Verification Opinion of Guolian Minsheng Securities on the Special Report of Youyou Green Energy's Fundraising in 2025
Guolian Minsheng Securities Co., Ltd. (hereinafter referred to as "the Sponsor") is the sponsor for the initial public offering and listing of Shenzhen Youyou Green Energy Co., Ltd. (hereinafter referred to as "Youyou Green Energy" or "the Company"). In accordance with the "Regulations on the Management of Sponsorship for Securities Issuance and Listing," "Regulations on the Supervision of Fundraising by Listed Companies," "Self-Regulatory Guidelines No. 2 for Listed Companies on the Shenzhen Stock Exchange - Standard Operation of GEM Listed Companies," and "Self-Regulatory Guidelines No. 13 for Listed Companies on the Shenzhen Stock Exchange - Sponsorship Business," as well as other relevant laws, regulations, and normative documents, the Sponsor has conducted a prudent review of Youyou Green Energy's special report on the storage and use of funds raised in 2025 and presents the following opinions:
1. Basic Situation of Fundraising
(1) Actual Amount Raised and Fund Arrival Time
With the approval of the China Securities Regulatory Commission regarding the registration of Youyou Green Energy's initial public offering (Approval No. [2025] 466), the Company issued 10.5 million shares of ordinary shares (A shares), raising a total of RMB 940,800,000.00. After deducting non-taxable issuance expenses, the actual net amount raised was RMB 843,791,385.19. On May 30, 2025, the accounting firm Zhitong confirmed the arrival of the funds from the initial public offering and issued the "Capital Verification Report No. [2025] 441C000158."
(2) Usage and Balance of Raised Funds
As of December 31, 2025, the usage and balance of the raised funds are as follows:
| Project | Amount (RMB) |
|---|---|
| Total Amount Raised | 940,800,000.00 |
| Less: Cumulative Issuance Expenses Paid | 96,797,614.21 |
| Less: Cumulative Investment in Fundraising Projects | 56,085,580.73 |
| Add: Cumulative Interest Income, Cash Management Income (Net of Fees) | 3,692,093.20 |
| Balance of Raised Funds as of December 31, 2025 | 791,608,898.26 |
2. Storage and Management of Raised Funds
(1) Management of Raised Funds
To standardize the storage, management, and use of the raised funds and protect the rights and interests of investors, the Company has opened a special account for the raised funds in accordance with the "Regulations on the Supervision of Fundraising by Listed Companies," "GEM Listing Rules," and "Self-Regulatory Guidelines No. 2 for Listed Companies on the Shenzhen Stock Exchange." The Company, together with Minsheng Securities Co., Ltd., signed a fundraising supervision agreement with Hangzhou Bank Co., Ltd. Shenzhen Guangming Branch, China CITIC Bank Co., Ltd. Shenzhen Branch, and Bank of China Co., Ltd. Shenzhen Guangming Branch. The "Three-Party Supervision Agreement" is not significantly different from the model agreement provided by the Shenzhen Stock Exchange, and the three-party supervision agreement has been effectively implemented.
(2) Storage Situation of Special Account for Raised Funds
As of December 31, 2025, the storage situation of the Company's special account for raised funds is as follows:
| Bank Name | Account Number | Account Type | Storage Balance (RMB) |
|---|---|---|---|
| Hangzhou Bank Co., Ltd. Shenzhen Guangming Branch | 4403041060000266939 | Special Fundraising Account | 26,863,698.92 |
| Hangzhou Bank Co., Ltd. Shenzhen Guangming Branch | 4403041060000268257 | Special Fundraising Account | 457,161.29 |
| China CITIC Bank Co., Ltd. Shenzhen Branch | 443066596015003237895 | Special Fundraising Account | 518,587.42 |
| Bank of China Co., Ltd. Shenzhen Guangming Branch | 757579928706 | Special Fundraising Account | 83,769,450.63 |
| Subtotal | 111,608,898.26 | ||
| Cash Management Balance Not Redeemed to Special Fundraising Account | 680,000,000.00 | ||
| Total | 791,608,898.26 |