Special Verification Report on Fund Storage, Management, and Actual Use for 2025 by Sihui Fushi Electronic Technology Co., Ltd.
Guolian Minsheng Securities Underwriting and Sponsorship Co., Ltd. (hereinafter referred to as "the Sponsoring Institution" or "Guolian Minsheng") is the sponsoring institution for Sihui Fushi Electronic Technology Co., Ltd. (hereinafter referred to as "the Company" or "Sihui Fushi") regarding the issuance of convertible corporate bonds to unspecified objects in 2023. In accordance with the relevant laws and regulations, including the "Administrative Measures for the Sponsorship of Securities Issuance and Listing," "Shenzhen Stock Exchange GEM Listing Rules," "Shenzhen Stock Exchange Self-Regulatory Guidelines No. 2 for Listed Companies - Standardized Operations of GEM Listed Companies," and "Regulations on the Supervision of Fundraising by Listed Companies," a special verification of the storage, management, and actual use of the funds raised by Sihui Fushi for 2025 has been conducted. The specific circumstances are as follows:
1. Basic Situation of Fundraising
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Actual Amount Raised and Time of Fund Arrival With the approval of the China Securities Regulatory Commission regarding the registration of Sihui Fushi Electronic Technology Co., Ltd. to issue convertible corporate bonds to unspecified objects (Zheng Jian Xu Ke [2023] No. 1522), the Company issued 5,700,000 convertible bonds at a par value of RMB 100.00 each, raising a total of RMB 570,000,000.00. After deducting issuance expenses of RMB 7,780,406.65, the actual net amount raised was RMB 562,219,593.35. This amount was verified by the "Tian Zhi Ye Zi [2023] No. 43779" verification report issued by Tianzhi International Accounting Firm (Special General Partnership). The Company has opened a special account in the bank to store the raised funds.
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Amount Used in Previous Years The cumulative amount used from the raised funds in previous years was RMB 276,874,988.84. As of December 31, 2024, the balance in the special account for the raised funds was RMB 165,465,537.06, with RMB 130,000,000.00 used for cash management of idle raised funds.
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Amount Used This Year and Year-End Balance During the reporting period, RMB 88,683,600.24 of the raised funds was invested, with a cumulative investment of RMB 365,558,589.08. As of December 31, 2025, the balance in the special account for the raised funds was RMB 150,929,413.82, with RMB 60,000,000.00 used for cash management of idle raised funds. The specific situation is as follows:
| Item | Amount |
|---|---|
| Net amount raised | 562,219,593.35 |
| Less: Cumulative investment of raised funds | 365,558,589.08 |
| Among them: Expansion project for high-reliability circuit boards (annual production of 1.5 million square meters) | 238,179,508.03 |
| Supplementary working capital | 127,379,081.05 |
| Less: Bank fees | 952.71 |
| Add: Interest income and financial management income from raised funds | 14,269,362.26 |
| Balance of raised funds as of December 31, 2025 | 210,929,413.82 |
| Among them: Purchase of financial products | 60,000,000.00 |
| Balance in the special account for raised funds | 150,929,413.82 |
2. Storage and Management of Raised Funds
- Establishment of Fund Management System The Company formulated the "Fund Management System" in accordance with the "Regulations on the Supervision of Fundraising by Listed Companies," "Shenzhen Stock Exchange GEM Listing Rules," and "Shenzhen Stock Exchange Self-Regulatory Guidelines No. 2 for Listed Companies - Standardized Operations of GEM Listed Companies." This was approved at the Company's first extraordinary general meeting in 2019 and revised at the second extraordinary general meeting in 2020. During the reporting period, the Company strictly managed and used the raised funds in accordance with relevant laws and regulations and the "Fund Management System," ensuring dedicated storage, specific use, and truthful disclosure to protect investors' rights.