Special Verification Opinion
Guolian Minsheng Securities Underwriting and Sponsorship Co., Ltd. (hereinafter referred to as "Guolian Minsheng" or "the Sponsor") has conducted a prudent verification of the fundraising storage and usage situation of Jushen Logistics Group Co., Ltd. (hereinafter referred to as "Jushen" or "the Company") for the first half of 2025, as the sponsor for the Company's initial public offering and continuous supervision on the main board listing, in accordance with relevant regulations including the "Administrative Measures for the Sponsorship of Securities Issuance and Listing," "Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 1 - Standardized Operations of Main Board Listed Companies," "Shenzhen Stock Exchange Stock Listing Rules," and "Regulations on the Supervision of Fundraising by Listed Companies." The verification results are as follows:
1. Basic Situation of Fundraising
(1) Actual Amount Raised and Time of Fund Arrival
According to the China Securities Regulatory Commission's approval document (Zheng Jian Xu Ke [2021] No. 1117), the Company publicly issued 32,242,000 shares of RMB ordinary shares (A shares) at a price of RMB 15.09 per share, with a total fundraising amount of RMB 486,531,800. After deducting issuance expenses of RMB 53,472,100, the net amount raised was RMB 433,059,700. The total amount was received on April 23, 2021, and the arrival of the funds has been verified by Tianjian Accounting Firm (Special General Partnership), which issued the verification report Tianjian Yan Zi [2021] No. 7-33 on April 23, 2021.
(2) Usage and Balance of Fundraising as of the First Half of 2025
As of June 30, 2025, the usage and current balance of the raised funds are as follows:
| Project | Amount (10,000 RMB) |
|---|---|
| Net amount raised (A) | 43,305.97 |
| Cumulative usage amount as of the beginning of the period (B1) | 35,921.07 |
| Net interest income (B2) | 1,426.01 |
| Permanent supplementary working capital (B3) | 4,752.26 |
| Current usage amount (C1) | 2,499.44 |
| Current net interest income (C2) | 1.18 |
| Current permanent supplementary working capital (C3) | 0.00 |
| Cumulative usage amount as of the end of the period (D1=B1+C1) | 38,420.51 |
| Cumulative net interest income as of the end of the period (D2=B2+C2) | 1,427.19 |
| Cumulative permanent supplementary working capital as of the end of the period (D3=B3+C3) | 4,752.26 |
| Remaining fundraising balance (E=A-D1+D2-D3) | 1,560.39 |
| Actual remaining fundraising (F) | 1,560.39 |
2. Fundraising Storage and Management
(1) Management of Fundraising
To standardize the use and management of the Company's fundraising and improve the efficiency of fund usage, the Company has established a "Fundraising Management System" in accordance with the "Company Law of the People's Republic of China," "Securities Law of the People's Republic of China," "Regulations on the Supervision of Fundraising by Listed Companies," and "Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 1 - Standardized Operations of Main Board Listed Companies," combined with the actual situation of the Company. According to the "Fundraising Management System," the Company implements special account storage for the raised funds, establishing special accounts in banks and signing a "Tripartite Supervision Agreement" with the sponsor and relevant banks to clarify the rights and obligations of all parties. The tripartite supervision agreement does not differ significantly from the model agreement of the Shenzhen Stock Exchange. As of June 30, 2025, the storage and usage of the Company's raised funds have complied with the Company's "Fundraising Management System."