Independent Financial Advisor Report on the Achievement of Conditions for the Second Exercise Period of the 2021 Stock Option Incentive Plan of Yuan Guang Software Co., Ltd.

Independent Financial Advisor Report

Statement

Shanghai Miaodao Enterprise Management Consulting Co., Ltd. has been entrusted to act as the independent financial advisor for Yuan Guang Software Co., Ltd. (hereinafter referred to as "Yuan Guang Software," "the listed company," or "the company") regarding the 2021 Stock Option Incentive Plan (hereinafter referred to as "this incentive plan" or "the current incentive plan") and has prepared this independent financial advisor report. This report is based on relevant laws, regulations, and normative documents, including the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, and the Self-Regulatory Guidelines for Listed Companies of the Shenzhen Stock Exchange, among others. It provides independent financial advisory opinions for the reference of all shareholders and relevant parties of Yuan Guang Software.

1. The documents and materials on which this independent financial advisor report is based were provided by Yuan Guang Software. The company has committed to the advisor that the information provided regarding this incentive plan is true, accurate, and complete, ensuring that there are no false records, misleading statements, or significant omissions.
2. The independent financial advisor, acting with diligence and prudence, has conducted due diligence on matters related to this incentive plan and has sufficient reason to believe that the professional opinions expressed do not differ materially from the contents disclosed by the listed company. The advisor assumes responsibility for the truthfulness, accuracy, and completeness of this report.
3. The opinions expressed by the independent financial advisor are based on the following assumptions: there are no significant changes in current national laws, regulations, or policies; the documents and information provided by Yuan Guang Software are true, accurate, and complete; there are no other obstacles to the implementation of this incentive plan, and all agreements involved can be effectively approved and completed on schedule; all parties involved in the implementation of this incentive plan can fully perform all obligations in accordance with the plan and relevant agreement terms; there are no significant adverse effects caused by other force majeure or unpredictable factors.
4. There is no relationship between the independent financial advisor and the listed company. The advisor has issued this independent financial advisor report based entirely on objective and impartial principles. The advisor urges investors to carefully read the publicly disclosed materials of Yuan Guang Software, including the 2021 Stock Option Incentive Plan.
5. The independent financial advisor has not commissioned or authorized any other institutions or individuals to provide information not included in this report or to make any explanations or clarifications regarding this report.
6. The independent financial advisor reminds investors that this report does not constitute any investment advice for Yuan Guang Software, and the advisor bears no responsibility for any risks arising from investment decisions made by investors based on this report.