Verification Opinion on the Internal Control Evaluation Report for 2025 of Guangdong Feinan Resource Utilization Co., Ltd. by Xiangcai Securities Co., Ltd.
According to the requirements of relevant laws and regulations, including the "Regulations on the Management of Sponsorship Business for Securities Issuance and Listing," "Shenzhen Stock Exchange Growth Enterprise Market Listing Rules," and "Guidelines for Self-Regulation of Listed Companies No. 2 - Standard Operations for Growth Enterprise Market Listed Companies," Xiangcai Securities Co., Ltd. (hereinafter referred to as "Xiangcai Securities" or "Sponsoring Institution") has conducted a verification of the "Internal Control Evaluation Report for 2025 of Guangdong Feinan Resource Utilization Co., Ltd." (hereinafter referred to as "Evaluation Report") as the continuous supervision sponsoring institution for the initial public offering and listing of Guangdong Feinan Resource Utilization Co., Ltd. (hereinafter referred to as "Feinan Resources" or "Company"). The specific situation is as follows:
I. Internal Control Evaluation Work
(A) Scope of Internal Control Evaluation
The company determined the main units, businesses, and high-risk areas included in the evaluation scope based on a risk-oriented principle. The main units included in the evaluation are:
| No. | Company Name | Relationship with Company | Equity Ratio |
|---|---|---|---|
| 1 | Guangdong Feinan Resource Utilization Co., Ltd. | Company | - |
| 2 | Jiangxi Feinan Environmental Technology Co., Ltd. | Subsidiary | 100% |
| 3 | Jiangxi Xingnan Environmental Technology Co., Ltd. | Subsidiary | 100% |
| 4 | Jiangxi Barton Environmental Technology Co., Ltd. | Subsidiary | 81% |
| 5 | Guangxi Feinan Resource Utilization Co., Ltd. | Subsidiary | 100% |
| 6 | Sihui City Shengnan Environmental Technology Co., Ltd. | Subsidiary | 100% |
| 7 | Guangdong Mingnan Environmental Technology Co., Ltd. | Subsidiary | 55% |
| 8 | Zhaoqing Feinan Scrap Vehicle Recycling Co., Ltd. | Subsidiary | 100% |
| 9 | Zhaoqing Feinan Waste Electrical Appliance Recycling Co., Ltd. | Subsidiary | 100% |
| 10 | Sihui Junyi Environmental Technology Co., Ltd. | Subsidiary | 100% |
| 11 | Foshan Feinan Resource Utilization Technology Research Co., Ltd. | Subsidiary | 100% |
| 12 | Ganzhou Feinan Resource Recycling Technology Co., Ltd. | Subsidiary | 77% |
| 13 | Shangrao Shengnan Resource Utilization Co., Ltd. | Subsidiary | 100% |
| 14 | Feinan Resources (Hong Kong) Co., Ltd. | Subsidiary | 100% |