Shengtong Energy: Guoyuan Securities Co., Ltd.’s verification opinions on Shengtong Energy Co., Ltd.’s use of its own funds and temporarily idle raised funds for cash management
Guoyuan Securities Co., Ltd.
Verification opinions on the cash management of Shengtong Energy Co., Ltd. using its own funds and temporarily idle raised funds
Guoyuan Securities Co., Ltd. (hereinafter referred to as "Guoyuan Securities" or the "Sponsor"), as the sponsor for the initial public offering and listing of Shengtong Energy Co., Ltd. (hereinafter referred to as "Shengtong Energy" or the "Company"), in accordance with the "Measures for the Administration of the Sponsorship Business of Securities Issuance and Listing", "Supervisory Rules for Funds Raised by Listed Companies", "Shenzhen Stock Exchange Stock Listing Rules", "Shenzhen Stock Exchange Self-Regulatory Supervision Guidelines No. 1 for Listed Companies - Standardized Operation of Main Board Listed Companies" and "Shenzhen Stock Exchange Self-Regulatory Supervision Guidelines for Listed Companies No. 13" No. - Sponsorship Business" and other relevant regulations, we conducted a prudent review of Shengtong Energy's use of its own funds and temporarily idle raised funds for cash management, and issued the following review opinions:
1. Basic information on raising funds
Following the China Securities Regulatory Commission’s “Reply on Approving the Initial Public Offering of Stocks by Shengtong Energy Co., Ltd.” (CSRC Permit [2022] No. 1333), Shengtong Energy Co., Ltd. (hereinafter referred to as the “Company”) publicly issued 30,000,000 RMB ordinary shares (A shares). A total of 30,000,000 RMB ordinary shares (A shares) were actually issued through public issuance, with a face value of RMB 1.00 per share and an issuance price of RMB 26.78 per share. The total amount of funds raised was RMB 803,400,000.00. After deducting the issuance expenses of RMB 105,050,000.00 (excluding tax), the net amount of funds raised was RMB 105,050,000.00. 698,350,000.00 yuan. The availability of funds raised from this public offering has been verified by Rongcheng Accounting Firm (Special General Partnership), which issued a capital verification report No. Rongcheng Yanzi [2022] 200Z0052. The company has carried out special account storage and management of the raised funds. After the raised funds arrive, they have all been deposited in the special account for raised funds, and have signed a raised funds supervision agreement with the sponsor and the bank where the raised funds are deposited.
2. Investment projects with raised funds
According to the company's "Initial Public Offering Prospectus", the company's proceeds from this issuance, after deducting issuance expenses, will be invested in the following projects:
Unit: RMB 10,000 Serial number Project name Total project investment Amount of raised funds invested
1 Comprehensive logistics park construction project 46,653.00 46,653.00
2 Logistics information system construction project 4,182.00 4,182.00 3 Supplementary working capital 19,000.00 19,000.00 Total 69,835.00 69,835.00
As of August 31, 2026, the total balance of the company's unused raised funds is: 481.8522 million yuan (unaudited). Since the raised investment project has a certain construction period, according to the construction progress of the raised investment project, the raised funds at this stage are partially idle in the short term. On the premise that the construction of the raised investment projects and the company's normal operations will not be affected, the company and its subsidiaries plan to use the raised funds reasonably for cash management, improve the efficiency of the use of raised funds, and protect the interests of shareholders.
3. Basic situation of using part of the idle raised funds and self-owned funds for cash management this time
- Investment purpose
On the premise of not affecting the construction of investment projects and the company's normal operations, the company and its subsidiaries plan to rationally use their own funds and temporarily idle raised funds for cash management, improve the efficiency of the use of raised funds, and protect the interests of the company's shareholders. It will not affect the development of the company's main business, and the company's fund use arrangements are reasonable.
- Cash management limit
The company and its subsidiaries shall use temporarily idle raised funds with a total quota of no more than 200 million yuan (including the original amount) and self-owned funds with a total amount of no more than 300 million yuan (including the original amount) for cash management. The transaction amount at any point in the period (including the amount related to reinvestment of the aforementioned investment income) should not exceed the investment quota.
- Cash management period
The authorization period is valid for 12 months from the date of review and approval at the fourth meeting of the company’s fourth board of directors. Within the above quota and period, the funds can be used on a rolling basis.
- Scope of investment products
Raised funds: The company will strictly control risks in accordance with the Regulations on the Supervision of Funds Raised by Listed Companies. The products it invests in include but are not limited to products with high security, good liquidity, low risk, and a term of no more than 12 months or that are transferable and can be withdrawn in advance. The above products shall not be used for pledge, and the product-specific settlement account shall not store non-raised funds or be used for other purposes. If the company opens or cancels a product-specific settlement account, the company will promptly report it to the Shenzhen Stock Exchange for filing and announcement.
Own funds: The company plans to use its own funds to invest in products including but not limited to products with high security, good liquidity, low risk, maturities of no more than 12 months or that are transferable and can be withdrawn in advance. The above products shall not be used for pledge.
- Description of related relationships
The company plans to invest in products from financial institutions that do not have related relationships. This use of temporarily idle raised funds and self-owned funds for cash management will not constitute related transactions.
4. Investment risks and risk control measures
(1) Investment risks
Although the above-mentioned cash management products to be invested in are low-risk investment products, the financial market is greatly affected by the macroeconomics, and it cannot be ruled out that such investments will be affected by market fluctuations.
The actual returns from short-term investments are unpredictable.
Operational risks of relevant personnel.
(2) Risk control measures
For cash management, the company will select a qualified professional financial institution with good credit standing, good financial status, no bad credit records and strong profitability as the trustee, and sign a written contract with the trustee to clarify the amount, period, investment type, rights, obligations and legal responsibilities of both parties, etc.
The financial department will promptly analyze and follow up on the investment direction and project progress of cash management varieties during the implementation period. Once any adverse factors are discovered or judged, corresponding preservation measures will be taken in a timely manner to control investment risks.
The financial department conducts comprehensive inspections of all cash management investment projects on a regular basis, and based on the principle of prudence, reasonably estimates the possible gains and losses of each investment.
Strengthen the operational skills and quality of relevant personnel.
The company's internal audit department regularly audits and supervises the use and storage of funds purchased by the company for financial products.
The independent directors and the audit committee of the board of directors have the right to supervise and inspect the use of funds, and can hire professional institutions to conduct audits when necessary.
5. Impact on the company’s daily operations
The company and its subsidiaries use temporarily idle raised funds and self-owned funds for cash management on the premise of ensuring the safety of raised funds and the company's daily operations. It will not affect the investment progress of the company's raised investment projects, nor will it affect the normal development of the company's main business. It will help improve the company's use efficiency and income of raised funds, and help maximize the interests of the company and shareholders.
6. Review procedures and relevant opinions for this cash management implementation
(1) Review status of the board of directors
The company held the fourth meeting of the fourth board of directors on September 23, 2026, and reviewed and approved the "Proposal on the Use of Own Funds and Temporarily Idle Raised Funds for Cash Management", and agreed to use temporarily idle raised funds with a total amount not exceeding 200 million yuan (including the original amount) and a total amount not exceeding 30,000 without affecting the construction of investment projects with raised funds and the company's normal operations. Ten thousand yuan (including the principal amount) of self-owned funds are used for cash management. The aforementioned cash management limit is shared by the company and its subsidiaries, and the use period is valid for 12 months from the date of review and approval at the fourth meeting of the company’s fourth board of directors. Within the above quota and period, the funds can be used on a rolling basis.
7. Verification Opinions of the Sponsor
After verification, the sponsor believes that: Shengtong Energy's use of idle raised funds totaling no more than 200 million yuan (including the original amount) and its own funds totaling no more than 300 million yuan (including the original amount) for cash management matters has been reviewed and approved by the company's board of directors, and the necessary approval procedures have been fulfilled. This matter complies with the provisions of relevant laws, regulations and normative documents such as the "Supervisory Rules for Fund Raising by Listed Companies", "Shenzhen Stock Exchange Stock Listing Rules", "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 1 - Standardized Operation of Main Board Listed Companies" and other relevant laws, regulations and normative documents. There is no disguised change in the use of raised funds, and it will not affect the investment progress of the company's fundraising projects. On the premise that the company will not affect the normal implementation progress of the investment projects with raised funds, ensure the fund needs for daily operations and effectively control investment risks, through appropriate financial management, it will help improve the efficiency and income of the company's use of raised funds, further enhance the company's overall performance level, and seek more investment returns for the company's shareholders.
In summary, the sponsor has no objection to Shengtong Energy's use of its own funds and part of its temporarily idle raised funds for cash management.
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Sponsor representative:
Ding Weili Wang Kai
Guoyuan Securities Co., Ltd.
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