Verification Opinion of China Merchants Securities Co., Ltd. on Southern Power Grid Digital Grid Research Institute Co., Ltd.'s Use of Raised Funds
China Merchants Securities Co., Ltd. (hereinafter referred to as "China Merchants Securities" or "the Sponsor") has conducted a prudent verification of Southern Power Grid Digital Grid Research Institute Co., Ltd. (hereinafter referred to as "Southern Grid Digital" or "the Company") regarding the use of raised funds to replace pre-invested project funds and paid issuance costs, in accordance with relevant laws and regulations.
1. Basic Situation of Raised Funds
The China Securities Regulatory Commission approved the registration of the Company's initial public offering of stock with the document [2025]2295. The Company publicly issued 47,694,753.34 shares of RMB ordinary shares (A shares) at an issuance price of RMB 5.69 per share, raising a total of RMB 271.38 million. After deducting the underwriting fee (including tax) of RMB 4.77 million, the remaining amount of RMB 266.62 million was transferred to the Company's raised funds supervision account by the lead underwriter, China Merchants Securities, on November 13, 2025. The net amount of raised funds after deducting issuance costs (excluding VAT) of RMB 7.54 million is RMB 263.84 million. The arrival of the raised funds has been verified by Lixin Certified Public Accountants (Special General Partnership), which issued a verification report (Lixin Report [2025] No. ZM20306). After the raised funds arrived, the Company and its subsidiaries managed the raised funds in a dedicated account and signed a tripartite supervision agreement with the sponsor and the commercial bank holding the raised funds.
2. Investment Projects of Raised Funds
According to the Company's prospectus for the initial public offering and listing on the Growth Enterprise Market, the current plan for the use of raised funds is as follows:
| No. | Project Name | Total Investment | Investment Amount from Raised Funds |
|---|---|---|---|
| 1 | Spatial Intelligent Digital Twin Platform Construction Project | 33,954.93 | 33,954.93 |
| 2 | Next-Generation Intelligent IoT Perception and Collaborative Control System Construction Project | 41,064.26 | 41,064.26 |
| 3 | Advanced Power Artificial Intelligence Platform and Smart Production Marketing Application Construction Project | 25,997.90 | 25,997.90 |
| 4 | Next-Generation Domestic Enterprise Intelligent Management System Construction Project | 50,724.52 | 50,724.52 |
| 5 | Energy Industry Data Element Circulation Trading and Service Platform Construction Project | 25,664.45 | 25,664.45 |
| 6 | Shenzhen Advanced Digital Energy Technology R&D Base and Technology Delivery Center Construction Project | 78,040.00 | 78,040.00 |
| Total | 255,446.06 | 255,446.06 |