Special Verification Report on the Use and Storage of Funds Raised by Shenzhen Lulian Technology Co., Ltd. in 2025
Huatai United Securities Co., Ltd. (hereinafter referred to as "Huatai United Securities" or "Sponsor") is the sponsor for the initial public offering and listing of Shenzhen Lulian Technology Co., Ltd. (hereinafter referred to as "Lulian Technology," "Company," or "Issuer"). In accordance with the "Regulations on the Management of Securities Issuance and Listing Sponsorship," "Regulations on the Supervision of Funds Raised by Listed Companies," "Shenzhen Stock Exchange GEM Listing Rules," and "Self-Regulatory Guidelines No. 2 for Listed Companies on the Shenzhen Stock Exchange - Standardized Operations of GEM Listed Companies," a thorough and prudent verification of the Company's storage and use of raised funds in 2025 has been conducted. The specific verification details are as follows:
1. Basic Information on the Raised Funds
(1) Actual Amount of Funds Raised and Timing of Receipt
With the approval of the China Securities Regulatory Commission regarding the registration of the initial public offering of Shenzhen Lulian Technology Co., Ltd. (Approval No. [2024] 402), the Company publicly issued 41.5 million shares of RMB ordinary shares (A shares) at an issue price of RMB 21.21 per share on July 15, 2024, raising a total of RMB 88,021.50 million. After deducting issuance expenses of RMB 10,797.89 million, the actual amount raised was RMB 77,223.61 million. The funds were received on July 19, 2024. This receipt has been verified by Rongcheng Accounting Firm (Special General Partnership) with Verification Report No. [2024] 518Z0092. The Company has adopted a special account management system for the raised funds.
(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 (10,000 RMB) |
|---|---|
| Net amount of raised funds | 77,223.61 |
| Less: Cumulative usage of raised funds | 38,308.47 |
| Including: Amount used in 2025 | 37,198.34 |
| Less: Bank account management fees and charges | 0.16 |
| Add: Interest income from raised funds | 290.12 |
| Add: Financial management income from raised funds | 881.94 |
| Balance of raised funds | 40,087.03 |
| Including: Balance of raised funds account | 33,087.03 |
| Balance of structured deposits | 7,000.00 |
2. Storage and Management of Raised Funds
In accordance with the "Regulations on the Supervision of Funds Raised by Listed Companies," "Shenzhen Stock Exchange GEM Listing Rules," and "Self-Regulatory Guidelines No. 2 for Listed Companies on the Shenzhen Stock Exchange," the Company has established a "Management System for Raised Funds" to ensure the standardized use of raised funds. On August 13, 2024, the Company signed a tripartite supervision agreement with China Merchants Bank Co., Ltd. Shenzhen Branch (hereinafter referred to as "China Merchants Bank Shenzhen Branch") and Huatai United Securities, opening a special account for raised funds at China Merchants Bank Shenzhen Tairan Branch (Account No.: 755933480510001). On the same day, the Company signed a similar agreement with China Construction Bank Co., Ltd. Shenzhen Longhua Branch (hereinafter referred to as "Construction Bank Shenzhen Longhua Branch") and Huatai United Securities, opening a special account at China Construction Bank Shenzhen Minzhi Branch (Account No.: 44250100016400005976). Additionally, a tripartite supervision agreement was signed with Bank of China Co., Ltd. Shenzhen Longhua Branch (hereinafter referred to as "Bank of China Shenzhen Longhua Branch") to open a special account at Bank of China Shenzhen Dalang Branch (Account No.: 775778567156). The tripartite supervision agreements are consistent with the model provided by the Shenzhen Stock Exchange, and there are no issues with their implementation. As of December 31, 2025, the storage situation of the raised funds is as follows: