Guotai Junan Securities Co., Ltd.
Audit Opinion on the Storage, Management, and Use of Raised Funds by Kehua Data Co., Ltd. in 2025
Guotai Junan Securities Co., Ltd. (hereinafter referred to as "the Sponsor" or "Guotai Junan Securities") is the sponsor continuously supervising Kehua Data Co., Ltd. (hereinafter referred to as "Kehua Data" or "the Company"). In accordance with the "Administrative Measures for Securities Issuance and Listing Sponsorship Business," the "Shenzhen Stock Exchange Stock Listing Rules," the "Supervision Rules for Listed Company Raised Funds," and the "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 1 - Norms for Operation of Main Board Listed Companies," and other relevant laws, regulations, and normative documents, the Company has audited the storage, management, and use of Kehua Data's raised funds in 2025. The specific situation is as follows:
I. Basic Situation of Raised Funds
(I) Amount of Raised Funds and Time of Receipt
According to the "Approval for Kehua Data Co., Ltd. to Issue Convertible Corporate Bonds to Unspecified Objects" (Zheng Jian Xu Ke [2023] No. 1681) issued by the China Securities Regulatory Commission, the Company issued 14,920,680 convertible corporate bonds to unspecified objects in August 2023. With a face value of RMB 100 per bond, the total amount of raised funds was RMB 149,206.80 million. After deducting issuance expenses of RMB 1,140.48 million according to relevant regulations, the actual amount of raised funds was RMB 148,066.32 million. These raised funds were received in August 2023 and verified by the "Capital Verification Report" (Rong Cheng Yan Zi [2023] No. 361Z0043) issued by Rong Cheng Certified Public Accountants LLP on August 30, 2023. The Company has implemented special account management for the raised funds.
(II) Use and Balance of Raised Funds
As of December 31, 2025, the Company's use and balance of raised funds are as follows:
| Project | Amount Unit: RMB Million | Amount |
|---|---|---|
| Total raised funds | 149,206.80 | |
| Less: Issuance expenses | 1,140.48 | |
| Amount received in special account for raised funds | 148,066.32 | |
| Less: Cumulative investment in raised projects (Note) | 61,426.13 | |
| Of which: Amount invested in raised projects in this reporting period | 9,613.22 |
| Project | Amount |
|---|---|
| Add: Cumulative interest income and investment income (less fees) | 1,096.30 |
| Balance of raised funds as of December 31, 2025 | 87,736.49 |
| Of which: Unreturned funds temporarily supplementing working capital as of the end of the period | 53,007.74 |
| Purchased wealth management products | 32,884.75 |
| Balance of raised funds in special accounts as of December 31, 2025 | 1,844.00 |
Note: The amount of cumulative investment in raised projects includes RMB 3,702.17 million of self-raised funds that were used to replace pre-invested funds in raised projects, as approved by the Company's 9th Board of Directors' 7th Meeting and 9th Supervisory Board's 6th Meeting.
II. Storage and Management of Raised Funds