Special Verification Report on the Storage and Use of Raised Funds for 2025 by Ruifeng New Materials Co., Ltd.
Dongxing Securities Co., Ltd. (hereinafter referred to as "Dongxing Securities" or "the Sponsor") is the sponsor for the initial public offering of shares by Xinxiang Ruifeng New Materials Co., Ltd. (hereinafter referred to as "Ruifeng New Materials" or "the Company") and its listing on the Growth Enterprise Market of the Shenzhen Stock Exchange. In accordance with the "Administrative Measures for the Sponsorship of Securities Issuance and Listing," "Self-Regulatory Guidelines No. 2 for Listed Companies on the Shenzhen Stock Exchange - Standardized Operations of Growth Enterprise Market Companies," "Listing Rules for Growth Enterprise Market Stocks of the Shenzhen Stock Exchange," and other relevant regulations, a special verification of the storage and use of the raised funds for 2025 was conducted. The specific situation is as follows:
1. Basic Situation of Raised Funds
(1) Actual Amount of Raised Funds and Fund Availability
On September 28, 2020, the China Securities Regulatory Commission (hereinafter referred to as "CSRC") issued document No. [2020] 2396, approving the Company's application for the registration of its initial public offering of shares. The Company's initial public offering of RMB ordinary shares (A shares) was listed and traded on the Shenzhen Stock Exchange on November 27, 2020. The Company publicly issued 37,500,000 shares, with a par value of RMB 1.00 per share and an issuance price of RMB 30.26 per share, raising a total of RMB 113,475,000. After deducting issuance-related expenses of RMB 9,291,640, the actual net amount raised was RMB 104,183,360. The raised funds have been transferred to the Company's designated account, and the availability of these funds has been verified by Zhonghui Certified Public Accountants (Special General Partnership), which issued Verification Report No. [2020] 6638.
(2) Amount and Balance of Fund Usage
In 2020, RMB 22,462,390 of the raised funds was used, all of which was directly invested in the projects funded by the raised funds (including RMB 21,000,000 for working capital). In 2021, RMB 1,508,540 was used, all of which was directly invested in the projects funded by the raised funds. In 2022, RMB 22,380,730 was used, all of which was directly invested in the projects funded by the raised funds (including RMB 14,215,980 for working capital). In 2023, RMB 12,021,370 was used, all of which was directly invested in the projects funded by the raised funds. In 2024, RMB 9,279,030 was used, all of which was directly invested in the projects funded by the raised funds. In 2025, RMB 14,119,860 was used, all of which was directly invested in the projects funded by the raised funds. As of December 31, 2025, the remaining balance of raised funds (including net interest income after deducting bank fees) was RMB 30,479,400.
2. Storage and Management of Raised Funds
(1) Management of Raised Funds
To standardize the management and use of raised funds, improve the efficiency and effectiveness of fund use, and protect the interests of investors, the Company has formulated the "Management System for Raised Funds of Xinxiang Ruifeng New Materials Co., Ltd." (hereinafter referred to as "the Management System") in accordance with the "Company Law," "Securities Law," "Self-Regulatory Guidelines No. 2 for Listed Companies - Regulatory Requirements for the Management and Use of Raised Funds," "Listing Rules for Growth Enterprise Market Stocks of the Shenzhen Stock Exchange," and other relevant laws, regulations, and normative documents, combined with the actual situation of the Company. According to the Management System, the Company adopts a special account storage system for raised funds, establishing special accounts for raised funds in banks, and has signed a "Tripartite Supervision Agreement" with the sponsor at the branches of Guangfa Bank Co., Ltd. in Xinxiang Development Zone, China Merchants Bank Co., Ltd. in Zhengzhou, and CITIC Bank Co., Ltd. in Xinxiang Fenghua Street, clarifying the rights and obligations of all parties. There are no significant differences between the tripartite supervision agreement and the model tripartite supervision agreement of the Shenzhen Stock Exchange, and there are no issues with the implementation of the tripartite supervision agreement.