Minmetals Securities Co., Ltd.
Audit Opinion on Shenzhen ZS Technology Co., Ltd.'s Use of Part of the Idle Raised Funds (Including Surplus Funds) for Cash Management
Minmetals Securities Co., Ltd. (hereinafter referred to as "Minmetals Securities" or "Sponsor") is the sponsor of Shenzhen ZS Technology Co., Ltd. (hereinafter referred to as "ZS Technology" or "the Company") for its initial public offering on the ChiNext market. According to the "Administrative Measures for Securities Issuance and Listing Sponsorship Business," "Shenzhen Stock Exchange Listed Company Self-Regulatory Supervision Guidelines No. 13 - Sponsorship Business," "Shenzhen Stock Exchange ChiNext Stock Listing Rules," and "Shenzhen Stock Exchange Listed Company Self-Regulatory Supervision Guidelines No. 2 - Norms for the Operation of ChiNext Listed Companies," etc., Minmetals Securities has audited the matter of ZS Technology using part of its idle raised funds (including surplus funds) for cash management. The specific audit situation is as follows:
I. Basic Situation of Raised Funds
With the approval of the China Securities Regulatory Commission's "Approval on Agreeing to the Registration of Shenzhen ZS Technology Co., Ltd.'s Initial Public Offering of Stocks" (Securities Regulatory License [2023] No. 1022), the Company was approved to issue 32.1703 million ordinary shares of RMB ordinary shares to the public, with a par value of RMB 1 per share. As of July 7, 2023, the Company has issued 32.1703 million ordinary shares of RMB ordinary shares to the public at an issuance price of RMB 57.66 per share, with a total raised fund of RMB 1,854,939,498.00. After deducting underwriting fees and other issuance expenses (excluding the input VAT deductible from the issuance expenses of this public offering), amounting to RMB 165,692,067.32, the net amount of raised funds is RMB 1,689,247,430.68. The aforementioned funds have all been received and verified by Rongcheng Certified Public Accountants (Special General Partnership), who issued an asset verification report (Rongcheng Verification [2023] No. 518Z0096).
The Company has opened a special account for raised funds and has signed a custody and supervision agreement for the special account of raised funds with the sponsor (lead underwriter) and the bank where the raised funds are deposited, to manage the deposit and use of raised funds in a special account.
II. Use of Raised Funds
The total amount of raised funds for the Company is RMB 185,493.95 million. After deducting underwriting fees and other issuance expenses (excluding the input VAT deductible from the issuance expenses of this public offering), amounting to RMB 16,569.21 million, the net amount of raised funds is RMB 168,924.74 million, of which the surplus funds are RMB 38,706.91 million.
As of December 31, 2025, the specific investment plan and actual investment situation are as follows:
| No. | Project Name | Planned Investment Amount | Amount of Raised Funds Used | Cumulative Amount Invested as of December 31, 2025 |
|---|---|---|---|---|
| 1 | Game Console Core Component Expansion Project | 40,703.32 | 40,085.95 | 20,582.26 |
| 2 | Electronic Connector Expansion Project | 25,489.77 | 25,489.77 | 8,434.42 |
| 3 | 5G Component Expansion Project | 21,994.49 | 21,729.90 | 9,175.70 |
| 4 | R&D Center Construction Project | 16,030.25 | 15,912.21 | 4,704.93 |
| 5 | Working Capital Supplement Project | 27,000.00 | 27,000.00 | 26,230.52 |
| Total | 131,217.83 | 130,217.83 | 69,127.83 |