Independent Auditor's Report on the Custody, Management, and Use of Raised Funds for the Year
Zhonghui CPA [2026]5917
To the Shareholders of Hangzhou Minsheng Pharmaceutical Co., Ltd.:
We have audited the accompanying Special Report on the Custody, Management, and Use of Raised Funds for 2025 prepared by the management of Hangzhou Minsheng Pharmaceutical Co., Ltd. (hereinafter referred to as "Minsheng Health").
I. Limitations on Users and Purpose of the Report
This attestation report is only for disclosure in Minsheng Health's annual report and shall not be used for any other purpose. We agree that this attestation report will be an integral part of Minsheng Health's annual report and will be submitted and disclosed along with other documents.
II. Management's Responsibility
Minsheng Health's management is responsible for providing true, lawful, and complete information and for preparing the "Special Report on the Custody, Management, and Use of Raised Funds for 2025" in accordance with the "Shenzhen Stock Exchange GEM Company Listing Rules" and relevant format guidelines. Management also guarantees that the content is true, accurate, and complete, without any false records, misleading statements, or material omissions.
III. Auditor's Responsibility
Our responsibility is to express an opinion on the "Special Report on the Custody, Management, and Use of Raised Funds for 2025" prepared by Minsheng Health's management, based on our attestation work.
IV. Work Summary
We performed this attestation engagement in accordance with the "Chinese Certified Public Accountants' Other Attestation Business Standards No. 3101 - Attestation Engagements Other Than Audits or Reviews of Historical Financial Information." This standard requires us to plan and perform the engagement to obtain reasonable assurance about whether the information of the subject matter is free from material misstatement. During the engagement, we performed audit procedures that we considered necessary, including obtaining an understanding, inspection, and reconciliation. We believe that our attestation work provides a reasonable basis for our opinion.
V. Attestation Conclusion
We believe that the "Special Report on the Custody, Management, and Use of Raised Funds for 2025" prepared by Minsheng Health's management complies in all material respects with the requirements of the "Shenzhen Stock Exchange GEM Company Listing Rules" and relevant format guidelines, and fairly reflects the actual custody, management, and use of Minsheng Health's raised funds in 2025.
Zhonghui Certified Public Accountants (Special General Partnership)
Chinese Certified Public Accountant: [blank]
China · Hangzhou
Report Date: April 22, 2026
Hangzhou Minsheng Pharmaceutical Co., Ltd.
Special Report on the Custody, Management, and Use of Raised Funds for 2025
In accordance with the "Supervision Regulations on the Use of Raised Funds by Listed Companies" issued by the China Securities Regulatory Commission and the "Shenzhen Stock Exchange GEM Company Listing Rules" issued by the Shenzhen Stock Exchange, and relevant format guidelines, Hangzhou Minsheng Pharmaceutical Co., Ltd. (hereinafter referred to as the "Company") provides the following special report on the custody, management, and use of its raised funds in 2025:
I. Basic Information on Raised Funds
(I) Amount of Funds Actually Raised and Time of Arrival
Upon the approval of the China Securities Regulatory Commission's "Approval for the Initial Public Offering of Shares by Hangzhou Minsheng Pharmaceutical Co., Ltd." (Document No. [2023]1204) and the "Notice on the Listing of Ordinary Shares of Hangzhou Minsheng Pharmaceutical Co., Ltd. on the GEM" (Shenzhen Stock Exchange [2023]821), the Company issued 89.1386 million ordinary shares (A shares) at an issue price of RMB 10.00 per share, raising a total of RMB 891.386 million. After deducting issuance-related expenses of RMB 98.0887 million, the net amount raised by the Company was RMB 793.2973 million. The arrival of these raised funds was audited by Zhonghui Certified Public Accountants (Special General Partnership), who issued an "Audit Report" (Zhonghui Audit [2023]8934) on August 28, 2023.