Verification Opinion of Guolian Minsheng Securities on Nanjing Railway Technology Co., Ltd.'s 2025 Fundraising Storage and Usage
Guolian Minsheng Securities Co., Ltd. (in September 2025, the underwriting and sponsorship business of the original sponsor, Minsheng Securities Co., Ltd., was integrated into Guolian Minsheng Securities Co., Ltd., hereinafter referred to as "Guolian Minsheng Securities" or "the sponsor") acted as the sponsor for Nanjing Railway Technology Co., Ltd. (hereinafter referred to as "Railway Technology" or "the Company") in its initial public offering and listing on the Shenzhen Stock Exchange's Growth Enterprise Market. In accordance with the "Regulations on the Supervision of Fundraising by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 2 - Standardized Operations of Growth Enterprise Market Listed Companies," and other relevant regulations, Guolian Minsheng Securities conducted a prudent verification of the storage and usage of the funds raised by Railway Technology for 2025 through regular on-site inspections, document reviews, and interviews. The verification opinions are as follows:
1. Basic Situation of Fundraising
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Actual Amount Raised and Fund Arrival Status According to the approval document from the China Securities Regulatory Commission (CSRC) [2021] No. 1718 regarding the initial public offering registration of Nanjing Railway Technology Co., Ltd., and with the consent of the Shenzhen Stock Exchange, the Company publicly issued 30 million shares of common stock (A shares) at a par value of RMB 1.00 per share, with an issue price of RMB 13.75 per share. As of June 25, 2021, the Company raised a total of RMB 412.5 million, deducting issuance expenses of RMB 51.5183 million, resulting in a net amount raised of RMB 360.9817 million. As of June 25, 2021, all the funds raised from the issuance had been received, as confirmed by the verification report issued by Tianheng Accounting Firm (Special General Partnership) "Tianheng Verification No. (2021) 00072."
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Usage and Balance of Fundraising As of December 31, 2025, the usage and balance of the raised funds are as follows:
| Item | Amount (10,000 RMB) |
|---|---|
| Total Amount Raised | 41,250.00 |
| Less: Issuance Expenses | 5,151.83 |
| Actual Net Amount Raised | 36,098.17 |
| Less: Self-raised Funds Replacing Pre-invested Projects | 4,024.19 |
| Cumulative Amount Used | 16,048.51 |
| Amount for Cash Management of Idle Funds | 12,300.00 |
| Cumulative Interest Income Transferred from Fund Account | 488.74 |
| Plus: Net Interest Income and Fees from Fund Account | 652.87 |
| Investment Income | 1,453.51 |
| Balance of Fundraising Special Account | 5,343.11 |