Verification Opinion of Zhejiang Zhaoshang Securities Co., Ltd. on Zhejiang Taotao Vehicle Co., Ltd.'s Use of Idle Raised Funds for Cash Management
Zhejiang Zhaoshang Securities Co., Ltd. (hereinafter referred to as "Zhaoshang Securities" or "Sponsor") has conducted a prudent review of Zhejiang Taotao Vehicle Co., Ltd. (hereinafter referred to as "Taotao Vehicle" or "Company") regarding its use of part of the idle raised funds (including oversubscribed funds) for cash management, as the sponsor and continuous supervision institution for the Company's initial public offering and listing on the Growth Enterprise Market, in accordance with relevant laws and regulations.
1. Basic Situation of Raised Funds
According to the approval document from the China Securities Regulatory Commission (CSRC) [2022] No. 2752, which agrees to the registration of Zhejiang Taotao Vehicle Co., Ltd.'s initial public offering, the Company publicly issued 27,333,600 ordinary shares at a price of RMB 73.45 per share, raising a total of RMB 2,007,652,900. After deducting various non-taxable issuance expenses of RMB 142,433,200, the actual net raised funds amounted to RMB 1,865,219,700. The raised funds were fully in place on March 14, 2023, and Tianjian Accounting Firm (Special General Partnership) verified the funds' arrival on the same date, issuing the verification report "Tianjian Verification [2023] No. 87." The Company has opened a special account for the raised funds, ensuring dedicated storage and signing a tripartite/quadripartite supervision agreement with the bank and sponsor.
2. Use of Raised Funds and Reasons for Idleness
(1) Use of Raised Funds (including oversubscribed funds)
The actual net raised funds from the Company's initial public offering amounted to RMB 1,865,219,700, of which the oversubscribed funds totaled RMB 1,265,219,700. The specific use of the raised funds (including oversubscribed funds) is as follows:
| No. | Project Name | Planned Investment Amount (Before Change) | Planned Investment Amount (After Change) | Usage Status as of December 31, 2025 |
|---|---|---|---|---|
| 1 | Annual Production of 1 Million Smart Electric Vehicles Construction Project | 26,000.00 | 26,000.00 | 15,338.33 |
| 2 | All-Terrain Vehicle Intelligent Manufacturing Upgrade Project | 7,000.00 | 7,000.00 | 4,383.83 |
| 3 | R&D Center Construction Project | 7,000.00 | 7,000.00 | 7,000.00 |
| 4 | Marketing Platform Construction Project | 5,000.00 | 5,000.00 | 4,303.97 |
| 5 | Supplementing Working Capital (including permanent supplement of oversubscribed funds) | 52,000.00 | 52,000.00 | 52,000.00 |
| 6 | Annual Production of 40,000 High-Displacement Special Vehicles Construction Project | 35,000.00 | 35,000.00 | 19,923.52 |
| 7 | Annual Production of 30,000 Smart Electric Low-Speed Vehicles Construction Project | USD 26.5 million (approx. RMB 198,750.00) | USD 66 million (approx. RMB 495,000.00) | 43,913.97 |
| 8 | Marketing Network Construction Project | USD 4.55 million (approx. RMB 34,125.00) | USD 600,000 (approx. RMB 4,500.00) | 4,451.33 |
| Total | 186,000.00 | 186,000.00 | 151,314.95 |