Securities Code: 002362 Securities Abbreviation: Hanwang Technology Announcement Number: 2026-014 Hanwang Technology Co., Ltd. 2025 Annual Report on the Special Report on the Storage and Use of Raised Funds In accordance with the "Supervision Measures for the Management of Raised Funds by Listed Companies" issued by the China Securities Regulatory Commission and the "Shenzhen Stock Exchange Listed Company Self-Regulatory Management Guidelines No. 1 - Standardized Operation of Main Board Listed Companies" issued by the Shenzhen Stock Exchange, the company's report on the storage and use of raised funds for 2025 is as follows: I. Basic情况 of Raised Funds According to the "Approval on the Non-public Offering of Shares by Hanwang Technology Co., Ltd." (Zhengjian Xuke [2020] No. 1911) issued by the China Securities Regulatory Commission, the company adopted a non-public offering of shares to issue a total of 27,465,354 A shares of ordinary shares to specific investors, with a par value of RMB 1.00 per share and an offering price of RMB 20.73 per share. The total amount of raised funds from this non-public offering was RMB 569,356,788.42. After deducting issuance expenses of RMB 8,379,338.09 (excluding tax), the net amount of raised funds was RMB 560,977,450.33. The arrival of the aforementioned raised funds has been audited by Xinyongzhonghe Certified Public Accountants (Special General Partnership), which issued an audit report XYZH/2020BJAA80056 on December 28, 2020. II. Storage and Management of Raised Funds To regulate the management and operation of raised funds by Hanwang Technology Co., Ltd. (hereinafter referred to as the "Company"), protect the interests of investors, and in accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," the "Shenzhen Stock Exchange Stock Listing Rules," and the "Shenzhen Stock Exchange Listed Company Self-Regulatory Management Guidelines No. 1 - Standardized Operation of Main Board Listed Companies," and in conjunction with the Company's actual situation, the "Management System for Raised Funds of Hanwang Technology Co., Ltd." (hereinafter referred to as the "Management System") was formulated. This "Management System" was reviewed and approved by the seventh meeting of the first board of directors and the 2006 annual general meeting of shareholders, and was subsequently reviewed and revised by the fifth meeting of the second board of directors, the third extraordinary general meeting of shareholders in 2009, and the fifth board of directors' twenty-seventh extraordinary meeting, the fourteenth extraordinary meeting of the sixth board of directors, and the tenth meeting of the seventh board of directors. The regulations clearly stipulate the storage, approval, use, management, and supervision of raised funds to ensure the standardized use of raised funds in terms of system. To standardize the storage and use of the Company's raised funds and protect the legitimate rights and interests of investors, the Company has signed a tripartite supervision agreement for raised funds with relevant banks and the sponsor, China Galaxy Securities Co., Ltd. There are no significant differences between the relevant agreements and the tripartite supervision agreement template. As of December 31, 2025, the following raised fund special accounts are still in use: Account Holder | Bank | Account Purpose Hanwang Technology | Xiamen International Bank Co., Ltd. Beijing Branch | New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System The Company and its holding subsidiaries (or their branches) have signed multi-party supervision agreements for raised funds with relevant banks and the sponsor, China Galaxy Securities Co., Ltd. There are no significant differences between the relevant agreements and the supervision agreement template. As of December 31, 2025, the following raised fund special accounts are still in use: Account Holder | Bank | Account Purpose Beijing Hanwang Digital Technology Co., Ltd. | Bank of Beijing, Zhongguancun Sub-branch | New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System Wuhan Hanwang Data Technology Co., Ltd. | Bank of Communications, Wuhan East Lake New Technology Development Zone Sub-branch | New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System Beijing Zhongke Yanshen Technology Co., Ltd. | Bank of Beijing, Zhongguancun Sub-branch | New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System Note: For information on cancelled raised fund accounts, please refer to the announcement "Completion of Cancellation of Some Raised Fund Special Accounts" disclosed on March 29, 2025, and the "Special Report on the Storage and Use of Raised Funds for the First Half of 2025" disclosed on August 26, 2025. III. Actual Use of Raised Funds (I) Amount of Raised Funds Used and Current Balance In 2025, the Company used a total of RMB 57,163,516.44 of raised funds, of which RMB 49,415,698.38 was directly invested in investment projects, RMB 7,747,658.06 was used to supplement working capital from project surpluses, and RMB 160.00 was paid as bank handling fees. As of December 31, 2025, the Company has cumulatively used RMB 563,887,608.57 of raised funds, and the total balance in the raised fund special accounts is RMB 36,449,128.66. (II) Actual Use of Raised Funds in the Current Period
- As of December 31, 2025, the usage of raised funds is as follows: Unit: RMB 10,000 Serial Number | Project Name | Previous Period Raised Fund Balance | Newly Added Raised Funds | Actual Amount Used in Current Period | Amount Transferred Out | Current Period Raised Fund Balance 1 | New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System | 8,406.74 | 179.75 (Note 1) | 4,941.59 | 3,644.91 2 | New Generation Neural Network Image and Human Behavior Analysis Platform and Enterprise Application Project | 763.82 | 0.25 (Note 1) | 764.06 (Note 2) 3 | Upgraded Stylus Touch Technology Core Chip and Pen Interactive Intelligent Digital Product Solution | 10.49 | 0.22 (Note 1) | 10.71 (Note 2) Total | 9,181.05 | 180.22 | 4,941.59 | 774.77 | 3,644.91 Note 1: This is the interest generated by the raised funds during the reporting period. Note 2: This is the surplus raised funds used to supplement working capital after project completion. The actual amount used in the current period includes bank handling fees of RMB 160.00.
- To improve the efficiency of raised fund utilization and accelerate the progress of investment projects, the Company has increased capital or provided loans to some wholly-owned subsidiaries or holding subsidiaries to implement investment projects, and relevant matters have undergone necessary deliberation procedures. The following is the situation of investing in investment projects through loans during the reporting period (the difference is due to rounding): Investment Project Name | Name of Loan Recipient | Loan Amount (RMB 10,000) | Loan Amount in Current Period | Cumulative Loan Amount (RMB 10,000) | Cumulative Unpaid Loan Amount (RMB 10,000) New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System | Beijing Hanwang Digital Technology Co., Ltd. | 3,000 | 563.19 | 2,572.61 | Wuhan Hanwang Data Technology Co., Ltd. | 1,000 | 1.48 | 85.14 | Beijing Zhongke Yanshen Technology Co., Ltd. | 1,000 | 121.40 | 932.63 Total | 5,000 | 686.07 | 3,590.37 | - For the situation of raised fund investment project fund usage, please refer to "Appendix." (III) Prior Investment and Replacement of Raised Funds On October 29, 2024, the seventh board of directors held its third meeting and the seventh supervisory board held its third meeting, which reviewed and approved the "Proposal on Using Own Funds, Bank Acceptance Drafts, and Other Methods to Pay for Part of the Investment Projects and Replacing Them with an Equivalent Amount of Raised Funds." The Company, based on the specific implementation of the investment projects, used its own funds, bank acceptance drafts, and other methods to pay for part of the investment projects and replaced them with an equivalent amount of raised funds. This approach reasonably optimizes the payment methods for investment projects, helps reduce financial costs, and improves the efficiency of raised fund utilization without affecting the normal implementation of the investment project plan. During the reporting period, the Company used RMB 7,187,600 of raised funds for the "New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System" project to replace USD 1 million of its own funds previously invested in the project. (IV) Project Completion and Supplementation of Working Capital with Surplus Funds On October 29, 2024, the seventh board of directors held its third meeting and the seventh supervisory board held its third meeting, and on December 27, 2024, the seventh board of directors held its fourth (extraordinary) meeting and the seventh supervisory board held its fourth (extraordinary) meeting, which reviewed and approved the "Proposal on the Completion of Some Investment Projects and Permanent Supplementation of Surplus Raised Funds to Working Capital." The Company's investment projects "New Generation Neural Network Image and Human Behavior Analysis Platform and Enterprise Application Project" and "Upgraded Stylus Touch Technology Core Chip and Pen Interactive Intelligent Digital Product Solution" have reached the state of intended use and meet the conditions for completion. The surplus funds from these projects will be used to supplement working capital. After the completion of the aforementioned investment projects, as of December 31, 2025, except for frozen accounts, the Company has supplemented the surplus funds from the "New Generation Neural Network Image and Human Behavior Analysis Platform and Enterprise Application Project" and the "Upgraded Stylus Touch Technology Core Chip and Pen Interactive Intelligent Digital Product Solution" to working capital. The corresponding raised fund special accounts have been cancelled. Funds not transferred from frozen accounts are deemed to have been supplemented to working capital. On January 21, 2026, the seventh board of directors held its twelfth (extraordinary) meeting, and on February 9, 2026, the first extraordinary general meeting of shareholders in 2026 reviewed and approved the "Proposal on the Completion of Some Investment Projects and Permanent Supplementation of Surplus Raised Funds to Working Capital." The Company's investment project "New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System" has reached the state of intended use and meets the conditions for completion. The surplus funds will be permanently supplemented to working capital. Upon completion of the aforementioned matters, the Company will cancel the raised fund special account for this investment project. As of the date of this report, RMB 3,647.92 million of surplus funds from this investment project have been supplemented to working capital. The cancellation of the raised fund special account is not yet complete. Upon completion of the account cancellation, the Company will promptly fulfill its information disclosure obligations. (V) Storage of Raised Funds Special Accounts As of December 31, 2025, the total balance of raised funds in special accounts is RMB 36,449,128.66. The specific storage of raised funds is as follows: Bank Name | Bank Account Number | Type | Account Balance Xiamen International Bank Co., Ltd. Beijing Branch | 8014100000019281 | Current | 36,298,637.85 Bank of Beijing, Zhongguancun Sub-branch | 20000024318100040755780 | Current | 29,718.85 | 20000038986600042638054 | Current | 112,519.70 Bank of Communications, Wuhan East Lake New Technology Development Zone Sub-branch | 421421088012001344869 | Current | 8,252.26 Total | | | 36,449,128.66 Note: The account with the original account number 20000031871900040838708 belongs to an investment project that has been completed. Due to account freezing and inability to cancel, it is no longer managed as a raised fund special account and is not included in the raised fund balance. The above deposit balance includes accumulated interest income of RMB 39,359,286.90 (of which the interest income for 2025 was RMB 1,802,154.73) and deducts bank handling fees of RMB 7,287.90 (of which the bank handling fees for 2025 were RMB 160.00). We have obtained the bank statements, and the bank deposit balance as of December 31, 2025, as stated in the statements confirms that the bank deposit balance in the raised fund special accounts is true and accurate. IV. Changes in Raised Funds During the reporting period, the Company did not change any raised fund investment projects. V. Problems in the Use and Disclosure of Raised Funds In 2025, the Company, in accordance with relevant laws, regulations, and normative documents, fulfilled the application and approval procedures for the use of raised funds, adhered to the tripartite supervision agreement and multi-party supervision agreements for raised funds, accepted the supervision of the sponsor, and ensured that the raised funds were used for the construction of investment projects. The storage of raised funds was disclosed in a timely, truthful, accurate, and complete manner. Appendix: 2025 Annual Report on the Use of Raised Funds Board of Directors of Hanwang Technology Co., Ltd. March 26, 2026 2025 Annual Report on the Use of Raised Funds Unit: RMB 10,000 Raised Fund Amount Total Raised Fund Amount 56,097.75 Amount of Raised Funds with Changed Purpose in the Reporting Period 0 Total Amount of Raised Funds with Changed Purpose 0 Proportion of Raised Funds with Changed Purpose 0% Total Amount Invested in the Reporting Period 5,716.36 Total Cumulative Amount Invested 56,388.76 Whether Project Changed (Partially Changed) Committed Investment Projects and Allocation of Surplus Funds Whether Project Changed (Partially Changed) Adjusted Investment Amount (1) Amount Invested in the Reporting Period Cumulative Amount Invested by the End of the Period (2) Investment Progress by the End of the Period (%) (3) = (2)/(1) Project Completion Date Actual Benefits in the Reporting Period Cumulative Benefits by the End of the Period Whether Expected Benefits are Achieved Whether Project Feasibility has Materially Changed New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System No 23,374.06 23,374.06 4,941.59 22,331.99 96% 2025/12/31 2,668.86 5,870.51 Yes No New Generation Neural Network Image and Human Behavior Analysis Platform and Enterprise Application Project No 7,947.18 7,947.18 7,710.38 97% 2024/12/31 -216.41 91.00 No No Upgraded Stylus Touch Technology Core Chip and Pen Interactive Intelligent Digital Product Solution No 12,621.99 12,621.99 12,604.23 100% 2024/9/30 3,486.84 6,801.07 Yes No Supplement Working Capital 12,154.51 12,154.51 12,154.51 100% Committed Investment Projects Subtotal 56,097.74 56,097.74 4,941.59 54,801.11 98% 2025/12/31 5,939.29 12,762.58 Surplus Funds Supplementing Working Capital 774.77 1,587.65 Total 56,097.74 56,097.74 5,716.36 56,388.76 5,939.29 12,762.58 Whether the Project Progress is Delayed or Expected Benefits are Not Achieved and Reasons (Specific Projects) The Company held the ninth (extraordinary) meeting of the sixth board of directors and the fifth (extraordinary) meeting of the sixth supervisory board on January 21, 2022, and reviewed and approved the "Proposal on the Postponement of Raised Fund Investment Projects." For detailed information, please refer to the relevant announcements published by the Company on January 24, 2022, in the designated information disclosure media Securities Times, China Securities Journal, and Juchao Information Network (www.cninfo.com.cn). New Generation Neural Network Image and Human Behavior Analysis Platform and Enterprise Application Project: Since the project was completed, due to changes in the industry environment, insufficient effective demand, intensified competition, and other factors, the application scenario and scale of implementation have not met expectations. Whether Project Feasibility Has Materially Changed No. Amount and Use of Surplus Funds and Progress No. Change in Location of Raised Fund Investment Projects No. Change in Method of Raised Fund Investment Projects No. On October 29, 2024, the third meeting of the seventh board of directors and the third meeting of the seventh supervisory board reviewed and approved the "Proposal on Using Own Funds, Bank Acceptance Drafts, and Other Methods to Pay for Part of the Investment Projects and Replacing Them with an Equivalent Amount of Raised Funds." The Company, based on the specific implementation of the investment projects, used its own funds, bank acceptance drafts, and other methods to pay for part of the investment projects and replaced them with an equivalent amount of raised funds. This approach reasonably optimizes the payment methods for investment projects, helps reduce financial costs, and improves the efficiency of raised fund utilization without affecting the normal implementation of the investment project plan. During the reporting period, the Company used RMB 7,187,600 of raised funds for the "New Generation Natural Language Understanding Technology and Big Data Open Platform and Application System" project to replace USD 1 million of its own funds previously invested in the project. Use of Idle Raised Funds to Temporarily Supplement Working Capital No. Use of Idle Raised Funds for Cash Management No. Amount and Reasons for Surplus of Raised Funds During Project Implementation Please refer to "III. Actual Use of Raised Funds" - "Project Completion and Supplementation of Working Capital with Surplus Funds" in the main text. Purpose and Destination of Unused Raised Funds As of December 31, 2025, the balance of unused raised funds is RMB 3,644.91 million, all of which is deposited in the raised fund special accounts. Problems or Other Circumstances Regarding Raised Fund Usage and Disclosure The raised funds (principal of approximately RMB 9.67 million) deposited by the Company's holding subsidiary, Hanwang Rongbi, in the raised fund account of Bank of Beijing, Zhongguancun Sub-branch, were frozen by the People's Court of Donggang District, Rizhao City, Shandong Province, due to a sales contract dispute between Hanwang Rongbi and Sansan Intelligent Technology (Rizhao) Co., Ltd. For details, please refer to the "Announcement on the Progress of Litigation Matters" disclosed by the Company on April 22, 2023, and August 5, 2023, in the designated information disclosure media "Securities Times," "China Securities Journal," and Juchao Information Network (www.cninfo.com.cn). As of the date of this report, Hanwang Rongbi is no longer the implementer of the Company's investment projects, and the relevant investment projects have been completed. This portion of frozen funds is deemed to have been supplemented to working capital.