Verification Report on the Use of Previously Raised Funds
Tianjian Audit [2026] No. 2390
To all shareholders of Sanhe Tongfei Refrigeration Co., Ltd.:
We have verified the "Report on the Use of Previously Raised Funds" prepared by the management of Sanhe Tongfei Refrigeration Co., Ltd. (hereinafter referred to as "Tongfei Co.") as of December 31, 2025.
1. Limitation on Report Users and Purpose
This verification report is solely for the use of Tongfei Co. when issuing stocks to specific parties and may not be used for any other purpose. We agree that this verification report is a necessary document for Tongfei Co. to submit along with other application materials.
2. Management's Responsibility
The management of Tongfei Co. is responsible for providing true, legal, and complete relevant materials, preparing the "Report on the Use of Previously Raised Funds" in accordance with the China Securities Regulatory Commission's "Guidelines for the Application of Regulatory Rules - Issuance No. 7," and ensuring that its content is true, accurate, and complete, without false records, misleading statements, or significant omissions.
3. Responsibility of the Certified Public Accountant
Our responsibility is to independently provide a verification conclusion on the report prepared by the management of Tongfei Co. based on the implementation of verification work.
4. Overview of Work
We conducted the verification work in accordance with the regulations of the Chinese Certified Public Accountant Practice Standards. These standards require us to plan and implement verification work to obtain reasonable assurance that there are no material misstatements in the information being verified. During the verification process, we performed necessary procedures, including checking accounting records. We believe that our verification work provides a reasonable basis for our opinion.
5. Verification Conclusion
We believe that the "Report on the Use of Previously Raised Funds" prepared by the management of Tongfei Co. complies with the regulations of the China Securities Regulatory Commission's "Guidelines for the Application of Regulatory Rules - Issuance No. 7" and accurately reflects the use of previously raised funds by Tongfei Co. as of December 31, 2025.
Tianjian Accounting Firm (Special General Partnership)
Certified Public Accountant:
Hangzhou, China
Certified Public Accountant:
March 31, 2026
Report on the Use of Previously Raised Funds
According to the regulations of the China Securities Regulatory Commission's "Guidelines for the Application of Regulatory Rules - Issuance No. 7," the report on the use of previously raised funds by our company as of December 31, 2025, is as follows.
1. Amount and Deposit of Previously Raised Funds
(1) Amount of Previously Raised Funds and Time of Receipt
According to the China Securities Regulatory Commission's approval [Zheng Jian Xu Ke (2021) No. 1151], our company publicly issued 13,000,000 shares of RMB ordinary shares (A shares) at a price of RMB 85.50 per share, raising a total of RMB 111,150,000. After deducting underwriting and sponsorship fees of RMB 8,294,340, the raised funds amounted to RMB 102,855,660, which were transferred to our company's fund supervision account by the lead underwriter, Zhongtian Guofu Securities Co., Ltd. on April 30, 2021. After deducting prepaid underwriting and sponsorship fees of RMB 943,400 and other issuance expenses such as legal fees, audit fees, and statutory information disclosure of RMB 23,204,500 (excluding VAT), the net amount of raised funds was RMB 100,440,870. The above fund receipt situation has been verified by Tianjian Accounting Firm (Special General Partnership), which issued a "Verification Report" (Tianjian Yan [2021] No. 192).
(2) Deposit Situation of Previously Raised Funds in Special Accounts
As of December 31, 2025, the deposit situation of our previously raised funds in bank accounts is as follows: