Shenzhen Stock Exchange:
On April 10, 2026, the inquiry letter titled "Regarding the Application for Asset Purchase by Guangzhou Ruili Technology Co., Ltd. for Issuing Shares" (Inquiry No. 130008) has been received. Caitong Securities Co., Ltd. (hereinafter referred to as "Caitong Securities") has received the inquiry letter as the independent financial advisor for Guangzhou Ruili Technology Co., Ltd. (hereinafter referred to as "the Company").
The Company has responded to the inquiries raised in the letter, and based on the requirements of the inquiry letter, the Company has provided clarifications and further explanations regarding the relevant issues.
The inquiry letter and its supplementary content have been included in the "Report on the Asset Purchase by Guangzhou Ruili Technology Co., Ltd." (Draft) and the "Revised Draft" (hereinafter referred to as "the Report") to clarify the structure and standards.
Explanation:
As specifically noted, this opinion does not constitute a recommendation or endorsement of the report. In the event of discrepancies, the number of items and data may vary, with a total of five items included.
This opinion's terminology is defined as follows:
| Inquiry Item | Inquiry Item Response | Supplement to the Report |
|---|---|---|
| Inquiry Item Listed | Inquiry Item Response | Supplement to the Report |
Table of Contents
- Regarding the Asset Management Model
- Regarding Profit Assessment
- Regarding Asset Revenue and Expense Preparation
- Regarding Trading Background and Integration
- Other Matters
Question 1: Regarding the Asset Management Model
The application document states: (1) Product sales aspect, Wuhan Ruili Technology Co., Ltd. (hereinafter referred to as "Wuhan Ruili") is primarily responsible for the design, development, and sales of liquid pressure control system components for PCBA products. This product is listed on the company's liquid pressure control system core control unit.
(2) Technical service aspect, the Company and its related parties are responsible for the business connection with the listed company, and the inquiry letter requires that the inquiry be conducted based on the actual situation of the relevant issues.
The report indicates that the asset management model of the Company is mainly based on the sales of liquid pressure control system products, and the Company has established a third-party market for direct sales. The Company has also adopted a strategy of increasing costs and enhancing technical service capabilities.
The report also indicates that the Company is expected to achieve significant growth in the market, with a projected increase in the sales of PCBA products.
Please provide supplementary information: (1) Combine industry competition structure and market evolution, focusing on the main enterprises and market segments, and analyze the factors driving the market.
(2) The asset management model should clarify the differences in product and service offerings, such as the differences in product lines and service offerings.
(3) The Company should clarify the market share and its relationship with the main competitors in the industry.
(4) The Company should analyze the main trends in the industry and the factors affecting the market.
(5) The Company should clarify the relationship between the industry and the Company's business model, and how it relates to the overall market.
Question 2: Regarding Profit Assessment
The Company should clarify the profit assessment model and the factors affecting profitability.
Question 3: Regarding Asset Revenue and Expense Preparation
The Company should clarify the revenue and expense preparation for the assets involved.
Question 4: Regarding Trading Background and Integration
The Company should clarify the trading background and integration strategies.
Question 5: Other Matters
The Company should address any other relevant matters.
[Chart: Asset Management Model Overview]