Guotai Junan Securities Co., Ltd. Audit Opinion on the 2025 Fund Raising and Use of Funds by Beijing FF Information Technology Co., Ltd.
Guotai Junan Securities Co., Ltd. (hereinafter referred to as "Sponsor" or "Guotai Junan"), as the sponsor continuously supervising Beijing FF Information Technology Co., Ltd. (hereinafter referred to as "FF Technology" or "the Company"), in accordance with the "Administrative Measures for Securities Issuance and Listing Sponsorship Business," "Supervision Rules for Listed Company Fund Raising," "Shenzhen Stock Exchange Stock Listing Rules," "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 1 - Standardized Operation of Main Board Listed Companies," and other relevant regulations, has performed its continuous supervision duties to audit the fund raising and use of funds by FF Technology in 2025. The audit findings are as follows:
I. Basic Situation of Fund Raising
- Amount of Funds Raised and Time of Arrival;
As approved by the China Securities Regulatory Commission's "Approval for Beijing FF Information Technology Co., Ltd. to Issue Shares to Specific Investors" (Zheng Jian Xu Ke [2020] No. 1338), the Company issued 90,562,440 ordinary shares of RMB 1.00 each at an issue price of RMB 20.98 per share to specific investors, raising a total of RMB 1,900.00 million. After deducting issuance expenses (excluding tax), the net amount of funds raised was RMB 1,876.3207 million.
The funds raised from this issuance were all received on July 31, 2020, and were audited by an audit report issued by ZhiTong Certified Public Accountants (Special General Partnership) on August 3, 2020, with the report number ZhiTong Yan Zi (2020) No. 110ZC00273.
- Amount Used and Current Balance for the Year.
(1) Amount Used in Previous Years As of December 31, 2024, the Company had cumulatively paid RMB 39,165.82 million for project investments, permanently supplemented RMB 57,000.00 million of working capital with raised funds. The net amount of investment income and bank interest (net of fees) earned from raised funds was RMB 3,516.22 million. After deducting RMB 70,000.00 million temporarily used to supplement working capital with raised funds, the balance of the special account for raised funds and wealth management accounts was RMB 24,982.47 million (of which RMB 20,000.00 million was for wealth management products).
(2) Amount Used and Current Balance for the Year During the year, the Company paid RMB 56.26 million for project investments, and the net income from wealth management and bank interest (net of fees) earned from raised funds was RMB 651.65 million. As of December 31, 2025, the Company had cumulatively paid RMB 39,222.08 million for project investments, permanently supplemented RMB 57,000.00 million of working capital with raised funds. The net amount of investment income and bank interest (net of fees) earned from raised funds was RMB 4,167.86 million. The balance of unused raised funds at the end of the period was RMB 95,577.85 million. After deducting RMB 0.00 million temporarily used to supplement working capital with raised funds, the balance of the special account for raised funds and wealth management accounts was RMB 95,577.85 million (of which RMB 60,000.00 million was for wealth management products).
II. Fund Raising and Management