Bohai Securities Co., Ltd. Audit Opinion on Tianjin Lishou Pharmaceutical Co., Ltd.'s 2025 Fund Storage and Use
Bohai Securities Co., Ltd. (hereinafter referred to as "Bohai Securities" or "Sponsor") acted as the sponsor for the initial public offering of shares of Tianjin Lishou Pharmaceutical Co., Ltd. (hereinafter referred to as "Lishou Pharmaceutical" or "the Company") on the SME Board. 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 Self-Regulatory Supervision Guidelines No. 13 - Sponsorship Business," and the "Shenzhen Stock Exchange Main Board Listed Company Normative Operation Guidelines," and other relevant regulations, after prudent and diligent investigation, Bohai Securities hereby issues the following audit opinion on the matters related to Lishou Pharmaceutical's 2025 annual fund storage and use:
I. Lishou Pharmaceutical's Annual Fund Storage and Use
(I) Fund Basic Situation
Approved by the China Securities Regulatory Commission's Document Zheng Jian Fa [2010] No. 371 and agreed to by the Shenzhen Stock Exchange, the Company issued 46 million shares of common stock (A shares) to the public for the first time, with a par value of RMB 1 per share and an issue price of RMB 45 per share. As of April 16, 2010, the Company had raised a total of RMB 2,070,000,000.00. After deducting issuance expenses of RMB 62,301,336.76, the net proceeds from the offering were RMB 2,007,698,663.24.
As of April 16, 2010, the funds raised from the Company's aforementioned issuance had all been received. This was verified by the capital verification report No. "Zhongrui Yuehua Yan Zi [2010] No. 090" issued by Zhongrui Yuehua Certified Public Accountants Co., Ltd.
As of December 31, 2025, the Company had cumulatively invested RMB 2,028,772,983.37 in fund-raising projects. Of this amount, the Company had pre-invested RMB 100,698,643.01 with its own funds before the receipt of the raised funds. From April 16, 2010, to December 31, 2024, RMB 1,926,012,795.36 of the raised funds was used. The amount used in the current year was RMB 1,545.00. As of December 31, 2025, the balance of the raised funds was RMB 874,245,681.73.
(II) Fund Storage and Management
To standardize the management and use of raised funds and protect investor interests, the Company, 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 other laws and regulations, and in conjunction with its actual situation, formulated the "Raised Funds Management System" (hereinafter referred to as the "Management System"). This system was reviewed and approved at the 27th meeting of the Sixth Board of Directors on August 23, 2021, and approved by the 2021 Second Extraordinary General Meeting of Shareholders on December 30, 2021.
In accordance with the requirements of the "Management System" and in conjunction with the Company's operational needs, the Company opened special accounts for raised funds at the following banks: China Merchants Bank Co., Ltd. Tianjin Nanmenwai Branch (hereinafter referred to as "China Merchants Bank"), Industrial Bank Co., Ltd. Tianjin Meijiang Branch (hereinafter referred to as "Industrial Bank"), and China CITIC Bank Co., Ltd. Tianjin Anshan West Road Branch (hereinafter referred to as "CITIC Bank"). The Company also signed "Tripartite Supervision Agreements for Raised Funds" with Bohai Securities and the aforementioned three banks to implement strict approval procedures for the use of raised funds, ensuring that funds are used for their intended purpose. The sponsor representative is authorized to inspect the raised fund account information at the bank at any time and is required to conduct on-site investigations of the raised fund management and use at least once every six months.