Verification opinions of Shenwan Hongyuan Securities Underwriting and Sponsoring Co., Ltd. on the storage, management and actual use of funds raised by Hangzhou Aotai Biotechnology Co., Ltd. in 2025
Shenwan Hongyuan Securities Underwriting and Sponsoring Co., Ltd.
About Hangzhou Aotai Biotechnology Co., Ltd.
Verification opinions on the storage, management and actual use of raised funds in 2025
Shenwan Hongyuan Securities Underwriting and Sponsoring Co., Ltd. (hereinafter referred to as "Shenwan Hongyuan Underwriting and Sponsoring" or the "Sponsor"), as the sponsor of Hangzhou Aotai Biotechnology Co., Ltd. (hereinafter referred to as "Aotai Biotechnology" or the "Company")'s initial public offering and listing on the Science and Technology Innovation Board and its continuous supervision, in accordance with the "Measures for the Administration of Securities Issuance and Listing Sponsorship Business" and "Shanghai In accordance with the requirements of relevant laws, regulations and normative documents such as the Stock Exchange's Science and Technology Innovation Board Stock Listing Rules, "Supervisory Rules for Funds Raised by Listed Companies" and "Shanghai Stock Exchange's Guidelines for the Self-Regulatory Regulations of Companies Listed on Science and Technology Innovation Board No. 1 - Standardized Operations", the storage, management and actual use of funds raised by Aotai Biotech in 2025 were carefully verified. The verification opinions are as follows:
1. Basic situation of raised funds
According to the approval of the China Securities Regulatory Commission’s “Reply on Approving the Registration of the Initial Public Offering of Hangzhou Aotai Biotechnology Co., Ltd.” (CSRC License [2021] No. 495), the company’s initial public offering of 13,500,000 RMB ordinary shares was issued at an issue price of 133.67 yuan per share. The total amount of funds raised from the new share issuance was 1,804,545,000.00 yuan, deducting issuance expenses. After 161,278,093.75 yuan, the net amount of raised funds was 1,643,266,906.25 yuan. The above-mentioned raised funds were all received on March 19, 2021, and Grant Thornton Accounting Firm (Special General Partnership) verified the availability of funds raised by the company and issued Grant Thornton Yanzi [2021] No. 332C000116 "Capital Verification Report".
As of December 31, 2025, the company’s use and balance of raised funds are as follows:
Basic information on raised funds
Unit: 10,000 yuan Currency: RMB Issuance name 2021 initial public offering of shares
The time for receipt of raised funds is March 19, 2021
This reporting period is from January 1, 2025 to December 31, 2025
Item Amount
Total raised funds 180,454.50, including: excess raised funds 140,616.28 minus: direct payment of issuance expenses 16,127.81
Net raised funds 164,326.69 minus:
Amount used in previous years 116,559.96 Amount used in this year 10,812.67 Temporary supplementary amount
Cash management amount 42,302.00 Bank fees and exchange gains and losses -37.48 Surplus raised funds to permanently replenish working capital 6,248.95 Others - specific instructions
Add:
Interest income from raised funds 13,210.44 Others - specific description
- Balance of raised funds at the end of the reporting period 1,651.03 Note: If the total number in the above table does not match the sum of the sub-values, it is due to rounding.
2. Management of raised funds
In order to standardize the management and use of funds raised by the company, improve the efficiency and effectiveness of fund use, and protect the rights and interests of investors, in accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Listing Rules of Stocks on the Shanghai Stock Exchange's Science and Technology Innovation Board, the Supervision Rules of Funds Raised by Listed Companies and other relevant laws, regulations and normative documents, as well as the provisions of the Articles of Association of Hangzhou Aotai Biotechnology Co., Ltd., and in light of the actual situation of the company, the company's "Measures for the Management of Raised Funds" were formulated.
In accordance with the management measures and combined with operational needs, the company implements a special account for depositing the raised funds, establishes a special account for the use of raised funds in the bank, and signs a "Special Account Management Agreement for Raised Funds" with the account opening bank and the sponsor institution, and implements strict approval for the use of raised funds to ensure that the funds are used exclusively. As of December 31, 2025, the company has deposited and used raised funds in strict accordance with the provisions of the "Special Account Management Agreement for Raised Funds".
- As of December 31, 2025, the funds deposited in the company’s special account for raised funds are as follows:
Raised funds storage status table
Unit: Yuan Currency: RMB Issuance name Time for receipt of funds raised from initial public offering of shares in 2021 March 19, 2021
Account name Bank where the account is opened Bank account number Ending balance of the reporting period Account status
Hangzhou United Rural Areas
Hangzhou Aotaisheng
Commercial bank shares
Biotechnology Co., Ltd. 201000270346945 45,469.13 In use
Co., Ltd. Xiasha
Ltd.
branch
Hangzhou Aotaisheng Agricultural Bank of China
Biotechnology Co., Ltd. 19033401040018088 1,602,400.61 Co., Ltd. in use Hangzhou Xuelin Sub-branch
Hangzhou Aotaisheng Hangzhou Bank Co., Ltd. 3301040160017308407 10,085,184.23 Use Zhongwu Technology Co., Ltd. Qiantang
Ltd. Branch
China Merchants Bank
Hangzhou Aotaisheng
Co., Ltd. Hangzhou
Biotechnology Co., Ltd. 571913632610701 1,492,463.55 In use
Xiasha Small and Micro Enterprises
Ltd.
Specialized branch
China CITIC Bank
Hangzhou Aotaisheng
Co., Ltd. Hangzhou
Biotechnology Co., Ltd. 81108010822223811111 1,709,307.70 In use
Economic and technological development
Ltd.
District branch
China CITIC Bank
Hangzhou Aotaisheng
Co., Ltd. Hangzhou
Material Technology Co., Ltd. 8110801083865027777 833.39 In use
Economic and technological development
Ltd.
District branch
Hangzhou Bank Shares
Fantian Biology has NRA330104016001881591
Limited Company Business 1,531,039.22 Limited Company in Use 3
Department
China CITIC Bank
Fantian Biotechnology Co., Ltd. Hangzhou NRA811081401410300024
5,947.00 Limited Company in Use Economic and Technological Development 8
District branch
China CITIC Bank
Aceso
Co., Ltd. Hangzhou NRA811081401300249722 Laboratories 2,995.32 In use
Economic and technological development 7
Inc.
District branch
Hangzhou United Rural Areas
Hangzhou Ao Kaisheng
Commercial bank shares
Material Technology Co., Ltd. 201000308404361 34,617.44 In use
Co., Ltd. Xiasha
company
branch
Subtotal of account storage balance 16,510,257.59 -
Hangzhou United Rural Areas
Hangzhou Aotaisheng
Commercial bank shares
Material Technology Co., Ltd. Cash management 173,020,000.00 In use
Co., Ltd. Xiasha
Ltd.
branch
China Merchants Bank
Hangzhou Aotaisheng
Co., Ltd. Hangzhou
Material Technology Co., Ltd. Cash Management 50,000,000.00 In use
Xiasha Small and Micro Enterprises
Ltd.
Specialized branch
China CITIC Bank
Hangzhou Aotaisheng
Co., Ltd. Hangzhou
Material Technology Co., Ltd. Cash Management 200,000,000.00 In use
Economic and technological development
Ltd.
District branch
Cash management subtotal 423,020,000.00 -
Total 439,530,257.59 -
Note: The above deposit balance has been included in the interest income of the special account for raised funds of RMB 132,104,400 (including RMB 11,279,800 interest income in 2025), exchange gains and losses of RMB 558,500 (including RMB 48,900 in exchange gains and losses in 2025), and a handling fee of RMB 183,800 (including RMB 27,200 handling fees in 2025).
- As of December 31, 2025, the company’s uncollected financial products amounted to RMB 423.02 million
Yuan.
3. Actual use of funds raised this year
(1) Usage of raised funds for investment projects
During the reporting period, the company used raised funds in strict accordance with the "Supervisory Rules for Raised Funds of Listed Companies". For details on the use of funds raised for investment projects, please see the "Comparison of the Usage of Raised Funds" (Appendix 1).
(2) Advance investment and replacement of fundraising projects
In 2025, the company has no prior investment or replacement in other fundraising projects.
(3) Temporarily supplementing working capital with idle raised funds
As of December 31, 2025, the company has not used idle raised funds to temporarily supplement working capital.
(4) Cash management of idle raised funds and investment in related products
The company held the fifth meeting of the third session of the Board of Directors on July 19, 2024, and reviewed and approved the "Proposal on Adjusting the Amount and Period of Cash Management Using Temporarily Idle Raised Funds", and agreed that the company planned to proceed with the original review while ensuring that the construction of investment projects with raised funds and the use of raised funds and the normal business development of the company would not be affected. On the basis of the approved capital quota of 400 million yuan (including the principal amount), the quota for using temporarily idle raised funds for cash management is increased by 180 million yuan (including the principal amount). After the increase, it is planned to use temporarily idle raised funds of no more than 580 million yuan (including the principal amount) for cash management. The use period is valid for 12 months from the date of review and approval at this board meeting. Within the aforementioned limit and period, funds can be used on a rolling basis. The investment and risk control requirements for increasing the cash management quota this time are consistent with the previous use of temporarily idle raised funds for cash management. The board of directors authorizes the company's management to exercise cash management investment decision-making power within the authorized amount and period and sign relevant contract documents. The company's finance department is responsible for organizing and implementing specific matters. The above matters are within the scope of approval authority of the company's board of directors and do not need to be submitted to the company's shareholders' meeting for approval. The sponsoring institution Shenwan Hongyuan Securities Underwriting and Recommendation Co., Ltd. issued a clear verification opinion on the above matters. For details, please refer to the "Announcement on Adjusting the Amount and Period of Cash Management Using Temporarily Idle Raised Funds" disclosed by the company on the Shanghai Stock Exchange website (http://www.sse.com.cn) on July 20, 2024 (Announcement Number: 2024-029).
The company held the 13th meeting of the third session of the Board of Directors on June 30, 2025, and reviewed and approved the "Proposal on the Use of Temporarily Idle Raised Funds for Cash Management", and agreed that the company would ensure that the construction of investment projects with raised funds and the use of raised funds and the normal business development of the company would not be affected. , use temporarily idle raised funds (including super-raised funds) with a maximum balance of no more than RMB 480 million (including the principal amount) to purchase investment products with high security, good liquidity, and a term of no more than 12 months (including but not limited to agreement deposits, structured deposits, time deposits, notice deposits, certificates of deposit, etc.). Within the above quota, the funds can be used on a rolling basis, and the use period is valid for 12 months from the date of review and approval by the board of directors. The board of directors authorizes the company's management to exercise cash management investment decision-making power within the authorized amount and period and sign relevant contract documents. The company's finance department is responsible for organizing and implementing specific matters. The above matters are within the scope of approval authority of the company's board of directors and do not need to be submitted to the company's shareholders' meeting for approval. The sponsoring institution Shenwan Hongyuan Securities Underwriting and Recommendation Co., Ltd. issued a clear verification opinion on the above matters. For details, please refer to the "Announcement on the Use of Temporarily Idle Raised Funds for Cash Management" disclosed by the company on the Shanghai Stock Exchange website (http://www.sse.com.cn) on July 1, 2025 (Announcement No.: 2025-025).
As of December 31, 2025, the situation of unexpired cash management products is as follows:
Cash management details of raised funds
Unit: 10,000 yuan Currency: RMB
Estimated entrusted product category Subscription Maturity Not yet returned Annualized trustee bank Product name Purchase amount
Square Date Date Amount Revenue
Led Aotai Hangzhou to jointly launch the "Lian Yingbao" series
Structural 2025/ 2026/
Biology Rural Commerce JG2500 Structural deposit 8,000.00 8,000.00 1.48%
Deposit 07/15 04/17
bank payment
Hangzhou United
Aotai Notice Deposit Accumulation 2025/Automatic
Rural commerce Seven-day notice deposit 9,302.00 0.85% biological deposit 44,555.00 04/29 transfer
bank
Win-win Zhixin Gold Link
Aotai Structural 2025/ 2026/
China CITIC Bank RMB-pegged structural 5,000.00 5,000.00 1.60% biological deposit 08/21 02/25
Deposit A11439
Win-win Zhixin exchange rate link
Aotai Structural 2025/ 2026/
China CITIC Bank RMB-pegged structural 5,000.00 5,000.00 1.65% biological deposit 07/10 01/08
Deposit A08787
Win-win Zhixin Gold Link
Aotai Structural 2025/ 2026/
China CITIC Bank RMB-pegged structural 5,000.00 5,000.00 1.65% biological deposit 07/11 01/09
Deposit A08783
Win-win Zhixin exchange rate link
Aotai Structural 2025/ 2026/
China CITIC Bank RMB-pegged structural 5,000.00 5,000.00 1.60% biological deposit 10/01 04/01
Deposit A13961
China Merchants Bank Financial Aid System
Aotai Structural 2025/ 2026/
China Merchants Bank lists bullish three-level range 1,000.00 1,000.00 1.70% biological deposits 07/16 01/16
184 days structured deposit
China Merchants Bank Financial Aid System
Aotai Structural 2025/ 2026/
China Merchants Bank lists bullish two-level range 4,000.00 4,000.00 1.76% biological deposits 08/04 02/04
184 days structured deposit
Total 42,302.00
(5) Use of excess raised funds to permanently supplement working capital or return bank loans
As of December 31, 2025, the company has not used super-raised funds to permanently replenish working capital or repay bank loans.
(6) The excess raised funds are used for projects under construction and new projects (including acquisition of assets, etc.) or the repurchase and cancellation of company shares
Detailed list of usage of excess raised funds (used for projects under construction and new projects)
Unit: 10,000 yuan Currency: RMB Issuance name 2021 initial public offering of shares
The time for receipt of raised funds is March 19, 2021
Planned investment exceeds the amount raised. Date of review and approval by the board of directors. Date of review and approval by the shareholders’ meeting. Project name. Project type. Total investment.
Funding amount Phase Phase Annual output of 200 million patients
Isolation reagent production center and research and development projects under construction 24,713.63 24,713.63 June 11, 2021 Development center construction project on June 28, 2021
Hangzhou Aokai Biotechnology Co., Ltd.
Co., Ltd. has an annual output of 400 million servings
New project 64,000.00 64,000.00 May 7, 2022 May 19, 2022 In vitro diagnostic reagent production and research
Development center construction project
During the reporting period, the company used super-raised funds for projects under construction and new projects for an amount of 87.1623 million yuan. As of December 31, 2025, the company had used super-raised funds for projects under construction and new projects for a total of 718.4421 million yuan.
The company did not repurchase or cancel the company's shares in 2025.
(7) Usage of surplus raised funds
Usage statement of surplus raised funds
Unit: Yuan Currency: RMB Issuance Name Initial Public Offering of Shares in 2021
Date of receipt of raised funds: March 19, 2021
Total amount of remaining raised funds 62,489,455.92
Surplus funds New project New project New project plan Board review Shareholders meeting review Surplus investment project name Amount of remaining funds
Purpose Project name Planned investment Raised funds Proposal and approval date Proposal and approval date
According to the total amount of capital, the annual output is 265 million people.
Permanent replenishment of in vitro diagnostic reagents July 2024
15,119,417.78 - - - - Industrial upgrading technology reform working capital 19th
construction project
IVD R&D center construction permanent addition July 2024
8,389,335.70 - - - - Project working capital 19th
Annual output of 200 million servings
Diagnostic reagent production center permanent replenishment September 2024 October 2024
38,980,702.44 - - -
and R&D center construction project working capital 19th and 8th
Note: The "Saved Amount of Raised Funds" in the above table includes interest and financial management income (deducting handling fees).
(8) Other uses of raised funds
The company held the 13th meeting of the third board of directors on June 30, 2025, and reviewed and approved the "Proposal on "Extension of Investment Projects"", agreeing to the company's adjustment of the time for the "Hangzhou Aokai Biotechnology Co., Ltd. annual output of 400 million doses of in vitro diagnostic reagent production and R&D center construction project" to reach the scheduled usable state. For details, please refer to the "Announcement on the Extension of Fund-raising Projects" disclosed by the company on the website of the Shanghai Stock Exchange (http://www.sse.com.cn) on July 1, 2025 (Announcement No.: 2025-024).
4. Change the use of funds for investment projects
As of December 31, 2025, the company has not changed its investment projects with raised funds.
5. Problems in the use and disclosure of raised funds
As of December 31, 2025, the company has timely, truthfully, accurately and completely disclosed the storage and actual use of the company's raised funds in accordance with the relevant provisions of the "Supervisory Rules for Funds Raised by Listed Companies", "Stock Listing Rules on the Shanghai Stock Exchange's Science and Technology Innovation Board", "Self-Regulatory Guidelines for Companies Listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operations" and the company's "Measures for the Management of Raised Funds", and there are no violations in the management of raised funds.
- Conclusive opinions of the accounting firm’s assurance report on the deposit and use of the company’s annual raised funds
After review, the accounting firm believes that the 2025 special report prepared by the company's board of directors complies with the relevant provisions of the "Regulations on the Supervision of Funds Raised by Listed Companies" and the "Self-Discipline Supervision Guidelines for Companies Listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operations" and relevant format guidelines, and truthfully reflects the company's deposit and actual use of funds raised in 2025 in all material aspects.
- The sponsor’s concluding opinions on the special verification report issued by the company on the deposit and use of the company’s annual raised funds
After verification, the sponsor believes that: the deposit and use of funds raised by the company in 2025 complies with laws, regulations, normative documents and public documents such as the "Supervisory Rules for Funds Raised by Listed Companies", "Shanghai Stock Exchange's Science and Technology Innovation Board Stock Listing Rules", "Shanghai Stock Exchange's Self-Regulatory Supervision Guidelines for Companies Listed on Science and Technology Innovation Board No. 1 - Standardized Operations" The company has stored and used the raised funds in a special account and fulfilled relevant information disclosure obligations in a timely manner. The specific use of raised funds is consistent with the company's disclosed situation. There is no disguised change in the use of raised funds and damage to the interests of shareholders. There is no illegal use of raised funds.
Schedule 1:
Comparison table of usage of raised funds
Unit: 10,000 yuan Currency: RMB Issuance name 2021 initial public offering of shares
Date of receipt of raised funds: March 19, 2021
The total amount of raised funds invested this year is 10,812.67
The total amount of raised funds invested is 127,372.63
Total amount of raised funds for change of purpose Not applicable
Proportion of total raised funds changed use Not applicable
As of the end of the period, the cumulative number of projects reached
As of the end of the period
Commitment investment projects and raised investment items Changed items Raised funds Adjusted total investment Commitment as of the end of the period Investment for the year Cumulative investment amount and commitment progress as of the end of the period Scheduled to be feasible for the year Whether the project has been feasible, including part of the committed investment Commitment investment amount has been realized on the date of utilization of the committed investment amount Has there been any change in the nature of the project (if any) Total amount
Amount Amount invested(1) Amount Amount invested(2)
Difference(3)＝
(%)(4)
period (specific benefits
Expected significant changes in benefits
=(2)/(1)
(2)-(1) By month) Commitment investment projects
Added annual output of 265 million
Human in vitro diagnostic test production construction June 2023
No 21,395.06 21,395.06 21,395.06 - 20,597.28 -797.78 96.27 7,084.02 Yes No Industrial upgrade of agent Setting Month
Technical transformation project
IVD R&D center construction R&D project 2023
No 8,855.48 8,855.48 8,855.48 - 8,408.41 -447.07 94.95 Not applicable Not applicable No project target December
Marketing network center to be built in 2025
Others No 4,087.68 4,087.68 4,087.68 2,096.44 3,604.73 -482.95 88.19 Not applicable Not applicable No project December
Supplementary working capital Supplementary flow No 5,500.00 5,500.00 5,500.00 - 5,410.75 -89.25 98.38 Not applicable Not applicable Not applicable No Commitment to invest in small projects
- 39,838.22 39,838.22 39,838.22 2,096.44 38,021.17 -1,817.05 - - 7,084.02 - - Total
Investment direction of super-raised funds
Annual output of 200 million human body parts
External diagnostic reagent production Production construction 2023
No 24,713.63 24,713.63 24,713.63 - 22,115.80 -2,597.83 89.49 2,361.34 Yes No Center and R&D center established December construction project
Hangzhou Aokai Biotechnology
Annual output of Technology Co., Ltd.
Production and Construction 400 million people will undergo in vitro medical diagnosis in 2025 No 64,000.00 64,000.00 64,000.00 8,716.23 49,728.41 -14,271.59 77.70 Not applicable Not applicable No
Set up to produce and develop reagents in December
Center construction project
repurchase company
Repurchase of shares No 17,507.25 17,507.25 17,507.25 - 17,507.25 - 100.00 Not applicable Not applicable Not applicable No
Company shares
Subtotal of excess raised funds - - 106,220.88 106,220.88 106,220.88 8,716.23 89,351.46 -16,869.42 - - 2,361.34 - -
Total 146,059.10 146,059.10 146,059.10 10,812.67 127,372.63 -18,686.47 - - 9,445.36 - -
Reasons for failure to achieve planned progress (specific fund-raising projects) Not applicable
Description of major changes in project feasibility Not applicable
Advance investment and replacement of raised funds in investment projects Not applicable
Use of idle raised funds to temporarily supplement working capital Not applicable
Cash management of idle raised funds and investment in related products. For details, please refer to the above "3. Actual use of raised funds this year (4) Cash management of idle raised funds and investment in related products". Use of excess raised funds to permanently replenish working capital or return bank loans Not applicable
The amount of the balance of raised funds and the reasons for its formation are detailed in the above "3. Actual use of raised funds this year (7) Use of surplus raised funds"
For details on other uses of raised funds, please refer to the above "3. Actual use of raised funds this year (8) Other uses of raised funds"
Note 1: The “total amount of raised funds invested this year” includes the “amount invested this year” after the raised funds are received and the actual amount of advance investment that has been replaced.
Note 2: The calculation caliber and calculation method of "benefits achieved during the year" should be consistent with the calculation caliber and calculation method of promised benefits.
Note 3: Any discrepancies in the above table data are caused by rounding.