中信证券股份有限公司 关于本次交易摊薄即期回报及公司采取的措施之专项核查意见 湖南能源集团发展股份有限公司（以下简称"公司"或"上市公司"）拟通 过发行股份及支付现金的方式购买湖南能源集团电力投资有限公司（以下简称 "电投公司"）持有的湖南湘投铜湾水利水电开发有限责任公司 90%股权、湖南 湘投清水塘水电开发有限责任公司 90%股权、湖南新邵筱溪水电开发有限责任公 司 88%股权、湖南湘投沅陵高滩发电有限责任公司 85%股权，同时向不超过 35 名符合条件的特定对象发行股份募集配套资金（以下简称"本次交易"）。 中信证券股份有限公司（以下简称"中信证券"、"独立财务顾问"）作为 本次交易的独立财务顾问，根据《国务院关于进一步促进资本市场健康发展的若 干意见》（国发〔2014〕17 号）、《国务院办公厅关于进一步加强资本市场中 小投资者合法权益保护工作的意见》（国办发〔2013〕110 号）和中国证券监督 管理委员会（以下简称"中国证监会"）《关于首发及再融资、重大资产重组摊 薄即期回报有关事项的指导意见》（证监会公告〔2015〕31 号）等有关规定， 就本次交易对即期回报摊薄的影响情况、防范和填补措施以及相关 ...

Core Viewpoint - The transaction involves Hunan Energy Group Development Co., Ltd. acquiring stakes in several hydropower companies through a combination of issuing shares and cash payments, with the aim of raising supporting funds for the acquisition [1]. Group 1: Industry and Company Overview - The companies involved in the transaction, including Hunan Development and the target companies, are classified under the "D44 Electric Power, Heat Production and Supply Industry" according to the China Securities Regulatory Commission's guidelines [2][3]. - The transaction does not fall under the categories of industries or enterprises that are prioritized for mergers and acquisitions as outlined by the State Council and relevant ministries [2][3]. Group 2: Transaction Type and Structure - The transaction is categorized as a horizontal merger since both the listed company and the target companies primarily engage in hydropower generation [3]. - The transaction does not constitute a restructuring listing as there is no change in the controlling shareholder or actual controller before and after the transaction [4]. Group 3: Share Issuance and Regulatory Compliance - The transaction involves the issuance of shares by Hunan Development to acquire equity in the target companies, along with cash payments [4]. - As of the date of the review, Hunan Development is not under investigation by the China Securities Regulatory Commission [4].

Core Viewpoint - The independent financial advisor, CITIC Securities, has confirmed that Hunan Development does not have any significant asset purchases or sales related to the transaction target within the last twelve months, thus no cumulative calculation is required [1] Group 1: Transaction Overview - CITIC Securities is acting as the independent financial advisor for Hunan Development's transaction involving the issuance of shares and cash payment for asset acquisition [1] - The transaction is categorized as a related party transaction under the regulations governing major asset restructuring [1] Group 2: Regulatory Compliance - According to the regulations, if a listed company engages in continuous purchases or sales of the same or related assets within twelve months, the cumulative amounts must be calculated [1] - The independent financial advisor has verified that there are no significant asset transactions involving the same transaction party or similar business scope that would require cumulative calculation [1]

中信证券股份有限公司 关于湖南能源集团发展股份有限公司 本次交易标的资产报告期内业绩真实性之专项核查意见 湖南能源集团发展股份有限公司（以下简称"公司"或"上市公司"）拟通 过发行股份及支付现金的方式购买湖南能源集团电力投资有限公司持有的湖南 湘投铜湾水利水电开发有限责任公司（以下简称"铜湾水电"）90%股权、湖南 湘投清水塘水电开发有限责任公司（以下简称"清水塘水电"）90%股权、湖南 新邵筱溪水电开发有限责任公司（以下简称"筱溪水电"）88%股权、湖南湘投 沅陵高滩发电有限责任公司（以下简称"高滩水电"）85%股权（以下合称"标 的资产"），并募集配套资金（以下简称"本次交易"）。中信证券股份有限公 司（以下简称"中信证券"或"独立财务顾问"）接受上市公司委托，担任本次 重组的独立财务顾问，对报告期内标的资产的业绩真实性进行了核查，现报告如 下： 一、企业基本情况和业务介绍 （一）铜湾水电 企业名称 湖南湘投铜湾水利水电开发有限责任公司 企业类型 其他有限责任公司 注册资本 33,000 万元 注册地址 中方县铜湾镇渡江坡村 主要办公地点 中方县铜湾镇渡江坡村 法定代表人 刘长富 成立日期 2003 年 ...

Group 1 - The transaction involves Hunan Energy Group Development Co., Ltd. issuing shares and paying cash to acquire 90% equity stakes in Hunan Xiangtou Congwan Hydropower Development Co., Ltd., Hunan Xiangtou Qingshui Pond Hydropower Development Co., Ltd., 88% in Hunan Xinshao Xiaoxi Hydropower Development Co., Ltd., and 85% in Hunan Xiangtou Yuanling Gaotan Power Generation Co., Ltd. [1] - CITIC Securities Co., Ltd. acted as the independent financial advisor for the transaction and conducted a review to ensure that the involved parties do not fall under the prohibitions outlined in the regulatory guidelines regarding major asset restructuring [1][2] - As of the date of the review, none of the parties involved in the transaction have been investigated for insider trading related to this transaction, nor have they faced administrative penalties or criminal charges from the China Securities Regulatory Commission in the past 36 months [1]

湖南能源集团发展股份有限公司（以下简称"湖南发展"或"上市公司"）拟以发 行股份及支付现金的方式购买湖南能源集团电力投资有限公司（以下简称"电投公司"） 持有的湖南湘投沅陵高滩发电有限责任公司（以下简称"高滩水电"）85%股权、湖南 湘投铜湾水利水电开发有限责任公司（以下简称"铜湾水电"）90%股权、湖南湘投清 水塘水电开发有限责任公司（以下简称"清水塘水电"）90%股权、湖南新邵筱溪水电 开发有限责任公司（以下简称"筱溪水电"）88%股权，同时向不超过 35 名符合条件 的特定投资者发行股份募集配套资金（以下简称"本次重组"或"本次交易"）。本次 交易预计构成重大资产重组和关联交易，不构成重组上市。 于 <湖南能源集团发展股份有限公司发行股份及支付现金购买资产并募集配套资金暨关> 联交易报告书（草案）>及其摘要的议案》《关于本次交易方案调整不构成重组方案重 大调整的议案》等相关议案，对本次交易方案进行了调整。中信证券股份有限公司（以 下简称"独立财务顾问"）作为上市公司本次重组的独立财务顾问，就上市公司本次交 易方案调整事项进行核查，并出具如下核查意见。 一、本次交易方案调整情况 （一）调整前的交易方案 中 ...

关于海光信息技术股份有限公司 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为海光信 息技术股份有限公司（以下简称"海光信息"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职 责，并出具本持续督导 2025 年半年度跟踪报告。 一、持续督导工作概述 检查的工作要求。 权利义务，并报上海证券交易所备案。 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； 中信证券股份有限公司 （3）查阅公司与主要股东及其关联方的资金往来明细及相关内部审议文件、 信息披露文件； （4）查阅公司募集资金管理相关制度、募集资金使用信息披露文件和决策 程序文件、募集资金专户银行对账单、募集资金使用明细账； （5）对公司高级管理人员进行访谈； （6）对公司及其主要股东、董事、监事、高级管理人员进行公开信息查询； （7）查询公司公告的各项承诺并核查承诺履行情况； （8）通过公开网络检索、舆情监控等方式关注与 ...

Core Viewpoint - The report outlines the ongoing supervision and assessment of Hangzhou Anjisi Medical Technology Co., Ltd. by CITIC Securities, focusing on the company's compliance, financial performance, and potential risks in the medical device industry [1][2]. Group 1: Continuous Supervision Overview - CITIC Securities conducted a site inspection on July 14, 2025, as part of its ongoing supervisory responsibilities [1]. - The supervision included reviewing corporate governance documents, financial management systems, and fundraising management practices [1]. Group 2: Identified Issues and Rectification - No major issues were found during the supervision period, indicating effective management practices [2]. - The company faces core competitiveness risks due to the lengthy and complex nature of developing minimally invasive endoscopic devices [2][3]. Group 3: Major Risk Factors - The company is exposed to operational risks from increasing competition in the domestic market and potential price reductions due to healthcare cost control measures [2][4]. - Quality control is critical, as any product defects could harm the company's reputation and financial performance [3][4]. Group 4: Financial Performance - For the first half of 2025, the company reported a revenue of 302.43 million yuan, a 14.56% increase from the previous year [11]. - The total profit for the same period was 149.13 million yuan, reflecting a 2.78% increase [11]. - The net profit attributable to shareholders was 111.51 million yuan, showing a decrease of 7.06% when excluding non-recurring gains [11]. Group 5: Research and Development - The company has increased its R&D investment, with total R&D expenses reaching 34.46 million yuan, a 33.29% increase compared to the previous period [18]. - R&D efforts focus on innovative diagnostic and therapeutic devices, with a strong emphasis on integrating AI technologies [12][18]. Group 6: Market Dynamics - The company is expanding its market presence, with significant sales growth in Europe (38.28%) and Asia (29.05%), while facing a decline in North America (9.89%) due to trade tensions [16]. - The company actively adapts to new procurement policies and payment regulations in the healthcare sector to maintain competitiveness [8][9]. Group 7: Compliance and Governance - The company adheres to various international and domestic quality management standards, ensuring compliance in its operations [13]. - There were no significant violations of fundraising regulations during the supervision period, indicating sound financial governance [21][24].

中信证券股份有限公司 关于浙江永和制冷股份有限公司 提前赎回"永和转债"的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为浙 江永和制冷股份有限公司（以下简称"永和股份"或"公司"）的保荐人， 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第1号——规范运作》《上海证券交 易所上市公司自律监管指引第12号——可转换公司债券》等相关规定履行持 续督导职责，针对永和股份提前赎回"永和转债"事项进行了审慎核查，发 表如下核查意见： 一、"永和转债"发行上市概况 （一）永和转债"发行情况 经中国证券监督管理委员会《关于核准浙江永和制冷股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2048 号）核准，公司于 2022 年 10 月 万元。本次发行的可转换公司债券的期限为自发行之日起六年，即 2022 年 10 月 11 日至 2028 年 10 月 10 日。 可转债票面利率为：第一年 0.30%、第二年 0.50%、 第三年 1.00%、第四年 1.50%、第五年 2.00%、第六年 3.00%。 （二）"永和转债"上 ...

Core Viewpoint - The company intends to engage in foreign exchange derivative trading to mitigate risks associated with foreign exchange rate fluctuations, thereby enhancing financial stability and operational performance [1][5]. Summary by Sections Transaction Overview - The company and its subsidiaries aim to conduct foreign exchange derivative transactions to reduce risks from foreign exchange rate volatility, with a planned trading amount not exceeding 200 million RMB (or equivalent in other currencies) [1][2]. - The trading period for these transactions is valid for 12 months from the approval date by the board of directors, with the maximum contract value at any point not exceeding 200 million RMB [1][2]. Funding Source - The funding for the foreign exchange derivative transactions will come from the company's own funds, without involving raised funds or bank credit [2]. Trading Method - The company will utilize straightforward and transparent foreign exchange derivative instruments such as forward contracts, options, and swaps, adhering to hedging principles and risk-neutral management [2][3]. - Transactions will be conducted with reputable domestic and international financial institutions qualified for foreign exchange derivative trading [2]. Authorization for Trading - The board of directors has authorized the general manager or designated business leaders to make decisions and sign relevant documents within the approved limits and timeframe [2]. Review Procedures - The board of directors approved the proposal for foreign exchange derivative trading on August 25, 2025, confirming that the decision falls within their authority and does not require shareholder approval [3]. Supervisory Board Opinion - The supervisory board supports the foreign exchange derivative trading as it effectively mitigates foreign exchange market risks and enhances the efficiency of foreign exchange fund utilization [3]. Risk Analysis - The company acknowledges potential risks associated with foreign exchange derivative trading, including market risks due to price fluctuations and risks from inadequate internal controls [4]. Risk Control Measures - The company will implement strict internal controls and procedures to ensure that all trading activities are conducted within the authorized limits and are aimed at hedging rather than speculation [4]. - Regular reporting on risk exposure changes will be conducted to management, with emergency measures in place for any identified risks [4]. Impact and Accounting Treatment - Engaging in foreign exchange derivative trading is expected to improve the company's ability to manage foreign exchange risks, thereby protecting operational performance and shareholder interests [5]. - The company will follow relevant accounting standards for the recognition and measurement of financial instruments related to these transactions [5]. Sponsor Institution's Review Opinion - The sponsor institution has confirmed that the company has followed necessary internal decision-making procedures for the foreign exchange derivative trading proposal and has no objections to the matter [5].