Shenzhen Minbao Optoelectronics Co., Ltd.
Review Report
Tian Zhi Ye Zi [2026] No. 23576
Table of Contents
Review Report 1
2025 Annual and January 2026 Pro Forma Consolidated Financial Statements 2
Notes to 2025 Annual and January 2026 Pro Forma Consolidated Financial Statements 5
To the Shareholders of Shenzhen Minbao Optoelectronics Co., Ltd.:
We have reviewed the accompanying pro forma consolidated financial statements of Shenzhen Minbao Optoelectronics Co., Ltd. (hereinafter referred to as "Minbao Optoelectronics"), which are prepared in accordance with the basis of preparation described in Note III to the pro forma consolidated financial statements, including the pro forma consolidated balance sheets as of December 31, 2025, and January 31, 2026, the pro forma consolidated income statements for the year 2025 and January 2026, and the notes to the pro forma consolidated financial statements.
The preparation of the pro forma consolidated financial statements in accordance with the basis of preparation described in Note III is the responsibility of the management of Minbao Optoelectronics. Our responsibility is to issue a review report on the pro forma consolidated financial statements based on our review work.
We conducted our review in accordance with the "Standard on Review Engagements No. 2101 — Review of Financial Statements" of the Chinese Certified Public Accountants. This standard requires us to plan and perform the review to obtain limited assurance as to whether the pro forma consolidated financial statements are free from material misstatement. A review is limited primarily to inquiries of Minbao Optoelectronics personnel and analytical procedures applied to financial data, providing a lower level of assurance than an audit. We have not performed an audit and, therefore, do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the pro forma consolidated financial statements of Minbao Optoelectronics are not prepared, in all material respects, in accordance with the basis of preparation described in Note III to the pro forma consolidated financial statements.
We draw the attention of the users of the pro forma consolidated financial statements to the description of the basis of preparation in Note III. This report is intended solely for the purpose of Minbao Optoelectronics submitting application documents to the China Securities Regulatory Commission for the asset restructuring described in Note II to the accompanying pro forma consolidated financial statements, and should not be used for any other purpose. This paragraph does not affect the review opinion already expressed.
China, Beijing
May 15, 2026
Certified Public Accountant: [blank]
[Chart: Pro Forma Consolidated Balance Sheet]
[Chart: Pro Forma Consolidated Balance Sheet Continued]
[Chart: Pro Forma Consolidated Income Statement]
Shenzhen Minbao Optoelectronics Co., Ltd.
Notes to Pro Forma Consolidated Financial Statements
2025 Fiscal Year, January 2026
(Unless otherwise stated, all amounts are in RMB)
I. Company Overview
1. Company Profile
Shenzhen Minbao Optoelectronics Co., Ltd. (hereinafter referred to as the "Company" or "Minbao Optoelectronics") is a joint-stock company established through the overall restructuring of Shenzhen Minbao Optoelectronics Technology Co., Ltd. in July 2019. Legal Representative: Xie Zuhua. Unified Social Credit Code: 91440300552110232W. Registered Address: Floors 2, 3, 4, and 5, Building 2, Runheng Industrial Park, Fuyong Street (West side of Fuyuan 1st Road), Bao'an District, Shenzhen.
Approved by the China Securities Regulatory Commission in the "Reply on Approving the Registration of the Initial Public Offering of Shares of Shenzhen Minbao Optoelectronics Co., Ltd." (Zheng Jian Xu Ke [2023] No. 1107), the Company issued 26.17 million RMB-denominated ordinary shares (A shares) in its initial public offering and was listed on the ChiNext board of the Shenzhen Stock Exchange on August 4, 2023, under the stock abbreviation "Minbao Optoelectronics" and stock code "301362". Following the completion of this issuance, the Company's registered capital is 104.67 million RMB.