北京国枫律师事务所 关于悍高集团股份有限公司 首次公开发行股票在深圳证券交易所 主板上市的 法律意见书 国枫律证字[2022] AN120-76 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 释 义 1 本法律意见书中，除非文义另有所指，下列词语或简称具有如下含义： 发行人 指 悍高集团股份有限公司，系由佛山市顺德区悍高五金制品有限 公司于 2020 年 9 月 30 日整体变更设立的股份有限公司 悍高有限 指 佛山市顺德区悍高五金制品有限公司，成立于 2004 年 9 月 13 日，系发行人前身 "三会" 指 发行人股东会、董事会和监事会的统称 本次发行 指 首次公开发行人民币普通股股票 本次上市 指 发行人申请股票在深交所主板上市 本次发行上市 指 发行人首次公开发行人民币普通股股票并在主板上市 报告期 指 2022 年度、2023 年度、2024 年度 国泰海通 指 国泰海通证券股份有限公司 华兴会计师 ...

Core Viewpoint - Han Gao Group is proceeding with an IPO despite challenges in the home hardware industry, aiming to raise funds for automation and information technology projects, which may present both opportunities and challenges for the company [2][8]. Company Overview - Han Gao Group is primarily engaged in the research, design, production, and sales of home hardware and outdoor furniture, focusing on high-quality products with original designs [2][4]. - The actual controllers of the company are siblings Ou Jinfeng and Ou Jinli, who collectively hold 83.74% of the shares and control 89.76% of the voting rights [2]. Financial Performance - As of the end of 2023, Han Gao Group reported total assets of 1.974 billion yuan, operating revenue of 2.222 billion yuan, and total profit of 383 million yuan, all exceeding the industry averages [4]. - The company has shown significant growth, with a compound annual growth rate (CAGR) of 32.78% in operating revenue and 61.83% in net profit from 2022 to 2024 [4][5]. - For the first half of 2025, the company expects operating revenue between 1.387 billion yuan and 1.501 billion yuan, with a year-on-year growth of 17.04% to 26.77% [4]. Revenue Composition - In 2024, the revenue breakdown by product category is as follows: storage hardware (855 million yuan, 30.59%), basic hardware (1.224 billion yuan, 43.69%), kitchen and bathroom hardware (361 million yuan, 12.90%), outdoor furniture (262 million yuan, 9.36%), and others (97 million yuan, 3.46%) [4]. IPO Fund Utilization - The IPO aims to raise 420 million yuan, which will be allocated to three main projects: 1. Smart home hardware automation manufacturing base (investment of 561 million yuan, using 370 million yuan from the IPO) [6]. 2. R&D center construction (investment of 52.26 million yuan, using 30 million yuan from the IPO) [6]. 3. Information technology construction (investment of 30.04 million yuan, using 20 million yuan from the IPO) [6]. Market Dynamics - The home hardware and outdoor furniture industry is characterized by a large number of small enterprises and low concentration, leading to intense competition [3]. - The company's performance has remained stable despite the downturn in the real estate market, attributed to its brand recognition and market acceptance [8][9]. - The company has a higher accounts receivable turnover rate compared to industry peers, mainly due to its revenue model that emphasizes "payment before delivery" [9].