Verification Report on the Storage and Use of Raised Funds
Da Hua Certified Public Accountants (Special General Partnership)
Nanjing Hanrui Cobalt Co., Ltd.
Verification Report on the Storage, Management, and Use of Raised Funds for the Year 2025
Dahua Verification No. [2026] 0011003620
To all shareholders of Nanjing Hanrui Cobalt Co., Ltd.:
We have audited the attached Special Report on the Storage, Management, and Use of Raised Funds for the Year 2025 (hereinafter referred to as the "Special Report") of Nanjing Hanrui Cobalt Co., Ltd. (hereinafter referred to as "Hanrui Cobalt").
1. Responsibility of the Board of Directors
The responsibility of Hanrui Cobalt's Board of Directors is to prepare the Special Report in accordance with the "Regulations on the Supervision of Raised Funds by Listed Companies" issued by the China Securities Regulatory Commission, the "Self-Regulatory Guidelines No. 2 for the Standard Operation of GEM Listed Companies" published by the Shenzhen Stock Exchange, and relevant format guidelines, ensuring that its content is true, accurate, and complete, without any false records, misleading statements, or significant omissions.
2. Responsibility of the Certified Public Accountants
Our responsibility is to express a verification opinion on the Special Report based on our verification work. We conducted our verification in accordance with the "Standards on Other Assurance Services No. 3101" issued by the Chinese Institute of Certified Public Accountants. This standard requires us to plan and perform verification work to obtain reasonable assurance that the Special Report does not contain material misstatements. During the verification process, we performed procedures including understanding, inquiry, inspection, recalculation, and other procedures we deemed necessary. We believe that our verification work provides a reasonable basis for our opinion.
3. Verification Conclusion
We believe that the Special Report of Hanrui Cobalt has been prepared in all material respects in accordance with the "Regulations on the Supervision of Raised Funds by Listed Companies" issued by the China Securities Regulatory Commission, the "Self-Regulatory Guidelines No. 2 for the Standard Operation of GEM Listed Companies" published by the Shenzhen Stock Exchange, and relevant format guidelines, and fairly reflects the storage, management, and use of raised funds for the year 2025.
4. Limitation on the Use of the Report
This report is intended solely for the purpose of disclosure in Hanrui Cobalt's annual report and may not be used for any other purpose. We agree to include this report as a necessary document in Hanrui Cobalt's annual report, to be submitted and disclosed externally along with other documents.
Da Hua Certified Public Accountants (Special General Partnership)
Certified Public Accountant: Tan Zhidong, Beijing, China
Certified Public Accountant: Shao Zhude
April 15, 2026
Special Report on the Storage, Management, and Use of Raised Funds for the Year 2025
1. Basic Situation of Raised Funds
Approved by the China Securities Regulatory Commission document No. [2020] 969, and with the consent of the Shenzhen Stock Exchange, the company issued 33,473,169 shares of common stock (A shares) at a price of RMB 56.80 per share to 17 investors through a private placement on July 7, 2020, with a par value of RMB 1 per share. The total amount raised was RMB 1,901.28 million, with issuance costs of RMB 33.61 million, resulting in actual raised funds of RMB 1,867.66 million. As of July 14, 2020, all raised funds had been received, confirmed by the verification report No. Dahua Verification [2020] 000381. As of December 31, 2025, the company had cumulatively invested RMB 1,949.42 million in the raised fund projects, including RMB 43.14 million invested prior to the receipt of raised funds; RMB 1,063.09 million used from July 14, 2020, to December 31, 2024; and RMB 843.19 million used in the current year. As of December 31, 2025, the balance of raised funds was RMB 21.97 million (including exchange gains and losses, cumulative financial management income, and interest income, less bank handling fees).