Announcement on the Postponement of Certain Fundraising Investment Projects
Hangzhou Hetai Electromechanical Co., Ltd. (hereinafter referred to as "the Company" or "Hetai Electromechanical") held the 13th meeting of the second board of directors on February 6, 2026, where it reviewed and approved the proposal regarding the postponement of certain fundraising investment projects. The Company agreed to postpone some fundraising investment projects based on the implementation progress and actual situation of the fundraising projects related to its initial public offering (IPO), without changing the project implementation entity, method, funding usage, or investment scale. The sponsor institution issued a non-objection verification opinion. This postponement is within the board's approval authority and does not require submission to the shareholders' meeting for deliberation. The specific circumstances are announced as follows:
1. Basic Situation of Fundraising
According to the approval from the China Securities Regulatory Commission regarding the IPO of Hangzhou Hetai Electromechanical Co., Ltd. (Zheng Jian Xu Ke [2022] No. 2817), the Company has publicly issued 16,166,800 ordinary shares (A shares) at a par value of RMB 1 per share, with an issue price of RMB 46.81 per share, raising a total of RMB 756,767,908.00. After deducting issuance costs of RMB 68,399,144.00, the net amount raised is RMB 688,368,764.00. The funds were fully in place by February 14, 2023, verified by Tianjian Accounting Firm (Special General Partnership), which issued Verification Report Tianjian Yan [2023] No. 48. To standardize the management and use of the raised funds, the Company has implemented special account storage for the funds and signed a fundraising fund supervision agreement with the sponsor institution and the bank where the funds are stored.
2. Usage and Storage of Fundraising
As of December 31, 2025, the usage and balance of the raised funds are as follows:
| Item | Amount (RMB 10,000) |
|---|---|
| Net amount of raised funds (A) | 68,836.88 |
| Cumulative expenditure by the end of the period (B) | 25,701.57 |
| Net interest income (C) | 3,046.09 |
| Remaining raised funds (D=A-B+C) | 46,181.40 |
| Actual remaining raised funds (E) | 46,181.40 |
| Difference (F=D-E) | 0.00 |
Note: The above data is unaudited. As of December 31, 2025, the balance of the raised funds is RMB 46,181.40 million (including cumulative net interest income of RMB 3,046.09 million). Among them, the balance in the special account for raised funds is RMB 14,881.40 million, the balance of large time deposits purchased with raised funds but not yet due is RMB 17,000.00 million, and the balance of structured deposits not yet due is RMB 14,300.00 million.
3. Actual Investment Situation of Fundraising Projects
As of December 31, 2025, the specific investment situation of the fundraising projects from the IPO is as follows:
| Project Name | Total Investment Amount | Fundraising Investment Amount | Cumulative Payment Amount | Cumulative Payment Ratio | Project Implementation Entity |
|---|---|---|---|---|---|
| Intelligent Manufacturing Project for 3 Million Large-Pitch Conveyor Chains | 55,153.97 | 52,072.14 | 24,213.34 | 46.50% | Hetai Chain Transport |
| Research and Industrialization Project for Unloading Elevators | 9,884.56 | 9,332.24 | 1,333.50 | 14.29% | Hetai Conveying |
| Construction Project of Lifting Equipment Technology R&D Center | 7,872.38 | 7,432.50 | 154.73 | 2.08% | Hetai Electromechanical |
| Total | 72,910.91 | 68,836.88 | 25,701.57 | 37.34% |
Note: "Cumulative payment amount" refers to the actual amount paid using the raised funds as of December 31, 2025, excluding amounts for contracts signed but not yet paid.