China International Capital Corporation Limited

About Hangzhou EZVIZ Network Co., Ltd

Special verification opinions on the deposit and actual use of raised funds in 2024

China International Capital Corporation Limited (hereinafter referred to as the "Sponsor") is the sponsor of the initial public offering and listing of Hangzhou EZVIZ Network Co., Ltd. (hereinafter referred to as the "Company", "EZVIZ Network"). In accordance with the relevant provisions of the Administrative Measures for the Sponsorship Business of Securities Issuance and Listing, 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, and the Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 1 - Standardized Operation, a special verification was carried out on the deposit and actual use of the raised funds of EZVIZ Network in 2024, and the verification situation and verification opinions are as follows:

First, the basic situation of the funds raised

(1) The actual amount of funds raised and the time when the funds arrived in the account

Approved by the China Securities Regulatory Commission (CSRC) on the Approval of the Registration of the Initial Public Offering of Shares of Hangzhou EZVIZ Network Co., Ltd. (Zheng Jian Xu Xu [2022] No. 2840), EZVIZ Network publicly issued 112,500,000 RMB ordinary shares (A shares) on the Shanghai Stock Exchange at an issue price of RMB 28.77 per share on December 28, 2022, with a total share payment of RMB 3,236,625,000.00. After deducting the sponsorship and underwriting fees totaling RMB89,149,764.15, the Company actually received RMB3,147,475,235.85 of the proceeds from the above-mentioned A shares, and after deducting other issuance expenses paid by the Company, the actual net proceeds amounted to RMB3,121,365,252.83 (excluding the VAT input tax related to the issuance expenses).

The above raised funds were fully received on December 22, 2022 and approved by Deloitte Touche Tohmatsu Certified Public Accountants (Deloitte Touche Tohmatsu Certified Public Accountants (Deloitte Touche Tohmatsu Certified Public Accountants).

Shu General Partnership) verified and issued the capital verification report of Deshi Bao (Verification) Zi (22) No. 00614.

(2) The use and balance of the raised funds

As of December 31, 2024, the Company has used a total of RMB2,246,747,048.51 of the raised funds in addition to cash management of idle raised funds. The unused balance of raised funds amounted to RMB941,402,866.19 (including the balance of cash management of idle raised funds of RMB490,000,000.00,

The accumulated income from the use of temporarily idle raised funds for cash management and the interest income generated from the raised funds less the net handling fee of RMB66,784,661.87). The details are as follows:

Unit: RMB

Project amount

The total amount of funds raised is 3,236,625,000.00

Less: Issuance expenses (excl. VAT) 115,259,747.17

Net proceeds amounted to 3,121,365,252.83

Less: The cumulative amount of funds used (including the actual amount of replacement in advance) 2,246,747,048.51

Add: Net income from cash management and interest income from raised funds net of handling fees 66,784,661.87

As of December 31, 2024, the balance of unused raised funds was 941,402,866.19

Among them: cash management of idle raised funds 490,000,000.00

As of December 31, 2024, the balance of the special account for raising funds was 451,402,866.19

2. Deposit and management of raised funds

(1) The management system of raised funds

In order to further standardize the management and use of raised funds, improve the efficiency of the use of raised funds, and protect the rights and interests of investors, the company has formulated the "Management System for Raised Funds of Hangzhou EZVIZ Network Co., Ltd." (hereinafter referred to as the "Management System for Raised Funds") in accordance with the provisions and requirements of the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China and the Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Raised Funds by Listed Companies. Specific and clear provisions have been made on the use, management and supervision, and the management and use of raised funds are strictly in accordance with the provisions of the "Management System for Raised Funds".

(2) Tripartite supervision of raised funds

The company is in accordance with the China Securities Regulatory Commission's "Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Funds Raised by Listed Companies (Revised in 2022)", and the "Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation" issued by the Shanghai Stock Exchange

The funds were raised through a special account storage management, and a special account for raising funds was opened, and on December 22, 2022

The sponsor and the Hangzhou Xiaoshan Branch of Huaxia Bank Co., Ltd. and the Hangzhou Binjiang Sub-branch of China Construction Bank Co., Ltd. respectively signed the Tripartite Supervision Agreement on the Storage of Special Accounts for Raised Funds. On December 22, 2022, the company and its wholly-owned subsidiary, Hangzhou EZVIZ Software Co., Ltd., and the sponsor and the Baochu Branch of Bank of Hangzhou Co., Ltd. and the Hangzhou Xixing Branch of China Merchants Bank Co., Ltd., which deposited the raised funds

Don't sign the "Four-Party Supervision Agreement on the Storage of Raised Funds". On December 22, 2022, the company and the whole company

Chongqing EZVIZ Electronics Co., Ltd., a subsidiary of the company, and the sponsor and the CITIC Bank shares deposited the raised funds

The Hangzhou Binjiang Sub-branch of the limited company signed the "Four-Party Supervision Agreement on the Storage of Special Accounts for Raised Funds", which is practical for the raised funds

The rights and obligations of all parties are clarified by the special account storage.

The aforesaid agreement is not the same as the Shanghai Stock Exchange's Tripartite Supervision Agreement on the Storage of Raised Funds in Special Accounts (Template).

There are significant differences.

The Company and its subsidiaries shall deposit and use the raised funds in strict accordance with the provisions of the regulatory agreement.

(3) The storage of the special account for the raised funds

As of December 31, 2024, the company's special account for raising funds has been opened and stored and the account balance

The amounts are as follows:

Unit: RMB

Account Name Special Account for Raising Funds Bank Account Deposit Initial Deposit Amount December 31, 2024

Account Balance

Hangzhou EZVIZ Network China Construction Bank shares

Co., Ltd. Hangzhou 33050161812700003624 Closed account 3,147,475,235.85 -

Binjiang Sub-branch (Note)

Hangzhou EZVIZ Network Huaxia Bank shares have

Co., Ltd. Hangzhou Xiaoshan 10457000000773890 Current - 38,150,797.73

Branch

Hangzhou EZVIZ Software Bank of Hangzhou shares have 3301040160022147170 current - -

Limited Company Limited to Baochu Sub-branch

Hangzhou EZVIZ Software China Merchants Bank shares have

Co., Ltd. Hangzhou Xixing 571915198010101 Current - 27,591.96

Branch

Chongqing EZVIZ Electronics CITIC Bank shares have

Co., Ltd. Hangzhou Binjiang 8110801011402561985 Current - 413,224,476.50

Branch

Total 3,147,475,235.85 451,402,866.19

Note: As of December 31, 2023, the balance of this special account will be transferred to the above other special accounts, and the amount will be transferred out

It will continue to be used for the company's fund-raising project, and the special account has been closed.

In addition, as of December 31, 2024, the Company used temporarily idle proceeds for cash management

For details, please refer to "3.(4) Cash management of idle raised funds and investment in related products" in this report.

3. The actual use of the funds raised in 2024

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

As of December 31, 2024, the company has accumulated cash management in addition to idle raised funds

The total amount of funds raised was RMB2,246,747,048.51, and the specific use of the funds is detailed in the "Appendix: Comparison Table of the Use of Raised Funds" in this report.

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

On February 24, 2023, the company held the 18th meeting of the first board of directors and the first session of supervisors respectively

At the eighth meeting, the "Proposal on Using Raised Funds to Replace the Self-Raised Funds that Have Been Invested in the Fund-raising Projects and Paid Issuance Costs" was deliberated and approved, and it was agreed that the Company and its wholly-owned subsidiaries should use the raised funds of RMB 313,718,854.84 to replace the self-raised funds that had been invested in the fund-raising projects in advance, and use the raised funds of RMB 26,109,983.02 to replace the self-raised funds that had paid the issuance costs. The independent directors, the board of supervisors and the sponsor of the company all expressed their unequivocal agreement. Deloitte Touche Tohmatsu Certified Public Accountants (Special General Partnership) has issued the "Audit Report on the Investment Projects and Payment of Issuance Expenses of Hangzhou EZVIZ Network Co., Ltd. with Self-Raised Funds in Advance" (Deshi Bao (Nuclear) Zi (23) No. E00014) for the above matters. Among them, the self-raised funds are pre-invested in the fund-raising projects as follows:

Unit: RMB

Serial No. Project Name Self-Raised Funds Invested in Advance The amount of this replacement

amount

1 EZVIZ Intelligent Manufacturing Chongqing Base Project 102,844,890.21 102,844,890.21

2 New Generation IoT Cloud Platform Project 108,921,155.05 108,921,155.05

3 R&D projects of core key technologies of smart home 51,793,116.55 51,793,116.55

4 EZVIZ Smart Home Products Industrialization Base Project 50,159,693.03 50,159,693.03

Total 313,718,854.84 313,718,854.84

As of March 2, 2023, the Company has completed the replacement of the above-mentioned raised funds.

(3) Temporarily replenish liquidity with idle raised funds

As of December 31, 2024, the company did not temporarily replenish liquidity with idle raised funds

situation.

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

In order to improve the efficiency of the use of funds, under the premise of ensuring that the construction of the investment projects of the raised funds is not affected, the use of the raised funds is not changed, the normal operation of the company is not affected, the safety of the funds is ensured and the risks are effectively controlled, the company uses temporarily idle funds for cash management, so as to better realize the preservation and appreciation of the company's raised funds, increase the company's income, and safeguard the interests of all shareholders of the company.

On December 29, 2023, the company held the 22nd meeting of the first board of directors and the first session of the board of directors

It is agreed that the Company and its wholly-owned subsidiaries Hangzhou EZVIZ Software Co., Ltd. and Chongqing EZVIZ Electronics Co., Ltd. will use the temporarily idle raised funds of up to RMB 186,512.98 million (inclusive) for cash management to purchase wealth management products (including but not limited to structured deposits, time deposits, call deposits, large-amount certificates of deposit, etc.) sold by financial institutions with high security, good liquidity and legal business qualifications. The above amount is valid for 12 months from the date of approval by the board of directors of the company, and the funds can be used on a rolling basis during the validity period of the resolution, and will be returned to the special account for raising funds after expiration. The independent directors, the board of supervisors and the sponsor of the company all expressed their unequivocal agreement.

On December 20, 2024, the Company held the sixth meeting of the second session of the board of directors and the second session of the board of supervisors respectively

At the sixth meeting, the "Proposal on the Use of Idle Raised Funds for Cash Management" was deliberated and approved, and it was agreed that the company and its wholly-owned subsidiaries Hangzhou EZVIZ Software Co., Ltd. and Chongqing EZVIZ Electronics Co., Ltd. should use the temporarily idle raised funds of up to RMB 100,711.07 million (including the principal number) for cash management under the condition of ensuring that the construction and use of the raised funds investment projects are not affected. Wealth management products with guaranteed principal (including but not limited to structured deposits, time deposits, call deposits, large-amount certificates of deposit, etc.) sold by financial institutions with legal business qualifications. The above amount is valid for 12 months from the date of approval by the board of directors of the company, and the funds can be used on a rolling basis during the validity period of the resolution, and will be returned to the special account for raising funds after expiration. Both the company's board of supervisors and the sponsor have expressed their unequivocal agreement.

As of December 31, 2024, the Company used temporarily idle proceeds for cash management

The balance is $490,000,000.00. The details are as follows:

Unit: RMB

Bank of Purchase, Product Type, Amount, Value Date, Maturity Date

China CITIC Bank Co., Ltd. Time Deposit 91,000,000.00 2024/3/14 2025/3/14

Hangzhou Binjiang branch of the company

Bank of Hangzhou Co., Ltd. Fixed deposit 109,000,000.00 2024/4/30 2025/4/30

Baochu sub-branch of the company

China CITIC Bank Limited 7-day call deposit 220,000,000.00 N/A N/A

Hangzhou Binjiang branch of the company

Hua Xia Bank Co., Ltd. 7 Day Call Deposit 70,000,000.00 Not applicable Not applicable

Hangzhou Xiaoshan branch of the company

Total 490,000,000.00 –

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

As of December 31, 2024, the Company has no over-raised funds.

(6) The use of over-raised funds for projects under construction and new projects

As of December 31, 2024, the Company has no over-raised funds.

(7) The use of surplus raised funds

As of December 31, 2024, the Company has no surplus funds from fundraising projects.

(8) Other circumstances regarding the use of raised funds

On January 3, 2023, the company held the 17th meeting of the first board of directors and the first supervisor respectively

At the seventh meeting, the "Proposal on Adjusting the Amount of Funds to be Raised in Fund-raising Projects" was deliberated and approved.

It is agreed that the company intends to invest in the investment project of the raised funds according to the actual net amount of funds raised and the actual situation

The amount of funds is adjusted. The independent directors, the board of supervisors and the sponsor of the company all expressed their unequivocal agreement.

The specific adjustments are as follows:

Unit: RMB 10,000 yuan

Before Adjustment After Adjustment

Serial No. Project Name Total Investment Amount Raised Funds to be Invested Total Investment Amount of Raised Funds to be Raised

Deposit amount Deposit amount

1 EZVIZ Intelligent Manufacturing Chongqing Base Project 240,420.10 220,920.10 240,420.10 179,488.91

2 New Generation of IoT Cloud Platform Project 80,050.28 80,050.28 80,050.28 67,989.55

3 R&D projects of core key technologies of smart home 39,075.06 39,075.06 39,075.06 30,852.61

4 EZVIZ Smart Home Products Industrialization Base Project 81,805.46 33,805.46 81,805.46 33,805.46

Total 441,350.90 373,850.90 441,350.90 312,136.53

On January 3, 2023, the company held the 17th meeting of the first board of directors and the first board of supervisors respectively

At the seventh meeting, the "On the Use of Part of the Raised Funds to Provide Loans to Wholly-owned Subsidiaries for Implementation" was deliberated and approved

Proposal for fund-raising projects", agreeing that the company should use the raised funds to Chongqing EZVIZ Electronics Co., Ltd., a wholly-owned subsidiary

Provide a loan of RMB 179,488.91 million for the implementation of the fundraising project "EZVIZ Intelligent Manufacturing Chongqing Base Project".

Purpose"; Agreed that the company would use the raised funds to provide borrowers to Hangzhou EZVIZ Software Co., Ltd., a wholly-owned subsidiary

988,421,600 yuan will be used to implement the fundraising projects "New Generation Internet of Things Cloud Platform Project" and "Smart Home".

core key technology research and development projects". The company can provide loans in stages according to the actual situation of the fund-raising project.

The term of the loan shall be calculated from the date of actual borrowing to the date of completion of the aforesaid fundraising and investment projects, and shall be completed after the borrowing is received

Post-installment, early repayment or renewal at maturity. The company's independent directors, the board of supervisors and the sponsor all made statements

Concurring opinions.

On December 20, 2024, the Company held the sixth meeting of the second session of the board of directors and the second session of the board of supervisors respectively

At the sixth meeting, the "Proposal on the Extension of Some Fund-raising Projects" was deliberated and approved, and it was agreed to postpone the date when the "EZVIZ Intelligent Manufacturing Chongqing Base Project" reached the scheduled usable state, that is, from December 2024 to December 2025. This postponement only involves changes in the progress of the project, and does not change the investment content, total investment amount and implementation entity of the fundraising project, which will not have a substantial impact on the implementation of the fundraising project and will not have a material adverse impact on the normal operation of the company. The company's supervisory board and sponsor institutions have expressed their unequivocal agreement. 4. Change the use of funds for investment projects with raised funds

As of December 31, 2024, the company has not changed the investment projects of the raised funds.

5. Problems in the use and disclosure of raised funds

The Company has disclosed the deposit and actual use of the Company's raised funds in a timely, true, accurate and complete manner in accordance with the provisions of relevant laws and regulations, such as the Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Raised Funds by Listed Companies and the Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation, and there are no violations in the management of raised funds.

6. The concluding opinion of the assurance report issued by the accounting firm on the deposit and use of the company's annual raised funds

Deloitte Touche Tohmatsu Certified Public Accountants (Special General Partnership) believes that the company's report on the deposit and actual use of raised funds has been prepared in accordance with the provisions of the China Securities Regulatory Commission's Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Raised Funds by Listed Companies (Revised in 2022) and the Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 1 - Standardized Operation, which are true in all material respects

It reflects the deposit and actual use of the raised funds of EZVIZ Network as of December 31, 2024.

7. The conclusive opinions of the special verification report issued by the sponsor on the deposit and use of the company's annual raised funds

After verification, the sponsor believes that the deposit and use of the funds raised by EZVIZ Network in 2024 are in accordance with the Administrative Measures for the Sponsorship Business of Securities Issuance and Listing, the Listing Rules of 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 Raised Funds by Listed Companies, and the Shanghai Securities Exchange

The Self-Regulatory Guidelines for Listed Companies on the Securities Exchange No. 1 - Standardized Operation" and other relevant provisions and the company's management system for raising funds have deposited and used the raised funds in a special account, and timely fulfilled the disclosure obligations of relevant information

As of December 31, 2024,

The company does not change the use of raised funds in disguised form and damage the interests of shareholders, and there is no illegal use of raised funds.

In summary, the sponsor has no objection to the deposit and use of the raised funds of EZVIZ Network in 2024.

(No text below)

Schedule:

Comparison table of the use of raised funds

Preparation unit: Hangzhou EZVIZ Network Co., Ltd. Unit: RMB yuan

Net funds raised 3,121,365,252.83 The total amount of funds invested in the year was 964,896,266.52

Total Funds Raised for Change of Use — The total amount of funds raised that have been invested cumully

Percentage of total proceeds raised for repurpose — 2,246,747,048.51

Committed Investment Changed Raised Committed Investment Total Adjusted Investment Committed Investment as of the End of the Period Amount Invested for the Current Year Cumulative Investment as of the End of the Period Cumulative Investment as of the End of the Period Project Reach This is the project

The project, including the total amount of capital invested (1) the amount invested (2) the amount invested and the committed final investment is feasible in the scheduled year

The difference between the amount of points and the amount of the change (3) Progress Availability Reachability is

(if any) = (2)-(1) (%) Status Date Actual No Issue

(4) = Expected Expected Weight

(2)/(1) The calculation has changed dramatically

Effectiveness

benefits

EZVIZ Smart No, no

Manufacturing Chongqing No 2,209,201,000.00 1,794,889,052.83 1,794,889,052.83 418,812,875.84 1,005,838,043.11 -789,051,009.72 56.04 2025 Appropriate No

Base project use

The new generation is not

Connected Cloud Flat No 800,502,800.00 679,895,500.00 679,895,500.00 316,531,727.09 690,751,828.34 10,856,328.34 101.60 2025 Appropriate No

[Note 1] is used

Smart home no, no

Core Key No 101.69 2025 Appropriate No

R&D 390,750,600.00 308,526,100.00 308,526,100.00 151,701,195.59 313,752,549.01 5,226,449.01 [Note 1]

Project use

EZVIZ Smart No

Home Products 69.93 Year 2024 [

Industrialization base No 338,054,600.00 338,054,600.00 338,054,600.00 77,850,468.00 236,404,628.05 -101,649,971.95 [Note 2] Note No

Ground Project 3].

Total 3,738,509,000.00 3,121,365,252.83 3,121,365,252.83 964,896,266.52 2,246,747,048.51 -874,618,204.32 - - -

Due to the influence of external objective environmental factors during the construction of the EZVIZ Intelligent Manufacturing Chongqing Base Project, the project site was implemented

The construction arrangement was delayed, and the actual construction progress of the project did not meet expectations, resulting in the delay of the project reaching the intended usable state

Time limit.

Reasons for not reaching the planned schedule (by specific fundraising project) This postponement only involves changes in the progress of the project, and does not change the investment content, total investment amount and implementation of the fundraising project

It will not have a substantial impact on the implementation of the fundraising and investment projects, and will not have a significant adverse impact on the normal operation of the company

Effect.

For details, please refer to the "About the Company Section" published by the Company on the website of the Shanghai Stock Exchange on December 21, 2024

Announcement on the postponement of fundraising projects (Announcement No.: 2024-046).

Explanation of significant changes in project feasibility Not applicable

Advance investment and replacement of raised funds investment projects Please refer to the relevant content of the above-mentioned special report "III. (2) Advance Investment and Replacement of Fund-raising and Investment Projects".

Temporary replenishment of liquidity with idle raised funds Not applicable

Cash management of idle raised funds and investment in related products Please refer to the above-mentioned special report "3.(4) Cash management of idle raised funds and investment in related products"

Related Content:

Not applicable to the permanent replenishment of working capital with over-raised funds or repayment of bank loans

The amount and reason for the balance of the proceeds are not applicable

Other uses of raised funds Please refer to the relevant content of the above-mentioned special report "III. (8) Other Situations of Use of Raised Funds".

Note 1: The part of the company's cumulative investment that is greater than the committed investment amount is mainly the income obtained by the company after the company uses part of the temporarily idle raised funds for cash management.

Note 2: The EZVIZ Smart Home Products Industrialization Base project will reach the intended usable state and be consolidated in June 2024, but the project has not yet completed the final accounts of the project, so the project still has unpaid payments and is expected to be in the project

After the final accounts, the remaining amount shall be paid according to the contract.

Note 3: The EZVIZ Smart Home Products Industrialization Base project will reach the scheduled usable state in June 2024, which expands the company's R&D and office space, reduces the expenditure on renting office space, and optimizes

The working environment provides physical space guarantee for EZVIZ to build reliable and secure smart home products and Internet of Things platform, supports the sustainable development of EZVIZ Company, and continuously provides intelligent products and high-quality services for families, individuals and small and micro enterprises.