/ST Perry: Special report of the board of directors on the storage and use of funds raised by the company in the first half of 2026

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ST Perry: Special report of the board of directors on the storage and use of funds raised by the company in the first half of 2026

Shenzhen Stock Exchange

2026/08/29

Securities code: 300831 Securities abbreviation: ST Perry Announcement number: 2026-055 Xi'an Perry Power Semiconductor Converter Technology Co., Ltd.

Special report of the board of directors on the storage and use of funds raised by the company in the first half of 2026

The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete, and contains no false records, misleading statements or major omissions.

In accordance with relevant regulations such as the "Regulations on the Supervision of Funds Raised by Listed Companies" issued by the China Securities Regulatory Commission and the "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operations of GEM Listed Companies" issued by the Shenzhen Stock Exchange, the board of directors of Xi'an Perry Power Semiconductor Converter Technology Co., Ltd. (hereinafter referred to as the "Company" or the "Company") has prepared a special report on the storage and use of raised funds for the half-year period as of June 30, 2026. The specific contents are as follows:

1. Basic situation of raised funds

(1) Actual amount of funds raised and time for funds to be received

As approved by the China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission") "Reply on the Approval of the Initial Public Offering of Xi'an Perry Power Semiconductor Converter Technology Co., Ltd." (CSRC License [2020] No. 146), the company publicly issued 80 million RMB ordinary shares (A shares) to the public on April 22, 2020, with an issuance price of RMB 3.98 per share. As of April 28, 2020, the company has received capital contributions of RMB 318,400,000.00 from public shareholders. After deducting the unpaid securities underwriting fees and sponsorship fees of RMB 38,207,547.17, the balance was RMB 280,192,452.83. As of April 28, 2020 On the same day, RMB 280,192,452.83 was remitted to account number 72010078801000002932 opened by the company at the Xi'an Branch of Shanghai Pudong Development Bank Co., Ltd. The above-mentioned raised funds have been verified by Zhongshen Zhonghuan Accounting Firm (Special General Partnership) and issued a capital verification report No. Zhonghuan Yanzi (2020) 080001. The issuance fee of the company's raised funds is 10,880,580.56 yuan, of which: the amount of the company's raised funds used to replace the prepaid issuance fees is 4,512,656.03 yuan; the amount of the raised funds directly used to pay the issuance fees after the raised funds are in place is 6,367,924.53 yuan; the raised funds after deducting the issuance fees are 269,311,872.27 yuan.

(2) Use and balance of raised funds

As of June 30, 2026, the cumulative amount of funds raised by the company was 276,505,857.36 yuan, of which: the amount of funds raised by the company used to replace the issuance fees paid in advance was 4,512,656.03 yuan; the amount of directly used raised funds to pay issuance expenses after the raised funds were in place was 6,367,924.53 yuan; the company raised funds to purchase land for investment projects and other expenses 145,625,276.80 yuan; the idle raised funds were used for cash management products of 120,000,000.00 yuan; as of June 30, 2026, the accumulated net amount of bank deposit interest and cash management product income deducted bank fees, etc. was 36,175,880.92 yuan; the balance of the raised funds account was RMB 39,862,476.39 Yuan.

2. Storage and management of raised funds

(1) Formulation and implementation of the raised funds management system

In order to standardize the management and use of raised funds and protect the rights and interests of investors, the company has formulated the "Xi'an Perry Power Semiconductor Converter Technology Co., Ltd. Raised Funds Management System" (hereinafter referred to as the "Management System") in accordance with the requirements of laws and regulations such as the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Supervision Rules for Funds Raised by Listed Companies, and the Articles of Association of Xi'an Perry Power Semiconductor Converter Technology Co., Ltd. and based on the company's actual situation.

In order to facilitate the use of raised funds and supervise the use, the company implements a special account storage system for raised funds. The raised funds special account shall not store non-raised funds or be used for other purposes, and the raised funds shall be used in accordance with the raised funds use plan promised in the issuance application document.

The company signed the "Tripartite Supervision Agreement for Special Account Deposit of Raised Funds" with the Xi'an Branch of Shanghai Pudong Development Bank Co., Ltd. and the sponsor China International Capital Corporation to conduct special account management for the storage and use of raised funds. The authorized sponsor representative can check the special account information of the raised funds at any time at the bank where the raised funds are opened, so as to supervise the management and use of the raised funds and clarify the rights and obligations of all parties. During the reporting period, all parties strictly implemented the regulatory agreement and there was no breach of contract.

(2) Storage status of raised funds in special account

Unit: RMB

Account name Bank name Amount Remarks

Xi'an Perry Power Semiconductor Conversion Technology Shanghai Pudong Development Bank Co., Ltd.

39,862,476.39 Special Account for Raised Funds Co., Ltd. Xi’an Branch

3. Actual use of funds raised during the reporting period

(1) Usage of raised funds

As of June 30, 2026, a total of RMB 145.6253 million of raised funds had been invested in the investment project. For the actual use of the company's raised funds, please refer to the "Comparison of the Use of Raised Funds" (Appendix 1).

(2) Changes in implementation locations and implementation methods of fundraising projects

Since the company received the "Reply Letter from the Xi'an High-tech Zone Management Committee on the Land Use for the Project Raised by Perry Co., Ltd." issued by the Xi'an High-tech Industrial Development Zone Management Committee on August 4, 2020, it stated that the construction land for the original raised-invested project cannot be developed and constructed temporarily due to urban planning and other reasons. In accordance with relevant regulations, the land was taken back by the Xi'an High-tech Zone Management Committee, and it agreed to arrange additional construction land for the company's investment projects in the High-tech Zone. In November 2021, the company obtained the "Real Property Certificate of the People's Republic of China" issued by the Xi'an Municipal Bureau of Natural Resources and Planning. The company plans to change the implementation location of the investment project with raised funds to Chang'an Communications Industrial Park, Xi'an High-tech Zone (north of East-West No. 7 Road, west of North-South No. 1 Road, and east of North-South Road No. 2).

The company held the 35th meeting of the second board of directors and the 30th meeting of the second board of supervisors on January 17, 2024, and held the first extraordinary shareholders' meeting of 2024 on February 2, 2024. The company reviewed and approved the "Proposal on Adjusting Partial Construction Content of Raised Fund Investment Projects, Changing the Implementation Location of Raised Fund Investment Projects, and Extending the Implementation Period", and agreed to adjust part of the construction content of the original raised fund investment project, change the implementation location of raised fund investment projects, and extend the implementation period. For details, please refer to the "Announcement of Xi'an Perry Power Semiconductor Converter Technology Co., Ltd. on adjusting part of the construction content of the investment project with raised funds, changing the implementation location of the investment project with raised funds, and extending the implementation period" disclosed by the company on cninfo.com on January 18, 2024 (announcement number: 2024-005).

As of the end of this reporting period, the main structure of the production building and the roof sealing process of all the first, second and third bidding sections of the project have been completed. The project construction has smoothly transitioned from the main civil construction stage to the decoration and decoration, electromechanical equipment installation stage. The catering and dormitory building has completed the design unit bidding and scheme design finalization, and is simultaneously advancing the preliminary work of the entire chain of preparatory work such as in-depth design of construction drawings and construction bidding.

(3) Advance investment and replacement of raised funds in investment projects

On October 26, 2020, the 13th meeting of the company's second board of directors and the ninth meeting of the second board of supervisors reviewed and approved the "Proposal on Using Raised Funds to Replace Self-raised Funds that Have Paid Issuance Fees", and agreed that the company would use raised funds to replace 4,512,656.03 yuan of issuance fees paid with its own funds as of October 26, 2020.

(4) Temporarily supplementing working capital with idle raised funds

During the reporting period, the company did not use idle raised funds to temporarily replenish working capital.

(5) Usage of surplus raised funds

Not applicable.

(6) Usage of excess raised funds

Not applicable.

(7) Purpose and destination of unused raised funds

In accordance with the "Shenzhen Stock Exchange GEM Stock Listing Rules", "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 2 - Standardized Operation of GEM Listed Companies" and other relevant regulations, the company held the 13th meeting of the third board of directors on April 23, 2026, and reviewed and approved the "Proposal on Using Part of Idle Raised Funds for Cash Management", agreeing that the company will not affect the normal progress of the raised funds investment plan, not change the use of raised funds, and ensure the safety of the funds. The total amount of use shall not exceed RMB 15,000. Ten thousand yuan (inclusive) of idle raised funds will be used for cash management and investment in products with high security and good liquidity (including but not limited to large transferable certificates of deposit, structured deposits, agreement deposits, notice deposits, time deposits and government bond reverse repurchase varieties, etc.). The validity period of the authorization is 12 months. The quota for use of raised funds and the validity period of the authorization will take effect on June 30, 2026 after being reviewed and approved by the board of directors. Within the aforementioned quota and period, the funds can be used on a rolling basis.

Cash management products as of June 30, 2026 are listed below:

Unit: RMB 10,000

Entrusted Party Entrusting Party Product Name Entrusted Amount

Shanghai Pudong Development Bank The Company Structured deposit 12,000.00

Except for the above circumstances, the remaining unused raised funds will be centrally managed in a special account for raised funds.

(8) Other uses of raised funds

Not applicable.

4. Changes in the use of funds raised for investment projects

The company held the 35th meeting of the second board of directors and the 30th meeting of the second board of supervisors on January 17, 2024, and reviewed and approved the "Proposal on Adjusting Part of the Construction Content of Raised Fund Investment Projects, Changing the Implementation Location of Raised Fund Investment Projects, and Extending the Implementation Period". For details, please refer to the company's announcement on January 18, 2024. "Xi'an Perry Power Semiconductor Converter Technology Co., Ltd.'s Announcement on Adjusting Part of the Construction Content of Raised Fund Investment Projects, Changing the Implementation Location of Raised Fund Investment Projects, and Extending the Implementation Period" (announcement number: 2024-005) disclosed on the Juchao Information Network today. The aforementioned motion has been reviewed and approved by the company's first extraordinary shareholders' meeting in 2024.

Affected by the aforementioned postponement of the investment project, the company's board of directors, board of supervisors and shareholders meeting approved the cancellation of SiC R&D and production and other related construction content in the investment project. For details, please refer to the "Proposal on Adjusting Part of the Construction Content of Fund-raising Projects and Changes in Fund-raising Projects" disclosed by the company on cninfo.com on August 27, 2025 (Announcement No.: 2025-059).

During the actual implementation of the company's investment projects, the functions of some supporting facilities need to be further improved based on the company's actual needs. After review and approval by the company's board of directors and shareholders' meeting, the company will use its own funds to increase the total investment in the investment projects and adjust the internal investment structure of the project. For details, please refer to the "Announcement on using its own funds to increase the total investment in part of the investment projects, adjust the internal investment structure of the investment projects, and extend the implementation period" disclosed on cninfo.com on April 25, 2026 (announcement number: 2026-015).

5. Problems in the use and disclosure of raised funds

The company stores, uses and manages the raised funds in accordance with relevant regulations such as the "Supervisory Rules for Funds Raised by Listed Companies", "Shenzhen Stock Exchange GEM Stock Listing Rules", "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operation of GEM Listed Companies" and management systems, and discloses the use of raised funds in a timely, truthful, accurate and complete manner.

On July 31, 2026, the company received the "Decision on Taking Measures to Issue Warning Letters against Xi'an Perry Power Semiconductor Converter Technology Co., Ltd., Liu Qiang, Bai Jie, and Guo Wei" issued by the Shaanxi Securities Regulatory Bureau (Shaanxi Securities Regulatory Bureau Measures [2026] 45 No.) (hereinafter referred to as the "Warning Letter"), due to the company's violation of cash management of raised funds, the Shaanxi Securities Regulatory Bureau took administrative supervision measures to issue warning letters to the company and relevant parties. For details, please refer to the "Announcement on the Company and Related Parties Receiving Warning Letters" disclosed by the company on cninfo.com on August 1, 2026 (Announcement No.: 2026-048). In response to the issues involved in the "Warning Letter", the company has completed relevant rectification work and standardized the cash management behavior of idle raised funds in 2025. All cash management of raised funds is implemented through special accounts for raised funds.

Attachment 1: Comparison table of usage of raised funds

Board of Directors of Xi'an Perry Power Semiconductor Converter Technology Co., Ltd.

August 28, 2026

Comparison table of usage of funds raised during the reporting period

Schedule 1:

June 30, 2026

Prepared by: Xi'an Perry Power Semiconductor Converter Technology Co., Ltd. Amount unit: RMB 10,000 Total raised funds 26,931.19 Total raised funds invested during this reporting period 3,414.21

The total amount of raised funds whose purpose was changed during the reporting period 26,931.19

The total amount of raised funds that have been changed in use 26,931.19 The total amount of raised funds that have been invested 14,562.53

The cumulative proportion of total raised funds that have been changed in use is 100%

this reporting period

Committed investment projects and excess raised funds Whether the project has been changed Raised funds commitment Adjusted investment This reporting period Accumulated as of the end of the period Investment progress as of the end of the period The project has reached the scheduled feasibility Whether the project feasibility has been achieved

realized effect

Investment direction (including some changes) Total investment Total amount (1) Investment amount Investment amount (2) (%) (3) = (2)/(1) Use status date Estimated benefits Significant changes

benefit

Commitment to investment projects

High power power semiconductor devices and

Yes 26,931.19 26,931.19 3,414.21 14,562.53 54.07% June 30, 2027 Not applicable No New power device industrialization project

Subtotal of committed investment projects 26,931.19 26,931.19 3,414.21 14,562.53 54.07%

Investment direction of super-raised funds

Subtotal of investment of excess raised funds

Total 26,931.19 26,931.19 3,414.21 14,562.53 54.07%

The company's original investment project construction land cannot be developed and constructed for the time being because the Qinling Mountains protection range, construction control zone and industrial access list in Xi'an City have not been clarified. The original investment project land has been taken back by the government authorities. It took a long time for the company to re-purchase new project land, go through project registration and other related procedures. The company comprehensively considered the market environment, application prospects of high-voltage and high-power semiconductor devices, main business development goals, existing production capacity and other factors, and adjusted part of the construction of the investment project with raised funds.

The company held the 35th meeting of the second board of directors and the 30th meeting of the second board of supervisors on January 17, 2024, and reviewed and approved the "Proposal on Adjusting Part of the Construction Content of Raised Fund Investment Projects, Changing the Implementation Location and Extending the Implementation Period of Raised Fund Investment Projects", the specific content For details, please refer to the "Xi'an Perry Power Semiconductor Converter Technology Co., Ltd.'s adjustment of part of the construction content of the investment project with raised funds, change of the implementation location of the investment project with raised funds, and extension of the situation and reasons for not reaching the planned progress or expected revenue" disclosed by the company on cninfo.com on January 18, 2024.

Announcement on the Implementation Period" (Announcement No.: 2024-005). The aforementioned resolution has been reviewed and approved by the company's first extraordinary general meeting of shareholders in 2024.

Affected by the aforementioned postponement of investment projects, the SiC market has been dominated by international advanced semiconductor companies (such as Infineon, STMicroelectronics, Rohm Semiconductor, etc.). At the same time, with technological advancement and production capacity improvement, SiC product price competition and competition for key resources such as core raw materials, equipment, and talents have The competition is becoming increasingly fierce, and the company currently lacks sufficient market channels to enter and establish effective competitive advantages; at the same time, due to the high investment amount in SiC projects, the relatively limited scale of raised funds, and the difficulty in achieving the expected return on investment for SiC products, the company plans to cancel SiC R&D and production and other related construction content. The company held the 10th meeting of the third board of directors and the ninth meeting of the third board of supervisors on August 25, 2025, and reviewed and approved the "Proposal on Adjusting Part of the Construction Content of Fund-raising Projects and Changes in Fund-raising Projects". For details, please refer to the company's announcement in 202 The "Announcement on Adjusting the Construction Content of Parts of Fund-raising Projects and Changes in Fund-raising Projects" (announcement number: 2025-059) was disclosed on cninfo.com on August 27, 2020. The aforementioned motion has been reviewed and approved by the company's first extraordinary shareholders' meeting in 2025.

Due to the actual implementation of the company's investment projects, the functions of some supporting facilities need to be further improved based on the company's actual needs. After review and approval by the company's board of directors and shareholders' meeting, the company will use its own funds to increase the total investment in the investment projects and adjust the internal investment structure of the project. For details, please refer to the "Announcement on using its own funds to increase the total investment in part of the investment projects, adjust the internal investment structure of the investment projects, and extend the implementation period" disclosed on cninfo.com on April 25, 2026 (announcement number: 2026-015).

Description of major changes in project feasibility None

Amount, purpose and progress of use of excess raised funds None

On August 4, 2020, the company received the "Reply Letter from the Xi'an High-tech Zone Management Committee on the Land Use of Perry Co., Ltd.'s Investment Project". The land for the company's investment project needs to be replaced. The company needs to purchase a new site in accordance with legal procedures. The original project land will be recovered by the High-tech Zone Management Committee and returned to the company. Regarding the land transfer fee, for specific details, please refer to the "Announcement of Xi'an Perry Power Semiconductor Converter Technology Co., Ltd. on the Implementation Progress of the Initial Public Offering of Stock Fundraising Project" released by the company on the cninfo website (www.cninfo.com.cn) on August 5, 2020.

The 18th meeting of the second board of directors was held on May 25, 2021, and the "Proposal on Purchase of Land Use Rights" was reviewed and approved. The board of directors agreed to purchase the land located north of Dongxi No. 7 Road, west of North and South No. 1 Road, and north and south No. 2 Road in Chang'an Communications Industrial Park, High-tech Zone To the east, the land use rights have a net land area of 60024.6 square meters (equivalent to 90.037 acres, specifically based on the red line issued by the Xi'an Municipal Bureau of Natural Resources and Planning). For details, please see the company's announcement on the Juchao Information Network on May 27, 2021 (h "Announcement of Xi'an Perry Power Semiconductor Converter Technology Co., Ltd. on the Purchase of Land Use Rights" (announcement number: 2021-039) disclosed by ttp://www.cninfo.com.cn); in June 2021, the company The "GX3-29-41 State-owned Construction Land Use Rights Online Listing Transaction Confirmation" was signed with the Xi'an Municipal Bureau of Natural Resources and Planning, confirming that the company has won the state-owned construction land use rights with parcel number GX3-29-41. For details, please refer to the company's "Changes in Implementation Location of Xi'an Perry Power Semiconductor Conversion Raised Fund Investment Project" disclosed on cninfo.com (http://www.cninfo.com.cn) on June 21, 2021

Technology Co., Ltd.'s Progress Announcement on the Purchase of Land Use Rights" (Announcement Number: 2021-041); in June 2021, the company and the Xi'an Municipal Natural Resources and Planning Bureau signed the "State-owned Construction Land Use Rights Transfer Contract" (Contract Number: GX00107), confirming that the company obtained the parcel number: For the state-owned construction land use rights of GX3-29-41, please refer to the "Xi'an Perry Power Semiconductor Converter Technology Co., Ltd.'s Progress Announcement on the Purchase of Land Use Rights" disclosed by the company on July 1, 2021 on the cninfo.com (http://www.cninfo.com.cn) (announcement number: 2021-045); On November 17, it obtained the "Real Property Rights Certificate of the People's Republic of China" issued by the Xi'an Municipal Bureau of Natural Resources and Planning. For details, please refer to the "Announcement on the Progress of the Company's Obtaining the Real Property Rights Certificate and Purchase of Land Use Rights" disclosed by the company on the cninfo.com (http://www.cninfo.com.cn) on November 18, 2021 (Announcement Number: 2021-075). The company held the 35th meeting of the second board of directors and the 30th meeting of the second board of supervisors on January 17, 2024, and reviewed and approved the "Proposal on Adjusting Part of the Construction Content of Raised Fund Investment Projects, Changing the Implementation Location of Raised Fund Investment Projects and Extending the Implementation Period". For details, please refer to the company's announcement on January 18, 2024. "Xi'an Perry Power Semiconductor Converter Technology Co., Ltd.'s Announcement on Adjusting Part of the Construction Content of Raised Fund Investment Projects, Changing the Implementation Location of Raised Fund Investment Projects, and Extending the Implementation Period" disclosed by Juchao Information Network (Announcement Number: 2024-005). The aforementioned motion has been reviewed and approved by the company's first extraordinary general meeting of shareholders in 2024.

Adjustments to the implementation methods of investment projects with raised funds None

On October 26, 2020, the 13th meeting of the company's second board of directors reviewed and approved the "Proposal on the Use of Raised Funds to Replace Self-raised Funds that Have Paid Issuance Fees", together with the advance investment and replacement of raised funds in investment projects.

The Italian company used the raised funds to replace the issuance expenses of 4.5127 million yuan paid with its own funds as of October 26, 2020.

Use of idle raised funds to temporarily supplement working capital None

The amount and reasons for the balance of raised funds during project implementation None

The purpose and destination of unused raised funds: 1. The raised funds are stored in a special account and used for investment project expenses; 2. The idle raised funds are used for cash management to increase the rate of return on funds.

On July 31, 2026, the company received the "Decision on Issuing Warning Letters against Xi'an Perry Power Semiconductor Converter Technology Co., Ltd., Liu Qiang, Bai Jie, and Guo Wei" (Shaanxi Securities Regulatory Measures Zi [2026] No. 45) (hereinafter referred to as the "Warning Letter") issued by the Shaanxi Securities Regulatory Bureau. Due to the company's violation of cash management of raised funds, the Shaanxi Securities Regulatory Bureau has problems or other situations in the use and disclosure of the company and raised funds. The relevant parties have taken administrative regulatory measures to issue warning letters. For details, please refer to the "Announcement on the Company and Relevant Parties Receiving Warning Letters" disclosed by the company on cninfo.com on August 1, 2026 (Announcement No.: 2026-048). In response to the issues involved in the "Warning Letter", the company has completed relevant rectification work and standardized the cash management behavior of idle raised funds in 2025. All cash management of raised funds is implemented through special accounts for raised funds.