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CITIC Securities' Audit Opinion on the Extension of Shandong Delisi Food Co., Ltd.'s Raised Funds Investment Projects

Delisi Co., Ltd.·

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CITIC Securities, as the sponsor, audited the extension of raised funds investment projects for Shandong Delisi Food Co., Ltd. The company is extending the completion dates for two projects: "2 Million Pigs Slaughtering and Meat Product Processing Project" and "Delisi Domestic Market Marketing Network Construction Project." The extensions are due to project progress and market changes, with no change in project scope or fund usage. The extensions are deemed compliant with regulations.

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CITIC Securities Co., Ltd. Audit Opinion on the Extension of Shandong Delisi Food Co., Ltd.'s Raised Funds Investment Projects

CITIC Securities Co., Ltd. (hereinafter referred to as "CITIC Securities" or "the Sponsor") is the sponsor institution for the non-public offering of shares by Shandong Delisi Food Co., Ltd. (hereinafter referred to as "Delisi" or "the Company"). In accordance with the "Administrative Measures for Securities Issuance and Listing Sponsorship Business," the "Shenzhen Stock Exchange Stock Listing Rules," the "Shenzhen Stock Exchange Listed Company Sponsorship Work Guide," the "Shenzhen Stock Exchange Listed Company Self-Regulation Supervision Guide No. 1 - Normative Operation of Main Board Listed Companies," the "Shenzhen Stock Exchange Listed Company Information Disclosure Guide No. 13 - Sponsorship Business," and the "Listed Company Raised Funds Supervision Rules," among other relevant regulations, we have audited the extension of some raised funds investment projects of Shandong Delisi Food Co., Ltd. and hereby issue the following sponsorship opinion:

I. Basic Situation of Raised Funds

As approved by the China Securities Regulatory Commission's "Approval on Approving the Non-Public Offering of Shares by Shandong Delisi Food Co., Ltd." (Zhengjian Permit (2021) No. 1173), the Company issued 13,331.529 million shares of RMB ordinary shares (A shares) in a non-public offering at an issue price of RMB 7.39 per share. The total raised funds amounted to RMB 985.20 million. After deducting issuance-related expenses of RMB 814.17 million (excluding VAT), the net raised funds amounted to RMB 97,705.83 million. The aforementioned raised funds were all received on January 24, 2022, totaling RMB 97,827.40 million (including intermediary fees of RMB 121.57 million paid in advance by the Company). Dahua Certified Public Accountants (Special General Partnership) verified the receipt of the raised funds and issued the "Capital Verification Report on the Paid-in Capital After Shandong Delisi Food Co., Ltd.'s Non-Public Offering of 13,331.529 Million Shares of RMB Ordinary Shares (A Shares)" (Dahua Verification Letter (2022) No. 000057). The Company has implemented a special account deposit system for raised funds, and has signed a tripartite supervision agreement with the bank where the special account is opened and the sponsor.

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