   \n\nOTHER INCOME (EXPENSE) \n    \n    \n   \n\n  \n    \n    \n   \n\nInterest income \n 196  \n 21  \n \n-\n \n\nOther expenses, net \n (1,464) \n \n-\n  \n \n-\n \n\nLoss on disposal of subsidiaries \n (22,119,583) \n \n-\n  \n \n-\n \n\nTotal other expense, net \n (22,120,851) \n 21  \n \n-\n \n\nLOSS BEFORE INCOME TAX PROVISION \n (43,340,671) \n (78,115) \n \n-\n \n\nIncome tax expense \n 2,844  \n \n-\n  \n \n-\n \n\nLOSS FROM CONTINUING OPERATIONS \n (43,343,515) \n (78,115) \n \n-\n \n\nIncome from discontinued operation (net of tax) \n 1,425,125  \n 1,589,509  \n 2,016,100 \n\nNET (LOSS) INCOME \n (41,918,390) \n 1,511,394  \n 2,016,100 \n\n  \n    \n    \n   \n\nNet (loss) income attributable to the noncontrolling interest \n 331,044  \n 15,880  \n 195,140 \n\nContinuing operations \n (582) \n \n-\n  \n \n-\n \n\nDiscontinued operations \n 331,626  \n 15,880  \n 195,140 \n\nNet (loss) income attributable to common shareholders \n (42,249,434) \n 1,495,514  \n 1,820,960 \n\nContinuing operations \n (43,342,933) \n (78,115) \n \n-\n \n\nDiscontinued operations \n 1,093,499  \n 1,573,629  \n 1,820,960 \n\nOTHER COMPREHENSIVE INCOME(LOSS) \n    \n    \n   \n\nForeign currency translation income(loss) \n 4,972,897  \n (393,841) \n (1,770,360)\n\nOther comprehensive income(loss), net of tax \n 4,972,897  \n (393,841) \n (1,770,360)\n\nTOTAL COMPREHENSIVE (LOSS) INCOME \n (36,945,493) \n$1,117,553  \n$245,740 \n\n  \n    \n    \n   \n\nEarnings per common share - basic and diluted \n    \n    \n   \n\nContinuing operations \n (38.51) \n (0.08) \n \n\n-\n\n \n\nDiscontinued operations \n 1.27  \n 1.59  \n 2.02 \n\nWeighted average shares - basic and diluted \n 1,125,647  \n 1,000,000  \n 1,000,000 \n\n  \n\n*Giving\nretroactive effect to the 30 for 1 share split effected on April 13, 2026.\n\n \n\nF-4\n\n \n\n** **\n\n**Huachen AI Parking Management Technology Holding\nCo., Ltd**\n\n \n\n**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’\nEQUITY**\n\n \n\n  \n   \n   \nClass\nA\nOrdinary Shares  \nClass\nB\nOrdinary Shares  \nAdditional\n\nPaid in  \nStatutory  \n(Accumulated deficits)\n\nRetained \n \nOther\nComprehensive  \nNon-\nControlling  \n  \n\n  \nShares*  \nAmount  \nShares*  \nAmount  \nShares  \nAmount  \nCapital  \nReserves  \nEarnings \n \nIncome\n(Loss)  \nInterests  \nTotal \n\nBalance as of December\n31, 2022 \n 1,000,000  \n$38  \n -  \n -  \n -  \n -  \n$3,462,427  \n$400,454  \n$13,557,523 \n \n$(2,760,375) \n$10,894,633  \n$25,554,700 \n\nNet income \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 1,820,960 \n \n -  \n -  \n 1,820,960 \n\nAdditional Paid-in Capital \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n \n -  \n 926,982  \n 926,982 \n\nAllocation to non-controlling interests \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n \n -  \n 195,140  \n 195,140 \n\nForeign currency\ntranslation gain \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n \n (1,770,360) \n -  \n (1,770,360)\n\nBalance as of December 31, 2023 \n 1,000,000  \n$38  \n -  \n -  \n -  \n -  \n 3,462,427  \n 400,454  \n 15,378,483 \n \n (4,530,735) \n 12,016,755  \n 26,727,422 \n\nNet income \n    \n \n \n  \n -  \n -  \n -  \n -  \n -  \n -  \n 1,495,514 \n \n -  \n -  \n 1,495,514 \n\nAllocation to non-controlling interests \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n \n -  \n 15,880  \n 15,880 \n\nForeign currency\ntranslation gain \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n \n (393,841) \n -  \n (393,841)\n\nBalance as of December 31, 2024 \n 1,000,000  \n$38  \n -  \n -  \n -  \n -  \n 3,462,427  \n 400,454  \n 16,873,997 \n \n (4,924,576) \n 12,032,635  \n 27,844,975 \n\nNet loss \n -  \n -  \n -  \n -  \n -  \n    \n -  \n -  \n (41,917,808) \n \n -  \n (331,626)  \n (42,249,434)\n\nIssuance of ordinary shares in connection\nwith IPO \n 57,513  \n 2  \n -  \n -  \n -  \n -  \n 5,422,744  \n -  \n - \n \n -  \n -  \n 5,422,746 \n\nShare- based compensation \n 105,763  \n 4  \n -  \n -  \n    \n    \n 20,910,829  \n    \n   \n \n    \n    \n 20,910,833 \n\nRe-designation of shares \n (1,163,276) \n (44) \n 1,163,276  \n 44  \n -  \n -  \n -  \n -  \n - \n \n -  \n -  \n - \n\nRepurchase of Class A ordinary shares\nin exchange for Class B ordinary shares \n -  \n -  \n (533,334) \n (20) \n 533,334  \n 20  \n -  \n -  \n - \n \n -  \n -  \n - \n\nDisposal of subsidiaries \n -  \n -  \n -  \n -  \n -  \n -  \n 400,454  \n (400,454) \n \n- \n \n \n 4,924,576  \n (11,701,591) \n (6,777,015)\n\nForeign currency\ntranslation gain \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n \n 48,321  \n -  \n 48,321 \n\nBalance as\nof December 31, 2025 \n -  \n -  \n 629,942  \n 24  \n 533,334  \n 20  \n 30,196,454  \n -  \n (25,043,811)\n \n 48,321  \n (582) \n 5,200,426 \n\n  \n\n*Giving\nretroactive effect to the 30 for 1 share split effected on April 13, 2026.\n\n \n\nF-5\n\n \n\n \n\n**Huachen AI Parking Management Technology Holding\nCo., Ltd**\n\n** **\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n \n\n  \nFor the Years Ended\nDecember 31, \n\n  \n2025  \n2024  \n2023 \n\nCash flows from operating activities: \n   \n   \n  \n\nNet (loss) income \n$(41,918,390) \n$1,511,394  \n$2,016,100 \n\nNet income from discontinued operations \n 1,425,125  \n 1,589,509  \n 2,016,100 \n\nNet loss from continuing operations \n (43,343,515) \n (78,115) \n \n-\n \n\nAdjustments to reconcile net income to net cash provided by (used in) operating activities: \n    \n    \n   \n\nDisposal of subsidiaries, net of cash disposed \n 22,119,583  \n \n-\n  \n \n-\n \n\nAmortization of right-of-use asset \n 8,809  \n \n-\n  \n \n-\n \n\nShare-based compensation \n 20,910,833  \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\nChanges in operating assets and liabilities: \n    \n    \n   \n\nAccounts receivable \n (6,879,528) \n \n-\n  \n \n-\n \n\nOther payable - related parties \n 19,542  \n 1,461  \n \n-\n \n\nAccounts payables \n 6,482,522  \n \n-\n  \n \n-\n \n\nAccrued liabilities and other payables \n (208,992) \n 77,171  \n \n-\n \n\nPrepaid expenses and other current assets \n (49,955) \n \n-\n  \n \n-\n \n\nTaxes payable \n 57,920  \n \n-\n  \n \n-\n \n\nNet cash (used in) provided by operating activities - continuing operations \n (882,781) \n 517  \n \n-\n \n\nNet cash (used in) provided by operating activities - discontinued operations \n (418,839) \n 1,505,873  \n (2,465,652)\n\nNet cash (used in) provided by operating activities \n (1,301,620) \n 1,506,390  \n (2,465,652)\n\nCash flows from investing activities: \n    \n    \n   \n\nNet cash provided by (used in) investing activities - continuing operations \n \n-\n  \n \n-\n  \n \n-\n \n\nNet cash used in investing activities - discontinued operations \n \n-\n  \n (2,183) \n (916,453)\n\nNet cash used in investing activities \n \n-\n  \n (2,183) \n (916,453)\n\n  \n    \n    \n   \n\nCash flows from financing activity: \n    \n    \n   \n\nProceeds from additional paid-in capital \n 5,422,746  \n \n-\n  \n \n-\n \n\nRepayments of related parties \n (4,723,256) \n \n-\n  \n \n-\n \n\nNet cash provided by financing activities - continuing operations \n 699,490  \n \n-\n  \n \n-\n \n\nNet cash (used in) provided by financing activities - discontinued operations \n (428,732) \n (2,393,686) \n 1,951,254 \n\nNet cash provided by (used in) financing activity \n 270,758  \n (2,393,686) \n 1,951,254 \n\n  \n    \n    \n   \n\nEffect of exchange rate changes on cash from continuing operations \n 183,171  \n (8) \n \n-\n \n\nEffect of exchange rate changes on cash from discontinued operations \n 866,645  \n 418,396  \n (197,272)\n\n  \n    \n    \n   \n\nNet change in cash, including cash from discontinued operations \n 18,954  \n (471,091) \n (1,628,123)\n\n  \n    \n    \n   \n\nCash, including cash from discontinued operations - beginning of year \n 28,654  \n 499,745  \n 2,127,868 \n\nCash, including cash from discontinued operations - end of year \n 47,608  \n 28,654  \n 499,745 \n\nLess cash from discontinued operations \n 47,219  \n 28,145  \n 499,745 \n\nCash from continuing operations, end of year \n 389  \n 509  \n \n-\n \n\n  \n    \n    \n   \n\nSupplemental disclosure information: \n    \n    \n   \n\nCash paid for interest \n$1,281  \n$610,667  \n$857,114 \n\nCash paid for income tax \n 93  \n 322,414  \n 1,220 \n\nSupplemental non-cash information: \n    \n    \n   \n\nRight-of-use assets obtained in exchange for lease liability \n 48,606  \n \n-\n  \n \n-\n \n\n \n\nF-6\n\n \n\n \n\n**Huachen AI Parking Management Technology Holding\nCo., Ltd AND SUBSIDIARIES**\n\n** **\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**Note 1 — ORGANIZATION AND BUSINESS DESCRIPTION**\n\n** **\n\nHuachen AI Parking Management Technology Holding\nCo., Ltd (“Huachen” or the “Company”) is a company that was established under the laws of Cayman Islands as a\nholding company on September 30, 2021. Our main business operations are conducted through our subsidiaries in the People’s Republic\nof China. We are a comprehensive electric vehicle charging solutions and equipment structural parts provider.\n\n \n\nOn December 22, 2025, the Company and Hua Chen Intelligent Technology\nCo., Limited, a company formed under the laws of Hong Kong and a subsidiary of the Company (the “Target”) entered into a share\npurchase agreement (the “Agreement”) with a buyer (the “Buyer”). Pursuant to the Agreement, the Company agreed\nto sell and the Buyer agreed to purchase all the issued and outstanding shares of the Target at a purchase price of $50,000, which sale\nincludes the sale of the Target’s subsidiaries, including Huachen AI Technology (Zhejiang) Co., Ltd., Zhejiang Huachen Technology\nCo., Ltd., Shanghai Tiandidaochuan Parking Equipment Manufacturing Co., Ltd., Zhejiang Tiandidaochuan Parking Equipment Co., Ltd., Shanghai\nTiandiricheng Parking Lots Management Co., Ltd., Shanghai Yufeng Information Technology Co., Ltd., Shanghai Tiandi Puji Parking Management\nCo., Ltd. Shanghai Tiandidaochuan Parking Equipment Installation Co., Ltd., and Zhejiang Xinfeng Trade Co., Ltd. Except as a party to\nthe Agreement, the Buyer has no current or prior relationship with the Company and has no family relationship with any of the Company’s\ndirectors or officers. As a result of this transaction, the Company has discontinued its cubic parking garage business and maintenance\nservices in mainland China. Hua Chen Intelligent Technology Co., Limited and its subsidiaries have been retrospectively reclassified as\ndiscontinued operations in all periods presented in the consolidated financial statements.\n\n \n\nAs of December 31, 2025, the Company’s subsidiaries are as follows:\n\n \n\n         Percentage of \n\n         direct/indirect \n\n   Date of  Jurisdiction of  Economic \n\nSubsidiaries  Incorporation  Formation  Ownership \n\nYu He Chuang Co., Ltd (“YHC HK”)  April 1, 2025  Hong Kong   100.00%\n\nChuang Yu He (Shanghai) Industrial Co., Ltd. (“CYH Shanghai”)  June 12, 2025  Shanghai   100.00%\n\nHangzhou Zhihuichong Technology Co., Ltd. (“Hangzhou ZHC”)  November 20, 2025  Zhejiang   90.00%\n\nJiaxing Xuchen Technology Co., Ltd. (“Jiaxing XC”)  September 9, 2025  Zhejiang   100.00%\n\n \n\nF-7\n\n \n\n \n\n \n\nThe Company, through a series of transactions\nwhich are accounted for as a reorganization of entities under common control (the “Reorganization”), became the ultimate parent\nof its subsidiaries. The reorganization involved: the formation of the Company’s wholly-owned subsidiary-YHC HK and YHC HK’s\nwholly owned subsidiary — CYH Shanghai.\n\n \n\nBefore and after the reorganization, the Company,\ntogether with its subsidiaries, is effectively controlled by the same shareholders, and therefore the reorganization is considered as\na recapitalization of entities under common control in accordance with Accounting Standards Codification (“ASC”) 805-50-25.\nThe consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis as if the aforementioned\ntransactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements\nin accordance with ASC 805-50-45-5.\n\n \n\n**Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n** **\n\n*Method of accounting*\n\n \n\nThe accompanying audited consolidated financial\nstatements include the accounts of the Company and its subsidiaries (collectively the “Company”). Management has eliminated\nall significant inter-company balances and transactions in preparing the accompanying audited consolidated financial statements.\n\n \n\nManagement has prepared the accompanying audited\nconsolidated financial statements and these notes in accordance to generally accepted accounting principles in the United States (“US\nGAAP”). The Company maintains its general ledger and journals with the accrual method accounting.\n\n \n\nF-8\n\n \n\n \n\n*Principles of consolidation*\n\n* *\n\nThe consolidated financial statements include\nthe financial statements of the Company and its subsidiaries. All intercompany transactions and balances are eliminated upon consolidation.\nAll intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.\n\n \n\nSubsidiaries are those entities in which the Company,\ndirectly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies,\nto appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.\n\n \n\nNon-controlling interest represents the portion\nof the net assets of subsidiaries attributable to interests that are not owned by the Company. The non-controlling interest is presented\nin the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest’s\noperating result is presented on the face of the consolidated statements of income and comprehensive income as an allocation of the total\nincome for the year between non-controlling shareholders and the shareholders of the Company.\n\n \n\n*Uses of estimates*\n\n* *\n\nIn preparing the consolidated financial statements\nin conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and\ndisclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses\nduring the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant\nestimates required to be made by management include, but are not limited to, the valuation of accounts receivable and inventories, useful\nlives of plant and equipment, land use right, the recoverability of long-lived assets, provision necessary for contingent liabilities,\nand realization of deferred tax assets. Actual results could differ from those estimates.\n\n \n\n*Cash and cash equivalents*\n\n* *\n\nCash and cash equivalents represent cash at bank which are unrestricted\nas to withdrawal and use, and which have original maturities of three months or less.\n\n \n\nThe Company maintains\nmost of its bank accounts in the PRC.\n\n \n\n*Accounts receivable*\n\n* *\n\nAccounts receivable are presented net of allowance\nfor credit losses.\n\n \n\nAccounts receivable are recorded at the gross\nbilling amount less an allowance for any uncollectible accounts due from the customers. Accounts receivable do not bear interest.\n\n \n\nSince January 1, 2023, the Company adopted Accounting\nStandards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial\nInstruments (“ASU 2016-13”), using the modified retrospective transition method. ASU 2016-13 replaces the existing incurred\nloss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption,\nthe Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred\nloss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606, including\ncontract assets.\n\n \n\nThe Company maintains an allowance for credit losses and records the\nallowance for credit losses as an offset to accounts receivable and the estimated credit losses charged to the allowance is classified\nas “General and administrative expenses” in the consolidated statements of comprehensive income(loss). The Company assesses\ncollectability by reviewing accounts receivable on aging schedules because the accounts receivable were primarily consisted of receivables\narising from sales of our products. In determining the amount of the allowance for credit losses, the Company considers historical collectability\nbased on past due status, the age of the balances, current economic conditions, reasonable and supportable forecasts of future economic\nconditions, and other factors that may affect the Company’s ability to collect from customers. Delinquent account balances are written-off\nagainst the allowance for expected credit.\n\n \n\nAs of December 31, 2025 and 2024, there is no allowance for credit\nlosses balances from continuing operations.\n\n \n\nF-9\n\n \n\n \n\n*Prepaid expenses and other current assets*\n\n \n\nPrepaid expenses and other current assets are recorded at cost less\nany provision for impairment.\n\n \n\nPrepaid expenses primarily include Nasdaq membership\nfees, which are amortized on a straight-line basis over the period benefited of five years. As of December 31, 2025 and 2024, the balance\nof prepaid expenses from Nasdaq membership is $41,011 and nil.\n\n \n\nOther current assets primarily consist of amounts due from third-party\nindividuals for fund transactions and deposits for daily operations. The Company reviews the recoverability of other current assets on\na regular basis and records an allowance for credit loss when collection is considered doubtful. As of December 31, 2025 and 2024, there\nis no allowance for credit losses balances from continuing operations.\n\n \n\n*Accounts payable*\n\n \n\nAccounts payable are initially recognized at fair value and subsequently\nmeasured at amortized cost using the effective interest method. Accounts payable primarily consist of amounts due to suppliers and vendors\nfor goods received in the ordinary course of business. Amounts due to related parties are separately disclosed. Due to their short-term\nnature, the carrying amounts of accounts payable approximate their fair values. The Company recognizes payables when the risks and rewards\nassociated with the underlying goods have been transferred to the Company and the obligation to pay is established.\n\n \n\n*Leases*\n\n \n\nThe Company adopted the new lease standard, ASC 842, Leases (Topic\n842) since December 1, 2022. The Company elected the package of practical expedients permitted under the transition guidance within ASC\nTopic 842, which among other things, allows the Company to carry forward certain historical conclusions reached under ASC Topic 840 regarding\nlease identification, classification, and the accounting treatment of initial direct costs. The Company elected not to record assets and\nliabilities on its consolidated balance sheets for any new or existing lease arrangements with lease terms of twelve months or less. The\nCompany recognizes lease expenses for such leases on a straight-line basis over the lease term. The Company elected the transition method\nwhich allows entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained\nearnings in the period of adoption.\n\n \n\nOperating lease assets are included within “Right-of-use asset”,\nand the corresponding operating lease liabilities are included within “Lease liability-current” for the current portion, and\nwithin “Lease liability-non-current” for the long-term portion on the consolidated balance sheets as of December 31, 2025\nand 2024.\n\n \n\nThe initial lease liability is equal to the future fixed minimum lease\npayments discounted using the Company’s incremental borrowing rate, on a secured basis. The lease term includes optional renewal\nperiods and early termination payments when it is reasonably certain that the Company will exercise those rights. The initial measurement\nof the right-of-use asset is equal to the initial lease liability plus any initial direct costs and prepayments, less any lease incentives.\n\n \n\nF-10\n\n \n\n \n\n*Impairment of Long-lived Assets*\n\n \n\nThe Company reviews long-lived assets, including\ndefinitive-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an\nasset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset’s\ncarrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these\nassets as of December 31, 2025, 2024 and 2023.\n\n \n\n*Fair value of financial instruments*\n\n \n\nFair value is defined as the price that would\nbe received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement\ndate. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize\nthe use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as\nfollows:\n\n \n\n●Level\n1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active\nmarkets.\n\n \n\n \n●\nLevel 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.\n\n \n\n \n●\nLevel 3 — inputs to the valuation methodology are unobservable.\n\n \n\nUnless otherwise disclosed, the fair value of the Company’s financial\ninstruments, including cash, short-term investments, accounts receivable, due from related parties, accounts payable, due to related parties,\naccrued liabilities and other payable, and taxes payable, approximate the fair value of the respective assets and liabilities as of December\n31, 2025, 2024 and 2023 based upon the short-term nature of the assets and liabilities.\n\n \n\n*Discontinued operations*\n\n \n\nA component of a reporting entity or a group of components of a reporting\nentity that are disposed or meet the criteria to be classified as held for sale, such as the management, having the authority to approve\nthe action, commits to a plan to sell the disposal group, should be reported as discontinued operations if the disposal represents a strategic\nshift that has (or will have) a major effect on an entity’s operations and financial results. Discontinued operations are reported\nwhen a component of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial\nreporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1)\nrepresents a strategic shift or (2) have a major impact on an entity’s financial results and operations. Included in the consolidated\nstatements of operations and comprehensive income (loss), the results from discontinued operations are reported separately from the income\nand expense from continuing operations and prior periods are presented on a comparative basis. In order to present the financial effects\nof the continuing operations and discontinued operations, revenues and expenses arising from intra-group transactions are eliminated except\nfor those revenues and expenses that are considered to continue after the disposal of the discontinued operations, if any.\n\n \n\n*Revenue recognition*\n\n \n\nThe Company adopted ASC 606 “Revenue Recognition.”\nIt recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration\nwe expect to be entitled to in exchange for those goods or services. The Company recognizes revenue based on the consideration specified\nin the applicable agreement.\n\n \n\nRevenue from contracts with customers is recognized using the following\nfive steps:\n\n \n\n1.Identify\nthe contract(s) with a customer;\n\n \n\nF-11\n\n \n\n \n\n2.Identify\nthe performance obligations in the contract;\n\n \n\n3.Determine\nthe transaction price;\n\n \n\n4.Allocate\nthe transaction price to the performance obligations in the contract; and\n\n \n\n5.Recognize\nrevenue when (or as) the entity satisfies a performance obligation.\n\n \n\nGenerally, revenues are recognized when the Company\nhas negotiated the terms of the transaction, which includes determining either the overall price, or price for each performance obligation\nin the form of a service or a product, the service or product has been delivered to the customer, no obligation is outstanding regarding\nthat service or product, and the Company is reasonably assured that funds have been or will be collected from the customer.\n\n \n\nA summary of each of the Company’s revenue streams under ASC\n606 is as follows:\n\n \n\n*Performance obligations satisfied at a point in time*\n\n \n\nEquipment structural parts income\n\n \n\nRevenue from sales of equipment structural parts\nis recognized when the products are delivered and accepted by customers, which is the point when title has transferred and risk of ownership\nhas passed. Return allowances is determined by an estimate of expected customer merchandise returns, which is calculated based on historical\nreturn patterns, and recorded as a refund liability included in accrued expenses and other liabilities.\n\n \n\nFor equipment structural parts sales, the Company\npassed the control of the goods to the customers at a point in time, typically occurs at the delivery. Revenue from sales of equipment\nstructural parts is recognized when the products are delivered and accepted by customers, which is the point when title has transferred\nand risk of ownership has passed. There are no other performance obligations in the contract, so we consider there is only one performance\nobligation for each contract.\n\n \n\nFor equipment structural parts sales, the transaction\nprice was set up when customer places the purchase order, which in some cases are governed by master sales agreements. Total amount of\neach transaction was determined based on the unit price multiplied with the delivery quantity of the products ordered, or based on the\nservices priced that was agreed between the parties.\n\n \n\nFor equipment sales, the Company’s payment\nterms are generally less than one year. The Company has elected the practical expedient under ASC 606-10-32-18 to not assess whether a\ncontract has a significant financing component.\n\n \n\nAccording to 5-Step revenue analysis, the Company\nconsiders customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer.\nThis purchase order determination guided product sales. The Company signs master agreement with its customers which include the customer’s\nname, the products’ specifications, payment terms, product acceptance criteria, and other necessary information. The purchase orders,\nwhich in some cases are governed by master sales agreements, would be sent to the Company at each time of the purchase. For product, the\nPO (purchase order) includes types and quantities of goods to be purchased, the place of delivery, and other information relating to the\npurchase. The master agreement and purchase order signed between the parties create enforceable rights and obligations.\n\n \n\nFrom time to time, the Company and its customers\nmay renegotiate existing contracts to reflect changes of price and other terms. Such modifications are treated as separate contract if\nboth of the following conditions are met:\n\n \n\n●The\nscope of the contract increases because of the addition of promised goods or services that are distinct.\n\n  \n\n●The\nprice of the contract increases by an amount of consideration that reflects the entity’s standalone selling prices of the additional\npromised goods and any appropriate adjustments to that price to reflect the circumstances of the particular contract.\n\n \n\nF-12\n\n \n\n \n\nThe Company considers customer purchase orders,\nwhich in some cases are governed by master sales agreements, to be the contracts with a customer. As part of its consideration of the\ncontract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the\nCompany considers the promise to transfer products or service delivery, each of which are distinct, to be the identified performance obligations.\n\n \n\nThe Company negotiates with customers for agreed-upon\nspecifications for products or services customer ordered, and such agreed-upon terms are usually documented in the master sales agreement\nbetween the Company and its customers.\n\n \n\nFor product, the Company typically provides 2 years\nwarranty and, under the warranty term, the Company is obligated to either fix the defective product or exchange for functioning products\nfor the portion of defective products without charges. However, within two years, if the failure is caused by the customer’s improper\nuse, then the Company repairs, the customer needs to provide parts and labor costs to the Company. During the years in 2025 and 2024,\nthere is no warranty claim by customer and the Company did not accounted provision for warranty cost.\n\n \n\nFor product sales, the transaction price of a\ncontract is allocated to each distinct goods stated in the purchase order. The price of each distinct goods is determined by the ordered\nquantities and price quotation.\n\n \n\nThe summary of the Company’s total revenues\nby activity categories for the years ended December 31, 2025, 2024 and 2023 was as follows:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nEquipment structural parts \n$8,445,429  \n$36,456,054  \n$25,526,870 \n\nCubic parking garage \n 6,297,030  \n 4,040,079  \n 8,012,037 \n\nMaintenance services \n 149,079  \n 429,572  \n 584,696 \n\nOthers \n 3,515  \n 19,065  \n 155,419 \n\nTotal revenue \n$14,895,053  \n$40,944,770  \n$34,279,022 \n\nTiming of Revenue Recognition: \n    \n    \n   \n\nPerformance obligations satisfied at a point in time \n$14,745,974  \n$40,515,198  \n$33,694,326 \n\nPerformance obligations satisfied over time \n 149,079  \n 429,572  \n 584,696 \n\nTotal Revenue \n$14,895,053  \n$40,944,770  \n$34,279,022 \n\n  \n\nAll revenue for the years ended December 31, 2024\nand 2023, as well as $8,319,958 of revenue for the year ended December 31, 2025, was included under Income from discontinued operations\nin the Consolidated Statement of Operations and Comprehensive (Loss) Income.\n\n \n\n*Income taxes*\n\n \n\nThe Company accounts for current income taxes\nin accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between\nthe tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities\nare measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected\nto be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the\nperiod including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount\nexpected to be realized.\n\n \n\nAn uncertain tax position is recognized as a benefit\nonly if it is “more likely than not” that the tax position would be sustained in a tax examination. The amount recognized\nis the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting\nthe “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income\ntax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes\nhave been incurred during the years ended December 31, 2025, 2024 and 2023. The Company does not believe there was any uncertain tax provision\nat December 31, 2025, 2024 and 2023.\n\n \n\nThe Company’s subsidiaries in China are\nsubject to the income tax laws of the PRC. No income was generated outside the PRC for the fiscal years ended December 31, 2025,\n2024 and 2023. As of December 31, 2024, all of the Company’s tax returns of its PRC operating entities remain open for statutory\nexamination by PRC tax authorities.\n\n \n\n*Share-based compensation*\n\n* *\n\nASC 718-10 requires that share-based payment transactions with employees\nand nonemployees, such as share options, be measured based on the grant-date fair value of the equity instrument issued and recognized\nas compensation expense over the requisite service period, with a corresponding addition to equity. Under this method, compensation cost\nrelated to employee share options or similar equity instruments is measured at the grant date based on the fair value of the award and\nis recognized over the period during which an employee is required to provide service in exchange for the award, which generally is the\nvesting period.\n\n \n\nF-13\n\n \n\n \n\n*Value added tax (“VAT”)*\n\n \n\nSales revenue is reported net of VAT. The VAT\nis based on gross sales price and VAT rates range up to 13%, depending on the type of products sold. The VAT may be offset by VAT\npaid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company\nrecorded a VAT payable or receivable net of payments in the accompanying consolidated financial statements.\n\n \n\n*Earnings per Share*\n\n \n\nThe Company computes earnings per share (“EPS”)\nin accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital\nstructures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding\nfor the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options\nand warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares\nthat have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation\nof diluted EPS. For the years ended December 31, 2025, 2024 and 2023, there were no dilutive shares.\n\n \n\n*Foreign currency translation*\n\n \n\nSince the Company operates all in the PRC, the\nCompany’s functional currency is the Chinese Yuan (“RMB”). The Company’s consolidated financial statements have\nbeen translated into the reporting currency U.S. Dollars (“US$”). Assets and liabilities of the Company are translated at\nthe exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated\nat the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive\nincome (loss). Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results\nof operations.\n\n \n\nThe RMB is not freely convertible into foreign\ncurrency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB\namounts could have been, or could be, converted into US$ at the rates used in translation.\n\n \n\nThe following table outlines the currency exchange\nrates that were used in creating the consolidated financial statements in this report:\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nYear-end spot rate \n US$1=RMB 6.9931  \n US$1=RMB 7.2993  \n US$1=RMB 7.0827 \n\nAverage rate \n US$1=RMB 7.1875  \n US$1=RMB 7.1957  \n US$1=RMB 7.0467 \n\n \n\n*Comprehensive income*\n\n \n\nComprehensive income consists of two components,\nnet income/(loss) and other comprehensive income /(loss). Other comprehensive income/(loss) refers to revenue, expenses, gains and losses\nthat under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. Other comprehensive income\nconsists of a foreign currency translation adjustment resulting from the Company not using US$ as its functional currency.\n\n \n\n*Risks and uncertainties*\n\n \n\nThe main operation of the Company is located in\nthe PRC. Accordingly, the Company’s business, financial condition, and results of operations may be influenced by political, economic,\nand legal environments in the PRC, as well as by the general state of the PRC economy. The Company’s results may be adversely affected\nby changes in the political, regulatory and social conditions in the PRC. Although the Company has not experienced losses from these situations\nand believes that it is in compliance with existing laws and regulations including its organization and structure disclosed in Note 1,\nthis may not be indicative of future results.\n\n \n\nF-14\n\n \n\n \n\nThe Company’s business, financial condition\nand results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics\nand other catastrophic incidents, which could significantly disrupt the Company’s operations.\n\n \n\nIn December 2019, a sudden coronavirus epidemic\nswept through China and then spread to the rest of the world. For parking field, whether parking equipment manufacturing enterprises or\nparking management and operation enterprises, due to the significant delay in the working time, normal production cannot be produced,\nresulting in a decrease in the order volume of parking equipment manufacturing enterprises. Due to the basic stop of travel, parking income\nhas been greatly reduced, and some cities have reduced parking fees, which has further extended the impact on parking income. The extent\nof the impact on the Company’s future financial results will be dependent on future developments such as the length and severity\nof the crisis, the potential resurgence of the crisis, future government actions in response to the crisis and the overall impact of the\nCOVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable.\nGiven this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations,\nfinancial condition, liquidity and results of operations if the current situation continues.\n\n \n\n*Recent accounting pronouncements*\n\n \n\nIn December 2025, the FASB issued ASU 2025-11,\nwhich clarifies the scope and disclosure requirements for interim financial reporting under ASC 270. The amendments introduce a principle\nrequiring disclosure of events and transactions occurring after the end of the most recent annual reporting period that have a material\nimpact on the entity and consolidate certain interim disclosure requirements. The amendments are effective for interim reporting periods\nwithin annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the\nimpact that adoption of this ASU will have on its interim financial statement disclosures.\n\n \n\nIn November 2025, the FASB issued ASU 2025-08,\nFinancial Instruments — Credit Losses (“Topic 326”): Purchased Loans (“ASU 2025-08”). The amendments expand\nthe population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards) as\n“seasoned” if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective\nfor annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early\nadoption is permitted. The Company is currently evaluating the impact that adoption of this ASU will have on its interim financial statement\ndisclosures.\n\n \n\nIn September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging\n(“Topic 815”) and Revenue from Contracts with Customers (“Topic 606”): Derivatives Scope Refinements and Scope\nClarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). ASU 2025-07, expands\nan existing scope exception under Topic 815 to exclude non-exchange-traded contracts where the underlying is based on the operations or\nactivities specific to one of the contract parties. The Company is currently evaluating the impact of this ASU on its financial statements.\n\n \n\nIn July 2025, the FASB issued ASU 2025-05, Financial\nInstruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”).\nThe amendments in ASU 2025-05 provide entities with a practical expedient to simplify the estimation of expected credit losses on current\naccounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with\nCustomers (“ASC 606”) by allowing the assumption that current conditions as of the balance sheet date will not change during\nthe remaining life of the asset. ASU 2025-05 is effective for the Company for its for annual reporting periods beginning after December\n15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently\nevaluating the impact ASU 2025-05 will have on its financial statements.\n\n \n\nIn January 2025, the FASB issued ASU No. 2025-01,\nIncome Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective\nDate. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance\nin annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December\n15, 2027. Early adoption of Update 2024-03 is permitted. The Company plans to adopt this guidance effective January 1, 2025, and the adoption\nof this ASU is not expected to have a material impact on its financial statements.\n\n \n\nOther accounting standards that have been issued\nor proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a\nmaterial impact on the Company’s consolidated financial statements upon adoption.\n\n \n\nF-15\n\n \n\n \n\n**NOTE 3 — DISCONTINUED OPERATIONS AND DECONSOLIDATION**\n\n \n\nIn accordance with ASC 205-20 Presentation of\nFinancial Statements: Discontinued Operations, a disposal of a component of an entity or a group of components of an entity is required\nto be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major impact on an entity’s\noperations and financial results when the components of an entity meets the criteria in ASC paragraph 205-20-45-10. In the period in which\nthe component meets the held for sale or discontinued operations criteria the major assets, other assets, current liabilities and non-current\nliabilities shall be reported as a component of total assets and liabilities separate from those balances of the continuing operations.\nAt the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components\nof net income (loss) separate from the income (loss) of continuing operations.\n\n \n\nDisposition of a Subsidiary:\n\n \n\nOn December 22, 2025, the Company and Hua Chen\nIntelligent Technology Co., Limited, a company formed under the laws of Hong Kong and a subsidiary of the Company (the “Target”)\nentered into a share purchase agreement (the “Agreement”) with an unrelated third party, Chen Yi San (the “Buyer”).\nPursuant to the Agreement, the Company agreed to sell and the Buyer agreed to purchase all the issued and outstanding shares of the Target\nat a purchase price of $50,000, which sale includes the sale of the Target’s subsidiaries, including Huachen AI Technology (Zhejiang)\nCo., Ltd., Zhejiang Huachen Technology Co., Ltd., Shanghai Tiandidaochuan Parking Equipment Manufacturing Co., Ltd., Zhejiang Tiandidaochuan\nParking Equipment Co., Ltd., Shanghai Tiandiricheng Parking Lots Management Co., Ltd., Shanghai Yufeng Information Technology Co., Ltd.,\nShanghai Tiandi Puji Parking Management Co., Ltd. Shanghai Tiandidaochuan Parking Equipment Installation Co., Ltd., and Zhejiang Xinfeng\nTrade Co., Ltd. Except as a party to the Agreement, the Buyer has no current or prior relationship with the Company and has no family\nrelationship with any of the Company’s directors or officers.\n\n \n\nThe subsidiary comprises our market development\nand clinical-related business operating segment. As a result of the planned disposition of the subsidiary, the market development and\nclinical-related business operating segment meets the held for sale criteria of ASC 205-20. Accordingly, the historical results of operations\nof the market development and clinical-related business operating segment has been reflected as discontinued operations in our consolidated\nfinancial statement for all periods prior to the Agreement on December 22, 2025.\n\n \n\nAs a result of the sale of the subsidiary completed\nduring the period ended December 31, 2025, the Company deconsolidated the subsidiary as of December 31, 2025. Therefore, the Company reported\nno assets or liabilities of the subsidiary as of December 31, 2025 and recognized a net loss on deconsolidation of $22,119,583, which\nhas been reflected as a component of other (expense) income on the accompanying consolidated statements of operations and comprehensive\nincome (loss).\n\n \n\n**Summary Reconciliation of Discontinued Operations**\n\n \n\nThe following tables present the balance sheets\nand the results of operations of the Company classified as discontinued operations for the periods presented:\n\n** **\n\nF-16\n\n \n\n** **\n\n**HUA CHEN INTELLIGENT TECHNOLOGY CO., LIMITED\nAND ITS SUBSIDIARY**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n** **\n\n  \nAs of\nDecember 31,\n2025  \nAs of\nDecember 31,\n2024 \n\n  \nUS$  \nUS$ \n\nASSETS \n   \n  \n\nCURRENT ASSETS: \n   \n  \n\nCash and cash equivalents \n$\n        -\n  \n$28,145 \n\nAccounts receivable, net \n \n-\n  \n 19,498,525 \n\nOther receivables - related parties \n \n-\n  \n 1,204,797 \n\nOther receivables, net \n \n-\n  \n 3,857,418 \n\nPrepayments \n \n-\n  \n 8,650,189 \n\nInventories, net \n \n-\n  \n 1,427,716 \n\nTOTAL CURRENT ASSETS \n \n-\n  \n 34,666,790 \n\n  \n    \n   \n\nPlant and equipment, net \n \n-\n  \n 8,904,131 \n\nRight-of-use asset, net \n \n-\n  \n 13,826 \n\nDeferred tax assets \n \n-\n  \n 187,392 \n\nLand-use rights, net \n \n-\n  \n 2,068,275 \n\nIntangible assets, net \n \n-\n  \n 11,849 \n\nTOTAL NON-CURRENT ASSETS \n \n-\n  \n 11,185,473 \n\nTOTAL ASSETS \n$\n-\n  \n$45,852,263 \n\n  \n    \n   \n\nCURRENT LIABILITIES: \n    \n   \n\nShort-term bank loans \n$\n-\n  \n$8,624,210 \n\nAccounts payable \n \n-\n  \n 2,680,301 \n\nAccrued liabilities and other payables \n \n-\n  \n 929,387 \n\nDeposit received \n \n-\n  \n 29,275 \n\nTaxes payable \n \n-\n  \n 842,332 \n\nOther payables - related parties \n \n-\n  \n 101,380 \n\nLease liability \n \n-\n  \n 14,770 \n\nTOTAL CURRENT LIABILITIES \n \n-\n  \n 13,221,655 \n\n  \n    \n   \n\nLong-term bank loan \n \n-\n  \n 2,920,942 \n\nLong-term account payable \n \n-\n  \n 1,654,129 \n\nTOTAL NON-CURRENT LIABILITIES \n \n-\n  \n 4,575,071 \n\nTOTAL LIABILITIES \n \n-\n  \n 17,796,726 \n\n  \n    \n   \n\nSHAREHOLDERS’ EQUITY \n    \n   \n\nAdditional paid-in capital \n \n-\n  \n 3,862,919 \n\nRetained earnings \n \n-\n  \n 16,952,112 \n\nAccumulated other comprehensive loss \n \n-\n  \n (4,792,129)\n\nTOTAL HUACHEN CAYMAN SHAREHOLDERS’ EQUITY \n \n-\n  \n 16,022,902 \n\nNon-controlling interest \n \n-\n  \n 12,032,635 \n\nTOTAL SHAREHOLDERS’ EQUITY \n \n-\n  \n 28,055,537 \n\n  \n    \n   \n\nTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY \n$\n-\n  \n$45,852,263 \n\n \n\nF-17\n\n \n\n \n\n**HUA CHEN INTELLIGENT TECHNOLOGY CO., LIMITED\nAND ITS SUBSIDIARY**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE\nLOSS**\n\n \n\n  \nFor the Years Ended\nDecember 31, \n\n  \n2025  \n2024  \n2023 \n\nREVENUE \n   \n   \n  \n\nRevenue \n$8,319,958  \n$40,944,770  \n 34,279,022 \n\n  \n    \n    \n   \n\nTotal revenue \n 8,319,958  \n 40,944,770  \n 34,279,022 \n\n  \n    \n    \n   \n\nCOST OF REVENUE AND RELATED TAX \n 5,606,134  \n 35,226,302  \n 28,072,748 \n\n  \n    \n    \n   \n\nGROSS PROFIT \n 2,713,824  \n 5,718,468  \n 6,206,274 \n\n  \n    \n    \n   \n\nOPERATING EXPENSES \n    \n    \n   \n\nSelling and marketing expenses \n 489  \n 172,677  \n 159,303 \n\nGeneral and administrative expenses \n 1,278,226  \n 2,830,090  \n 2,991,355 \n\n Research and development expenses \n 43,860  \n 378,793  \n 457,523 \n\nTotal operating expenses \n 1,322,575  \n 3,381,560  \n 3,608,181 \n\n  \n    \n    \n   \n\nINCOME FROM OPERATIONS \n 1,391,249  \n 2,336,908  \n 2,598,093 \n\n  \n    \n    \n   \n\nOTHER INCOME (EXPENSE) \n    \n    \n   \n\n  \n    \n    \n   \n\nInterest expense, net \n (22,494) \n (608,851) \n (815,657)\n\nOther income, net \n 56,376  \n 183,866  \n 234,884 \n\nTotal other income(expense), net \n 33,882  \n (424,985) \n (580,773)\n\nINCOME BEFORE INCOME TAX PROVISION \n 1,425,131  \n 1,911,923  \n 2,017,320 \n\n  \n    \n    \n   \n\nINCOME TAXE EXPENSE \n 6  \n 322,414  \n 1,220 \n\n  \n    \n    \n   \n\nINCOME FROM DISCONTINUED OPERATIONS \n 1,425,125  \n 1,589,509  \n 2,016,100 \n\n  \n    \n    \n   \n\nNet income attributable to the noncontrolling interest \n 331,626  \n 15,880  \n 195,140 \n\n  \n    \n    \n   \n\nNet income attributable to common shareholders \n 1,093,499  \n 1,573,629  \n 1,820,960 \n\nOTHER COMPREHENSIVE INCOME \n    \n    \n   \n\nForeign currency translation loss \n (4,792,129) \n (395,067) \n (1,770,360)\n\nOther comprehensive loss, net of tax \n (4,792,129) \n (395,067) \n (1,770,360)\n\nTOTAL COMPREHENSIVE (LOSS) INCOME FROM DISCONTINUED OPERATIONS \n (3,367,004) \n$1,194,442  \n 245,740 \n\n \n\n**NOTE 4 — ACCOUNTS RECEIVABLE**\n\n \n\nAccounts receivable consists of the following:\n\n \n\n  \nAs of \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nAccounts receivable \n$7,070,814  \n$\n      -\n \n\n  \n\nAccounts receivable, net is stated at the historical\ncarrying amount net of write-offs and allowance for credit losses. Upon the closing of these divestiture transactions, the accounts receivable\nbalances associated with the disposed entities were removed from the Company’s consolidated balance sheets. Consequently, the accounts\nreceivable and allowance for credit losses previously maintained for these receivables was also eliminated. The remaining balance of $7,070,814\nas of December 31, 2025, represents accounts receivable generated from the business operations of a newly established subsidiary during\nthe current fiscal year. There was no impairment noted as of December 31, 2025.\n\n \n\nFor accounts receivable, approximately 83%, or\n$5.7 million of the date of issuance of the consolidated financial statements balance have been subsequently collected. \n\n \n\nF-18\n\n \n\n \n\n**NOTE 5 — PREPAID EXPENSES AND OTHER CURRENT ASSETS**\n\n \n\nPrepaid expenses and other current assets consist of the following:\n\n \n\n  \nAs of \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nPrepaid expenses and other current assets \n   \n  \n\nPrepaid expenses \n$\n41,011\n  \n$\n           -\n \n\nOther receivables \n 60,333  \n \n-\n \n\nTotal \n$101,344  \n$\n-\n \n\n** **\n\nPrepaid expenses and other current assets\nare composed of other receivables and prepaid expenses. Other receivables are mainly composed of lease deposits, short-term advances\nfor business expenses, petty cash floats, and minor temporary borrowings for third-party individual and employees. The largest\nproportion is disposal proceeds which remains uncollected, accounting for 83%, $50,000.\n\n \n\nPrepaid expense is Nasdaq membership. The membership is amortized using the straight-line method.\nIts cost was recorded in February 2025 with the original purchase value approximately $50,986. Amortization amounted to $9,975 as of December\n31, 2025, and the unamortized portion of Nasdaq membership is $41,011.\n\n** **\n\n**NOTE 6 — LEASE**\n\n \n\nThe Company has one lease contract was for the company’s office\nspace, located on Room 201, 2nd Floor, No. 6395 Hutai Road, Baoshan District, Shanghai, China., the original leases are from August 1, 2025 to September\n30, 2027, and the leaseholder is Shanghai Yuanbang Enterprise Management Co., Ltd. For lease liability, the Company has classified current\nportion and non-current portion liabilities. Total lease liability equals the total amount of present value of future lease payments.\nCurrent portion equals the present value of the future 12 months lease payments. Non-current portion equals the remaining of lease liability\nbalance.\n\n \n\nSupplemental balance sheet information related to operating leases\nwas as follows:\n\n \n\n  \nAs of \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nRight-of-use asset, net \n$39,552  \n$\n                 -\n \n\n  \n    \n   \n\nLease liability – current \n 24,229  \n \n-\n \n\nLease liability – non-current \n 18,735  \n \n-\n \n\nTotal \n$42,964  \n$\n-\n \n\n** **\n\nThe weighted average discount rates and lease cost for all of operating\nleases were as follows as of December 31, 2025\n\n** **\n\n  \nDecember 31,  \nDecember 31, \n\nWeighted average discount rates and lease cost: \n2025  \n2024 \n\nWeighted average discount rate \n 3.50% \n 3.50%\n\n  \n    \n   \n\nOperating lease cost \n 9,485  \n \n-\n \n\n** **\n\nThe following table presents maturity of lease\nliability as of December 31, 2025:\n\n \n\n  \nAs of \n\n  \nDecember 31, \n\nTwelve months ending December 31, \n2025 \n\nFY2026 \n$25,346 \n\nFY2027 \n 19,010 \n\nTotal future minimum lease payments \n 44,356 \n\nLess: imputed interest \n (1,392)\n\nPresent value of lease liability \n$42,964 \n\n** **\n\nF-19\n\n \n\n \n\n**NOTE 7 — RELATED PARTY TRANSACTIONS**\n\n** **\n\nDue from related party consists of the following: \n\n \n\n  \n  \nAs of \n\nName \nRelated party relationship \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nZhejiang TD Parking \nUnder common control of Bin Lu \n$4,779,184  \n$\n      -\n \n\nTotal due from related party \n  \n$4,779,184  \n$\n-\n \n\n \n\nThe Company has historically provided interest-free advances to related\nparties for business purposes. These advances are non-interest bearing and due on demand, and are recorded as amounts due from related\nparties in the consolidated financial statements. Management periodically evaluates the collectability of these receivables based on the\nrelated parties’ financial condition and repayment history. Management believes the outstanding balances are fully collectible as of the\nbalance sheet date, and accordingly, no allowance for doubtful accounts has been recognized.\n\n \n\nDue to related parties consists of the following:\n\n \n\n  \n  \nAs of \n\nName \nRelated party relationship \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nGuowei Xie \nDirector of Jiaxing XC and CYH Shanghai \n 19,728  \n \n-\n \n\nChenjie Hong \nDirector of Hangzhou ZHC \n 1,859  \n \n-\n \n\nBin Lu \nPrincipal shareholder, Director, Juridical person \n \n-\n  \n 1,440 \n\nTotal due to related parties \n  \n$21,587  \n$1,440 \n\n \n\nAs of December 31, 2025 and 2024, the balance\ndue to related parties was used for working capital during the Company’s normal course of business. These advances are non-interest\nbearing and due on demand.\n\n \n\n**NOTE 8 — TAXES**\n\n \n\n*Corporate Income Taxes (“CIT”)*\n\n \n\nThe Company is subject to income taxes on an entity\nbasis on income arising in or derived from the tax jurisdiction in which each entity is domiciled.\n\n \n\nUnder the current laws of the Cayman Islands,\nthe Company is not subject to tax on income or capital gain. In addition, no Cayman Islands withholding tax will be imposed upon the payment\nof dividends by the Company to its shareholders.\n\n \n\nHuachen HK is subject to Hong Kong profits tax\nat a rate of 16.5%. However, it did not generate any assessable profits arising in or derived from Hong Kong for the fiscal years\nended December 31, 2025 and 2024 and accordingly no provision for Hong Kong profits tax has been made in these periods.\n\n \n\nOther subsidiaries are incorporated in the PRC,\nand are subject to the PRC Enterprise Income Tax. Under the Enterprise Income Tax (“EIT”) Law of PRC, domestic enterprises\nand Foreign Investment Enterprises (“FIE”) are subject to a unified 25% enterprise income tax rate while preferential\ntax rates, tax holidays and even tax exemptions may be granted on case-by-case basis.\n\n \n\nAccording to the Law of Company income, the company\nbelong to the general taxpayer, the VAT tax rate is 13%. VAT = VAT on sales - (VAT on purchases - Amt transferred out from VAT on\npurchases) -VAT payable on domestic sales offset against VAT on purchase for export sales - Tax reduced and exempted +VAT refund for exported\ngoods. VAT on purchases: a consumption tax the added when purchasing on the “value added” to a product or material.\n\n \n\nF-20\n\n \n\n \n\nAllowable VAT on purchases = purchase price *\nrate. VAT on sales = sales price * rate. For medium and large company, the tax rate is 17%; for small company, the tax rate is 3%.\nIf the goods purchased has a major non-operating lost, or uses the purchased goods for other purposes such as using it for non taxable\nproject, warfare for a company, or personal consumption, amt transferred out from VAT on purchase should be transferred to its correspondent\ndepartments. No VAT will be deductible. At the end of each month, the company transfers the VAT-in, VAT-out and VAT-transfer out to this\nVAT payable, and the actual VAT payment amount was recorded to this subaccount. VAT payable at the end of the month is the VAT payable\nfor the month. It is transferred to VAT unpaid when book is closed for the month. Tax payable - unpaid VAT is VAT payable for the month.\nThe tax is based on the actual amount of VAT, Consumption Tax and/or Business Tax paid by the taxpayers, and paid together with the three\ntaxes as mentioned. The Company is subject to the 7% tax rate which depends on the location of the entities. Tax rates and computation\nof tax payable - Differential rates are adopted: 7% rate for city area, 5% rate for county and township area and 1% rate\nfor other area. The formula for calculating the amount of the tax payable: Tax payable = Tax base × tax rate Applicable. The Company\nis subject to a 3% national Education Fund Tax based on amount of VAT, Consumption Tax and/or Business Tax paid by the taxpayers.\nThe Company is subject to a 2% local Education Fund Tax based on amount of VAT, Consumption Tax and/or Business Tax paid by the taxpayers.\nThe Individual Income Tax is a general term for adjusting the legal norms of social relations between the taxation authority and natural\npersons (residents, non-residents) in the process of collecting and managing personal income tax. Anyone who has a residence in China\nor who has no residence in China and has lived in China for one year has obtained income from within and outside China are taxpayers of\npersonal income tax. Individuals who have no residence in China and do not live or have no residence and have lived in China for less\nthan one year, those who have obtained income from China are taxpayers of personal income tax. Individual tax payable= payroll* tax rate-\ndeductions. The company deducted the individual tax from the individuals’ salaries and paid to the tax authority on behalf of the\nindividuals. The Company is governed by the Income Tax Law of the PRC concerning the private-run enterprises, which are subject to a statutory\ntax rate of 25% on net income reported in the statutory financial statements after appropriate tax adjustments. the company was small\nscale taxpayer and 10% of income tax rate was applicable.\n\n \n\nTaxes payable consist of the following:\n\n \n\n  \nAs of \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nIncome tax payable \n$2,924  \n$\n      -\n \n\nOther taxes payable \n 56,607  \n \n-\n \n\nTotal taxes payable \n$59,531  \n$\n-\n \n\n  \n\nIncome tax expenses consist of the following:\n\n \n\n  \nFor the years ended for \n\n  \nDecember 31,  \nDecember 31, \n\n  \n2025  \n2024 \n\nIncome tax expense \n$2,844  \n$\n      -\n \n\n \n\n**NOTE 9 — CONCENTRATIONS**\n\n \n\nThe Company’s revenue and expense transactions\nare denominated in RMB and of the Company and its subsidiaries’ assets and liabilities are denominated in RMB. RMB is not freely\nconvertible into foreign currencies. In the PRC, foreign exchange transactions are required by law to be transacted only by authorized\nfinancial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other\nthan RMB may require certain supporting documentation to affect the remittance.\n\n \n\nAs of December 31, 2025 and 2024, $389 and\n$508 of the Company’s cash was on deposit at financial institutions in the PRC. The Company has not experienced any losses\nin such accounts and believes it is not exposed to any risks on its cash on bank accounts. For the years ended December 31, 2025 and 2024,\nthe Company’s all assets were located in the PRC and the Company’s all revenues were derived from its subsidiaries located\nin the PRC.\n\n \n\nAs of December 31, 2025 and 2024, there is no\nrestricted cash was on deposit at financial institutions in the PRC. Restricted cash represents cash that cannot be withdrawn without\nthe permission of third parties. The Company’s restricted cash is substantially a cash balance on deposit required by its business\npartners and commercial banks.\n\n \n\nAs of December 31, 2025, three suppliers accounted\nfor approximately 41.3% ,28.1%, and 25.5% of the Company’s total cost, respectively. As of December 31, 2024, three suppliers\naccounted for approximately 25.8% ,13.0%, and 10.1% of the Company’s total cost, respectively.\n\n \n\nAs of December 31, 2025, three customers accounted\nfor 38.6%, 18.6%, and 8.9% of the Company’s total revenue, respectively. As of December 31, 2024, three customers\naccounted for 21.2%, 14.8%, and 13.7% of the Company’s total revenue, respectively.\n\n \n\nF-21\n\n \n\n \n\n**NOTE 10 — SHAREHOLDERS’ EQUITY**\n\n \n\n*Ordinary Shares*\n\n \n\nHuachen Cayman was established under the laws\nof the Cayman Islands on September 30, 2021. The original authorized number of Ordinary Shares was 50,000,000 shares with par value of\nUS$0.001 per share which was retroactively applied as if the transaction occurred at the beginning of the period presented (see Note 1).\n\n \n\nOn August 12, 2024, Huachen Cayman effected a\n1-for-800 forward split of our Ordinary Shares, cancelled certain authorized but unissued Ordinary Shares and diminished the Company’s\nauthorized share capital. As a result, the authorized share capital of the Company is $250 divided into 200,000,000 shares of a par value\nof $0.00000125. 30,000,000 shares were issued and outstanding as of December 31, 2024.\n\n \n\nImmediately upon the completion of the forward\nsplit, cancellation of authorized but unissued Ordinary Shares and diminution of authorized share capital, the board of directors of the\nCompany approved the surrender of a total of 10,000,000 Ordinary Shares for no consideration to the Company for cancellation, among which\n(i) 6,317,000 Ordinary Shares were surrendered by Huahao (BVI) Limited, (ii) 1,000,000 Ordinary Shares were surrendered by Huayue (BVI)\nHolding Limited, (iii) 846,000 Ordinary Shares were surrendered by Huajing (BVI) Limited, (iv) 884,000 Ordinary Shares were surrendered\nby Huamao (BVI) Limited, (v) 953,000 Ordinary Shares were surrendered by Huaxuan (BVI) Limited. As a result, the total number of Ordinary\nShares issued and outstanding became 30,000,000 Ordinary Shares and each of Huahao (BVI) Limited, Huayue (BVI) Holding Limited, Huajing\n(BVI) Limited, Huamao (BVI) Limited and Huaxuan (BVI) Limited owns 18,951,000 Ordinary Shares, 3,000,000 Ordinary Shares, 2,538,000 Ordinary\nShares, 2,652,000 Ordinary Shares, and 2,859,000 Ordinary Shares, respectively.\n\n \n\nOn February 4, 2025, the Company entered into\nan underwriting agreement (the “Underwriting Agreement”) with Benjamin Securities, Inc., as the representative of the underwriters\nlisted on Schedule 1 thereto, in connection with the initial public of 1,500,000 ordinary shares, par value $0.00000125 per share, of\nthe Company (the “Ordinary Shares”) at an offering price of $4.00 per share (the “Public Offering Price”). Pursuant\nto the Underwriting Agreement, the Company also granted the underwriters a 45-day option to purchase up to 225,000 Ordinary Shares at\nthe Public Offering Price, less the underwriting discount, to cover over-allotment, if any (the “Over-Allotment Option”).\n\n \n\nOn March 7, 2025, the underwriters fully exercised\nthe Over-Allotment Option to purchase an additional 225,000 Ordinary Shares. The Company received $713,500 in net proceeds from the exercise\nof the Over-Allotment Option, after deducting underwriting discounts and other estimated expenses payable by the Company. The closing\nof the Over-Allotment Option took place on March 11, 2025.\n\n \n\nOn May 20, 2025, the Company decided to increase\nthe Company’s authorized share capital from $250 divided into 200,000,000 shares of a par value of $0.00000125 each (“Ordinary\nShares”) to $500 divided into 400,000,000 Ordinary Shares, by the creation of 200,000,000 new Ordinary Shares (the “Share\nCapital Increase”); re-designate all of the issued and outstanding Ordinary Shares into class A ordinary shares of a par value of\n$0.00000125 each, each having one (1) vote per share and the other rights attached to it as set out in the Company’s amended and\nrestated memorandum and articles of association (“Class A Ordinary Shares”) on a one-for-one basis, re-designate 50,000,000\nof the authorized but unissued Ordinary Shares into class B ordinary shares of a par value of $0.00000125 each, each having thirty (30)\nvotes per share and the other rights attached to it as set out in the Company’s amended and restated memorandum and articles of\nassociation (“Class B Ordinary Shares”) on a one-for-one basis; and re-designate all of the remaining authorized but unissued\nOrdinary Shares into Class A Ordinary Shares on a one-for-one basis.\n\n \n\nAs of December 31, 2025, the Company had 629,942\nClass A Ordinary shares issued and outstanding. As of December 31, 2025, the Company had 533,334 Class B Ordinary shares issued and outstanding.\n\n* *\n\n*Statutory reserve*\n\n* *\n\nThe Company is required to make appropriations\nto certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income\ndetermined in accordance with generally accepted accounting principles of the PRC (“PRC GAAP”). Appropriations to the statutory\nsurplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve\nis equal to 50% of the entity’s registered capital. Appropriations to the discretionary surplus reserve are made at the discretion\nof the Board of Directors. The restricted amounts as determined pursuant to PRC statutory laws totaled nil and $400,454 as of\nDecember 31, 2025 and 2024, respectively.\n\n \n\nF-22\n\n \n\n \n\n**NOTE 11 — SEGMENT REPORTING**\n\n** **\n\nAn operating segment is a component of the Company\nthat engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal\nfinancial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate\nresources and assess performance of the segment.\n\n \n\nIn accordance with ASC 280, Segment Reporting,\noperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated\nregularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources\nand in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The\nmanagement approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making\noperating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including\nthe chief operating decision maker, reviews operation results by the revenue of different services. Based on management’s assessment,\nthe Company has determined that it has only one reported operating segments as defined by ASC 280.\n\n \n\n**NOTE 12— COMMITMENTS AND CONTINGENCIES**\n\n** **\n\nThe Company may be involved in certain legal proceedings,\nclaims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject\nto uncertainties and in which the outcomes are not predictable. The Company determine whether an estimated loss from a contingency should\nbe accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the outcomes of these legal proceedings\ncannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial\nposition, results of operations or liquidity.\n\n \n\n*Lease Commitments*\n\n \n\nThe company’s subsidiary, CYH Shanghai has\nentered into one operating lease agreement with the owner to lease office space in Shanghai.\n\n \n\nThe total future minimum lease payments of property\nmanagement fee and lease under the non-cancellable operating lease with respect to the office as of December 31, 2025 are payable\nas follows:\n\n \n\n  \nLease\nCommitment \n\nWithin 1 year \n 6,314 \n\n2-5 years \n 4,735 \n\nTotal \n 11,049 \n\n \n\n**NOTE 13 — SUBSEQUENT EVENT**\n\n \n\nThe Company has evaluated subsequent events through May 13, 2026, the\ndate the financial statements were issued and filed with the U.S. Securities and Exchange Commission. Based on the Company’s evaluation,\nexcept as disclosed in the financial statements, no other event has occurred requiring adjustment or disclosure in the notes to the consolidated\nfinancial statements.\n\n \n\nOn April 8, 2026, the Company announced that\na 1-for-30 reverse stock split of its Class A and Class B ordinary shares, which is expected to become effective at the open of\nbusiness on April 13, 2026. Upon effectiveness, every thirty Class A ordinary shares with a par value of US$0.00000125 each will be\nconsolidated into one Class A ordinary share with a par value of US$0.0000375, and every thirty Class B ordinary shares with a par\nvalue of US$0.00000125 each will be consolidated into one Class B ordinary share with a par value of US$0.0000375, reducing\noutstanding Class A shares from approximately 18,897,500 to approximately 629,942 and outstanding Class B shares from approximately\n16,000,000 to approximately 533,334, with no fractional shares issued and any fractional shares rounded up to the next whole\npost-split share. Concurrently, the Company amended its Memorandum of Association to proportionately reduce the number of authorized\nordinary shares to 2,083,333,334, comprising 1,666,666,667 Class A ordinary shares and 416,666,667 Class B ordinary shares, and to\nchange the par value of post-reverse stock split ordinary shares to US$0.0000375 per share. The effects of the 1-for-30 reverse\nstock split have been retrospectively applied to the consolidated financial statements for fiscal years 2025, 2024 and 2023.\n\n \n\nF-23\n\nU.S. 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