China Merchants Securities Co., Ltd. Special Audit Report on the Storage and Use of Raised Funds of TianSu Measurement and Testing Co., Ltd. in 2025
China Merchants Securities Co., Ltd. (hereinafter referred to as "China Merchants Securities" or "Sponsor") is the sponsor of TianSu Measurement and Testing Co., Ltd. (hereinafter referred to as "TianSu Measurement" or "the Company") for its initial public offering of stocks on the ChiNext market. In accordance with the "Administrative Measures for the Sponsorship Business of Securities Issuance and Listing," the "Supervision Rules for Raised Funds of Listed Companies," the "ChiNext Stock Listing Rules of the Shenzhen Stock Exchange," and the "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 13 - Sponsorship Business," and other laws and regulations, China Merchants Securities has audited the storage and use of raised funds by TianSu Measurement in 2025. The audit findings are as follows:
I. Basic情况 of Raised Funds
(I) Amount of Raised Funds and Time of Receipt
Upon approval by the China Securities Regulatory Commission (CSRC) with document No. [2025]2424 and agreement from the Shenzhen Stock Exchange, the Company issued 16,304,348 ordinary shares (A shares) at a par value of RMB 1.00 per share and an issue price of RMB 36.80 per share. The total amount of raised funds was RMB 600,000,006.40. After deducting issuance expenses of RMB 75,368,557.86, the net amount of raised funds was RMB 524,631,448.54. These raised funds were received on December 31, 2025. The receipt of these funds was verified by the "Capital Verification Report" (No. 11809) issued by Zhonghua Certified Public Accountants (Special General Partnership). The Company has implemented special account management for the raised funds.
(II) Use and Balance of Raised Funds
As of December 31, 2025, the use and balance of the Company's raised funds are as follows:
| Project | Amount (RMB ten thousand) |
|---|---|
| Net amount of raised funds | 52,463.14 |
| Add: Net interest income from raised funds and handling fee expenses | 2.10 |
| Less: Repayment of pre-invested funds (excluding pre-invested issuance expenses) | - |
| Less: Funds transferred to own accounts for working capital | - |
| Less: Funds invested in investment projects (excluding issuance expenses) | 4,293.27 |
| Less: Raised funds used for cash management | - |
| Amount (RMB ten thousand) | |
|---|---|
| Balance of raised funds as of December 31, 2025 | 48,171.97 |
| Actual balance of raised funds as of December 31, 2025 | 55,554.10 |
| Difference [Note] | 7,382.13 |
Note: The difference is due to un-timely payment, repayment of issuance expenses, and funds pre-invested with self-owned capital that were not repaid in a timely manner.
II. Storage and Management of Raised Funds