Core Viewpoint - Lionhead Co., Ltd. is advancing its strategic transformation towards high-growth AI machine vision sector through a comprehensive response to regulatory inquiries regarding its merger and acquisition plans, emphasizing the synergy between its dual business model of "e-commerce services + machine vision" [1] Group 1: Dual Business Synergy - The dual business layout of "e-commerce services + machine vision" has a clear implementation path, with Lionhead leveraging its platform resources to assist Lipu Technology in expanding into the Southwest market [2] - A strategic cooperation agreement with Chongqing Changan aims to build an ecosystem for "machine vision empowering automotive intelligent manufacturing," providing Lipu Technology with crucial access to the automotive manufacturing sector [2] - Lipu Technology's core technology will enhance Lionhead's existing e-commerce operations by optimizing supply chain and warehouse management, potentially increasing the e-commerce business's gross profit margin, which currently exceeds 60% [2] Group 2: Strong Technical Foundation and Industry Growth - Lipu Technology, founded by a team of PhD graduates from Zhejiang University, has established significant technological barriers in industrial machine vision and AI algorithms, with steady revenue and net profit growth projected for 2023 to 2024 [3] - The company has made clear performance commitments, with a cumulative net profit of no less than 180 million yuan from 2025 to 2027, and an average annual compound growth rate exceeding 30% during the commitment period [3] - The machine vision market is expected to exceed 26 billion yuan by 2025, with a compound annual growth rate of over 25%, indicating a robust growth opportunity for Lionhead as it transitions from traditional business to a technology-driven enterprise [3] Group 3: Focus on Core Business and Asset Optimization - Lionhead has adopted a strategy of "focusing on core business and divesting non-core assets" to concentrate resources on its dual business model [4] - The company plans to "sell at an opportune time" its water purification and accessories business, which has been consistently unprofitable and accounted for only about 6% of revenue in 2024 [4] - The restructuring process began in February 2025, with Lionhead aiming to acquire control of Lipu Technology through a combination of share issuance and cash payment, while ensuring transparency and timely information disclosure throughout the process [4]

Core Viewpoint - Lionhead Co., Ltd. is progressing with its merger and acquisition project, transitioning from a traditional e-commerce service provider to a technology-driven enterprise, focusing on the dual business model of "e-commerce services + machine vision" [1][2]. Group 1: M&A Details - The company has responded to inquiries regarding the merger and acquisition, addressing transaction details, target operating conditions, and synergy effects [1]. - Lionhead Co., Ltd. plans to leverage its platform advantages to assist the acquired company, Lipotek, in expanding into the southwestern market, exemplified by a strategic cooperation agreement with Chongqing Chang'an [1]. - Lipotek's technological capabilities will enhance the e-commerce business, particularly through machine vision to optimize supply chain and warehouse management, improving fulfillment efficiency [1]. Group 2: Market Potential - According to a Frost & Sullivan report, the industrial machine vision product market in China is projected to grow from approximately 26.83 billion yuan in 2024 to 63.01 billion yuan by 2029, with a compound annual growth rate of 18.62% from 2024 to 2029 [2]. - The acquisition allows Lionhead Co., Ltd. to enter this high-growth sector, facilitating its strategic transformation towards a technology-driven enterprise [2]. Group 3: Business Strategy - Lionhead Co., Ltd. plans to divest its underperforming water purification business, which has been consistently losing money and is expected to account for only about 6% of revenue in 2024 [3]. - The e-commerce service business remains a crucial growth engine, and the company aims to enhance profitability in this area while reallocating resources to the machine vision business [3]. - The company commits to a steady and transparent approach in advancing the restructuring process and fulfilling information disclosure obligations [3].

Core Viewpoint - The company plans to acquire 97.4399% of Hangzhou Lipe Technology Co., Ltd. through a combination of issuing shares and cash payments, while also raising supporting funds from two management companies [1][4]. Group 1: Transaction Details - The acquisition involves 14 counterparties, including Wang Xulongqi and Deng Haoyu, who collectively hold the majority stake in Hangzhou Lipe Technology [1][4]. - The company has received an inquiry letter from the Shanghai Stock Exchange regarding the transaction, which necessitated revisions to the restructuring report [2][5]. - The updated restructuring report has undergone a thorough review and minor adjustments, ensuring that the transaction plan remains unaffected [2]. Group 2: Regulatory Approval - The transaction is subject to approvals from the Shanghai Stock Exchange and the China Securities Regulatory Commission, among other regulatory requirements [6]. - The company acknowledges the uncertainty surrounding the approval process and the timeline for obtaining necessary consents [6].

关于狮头科技发展股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易申请的审核问询函的回复 独立财务顾问 二〇二五年十一月 上海证券交易所： 狮头科技发展股份有限公司（以下简称"公司"、"上市公司"或"狮头股份"） 于 2025 年 9 月 19 日收到贵所下发的《关于狮头科技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申请的审核问询函》（上证上审 （并购重组）〔2025〕77 号）（以下简称"问询函"），公司已会同东方证券股 份有限公司（以下简称"东方证券"、"独立财务顾问"）、国浩律师（南京）事务 所（以下简称"律师"、"法律顾问"）、天健会计师事务所（特殊普通合伙）（以 下简称"天健会计师"、"审计机构"）、中联资产评估集团有限公司（以下简称"中 联评估"、"评估机构"）进行了认真研究和落实，并按照问询函的要求在《狮头 科技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）》中进行了补充披露，对所涉及的问题进行了回复，现提交贵 所，请予以审核。除非文义另有所指，本问询函回复中的简称与《狮头科技发展 股份有限公司发行股份及支付现金购买资 ...

目 录 | 关于标的公司经营情况……………………………………… 一、 | 第 1—44 页 | | --- | --- | | 二、关于标的公司收入与客户……………………………………第 | 44—92 页 | | 三、关于标的公司采购与存货 …………………………………第 | 92—115 页 | | 四、关于标的公司成本与费用…………………………………第 | 115—137 页 | | 五、关于募集配套资金 …………………………………………第 | 137-144 页 | | 六、关于商誉……………………………………………………第 | 144—155 页 | 关于狮头科技发展股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联 交易申请的审核问询函问询类财务事项的说明 天健函〔2025〕1219 号 上海证券交易所： 由狮头科技发展股份有限公司（以下简称狮头股份公司或公司）转来的《关于 狮头科技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 交易申请的审核问询函》（上证上审（并购重组）〔2025〕77 号，以下简称问询 函）奉悉。我们已对问询函中需要我们回复的问询类财务事项进行了审慎核查 ...

Core Points - Lion Technology Development Co., Ltd. (Lion Shares) announced on November 15, 2025, that it has completed the response to the Shanghai Stock Exchange's inquiry regarding the issuance of shares and cash payment for asset acquisition and related party transactions [1] - The transaction involves acquiring 97.4399% of Hangzhou Lipo Technology Co., Ltd. from 14 parties, including Wang Xulongqi and Deng Haoyu, through a combination of share issuance and cash payment [1] - The company has revised and improved the restructuring report and application documents in response to the inquiry from the Shanghai Stock Exchange dated September 19, 2025 [1] Approval Process - The transaction is subject to multiple approval processes, including the approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission, along with other legal requirements [2] - The company emphasizes that the completion of these approvals is a prerequisite for the transaction, and there is uncertainty regarding whether and when these approvals will be obtained [2]

国浩律师（南京）事务所 狮头科技发展股份有限公司 关 于 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 之 补充法律意见书（二） 南京市汉中门大街309 号B 座5/7/8 层 邮编：210036 5,7,8thFloor,BlockB,309HanzhongmenStreet,Nanjing 210036,China 电话/Tel:+86 25 8966 0900 传真/Fax:+86 25 8966 0966 网址/Website: http://www.grandall.com.cn 2025 年11 月 | | | 国浩律师（南京）事务所 补充法律意见书 国浩律师（南京）事务所 关于狮头科技发展股份有限公司 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之 补充法律意见书（二） 致：狮头科技发展股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受狮头科技发展股份有限 公司（以下简称"狮头股份"、"上市公司"或"公司"）的委托，担任狮头股 份发行股份及支付现金购买杭州利珀科技股份有限公司（以下简称"标的公司" 或"利珀科技"）97.4399%股份并发行股份募集配套资金（以下简称"本 ...

中联资产评估集团有限公司关于上海证券交易所 《关于狮头科技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申请的审核问询函》 （上证上审（并购重组）〔2025〕77 号）资产评估相关问题回 复之核查意见 上海证券交易所： 根据贵所 2025 年 9 月 19 日对狮头科技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申请文件出具的《关于狮头科技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申请的审核问询函》（上证上审（并 购重组）〔2025〕77 号），中联资产评估集团有限公司（以下简称"中联评估"）作为本 次交易的资产评估机构，已会同上市公司与各中介机构，就贵所反馈意见要求评估师核 查的内容进行了核查及落实，现就相关问题作出书面回复如下。 6-5-1 问题 1（原问题 5）关于标的公司评估方法及业绩承诺 重组报告书披露，（1）本次评估采用收益法和资产基础法，其中收益法评估值为 67,980.61 万元，增值率 295.88%，资产基础法评估值为 29,495.88 万元，增值率 71.77%， 增值主要系存货、无形资产评估值较账面价值增加。本次 ...

东方证券股份有限公司 关于 狮头科技发展股份有限公司 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 之 独立财务顾问报告（修订稿） 独立财务顾问 二〇二五年十一月 声明及承诺 东方证券股份有限公司（以下简称"东方证券"或"本独立财务顾问"）接 受狮头科技发展股份有限公司（以下简称"狮头股份"或"上市公司"）的委托， 担任其本次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（以下简称 "本次交易"或"本次重组"）的独立财务顾问，并就本次交易出具独立财务顾 问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内容 与格式准则第 26 号——上市公司重大资产重组》《上市公司并购重组财务顾问 业务管理办法》等法律、法规的有关规定，按照证券行业公认的业务标准、道德 规范，本着诚实信用、勤勉尽责的态度，遵循客观、公正原则，在认真审阅相关 资料和充分了解本次交易行为的基础上，发表独立财务顾问意见，旨在就本次交 易行为做出独立、客观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次 ...

东方证券股份有限公司 关于狮头科技发展股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易申请的审核问询函回复之 核查意见 独立财务顾问 二〇二五年十一月 上海证券交易所： 东方证券股份有限公司（以下简称"东方证券"、"独立财务顾问"）接受 狮头科技发展股份有限公司（以下简称"公司"、"上市公司"或"狮头股份"）委托， 作为狮头股份本次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（以 下简称"本次交易"）的独立财务顾问。 狮头股份于 2025 年 9 月 19 日收到贵所下发的《关于狮头科技发展股份有限 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申请的审核问询 函》（上证上审（并购重组）〔2025〕77 号）（以下简称"问询函"），公司及 相关中介机构就问询函所提问题进行了认真核查和落实，现就相关问题作出书面 回复，本独立财务顾问进行了相应核查并发表意见。 除非文义另有所指，本核查意见中的简称与《狮头科技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）》（以下 简称"重组报告书"）中的释义具有相同涵义。本核查意见部分表格中单项数据加 总数与表格 ...