Group 1 - The core viewpoint of the news is that Yingzi Network's stock has seen a significant increase of 5.36%, reaching a price of 32.82 yuan per share, with a total market capitalization of 25.846 billion yuan as of January 12 [1] - Yingzi Network, established on March 25, 2015, and listed on December 28, 2022, specializes in providing intelligent living solutions primarily focused on visual interaction and offers an open cloud platform service for managing IoT devices [1] - The revenue composition of Yingzi Network includes smart home cameras (54.75%), IoT cloud platform services (19.63%), smart entry products (15.43%), accessory products (6.36%), smart service robots (2.12%), other smart home products (1.13%), and other supplementary products (0.59%) [1] Group 2 - Among the top ten circulating shareholders of Yingzi Network, E Fund's fund holds a position, having reduced its holdings by 830,000 shares to 5.692 million shares, representing 1.39% of the circulating shares [2] - E Fund's Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (588080) has a current scale of 76.761 billion yuan and has achieved a year-to-date return of 9.8%, ranking 519 out of 5580 in its category [2] - The fund has a one-year return of 54.26%, ranking 1065 out of 4203, and a since inception return of 6.46% [2]

Core Viewpoint - The report outlines the ongoing supervisory work conducted by China International Financial Co., Ltd. for Hangzhou Yingshi Network Co., Ltd. after its IPO, emphasizing compliance with regulations and the company's operational performance [1][2][3]. Group 1: Supervisory Work - The sponsor has established a comprehensive and effective supervisory work system and developed corresponding work plans for ongoing supervision [1]. - A continuous supervision agreement has been signed between the sponsor and the company, clarifying the rights and obligations of both parties during the supervision period [1][2]. - The sponsor conducts ongoing supervision through daily communication, regular or irregular visits, on-site inspections, and due diligence [1]. Group 2: Compliance and Governance - The sponsor has verified the design, implementation, and effectiveness of the company's internal control systems, ensuring compliance with relevant regulations [3]. - The company is urged to strictly adhere to information disclosure requirements, and the sponsor reviews disclosure documents to ensure they do not contain false records or misleading statements [3][4]. Group 3: Financial Performance - For the first half of 2025, the company reported operating revenue of 282,748.51 million RMB, a 9.45% increase from the previous year [12]. - The net profit attributable to shareholders was 30,244.56 million RMB, reflecting a 7.38% year-on-year growth [12]. - The net cash flow from operating activities reached 32,992.25 million RMB, a significant increase of 911.00% compared to the previous year [12]. Group 4: Core Competitiveness - The company maintains strong core competitiveness, focusing on visual perception technology and AI-driven IoT services [13][14]. - The company has developed a dual-core business model of "smart home + IoT cloud platform services," establishing a comprehensive service capability [13]. - The company has launched a new line of smart wearable products, enhancing its core AI product matrix [14]. Group 5: Risk Factors - The company faces risks related to consumer demand, technological innovation, and competition within the smart home and IoT sectors [6][7][8]. - The company is exposed to operational risks due to reliance on key components like integrated circuits, which are critical for smart home products [8][9]. - Global geopolitical uncertainties may impact the company's international operations and market expansion [9][10]. Group 6: Fund Utilization - The company raised 3,236,625,000.00 RMB through its IPO, with 2,453,710,490.74 RMB utilized by June 30, 2025 [17][18]. - The remaining funds are managed in a dedicated account, ensuring compliance with regulatory requirements [18][19]. - The company has adhered to its fundraising management system, ensuring proper use and disclosure of funds [18].

楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 关于 杭州萤石网络股份有限公司 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 杭州萤石网络股份有限公司 法律意见书 二〇二五年八月 致：杭州萤石网络股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州萤石网络股份有限 公司（以下简称"公司"）的委托，指派律师列席公司 2025 年第一次临时股东 大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下 简称"《公司法"》）、 ...

Core Viewpoint - The internal reporting system for significant events at Hangzhou Yingshi Network Co., Ltd. aims to ensure accurate, timely, and complete information disclosure, protecting shareholder interests and ensuring regulatory compliance [1][2]. General Provisions - The internal reporting system is designed to clarify the reporting obligations and procedures for significant events that may impact the company's securities trading or investment decisions [2]. - The system applies to the company, its subsidiaries, and branches [2]. Reporting Obligations - Reporting obligations include company shareholders holding more than 5%, directors, senior management, and other relevant personnel [6]. - The board secretary is responsible for managing and disclosing significant event information [3][4]. Scope of Significant Events - Significant events include important meetings, major transactions, related party transactions, major risks, accidents, and other events that could impact stock prices [5][8]. - Specific thresholds for reporting major transactions include asset totals exceeding 10% of the company's audited total assets or transaction amounts exceeding 10% of market value [5][7]. Reporting Procedures - Reporting personnel must notify the board secretary immediately upon becoming aware of significant events, using various communication methods [15]. - The board secretary must analyze reports and propose disclosure plans for matters requiring public announcement [16]. Responsibilities and Penalties - Reporting personnel are responsible for the accuracy and completeness of the information provided [22]. - Violations of the reporting obligations may lead to disciplinary actions, including warnings or legal consequences [23]. Confidentiality Obligations - All personnel involved in significant events must maintain confidentiality until the information is publicly disclosed [24][25].

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China and other relevant regulations [2] - The company, Hangzhou Yingstone Network Co., Ltd., was registered with the Zhejiang Provincial Market Supervision Administration and obtained a business license [2] - The company was approved for registration by the China Securities Regulatory Commission and issued 112.5 million shares to the public, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 28, 2022 [2][3] - The registered capital of the company is RMB 787,500,000 [2] Company Purpose and Scope - The company's business purpose is to become a trusted provider of smart home and IoT cloud platform services, focusing on core self-developed technologies such as smart hardware, internet cloud services, AI, and robotics [4] - The company’s business scope includes technology services, software development, information technology consulting, and various manufacturing and sales activities related to electronic devices and smart home products [5] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [6] - The total number of shares issued by the company is 787,500,000, all of which are ordinary shares [6] - The company is not allowed to provide financial assistance for others to acquire its shares, except under specific conditions approved by the shareholders' meeting [7] Shareholder Rights and Meetings - Shareholders have rights to dividends, attend meetings, supervise the company’s operations, and request information [12] - The company must hold an annual shareholders' meeting within six months after the end of the previous fiscal year [22] - The company’s shareholders' meeting is the authority of the company, responsible for electing directors, approving reports, and making significant decisions [20] Decision-Making and Voting - Ordinary resolutions require a simple majority of the voting rights held by attending shareholders, while special resolutions require two-thirds majority [80] - Shareholders can propose agenda items for meetings, and the company must notify shareholders of the meeting details in advance [58][60] - The company must ensure that the voting process is transparent and that results are disclosed promptly [83]

Core Points - The document outlines the management system for the shareholding and changes of the board members, senior management, and core technical personnel of Hangzhou Yingshi Network Co., Ltd. [1] - The system is established in accordance with various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1][2]. Summary by Sections General Provisions - The management system applies to all shares registered under the names of the company's board members, senior management, and core technical personnel [2]. - Shareholders can sell shares through the Shanghai Stock Exchange or other legally permitted methods, adhering to relevant laws and commitments regarding shareholding [2][3]. Shareholding Change Rules - Board members and senior management must be aware of laws against insider trading and market manipulation before trading shares [4]. - There are specific restrictions on share reduction, including a one-year lock-up period post-listing and a six-month restriction after leaving the company [4][5]. Reporting and Disclosure of Share Changes - Board members and senior management must notify the board secretary of their trading plans in writing before executing any trades [6][7]. - Any changes in shareholding must be reported to the board within two trading days, including details such as the number of shares held before and after the change [8]. Responsibilities and Penalties - Board members and senior management are responsible for ensuring that their relatives and associated entities do not engage in insider trading [9]. - Violations of the trading rules may result in penalties from the company and regulatory authorities, including the recovery of profits from illegal trades [9][10].

Core Points - The document outlines the rules governing the shareholders' meetings of Hangzhou Yingshi Network Co., Ltd, ensuring compliance with relevant laws and regulations [2][3][16] - The rules specify the procedures for convening, proposing, notifying, and conducting shareholders' meetings, emphasizing the rights of shareholders to participate and vote [4][5][6] Group 1: General Provisions - The rules are established to standardize company behavior and ensure shareholders can exercise their rights according to the Company Law and other relevant regulations [2] - Shareholders' meetings are categorized into annual and temporary meetings, with specific timelines for their convening [5][6] Group 2: Convening Shareholders' Meetings - The board of directors is responsible for convening meetings within the stipulated timeframes, and independent directors can propose temporary meetings [7][8] - If the board fails to convene a meeting upon request from shareholders holding over 10% of shares, the audit committee can independently convene the meeting [10][11] Group 3: Proposals and Notifications - Proposals must fall within the scope of the shareholders' meeting authority and be clearly defined [14] - Shareholders holding at least 1% of shares can submit supplementary proposals, but these must comply with legal and regulatory requirements [15][16] Group 4: Conducting Shareholders' Meetings - Meetings must be held at the company's registered location or another designated place, and provisions for remote participation must be made [21][22] - Shareholders can attend in person or by proxy, and the voting process must be clearly outlined in the meeting notifications [22][23] Group 5: Voting and Resolutions - Each share carries one vote, and specific rules apply to the voting process, including the requirement for independent counting of votes related to significant matters affecting minority investors [11][12] - Resolutions must be announced promptly, detailing the number of participating shareholders and the voting results [40][41] Group 6: Record Keeping and Compliance - Meeting records must be maintained for at least 10 years, including details of attendees, proposals, and voting outcomes [42][43] - The company must comply with legal obligations regarding the execution of resolutions and information disclosure following court rulings [48][49]

Core Viewpoint - The company has completed the fundraising project related to its initial public offering (IPO) and plans to allocate surplus funds to other projects and permanently supplement working capital [1][6]. Fundraising Overview - The company raised a total of RMB 3,236,625,000 by issuing 112,500,000 shares at RMB 28.77 per share on December 28, 2022, with net proceeds amounting to RMB 3,121,365,252.83 after deducting fees [1][2]. - All raised funds have been deposited into a special account approved by the board of directors, and a tripartite supervision agreement has been signed [2]. Project Details - The fundraising projects include the "Chongqing Smart Manufacturing Base Project," "Next-Generation IoT Cloud Platform Project," "Core Key Technology R&D Project for Smart Home," and "Smart Home Product Industrialization Base Project" [6][9]. - As of July 25, 2025, the total investment for these projects is estimated at RMB 441,350.90 million, with a cumulative investment of RMB 312,136.53 million [3][5]. Surplus Fund Allocation - The surplus funds from the "Chongqing Smart Manufacturing Base Project" are estimated at RMB 15,593.39 million, which will be partially allocated to the "Smart Home Product Industrialization Base Project" and the remainder will be used to supplement working capital [6][8]. - The company plans to transfer RMB 4,153.97 million to cover payment gaps for the Smart Home Product Industrialization Base Project [6]. Project Completion and Fund Management - The completion of the aforementioned projects meets the conditions for project closure, and the company will proceed with the closure of relevant fundraising accounts while retaining accounts for ongoing projects [7][9]. - The company emphasizes prudent management of surplus funds to enhance operational efficiency and ensure compliance with regulatory requirements [8][10]. Approval Process - The board of directors and the supervisory board have approved the allocation of surplus funds without the need for a shareholder meeting, ensuring compliance with relevant regulations [9][10].

Core Points - The document outlines the management system for related party transactions of Hangzhou Yingshi Network Co., Ltd, aiming to protect the interests of shareholders and creditors, especially minority investors [1] - The related party transactions are defined as transactions between the company or its subsidiaries and related parties, including various types of transactions such as asset purchases, investments, and guarantees [2][3] - The approval process for related party transactions is categorized based on transaction amounts, with specific thresholds for different types of transactions requiring board or shareholder approval [5][6][7] Group 1: General Principles - Related party transactions must adhere to principles of honesty, fairness, openness, and impartiality [4] - Independent directors must avoid voting on transactions where they have a conflict of interest [10][11] Group 2: Approval Authority and Procedures - Transactions with related individuals below RMB 300,000 can be approved by the chairman, while those above require board approval [5][6] - Transactions with related entities below RMB 3 million or 0.1% of the company's total assets can also be approved by the chairman, while larger transactions require board approval [6][7] Group 3: Disclosure Requirements - The company must disclose related party transactions that exceed certain thresholds, including those with related individuals over RMB 300,000 and those with related entities that exceed 0.1% of total assets [18][19] - Annual and semi-annual reports must summarize related party transactions, and any significant changes in ongoing agreements must be disclosed [20]

General Principles - The purpose of the fundraising management system is to standardize the use and management of funds raised by the company, improve the efficiency of fund usage, and protect the legitimate rights and interests of investors [2][3] - The term "raised funds" refers to funds raised through the issuance of stocks or other equity-like securities for specific purposes, excluding funds raised for equity incentive plans [2] Fund Storage - The company must store raised funds in a special account approved by the board of directors, and separate accounts should be established for multiple rounds of financing [3][4] - A tripartite supervision agreement must be signed with the sponsor or independent financial advisor and the commercial bank within one month of the funds being received [4][5] Fund Usage - Funds must be used according to the purposes listed in the prospectus or other public offering documents [6] - If a project is delayed beyond the original timeline, the company must seek board approval and disclose the reasons for the delay [7][8] - The company should primarily use raised funds for its main business and technology innovation, avoiding financial investments or providing funds to related parties [8][9] Management of Idle Funds - Temporarily idle funds can be managed through cash management products, which must be safe and liquid, with a maximum term of twelve months [9][10] - Any temporary use of idle funds for working capital must be approved by the board and disclosed [10][11] Use of Over-raised Funds - The company should develop a plan for the use of over-raised funds, which must be approved by the board and disclosed to shareholders [12][13] - Over-raised funds should be invested in ongoing or new projects related to the main business [12] Changes in Fund Usage - Any changes in the use of raised funds must be approved by the board and disclosed, especially if it involves canceling or terminating original projects [19][20] - The company must ensure that any new projects funded by raised funds enhance its competitiveness and innovation capabilities [20][21] Reporting and Supervision - The company must accurately disclose the actual use of raised funds and conduct semi-annual reviews of the progress of funded projects [23][24] - Annual reports must include conclusions from the sponsor or independent financial advisor regarding the management of raised funds [25]