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 Securities Opinion [2026] No. AN039-12
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.
This firm has conducted due diligence on documents and facts related to the Issuer's current issuance in accordance with the "Company Law," "Securities Law," "Registration Management Measures," "Securities Legal Business Management Measures," "Securities Legal Business Practice Rules," and other relevant laws, regulations, rules, normative documents, and the requirements of the China Securities Regulatory Commission and the stock exchange, adhering to recognized professional standards, ethical norms, and the spirit of diligence and responsibility. We have previously 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") and 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 filing 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, this firm has 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 Legal Opinion and the Lawyer's Work Report already issued by this firm.
This firm agrees to submit this supplementary legal opinion as a necessary statutory document for the Issuer's current issuance along with other materials and assumes corresponding legal responsibility for this supplementary legal opinion in accordance with the law. This supplementary legal opinion is intended solely for the purpose of the Issuer's current issuance and shall not be used for any other purpose.
The statements made by this firm in the Legal Opinion and the Lawyer's Work Report also apply to this supplementary legal opinion. Unless otherwise specified, the terms used in this supplementary legal opinion have the same meanings as those in the Legal Opinion and the Lawyer's Work Report.
This firm, in accordance with the "Company Law," "Securities Law," "Registration Management Measures," "Securities Legal Business Management Measures," "Securities Legal Business Practice Rules," and other relevant laws, regulations, rules, normative documents, and the requirements of the China Securities Regulatory Commission and the stock exchange, and adhering to recognized professional standards, ethical norms, and the spirit of diligence and responsibility, hereby issues 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.