海通证券股份有限公司 关于杭州山科智能科技股份有限公司 募投项目结项并将节余募集资金永久补充流动资金的核查 意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作（2023 年 12 月修订）》等法规和规范性文件要求， 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为杭州山科智能 科技股份有限公司（以下简称"山科智能"或"公司"）首次公开发行股票并在创业 板上市的持续督导机构，对山科智能首次公开发行股票募投项目结项并将节余募 集资金永久补充流动资金的事项进行了核查，核查情况如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会证监许可20202123 号核准，公司向社会公开发 行了人民币普通股(A 股)股票 1,700 万股，发行价为每股人民币为 33.46 元，共 计募集资金总额为人民币 56,882.00 万元，扣除券商承销佣金及保荐费 3,945.04 万元后，主承销商海通证券于 2020 年 9 月 22 日汇入公司募集资金监管账户招商 银 ...

Core Viewpoint - In February, domestic heavy truck sales reached 81,000 units, a year-on-year increase of 36% and a month-on-month increase of 13% [2][4]. Sales Performance - Cumulative sales of domestic heavy trucks from January to February totaled 154,000 units, showing a year-on-year decline of 2% [2][4]. - The sales of natural gas heavy trucks in February were 17,000 units, representing a year-on-year growth of 73% and a month-on-month growth of 72% [3][4]. - The penetration rate of natural gas in heavy trucks was 20% in February, with semi-trailer trucks at 37% [4]. Market Structure - The sales structure of heavy trucks indicates an increase in the proportion of engineering vehicles and a decrease in the proportion of tractor trucks [2][5]. - In February, the sales of semi-trailer trucks were 43,000 units, up 45% year-on-year, while heavy-duty cargo truck sales were 20,000 units, up 6% year-on-year [2][3]. Export Trends - The export performance of various heavy trucks showed divergence, with semi-trailer truck exports remaining flat year-on-year at 10,000 units [3][4]. - Exports of heavy non-complete vehicles reached 5,000 units in February, a year-on-year increase of 24% [3][4]. Natural Gas Heavy Trucks - The sales of natural gas semi-trailer trucks in February were 16,000 units, reflecting a year-on-year increase of 69% [3][4]. - The cumulative sales of natural gas heavy trucks from January to February reached 26,000 units, a year-on-year increase of 9% [3][4]. New Energy Heavy Trucks - In February, the sales of new energy heavy trucks were 10,000 units, a year-on-year increase of 226% [4][5]. - The penetration rate of new energy heavy trucks was 12% in February, with a cumulative penetration rate of 13% from January to February [4][5]. Competitive Landscape - In February, China National Heavy Duty Truck Group ranked first in heavy truck sales, with the top ten companies accounting for 91% of the cumulative market share [4][5]. - The expected heavy truck sales for 2025 are projected to be 1.026 million units, a year-on-year increase of 13% [5]. Investment Recommendations - The industry shows growth potential, particularly in domestic recovery and sustained export growth [5]. - Recommended stocks include Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, and Foton Motor, with a suggestion to pay attention to FAW Liberation [5].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Xiamen Municipal Environmental Energy Co., Ltd.'s application for an initial public offering (IPO) and listing on the main board after the company and its sponsor, Haitong Securities Co., Ltd., submitted a request to withdraw the application [1][2]. Company Overview - Xiamen Environmental Energy's main business includes waste-to-energy power generation from municipal solid waste, hazardous waste disposal, medical waste disposal, kitchen waste disposal, leachate treatment, ecological landfill, marine sanitation, and garbage compression transfer, forming a profit model primarily based on income from municipal waste treatment, hazardous waste disposal, and comprehensive environmental treatment [2]. Shareholding Structure - As of the signing date of the prospectus, Xiamen Municipal Group directly holds 83.99% of the company's shares, with an additional 2.96% held indirectly through Xiamen Municipal Songhu, totaling 86.95% ownership. The actual controller of the company is the Xiamen State-owned Assets Supervision and Administration Commission, which directly holds 100% of Xiamen Municipal Group [2]. Fundraising Plans - Xiamen Environmental Energy initially planned to raise 1.096 billion yuan (approximately 109,650.56 million yuan) for various projects, including the third phase of the Eastern (Xiang'an) waste-to-energy power plant, the first phase of the Ninghua County waste-to-energy power plant construction project, the establishment of the Xiamen Environmental Energy R&D center, and to supplement working capital [3][4]. Investment Breakdown - The total investment for the projects is approximately 1.658 billion yuan (165,866.96 million yuan), with the planned fundraising amount of 1.096 billion yuan allocated as follows: - Eastern (Xiang'an) waste-to-energy power plant phase III: 789.34 million yuan (30 million yuan to be raised) - Ninghua County waste-to-energy power plant phase I: 339.82 million yuan (26.7 million yuan to be raised) - Xiamen Environmental Energy R&D center: 200.55 million yuan (fully funded by the raised amount) - Supplementing working capital: 328.95 million yuan (fully funded by the raised amount) [4].

Investment Philosophy - The essence of investment is to manage desires, with a focus on "slowly becoming rich" rather than seeking quick gains [3][4] - Emphasis on understanding major variables and market trends, advocating for a "less is more" approach in research [2][3] Chinese Economic Outlook - "Intelligent manufacturing" is seen as a new engine for China's economic development, crucial for the transition from old to new economic drivers [4][5] - The real estate sector currently accounts for approximately 25% of GDP, while strategic emerging industries contribute around 15% [4] - Service consumption, currently at about 20%, is identified as a potential growth area, especially with advancements in AI [4] Market Dynamics - The second quarter of the year is viewed as a critical observation period for policy impacts on both the US and global economies [6][7] - The narrative of "East rising, West falling" is challenged, suggesting a more nuanced view of global economic interdependence [6][7] - The US economy's performance, which constitutes 26.1% of global GDP, significantly influences global market dynamics [7]

Core Viewpoint - The company, Maiwei Biotech, is facing significant financial challenges, including a net loss of approximately 106.96 million yuan, primarily due to high R&D expenditures and the short market presence of its products [2][10][11]. Financial Performance - The company's net profit attributable to shareholders was -104.39 million yuan, with a net loss excluding non-recurring items of -106.96 million yuan, indicating a slight increase in losses compared to the previous year [10][18]. - Revenue for the year reached 199.78 million yuan, a 56.28% increase from the previous year, driven by a significant rise in drug sales [18][26]. - R&D expenses for the year were approximately 78.29 million yuan, reflecting a decrease of 6.33% compared to the previous year [10][18]. Product Development and Market Position - The company has three products on the market: Junmaikang®, Mailishu®, and Maiweijian®, with ongoing clinical trials for several innovative drugs [10][11][26]. - The company has a pipeline of 16 products at various stages, including 12 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases [10][11]. - The sales revenue from the drug Deshu Single Antibody reached approximately 138.97 million yuan, marking a 230.17% increase year-on-year [26][27]. Regulatory and Compliance - The company is subject to stringent regulatory oversight, with compliance to various national and local drug management regulations impacting its operations [14][15]. - The company has established internal systems to ensure compliance with legal and regulatory requirements, including information disclosure obligations [4][5]. R&D and Innovation - The company emphasizes innovation, with a focus on developing differentiated products and maintaining a robust R&D pipeline [20][21]. - The company has established multiple technology platforms to enhance its drug discovery and development processes, contributing to its competitive edge in the market [20][21]. Market Strategy - The company is expanding its commercial sales efforts, with a focus on building a professional sales and marketing team to enhance product promotion and market penetration [25][28]. - The marketing strategy is centered around a patient-centric approach, leveraging clinical data to educate healthcare providers and patients about its products [28].

Summary of Key Points Core Viewpoint The company, Maiwei (Shanghai) Biotechnology Co., Ltd., is seeking to provide a guarantee of up to RMB 3.1 billion for its wholly-owned subsidiaries to support their financing needs, which is subject to approval by the shareholders' meeting [1][2][14]. Group 1: Guarantee Overview - The total guarantee amount for the subsidiaries is expected to be no more than RMB 3.1 billion, with specific amounts and terms to be finalized in formal agreements [1][2]. - The subsidiaries include Jiangsu Taikang Biomedical Co., Ltd., Shanghai Langrun Maiwei Biomedical Technology Co., Ltd., Jiangsu Maiwei Pharmaceutical Co., Ltd., Jiangsu Maiwei Kangxin Drug Research and Development Co., Ltd., Maiwei (Chongqing) Biomedical Co., Ltd., and Maiwei Vision Pharmaceutical Technology (Zhejiang) Co., Ltd. [1][2]. Group 2: Financial Performance of Subsidiaries - Jiangsu Taikang Biomedical Co., Ltd. reported total assets of RMB 303.29 million and total liabilities of RMB 332.95 million as of December 31, 2024, with a net loss of RMB 2.37 million [3]. - Shanghai Langrun Maiwei Biomedical Technology Co., Ltd. had total assets of RMB 118.89 million and total liabilities of RMB 70.66 million, with a net loss of RMB 5.31 million [6]. - Jiangsu Maiwei Pharmaceutical Co., Ltd. reported total assets of RMB 41.57 million, total liabilities of RMB 35.65 million, and a net profit of RMB 8.77 million [9]. Group 3: Approval Process - The proposal for the guarantee has been approved by the board of directors and will be submitted to the shareholders' meeting for final approval [2][14]. - The decision-making process complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [14][16]. Group 4: Risk Management - The company believes that the subsidiaries have good credit status, which allows for effective control and mitigation of guarantee risks [14]. - The independent directors and supervisory board have expressed support for the guarantee, emphasizing its necessity for the subsidiaries' operational needs [14].

Summary of Key Points Core Viewpoint - The company has completed the investment project "Annual Production of 1,000kg Antibody Industrialization Construction Project" and plans to permanently supplement its working capital with the remaining raised funds, which aligns with its operational needs and long-term development strategy [9][10]. Fundraising Basic Information - The total amount raised by the company was RMB 3,476,520,000, with a net amount of RMB 3,303,432,172.40, all of which was received by January 10, 2022 [1][2]. Fund Management and Usage - The company established special accounts for managing the raised funds, which are stored in accounts approved by the board of directors, ensuring investor protection [2]. - As of February 28, 2025, the remaining balance of the raised funds for the "Annual Production of 1,000kg Antibody Industrialization Construction Project" was RMB 29,204,764.93 [4][6]. Project Completion and Fund Surplus - The project has been completed as of December 31, 2024, and the remaining funds will be used to enhance operational efficiency [6][9]. - The surplus funds amounting to RMB 18,944.20 million will be permanently added to the working capital [10]. Reasons for Fund Surplus - The surplus was primarily due to prudent fund management, effective cost control, and the use of self-owned funds and bank loans for project expenses, leading to a certain amount of surplus [7][9]. Future Fund Usage Plan - The company plans to use the surplus funds to support daily operations, ensuring efficient use of the raised funds [8][10]. Review and Approval Process - The decision to conclude the investment project and reallocate surplus funds has been approved by the board of directors and the supervisory board, and will be submitted for shareholder meeting approval [10][11].

海通证券股份有限公司 关于峰岹科技（深圳）股份有限公司 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为峰岹 科技（深圳）股份有限公司（以下简称"峰岹科技"或"公司"）首次公开发行 股票并在科创板上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办 法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等相关规定，对峰岹科技 2024 年度募集资金存 放与实际使用情况的事项进行了核查，具体情况及核查意见如下： 一、募集资金基本情况 （一） 实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意峰岹科技（深圳）股份有限公司首次 公开发行股票注册的批复》（证监许可2022457 号）并经上海证券交易所同意， 公司首次向社会公众公开发行人民币普通股（A 股）2,309.0850 万股，发行价格 为人民币 82 元/股，募集资金总额为人民币 189,344.97 万元，扣除发行费用合计 人民币 16,498.79 万元（不含增值税）后，实际募集资金净额为人民币 1 ...

Group 1 - The merger between Guotai Junan and Haitong Securities has been announced, resulting in the new company name "Guotai Haitong Securities Co., Ltd." and the new stock abbreviation "Guotai Haitong" [1] - The simulated combined company is projected to have total assets of 1.73 trillion yuan and a net asset attributable to the parent company of 328.3 billion yuan by the end of 2024, leading the industry in capital strength [1] - The brokerage business net income from commissions is reported at 11.822 billion yuan, ranking first in the industry, while the investment banking business net income from commissions is 4.603 billion yuan, also leading the industry [1] Group 2 - Haitong Securities has announced a projected loss for 2024, primarily due to a significant decline in the valuation of overseas financial assets, resulting in reduced investment income and changes in fair value [1] - Guotai Junan plans to distribute cash dividends to shareholders twice in 2024, totaling approximately 6.258 billion yuan, which represents 48.05% of the net profit attributable to the parent company, marking a historical high for the company [1] - The interim cash dividend is set at 1.5 yuan per 10 shares, with a proposed year-end dividend of 2.8 yuan per 10 shares, continuing the high dividend policy of both companies post-merger [1] Group 3 - In the 2024 annual report, Guotai Junan reported an operating income of 43.397 billion yuan, reflecting a year-on-year growth of 20.08%, and a net profit attributable to the parent company of 12.44 billion yuan, which is a 42.7% increase year-on-year [3]

Core Viewpoint - Guotai Junan reported significant growth in its 2024 annual performance, with a notable increase in revenue and net profit, reflecting the company's strong operational capabilities and strategic initiatives [1][2]. Financial Performance - The company achieved operating revenue of 43.397 billion yuan, a year-on-year increase of 20.08% [2] - Net profit attributable to shareholders reached 13.024 billion yuan, up 38.94% year-on-year [2] - Basic earnings per share were 1.39 yuan, representing a growth of 41.84% [2] - The weighted average return on equity was 8.14%, an increase of 2.12 percentage points [2] - Total assets surpassed 1 trillion yuan, reaching 1.047745 trillion yuan, a growth of 13.22% [2] Business Segments - Wealth management transformation was emphasized, with the number of users on the Junhong APP reaching 41.6397 million, a 3.0% increase from the previous year [2] - The number of personal fund accounts grew by 8.3% to 19.3194 million [2] - The company maintained a market share of 9.63% in the investment banking sector, ranking third in the industry [2] Strategic Initiatives - The company is focusing on enhancing three capabilities: improving retail customer service through investment advisory teams, increasing business synergy, and emphasizing strategic and long-term value investments [3][4] - Guotai Junan is actively embracing digital transformation, having established an enterprise-level database and upgraded its management dashboard [4] - The company is advancing its international strategy and optimizing its international business structure [4] Mergers and Acquisitions - Guotai Junan announced a merger with Haitong Securities, with the combined total assets projected to reach 1.73 trillion yuan and net assets of 328.3 billion yuan [5] - The merger positions the company as the industry leader in capital strength and brokerage business net income [5] Dividend Distribution - The company plans to distribute cash dividends twice in 2024, totaling approximately 6.258 billion yuan, which is 48.05% of the net profit attributable to shareholders, marking a historical high for the company [6]