Securities code: 688220 Securities abbreviation: Aojie Technology Announcement No.: 2025-019

Aojie Technology Co., Ltd

Deposit and actual use of raised funds in 2024

Special reports

The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the content of this announcement, and assume legal responsibility for the authenticity, accuracy and completeness of its content in accordance with the law.

In accordance with the Rules for the Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange, the Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Funds Raised by Listed Companies, the Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation, and the Management System for Raised Funds of Aojie Technology Co., Ltd. (hereinafter referred to as the "Management System for Raised Funds"), combined with the actual situation of the Company, Make the following special reports on the deposit and actual use of the raised funds in 2024:

First, the basic situation of the funds raised

(1) The actual amount of funds raised and the time of arrival

According to the Reply of the China Securities Regulatory Commission on Approval of the Registration of the Initial Public Offering of Shares of Aojie Technology Co., Ltd. (Zheng Jian Xu Xu [2021] No. 3936) dated December 14, 2021, the Company was approved to issue 41,830,089 RMB ordinary shares to domestic investors at an issue price of RMB 164.54 per share, raising a total of RMB 6,882,722,844.06. The above-mentioned funds were in place on January 10, 2022, and have been verified by PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) and issued the PricewaterhouseCoopers Zhongtian Yanzi (2022) No. 0046 Capital Verification Report. The total amount of funds raised by the Company after deducting all actual share issuance expenses of RMB336,290,837.22 (including excluding VAT, underwriting and sponsorship fees of RMB309,722,527.98 and other issuance expenses of RMB26,568,309.24) was RMB6,546,432,006.84.

(2) The use and balance of raised funds

As of December 31, 2024, the balance of the Company's special account for raised funds was RMB428,857,006.38 (including the net amount of interest income from raised funds deducting handling fees), and the use of the Company's raised funds was as follows:

Project Name Amount (RMB)

The opening balance of the special account for raising funds was 917,926,961.65

Add: Amount used for cash management at the beginning of the period 1,410,000,000.00

The opening balance of the funds raised was 2,327,926,961.65

Less: 594,306,406.84 were directly invested in fundraising projects during the year

Less: 154,744,242.52 shares of the company were repurchased with over-raised funds during the year

Less: Liquidity was permanently replenished with over-raised funds during the year 780,328,173.29

Add: The net amount of interest income from raised funds less handling fees for the year was 6,465,502.99

Add: Gain on cash management for the year was 23,843,364.39

Less: Amount spent on cash management at the end of the period 400,000,000.00

The closing balance of the special account for raising funds was 428,857,006.38

As of December 31, 2024, the Company used the raised funds of RMB594,306,406.84 during the year.

The total amount of funds raised has been RMB1,982,146,147.92; During the year, the amount of over-raised funds used for share repurchase was RMB154,744,242.52, and the cumulative amount of over-raised funds used for share repurchase was RMB814,826,595.21. During the year, the over-raised funds were used to permanently replenish the working capital of RMB780,328,173.29, and the cumulative over-raised funds were used to permanently replenish the working capital of RMB3,158,261,309.12. During the year, the net amount of interest on raised funds deducted from handling fees was RMB6,465,502.99, and the cumulative net amount of interest on raised funds deducted from handling fees was RMB58,640,253.19. During the year, the Company received a gain of RMB23,843,364.39 from the purchase of wealth management products for cash management, and a cumulative gain of RMB179,018,798.60 from the purchase of wealth management products for cash management. The balance of the raised funds was RMB828,857,006.38, of which RMB400,000,000.00 was used for cash management.

Second, the management of raised funds

In order to standardize the management and use of raised funds, the company has formulated the "Management System for Raised Funds of Aojie Technology Co., Ltd." according to the actual situation. According to the system, the Company implements a special account for the storage of raised funds, and as of December 31, 2024, the balance of the unused raised funds in the special account is as follows:

Unit: RMB

The special account for raising funds is opened by the bank account number and the balance of the deposit

manner

China Merchants Bank Co., Ltd. Shanghai Branch 121916014610658 Current account 87,797,692.41

China Merchants Bank Co., Ltd. Shenzhen Branch 121916014610155 Current account 5,371,493.23

China Merchants Bank Co., Ltd. Shenzhen Branch 755936622310618 Current account 98,806,710.45

Bank of Shanghai Co., Ltd. Pudong Branch 03004807528 Demand 2,979,148.12

China CITIC Bank Co., Ltd. Shanghai Branch 8110201012601406232 Current account 15,035,962.76

Industrial Bank Co., Ltd. Shanghai Hongkou 216220100100327325 Demand 5,593,190.77

Branch

Bank of Beijing Co., Ltd. Shanghai Branch 20000052786531111067375 Demand 213,272,808.64

Total 428,857,006.38

In accordance with the regulations, the Company adopted a special account for the storage and management of the raised funds, opened a special account for the raised funds, and signed the "Issued Accounts" with the sponsor Haitong Securities Co., Ltd., China Merchants Bank Co., Ltd. Shanghai Branch, Bank of Shanghai Co., Ltd. Pudong Branch, Bank of Beijing Co., Ltd. Shanghai Branch, China Merchants Bank Co., Ltd. Shenzhen Branch, Industrial Bank Co., Ltd. Shanghai Hongkou Branch, and China CITIC Bank Co., Ltd. Shanghai Branch. Tripartite Supervision Agreement on the Storage of Raised Funds in a Special Account.

In order to facilitate the implementation of the fundraising project, the Company signed the "Four-Party Supervision Agreement on the Storage of Special Account for Raised Funds" with the sponsor Haitong Securities Co., Ltd., the Company's subsidiary Aojie Intelligent Technology (Shanghai) Co., Ltd., and Bank of Ningbo Co., Ltd. Shanghai Zhangjiang Sub-branch. In the same month, the Company signed the "Four-Party Supervision Agreement on the Storage of Special Account for Raised Funds" with the sponsor Haitong Securities, its subsidiary Aojie Technology (Shenzhen) Co., Ltd., and China Merchants Bank Co., Ltd. Shenzhen Branch, the bank for the supervision account of raised funds.

3. The actual use of the funds raised in the current year

During the year, the actual use of the funds raised by the Company was as follows:

(1) The use of funds for investment projects (hereinafter referred to as "fundraising projects").

Please refer to Appendix 1 "Comparison Table of Utilization of Raised Funds" for the actual use of the raised funds of the Company in 2024.

(2) The advance investment and replacement of the fund-raising project

During the year, the Company did not invest or replace any of its fund-raising projects.

(3) Temporarily replenish liquidity with idle raised funds

During the year, the Company did not use idle raised funds to temporarily replenish liquidity.

(4) Cash management of idle raised funds and investment in related products

On April 27, 2023, the Company held the 19th meeting of the first board of directors and the 15th meeting of the first board of supervisors, and deliberated and approved the "Proposal on Using Part of the Temporarily Idle Raised Funds for Cash Management", and agreed that the Company and its wholly-owned subsidiaries will use part of the temporarily idle raised funds up to RMB450,000 (inclusive) for cash management without affecting the progress of the fundraising project and the plan for the use of the raised funds. Investment products that meet the requirements of capital protection (including but not limited to principal-protected wealth management products, agreement deposits, structured deposits, time deposits, negotiable certificates of deposit, etc.) can be used on a rolling basis within the scope of the above-mentioned quota, and the authorization is valid for 12 months from the date of deliberation and approval by the board of directors. The authorized quota of the 16th meeting of the first board of directors of the company on the cash management of temporarily idle raised funds is invalid.

The company held the eighth meeting of the second board of directors and the sixth meeting of the second board of supervisors on March 29, 2024

deliberated and passed the "Proposal on the Use of Part of the Temporarily Idle Raised Funds for Cash Management" and agreed

The company and its wholly-owned subsidiaries use the highest without affecting the progress of the fundraising project and the plan for the use of the raised funds

The part of the temporarily idle raised funds not exceeding RMB200,000 (inclusive) will be used for cash management

When purchasing investment products with high security, good liquidity and meeting the requirements of capital protection (including but not limited to capital protection

property products, contractual deposits, structured deposits, time deposits, negotiable certificates of deposit, etc.), in the above amounts

Within the scope of the degree, the funds can be used on a rolling basis, and the authorization is valid for 12 months from the date of deliberation and approval by the board of directors.

In 2024, the company's use of idle raised funds for cash management is not yet due as follows:

Trustee Type Amount (RMB) Start Date Termination Date Income Type Annualized Rate of Return

Bank of Beijing shares have a fixed income of structured deposits

Limited company Shanghai Yangpu 100,000,000.00 2024/11/29 2025/2/28 Profit 2.15%

Branch

The shares of IB have a fixed income of structured deposits

Limited company Shanghai Hongkou 100,000,000.00 2024/12/2 2025/1/9 Profit 2.24%

Branch

China Merchants Bank shares have Structured Deposit 150,000,000.00 2024/12/13 2025/1/13 Fixed income 1.95%

Limited to the company's Shenzhen branch

China Merchants Bank shares have Structured Deposit 50,000,000.00 2024/12/13 2025/1/13 Fixed Capital Guaranteed 1.95%

Limited to the company's Shenzhen branch

(5) Permanently replenishing working capital or repaying bank loans with over-raised funds

On March 29, 2024, the Company held the 8th meeting of the 2nd Board of Directors and the 6th meeting of the 2nd Board of Supervisors

The "Proposal on the Company's Use of Part of the Over-raised Funds to Permanently Supplement Liquidity" was deliberated and approved

The Company uses part of the over-raised funds not exceeding RMB124,900,000 for permanent replenishment of liquidity, up to a maximum amount

The proportion of total over-raised funds was 29.98%. On April 19, 2024, the 2023 Annual General Meeting of Shareholders of the Company was approved

The above motion was passed.

As of December 31, 2024, the amount of over-raised funds used by the Company for permanent replenishment of liquidity during the year is

RMB 780,328,173.29, the company has used the over-raised funds to permanently replenish the working capital

RMB3,158,261,309.12. The company does not use over-raised funds to repay bank loans.

(6) The use of over-raised funds for projects under construction and new projects (including the acquisition of assets, etc.).

As of December 31, 2024, the Company did not have any over-raised funds for projects under construction and new projects (including:

acquisition of assets, etc.

(7) The use of surplus raised funds

On August 29, 2024, the Company held the 10th meeting of the 2nd session of the Board of Directors and the 8th meeting of the 2nd session of the Board of Supervisors

At the meeting, the meeting deliberated and passed the "Proposal on the Completion of Part of the Raised Funds Investment Project and the Permanent Replenishment of Liquidity with the Surplus Raised Funds", and agreed that the company will complete the investment project of the raised funds "5G Industrial Internet of Things Chip Project", and use the surplus raised funds to permanently supplement the company's working capital.

(8) Other circumstances regarding the use of raised funds

On February 14, 2023, the Company held the 17th meeting of the first session of the Board of Directors, at which it deliberated and approved the "Proposal on the Plan for Repurchasing the Company's Shares by Centralized Bidding Transaction", and agreed that the Company would repurchase part of the Company's issued RMB ordinary shares through the Shanghai Stock Exchange trading system through centralized bidding with over-raised funds for employee stock ownership plans or equity incentives. The total amount of funds that the Company intends to use for this repurchase shall not be less than RMB 50,000.00 (inclusive) and not more than RMB 100,000.00 (inclusive), the repurchase price shall not exceed RMB 88 per share, and the repurchase period shall be within 12 months from the date of approval of the repurchase plan by the board of directors of the Company.

On February 6, 2024, the Company held the seventh meeting of the second session of the Board of Directors, which deliberated and approved the "Proposal on Extending the Implementation Period of the Company's Shares", extending the implementation period of share repurchase by 6 months to August 13, 2024, that is, the implementation period of the repurchase is from February 14, 2023 to August 13, 2024.

As of December 31, 2024, the Company used over-raised funds for share repurchase of RMB175,213,695.86 and the cumulative amount of over-raised funds used for share repurchase was RMB814,826,595.21.

4. Change the use of funds for fundraising projects

In 2024, the Company will not change the use of funds for fundraising projects.

5. Problems in the use and disclosure of raised funds

There is no untimely, true, accurate and complete disclosure of the relevant information disclosed by the Company, and there is no violation of the deposit, use, management and disclosure of the raised funds.

The announcement is hereby made.

Aojie Technology Co., Ltd

board of directors

08.04.2025

Appendix 1: Comparison Table of the Use of Raised Funds

Amount unit: RMB

Total funds raised 6,546,432,006.84 The total amount of funds raised during the year was 594,306,406.84

The total amount of funds raised for change of purpose is 168,455,717.43 and the total amount of funds raised has been invested 1,982,146,147.92

Percentage of total proceeds repurposed 2.57%

Changed Committed Investment of Raised Funds Total Adjusted Investment Committed Investment as of the End of the Period Amount of Investment for the Year Cumulative Investment as of the End of the Period Cumulative Investment as of the End of the Period Investment as of the end of the period The project has reached the target Whether the project is feasible in the current year Whether the project is feasible

Project, Total Amount (1) Amount (2) Amount and Committed Contributions Progress (%)(4) = Status Date Current Benefits Expected Benefits Whether or not they have been issued

Significant changes in the difference between the amount of the committed investment project (3) = (2) - (2) / (1).

Changes (e.g., (1)).

Yes)

Commercial 5G Enhances Mobile Broadband Finally

End-chip platform R&D N/A 200,000,000.00 200,000,000.00 200,000,000.00 - 200,000,000.00 - 100.00% November 2023 N/A N/A No

5G Industrial IoT Chip Project N 508,059,900.00 508,059,900.00 508,059,900.00 184,140,719.21 427,853,978.31 (80,205,921.69) 84.21% August 2024 Not applicable Not applicable No

Commercial Wifi6 chip project None 354,491,300.00 354,491,300.00 354,491,300.00 180,196,255.10 315,419,972.67 (39,071,327.33) 88.98% June 2025 Not applicable Not applicable No

Smart IPC chip design project Yes 248,636,900.00 80,181,182.57 80,181,182.57 - 80,181,182.57 - 100.00% June 2024 N/A N/A Yes

A new generation of smart wearable devices are soft

Hardware platform development project None - 168,455,717.43 168,455,717.43 88,748,666.09 94,586,527.48 (73,869,189.95) 56.15% September 2026 N/A N/A No

Convergence of multiple wireless protocols and multiple fields

High-precision navigation and positioning in the domain

Solutions & Platform Items N/A 296,130,600.00 296,130,600.00 296,130,600.00 51,730,801.30 159,685,531.18 (136,445,068.82) 53.92% December 2025 N/A N/A No

R&D center construction project None 172,681,300.00 172,681,300.00 172,681,300.00 89,489,965.14 104,418,955.71 (68,262,344.29) 60.47% December 2025 Not applicable Not applicable No

Supplementary Liquidity Items N/A 600,000,000.00 600,000,000.00 600,000,000.00 - 600,000,000.00 - 100.00% N/A N/A N/A N/A No

Subtotal of committed investment projects — 2,380,000,000.00 2,380,000,000.00 2,380,000,000.00 594,306,406.84 1,982,146,147.92 (397,853,852.08) — — — —

Over-raised permanent replenishment of liquidity None 3,351,605,411.63 3,351,605,411.63 3,351,605,411.63 780,328,173.29 3,158,261,309.12 (193,344,102.51) 94.23% Not applicable Not applicable Not applicable No

Share repurchase N/A 814,826,595.21 814,826,595.21 814,826,595.21 175,213,695.86 814,826,595.21 - 100.00% Not applicable Not applicable Not applicable No

Total — 6,546,432,006.84 6,546,432,006.84 6,546,432,006.84 1,549,848,275.99 5,955,234,052.25 (591,197,954.59) — — —

On March 29, 2024, the company held the eighth meeting of the second board of directors and the sixth meeting of the second board of supervisors, and deliberated and passed the "Proposal on the Postponement of Some of the Company's Fundraising and Investment Projects", and agreed to the company's fundraising

Reasons for not reaching the planned schedule (specific fundraising projects) When the project "commercial WiFi6 chip project", "multi-wireless protocol integration, multi-field high-precision navigation and positioning overall solution and platform project" and "R&D center construction project" reach the predetermined usable state

to make adjustments. See the note below for details.

Explanation of material changes in project feasibility There was no significant change in project feasibility during the year.

For details of the advance investment and replacement of the raised funds investment projects, please refer to "3. The actual use of the raised funds in this year"

Temporary replenishment of working capital with idle raised funds During the year, there was no temporary replenishment of working capital with idle raised funds.

Cash management of idle raised funds and investment in related products See "3. Actual Use of Raised Funds in the Current Year" for details.

Use of over-raised funds to permanently replenish working capital or repay bank loans For details, please refer to "III. Actual Use of Funds Raised in the Current Year"

The amount of the balance of the raised funds and the reasons for its formation For details, please refer to "3. The actual use of the raised funds in the current year"

Other uses of raised funds For details, please refer to "3. Actual use of raised funds in the current year"

Appendix 1: Comparison Table on the Use of Proceeds (continued)

Note: "The total amount of funds invested in the current year" includes the "amount invested in the current year" after the funds raised are received, and the actual amount of the previous investment that has been replaced.

Note: The "amount committed as of the end of the period" is determined on the basis of the most recent disclosed investment plan of the raised funds.

Note: The calculation caliber and calculation method of the "benefits realized in the current year" are the same as those of the promised benefits.

Note: The specific reasons for not meeting the planned schedule are as follows:

1. Commercial WiFi6 chip project

In the process of project investment, taking into account the market demand, technical verification factors and the promotion progress of the company's cellular Internet of Things chips, the company combined with the development and competition in the MBB market, and carried out commercial landing planning for part of the technology accumulated in the research and development process, and first formed a single-band WiFi6 chip, which has completed mass production tape-out, compared with the mainstream scheme in the market, the chip has a higher rate and stronger anti-interference ability, and can be compared with the company's existing LTE Cat.4,

LTE Cat.7 and the subsequent RedCap IoT chips form a supporting solution to help the company's products expand in CPE, MiFi and other application scenarios. Based on this R&D, the company continues to advance WiFi6 2.4GHz/5GHz dual

The R&D process of AP chips in frequency bands can be widely used in the 5G market with higher specification requirements. Due to the long time it took to commercialize and validate the solution in the above process, the original completion time has been postponed, and in terms of overall progress, it is expected to reach the completion status in June 2025.

2. Convergence of multiple wireless protocols, high-precision navigation and positioning overall solutions and platform projects in multiple fields

Due to the multi-field and multi-wireless protocol integration, there are many technical difficulties that need to be solved at the chip design and algorithm level. For example, it is necessary to solve problems such as baseband + RF full integration, signal interference between multiple standards, and SoC hardware resource sharing. In terms of algorithms, it is also necessary to carry out the development of multiple protocol stacks; In addition, coupled with the change of external environmental factors, in recent years, the demand side of the Internet of Things has become more sensitive to the price of chips and modules, and the company has also adopted a coping strategy, so the project has a long cycle of technical route selection, scheme demonstration, design and verification. The project is progressing and is expected to reach completion status in December 2025.

3. R&D center construction project

In the actual construction process, the "Research on Key Technologies of Smart IoT SOC Chip Basic Platform" in the R&D center project has achieved results, such as low-power algorithms, core processing unit IP, RISC-VCPU subsystem building

It has been applied in the company's new generation of intelligent terminal chips and customer-customized chip projects. "5G end-to-end network slicing technology and application research" has also achieved certain results, and related technologies are used in chip simulation, network joint debugging and public network

The whole chain of testing and other links has been fully verified, and its technical achievements have been gradually implemented in the company's 5G commercial cellular baseband series chips

The research direction continues to be enriched, and the project still needs some time to complete. The research goal of "IPD integrated passive device (IPD) technology and supporting advanced process technology" is to use IPD technology, combined with advanced process and innovative circuit architecture, to integrate the processing of RF signals in the solution, avoid the impact of peripheral board-level design on RF performance, make the performance of RFIC more controllable, and improve integration and reliability. Since this technology is a relatively cutting-edge technology, the investment in the early stage of research and development focuses on basic research and development, program demonstration and simulation, so it takes a long time, and the company has adopted a timely promotion strategy in the early stage, and the investment pace is relatively cautious. With the gradual overcoming of technical difficulties, the maturity of the terminal application market and the continuous introduction of the company's new products, the follow-up will accelerate the resource investment in the project. It is expected that the R&D center construction project will reach the completion status in December 2025.