Dongxing Securities Co., Ltd.
Audit Opinion on the Storage and Use of Raised Funds by Ganzhou Tengyuan Cobalt & Nickel New Materials Co., Ltd. in 2025
Dongxing Securities Co., Ltd. (hereinafter referred to as "Dongxing Securities" or "Sponsor") is the sponsor of Ganzhou Tengyuan Cobalt & Nickel New Materials Co., Ltd. (hereinafter referred to as "Tengyuan Cobalt & Nickel" or "the Company") for its initial public offering of shares and listing on the ChiNext market. In accordance with the "Administrative Measures for the Business of Issuing and Listing of Securities," the "Supervision Regulations on the Management of Raised Funds of Listed Companies (2025 Revision)," the "ChiNext Stock Listing Rules (2025 Revision)" of the Shenzhen Stock Exchange, and the "Shenzhen Stock Exchange Listed Company Self-Regulatory Management Guide No. 2 - Standardized Operation of ChiNext Listed Companies (2025 Revision)," and other relevant regulations, the Company has conducted a prudent due diligence investigation into the storage and actual use of the Company's raised funds in 2025. The specific audit findings are as follows:
I. Basic情况 of Raised Funds
(I) Amount of Raised Funds and Time of Receipt
Upon the approval of the China Securities Regulatory Commission's "Approval on the Registration of the Initial Public Offering of Shares by Ganzhou Tengyuan Cobalt & Nickel New Materials Co., Ltd." (Securities Regulatory Permit [2021] No. 4042) and with the consent of the Shenzhen Stock Exchange, the Company, through its lead underwriter Dongxing Securities Co., Ltd., issued ordinary shares (A shares) of 31.4869 million shares to the public on March 14, 2022, via the Shenzhen Stock Exchange system, using a combination of targeted placement to strategic investors, inquiry-based placement to institutional investors, and online subscription. The issue price was RMB 173.98 per share. As of March 14, 2022, the Company had raised a total of 5,478.09 million yuan in funds. After deducting non-tax issuance expenses of 274.31 million yuan (including previously paid issuance expenses), the net amount of raised funds was 5,203.78 million yuan. The net amount of raised funds has been verified by the "Capital Verification Report" (ZhiTong Yan Zi [2022] No. 351C000126) issued by ZhiTong Certified Public Accountants (Special General Partnership).
(II) Use and Balance of Raised Funds
In 2025, the Company's use of raised funds is as follows:
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Raised funds invested in the project for the expansion and improvement of supporting facilities for the production of 20,000 tons of cobalt and 10,000 tons of nickel per year through intelligent technology upgrades in a new location. In 2025, the Company directly invested 4,707.71 million yuan of raised funds into the project for the expansion and improvement of supporting facilities for the production of 20,000 tons of cobalt and 10,000 tons of nickel per year through intelligent technology upgrades in a new location. As of December 31, 2025, the Company had cumulatively invested 114,808.77 million yuan of raised funds in this project.
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Raised funds invested in the project for the expansion and improvement of supporting facilities for the production of 20,000 tons of cobalt and 10,000 tons of nickel per year through intelligent technology upgrades in a new location. In 2025, the Company directly invested 13,341.62 million yuan of surplus raised funds into the project for the expansion and improvement of supporting facilities for the production of 20,000 tons of cobalt and 10,000 tons of nickel per year through intelligent technology upgrades in a new location. As of December 31, 2025, the Company had cumulatively invested 84,111.75 million yuan of surplus raised funds in this project.
In summary, in 2025, the Company cumulatively used 18,049.33 million yuan of raised funds. As of December 31, 2025, the Company's cumulative investment of raised funds on a consolidated basis was 338,920.52 million yuan. The unused amount was 199,677.28 million yuan, including: 30,000.00 million yuan in large-denomination certificates of deposit and 150,000.00 million yuan in fixed deposits.