Grandway Law Offices Regarding Guangdong Shenling Environmental Systems Co., Ltd. Application for Issuance of Convertible Corporate Bonds to Unspecified Targets Supplementary Legal Opinion (II) Grandway Legal Opinion [2026] No. AN039-7
To: Guangdong Shenling Environmental Systems Co., Ltd.
Pursuant to the "Legal Services Agreement" signed between this firm and the Issuer, this firm has been engaged as the special legal counsel for the Issuer's current issuance project.
Our lawyers have conducted inspections of documents and facts related to the Issuer's current issuance in accordance with the "Company Law," "Securities Law," "Administrative Measures for Registration," "Administrative Measures for Securities Legal Business," "Practice Rules for Securities Legal Business," and other laws, regulations, rules, normative documents, and relevant provisions of the China Securities Regulatory Commission (CSRC) and the stock exchange, following recognized business standards, ethical norms, and the spirit of diligence and due care. We have issued the "Grandway Law Offices Legal Opinion on Guangdong Shenling Environmental Systems Co., Ltd.'s Application for Issuance of Convertible Corporate Bonds to Unspecified Targets" (hereinafter referred to as the "Legal Opinion"), the "Grandway Law Offices Lawyer's Work Report on Guangdong Shenling Environmental Systems Co., Ltd.'s Application for Issuance of Convertible Corporate Bonds to Unspecified Targets" (hereinafter referred to as the "Lawyer's Work Report"), and other application documents.
In accordance with the requirements of the "Audit Inquiry Letter on Guangdong Shenling Environmental Systems Co., Ltd.'s Application for Issuance of Convertible Corporate Bonds to Unspecified Targets" (Audit Letter [2026] No. 020033) (hereinafter referred to as the "Inquiry Letter") issued by the Shenzhen Stock Exchange, our lawyers have issued this supplementary legal opinion based on further verification of the Issuer's situation related to this issuance, to amend, supplement, or further explain the relevant contents of the previously issued Legal Opinion and Lawyer's Work Report.
Our lawyers agree to submit this supplementary legal opinion as a necessary statutory document for the Issuer's current issuance along with other materials and shall bear corresponding legal responsibilities for this supplementary legal opinion in accordance with the law. This supplementary legal opinion is for the sole purpose of the Issuer's current issuance and shall not be used for any other purpose.
The statements made by our lawyers in the Legal Opinion and the Lawyer's Work Report also apply to this supplementary legal opinion. Unless otherwise specified, the meanings of terms used in this supplementary legal opinion are consistent with those in the Legal Opinion and the Lawyer's Work Report.
Our lawyers, in accordance with the "Company Law," "Securities Law," "Administrative Measures for Registration," "Administrative Measures for Securities Legal Business," "Practice Rules for Securities Legal Business," and other laws, regulations, rules, normative documents, and relevant provisions of the CSRC and the stock exchange, and following recognized business standards, ethical norms, and the spirit of diligence and due care, hereby issue this supplementary legal opinion as follows:
Inquiry Letter Question 1
The application materials show that from 2022 to the first nine months of 2025, the Issuer's operating income was 2,221.1686 million yuan, 2,511.1944 million yuan, 3,016.1843 million yuan, and 2,507.6012 million yuan, respectively. Net profit attributable to owners of the parent company was 166.2623 million yuan, 104.8965 million yuan, 115.5616 million yuan, and 150.0893 million yuan, respectively. Net cash flow from operating activities was 62.2707 million yuan, 13.8482 million yuan, 135.3194 million yuan, and -4.7733 million yuan, respectively. The gross profit margin for equipment sales was 26.59%, 25.21%, 22.93%, and 22.02%, respectively.