Huatai United Securities Co., Ltd

About BIWIN Storage Technology Co., Ltd

In 2023, it will issue A-shares to specific targets and list them on the STAR Market

Listing Sponsorship

Shanghai Stock Exchange:

As the sponsor of Shenzhen BIWIN Storage Technology Co., Ltd. (hereinafter referred to as the "Issuer", "the Company") in 2023 for the issuance of A-shares to specific targets and listing on the Science and Technology Innovation Board (hereinafter referred to as the "Offering"), Huatai United Securities Co., Ltd. (hereinafter referred to as "Huatai United Securities", "Sponsor", "Lead Underwriter") and its sponsor representatives have been issued in accordance with the Company Law of the People's Republic of China (hereinafter referred to as the "Company Law") and the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law") (hereinafter referred to as the "Securities Law") and the Securities Law of the People's Republic of China (hereinafter referred to as the "Company Law"). Securities Law") and other laws and regulations and the relevant regulations of the China Securities Regulatory Commission (hereinafter referred to as the "China Securities Regulatory Commission") and your firm, be honest and trustworthy, diligent and conscientious, issue listing sponsorship letters in strict accordance with the business rules and industry self-discipline norms formulated in accordance with the law, and ensure that the documents issued are true, accurate and complete.

The relevant situation is reported as follows:

1. Basic information of the issuer

(1) Profile of the issuer

Company name: Shenzhen BIWIN Storage Technology Co., Ltd

Registered address: Zhongguanhong, No. 1213, Liuxian Avenue, Pingshan Community, Taoyuan Street, Nanshan District, Shenzhen, Guangdong Province

Hualing Industrial South Zone 2, 4, 8 buildings, 1-3 floors, and 4 buildings, 4 floors

Date of Establishment: September 6, 2010

Registered capital: 431,240,342 RMB

Legal representative: Sun Chengsi

Contact: 86-755-26715701

Business scope: The general business items are: operating import and export business (laws, administrative regulations, and the State Council

Except for items that are prohibited by decision, restricted items can only be operated after obtaining a license). The licensed business items are: R&D, testing, production and sales of large-scale integrated circuits, embedded storage, mobile storage, and other digital electronic products.

(2) The issuer's main business

1. Overview of the issuer's main business

The company is mainly engaged in the R&D, design, packaging and testing, production and sales of semiconductor memory, and its main products and services include embedded storage, consumer-grade storage, industrial-grade storage and advanced packaging and testing services. With the mission of "Storage Empowers Everything", the company is committed to becoming a world-class storage and advanced packaging and testing manufacturer. The company closely focuses on the semiconductor memory industry chain, closely combines the requirements of new quality productivity, strengthens the integrated layout of R&D, packaging and testing, and involves key links in the industrial chain such as memory solution R&D, main control chip design, memory packaging and testing/wafer-level advanced packaging and testing, and memory testing machines. The company's products can be widely used in mobile intelligent terminals, PCs, industry terminals, data centers, intelligent vehicles, mobile storage and other fields.

2. Main products and services

In the era of the Internet of Everything, data is growing exponentially, massive amounts of data need to be stored, and storage forms are more diversified. The company follows the upgrade direction of memory large capacity, large bandwidth, low latency, low power consumption, high security, small size, etc., and continues to innovate in six application fields, including mobile intelligent terminals, PCs, industry terminals, data centers, smart cars, and mobile storage, and has created a full range of differentiated product systems and services, including embedded storage, consumer-grade storage, industrial-grade storage and advanced packaging and testing services.

(1) Embedded storage

The company's embedded storage product types cover eMMC, UFS, ePOP, eMCP, uMCP, BGASSD, LPDDR, etc., which are widely used in mobile phones, tablets, smart wearables, drones, smart TVs, laptops, smart vehicles, set-top boxes, intelligent industrial control, Internet of Things and other fields. The specific product situation is as follows:

1）ePOP、eMCP、uMCP

ePOP, eMCP, and uMCP are all NAND Flash and LPDDR memory products in one.

Among them, ePOP is widely used in smart wearable devices with strict requirements on chip size and power consumption, especially in the field of smart wearable devices such as smart watches, smart bracelets, and VR glasses, while eMCP and uMCP are widely used in smart terminals such as smartphones and tablets.

With the core technical advantages such as storage media characteristics research, self-developed firmware algorithms, multi-chip heterogeneous integrated packaging process and self-developed chip test equipment and test algorithms, the company's ePOP and eMCP products have the advantages of small size, low power consumption, high reliability and high performance, among which, the minimum size of ePOP series products is only 8*9.5*0.78 (mm), which is directly mounted on top of the SoC, which strengthens signal transmission and saves onboard area.

The company's LPDDR5-based uMCP products offer savings compared to UFS3.1 and LPDDR5 separation solutions

55% motherboard space for more flexible design of smartphone systems.

In terms of the market, the company's ePOP series products have been well-known by Google, Meta, Little Genius and so on

Enterprises apply it to their smart wearable devices such as smart watches and VR glasses; The company's eMCP and uMCP series products have been widely recognized by smartphone and tablet customers.

2）eMMC、UFS

eMMC is the mainstream flash memory solution for embedded terminal devices, which has advantages in terms of size and cost, and occupies a large market space. UFS is an iteration of eMMC, with higher storage capacity and transfer rate, and has now become the mainstream choice for mid-to-high-end smartphones. eMMC and UFS are widely used in smart phones, tablet computers, vehicle electronics, Internet of Things, smart wearables and other fields.

The company's eMMC and UFS products adopt self-developed architecture firmware, ultra-thin Die packaging design and process, and

Through the rigorous testing of the self-developed automated test system, it has the characteristics of small size, low power consumption, high performance, high reliability and high durability. The company has launched an ultra-small eMMC that is approaching the packaging limit, with a size of only 7.5*8.0*0.7(mm), which is a well-received storage solution for the company's smart wearable market. In 2024, the company will launch a new 9.0*13.0*1.0 (mm) small size UFS product, which greatly releases the substrate space of smart phones, helps customers provide customers with more functional and cost-effective solutions, and is widely favored by customers. The company's UFS includes UFS2.2, UFS3.1 and other series, with performance and capacity far exceeding eMMC, and can be applied to mid-to-high-end fields such as flagship mobile phones and smart vehicles. In terms of the market, the company's eMMC and UFS series products have entered the supply chain system of mainstream mobile phone manufacturers.

3）BGASSD

BGA SSDs are in the form of chips, which are only about 1/50th the size of traditional 2.5-inch SSDs, and have a low profile

Power consumption, vibration resistance, and high reliability. At the same time, because it can be matched with PCIe interface and NVMe protocol, it has great potential to improve read and write performance, making it an ideal storage solution for high-performance mobile smart devices in the era of the Internet of Everything.

Through packaging simulation design, self-developed firmware algorithms, and the use of 16-layer Die packaging process, the company aims to

The minimum size of the previous BGASSD product is 11.5*13*1.2 (mm), and the product capacity can reach up to 1TB, with excellent performance, stable products, safety and reliability. In terms of the market, the company's BGA SSD has passed the certification of Google's access to the supplier list, and has a wide range of application prospects in AI mobile terminals, cloud phones, high-performance ultra-thin notebooks, drones, smart cars and other fields.

4）LPDDR

LPDDR is a communication standard for low-power memory and is widely used in mobile devices such as smartphones, tablets, and ultra-thin notebooks. The company's LPDDR products cover LPDDR3, LPDDR4/4X, LPDDR5/5X standards, with capacities ranging from 8Gb to 128Gb; The latest generation of LPDDR5/5X will greatly improve the performance of next-generation portable electronic devices compared to LPDDR4/4X products, and is currently available in stable supply to the market.

High-quality LPDDR is characterized by high frequency, large capacity, low power consumption, and has good stability and compatibility, which requires extremely high testing capabilities of memory manufacturers. The company has introduced the world's leading Advantest T5503HS2 mass production test system and combined with self-developed automated test equipment to further strengthen the company's own full-stack memory chip test analysis, combined with a rich self-developed test algorithm library, it can conduct comprehensive characteristic testing on LPDDR5/5X and other high-end chips to ensure product quality and achieve the high-performance indicators required by customers. In terms of the market, the company's LPDDR series products have entered the supply system of many leading consumer electronics companies.

(2) Consumer-grade storage

The company's consumer-grade storage includes solid-state drives, memory sticks and mobile storage products, which are mainly used in gaming consoles, desktops, laptops, all-in-one computers and other fields. The company's consumer-grade storage has the characteristics of high performance, high quality, and innovative product design. The company's SSD products can reach a maximum transfer rate of 7,450MB/s, which is in the leading position in the industry, and supports data error correction, life monitoring, abnormal power failure protection,

Data encryption, end-to-end data protection, power monitoring and control, and more. The company has officially released DDR5 memory modules, which can transfer up to 8,200Mbps of overclocked memory modules, which meet the pursuit of extreme performance for PCs, and support data error correction mechanism, intelligent power management and other functions. In the PC pre-installation market, the company's own brand Biwin has entered the regional market supply chain of well-known PC manufacturers such as HP, Lenovo, and Acer. On the one hand, the company operates the company's own brand Biwin, which is mainly sold on the online retail platform, and develops the offline channel market through cooperation with agents; On the other hand, exclusive authorized brands such as HP, Acer and Predator have reached a wide range of end consumer groups through a combination of online and offline channels.

(1) To B market brands and products

For the PC front-end PC market such as PC brands, PCOEM manufacturers, and installers, the products provided by the company's Biwin brand mainly include consumer-grade solid-state drives and memory modules, which have the characteristics of high performance and high quality, and meet the high standards of To B customers. In addition, the company can provide stable supply guarantee and perfect after-sales service. With long-term technology research and development accumulation and intelligent production and testing system, the company's products have passed the rigorous pre-installation and import tests of leading customers in the PC industry, and have reached the world-class standards in terms of performance, reliability, compatibility, etc., and have now entered the supply chain of well-known PC manufacturers at home and abroad, such as Lenovo, Acer, HP, and Tongfang. In the domestic non-x86 market, the company's SSD products and memory modules have been successively adapted to domestic CPU platforms such as Loongson, Kunpeng, Feiteng, Zhaoxin, Haiguang, Shenwei, and domestic operating systems such as UOS and Kirin, which have been widely recognized and purchased in bulk by machine manufacturers.

2) To C market brands and products

The company operates its own brand Biwin, and obtains exclusive operation of storage products from HP, Acer, Predator and Lenovo in some countries or regions

Authorized to develop PC aftermarket, e-sports, mobile storage and other To C markets, and achieved a good market

Manifestation.

In terms of the company's own brand Biwin, it has launched the BlackOpal series of e-sports storage solutions and the Mainstream series of storage solutions for different application scenarios, covering a variety of high-speed, high-capacity, high-performance SSD (solid-state drives) and memory modules. In SSD (Solid State Hard

In terms of products, the NV3500, NV7400 and NV7400 HEATSINK SSDs are all Black

Opal series of gaming-grade storage solutions with NV7400HEATSINKSSD support for PCleGen4x4

The interface and NVMe 2.0 high-speed protocol, sequential read and write speeds reach 7,400MB/s and 6,500MB/s respectively, and it has passed the lighting certification of ASUS, GIGABYTE, MSI, and ASRock. NV7200 SSD is a mainstream series of storage solutions, supporting PCleGen4x4 interface and NVMe 2.0 high-speed protocol, sequential read and write speeds of 7,200MB/s, 6,200MB/s, and a maximum capacity of 4TB.

In terms of memory module products of its own brand Biwin, BIWIN's DX100DDR5 memory products have a large area of RGB light, realizing the range from 32GB (16GBx2) to 64GB (32GBx2).

6,000MT/s to 8,000MT/s full capacity, full frequency coverage, with 8,000MT/s corresponding to the timing as low as

C36, supports mainstream Intel and AMD platforms. With heat dissipation materials and heat dissipation design, players can enjoy more gorgeous and brilliant visual effects while sitting on high performance.

In terms of authorized brand operation, the company has two outstanding advantages: on the one hand, the company has full-stack capabilities from product planning, design and development to advanced manufacturing, and its product line includes various categories of NAND and DRAM; On the other hand, the company has a marketing network covering major markets around the world, as well as localized products, marketing teams, and distributor partners, and has the ability to promote and sell products to the global market. Since the operation of HP, the company has fully tapped the sales potential of online platforms such as JD.com, Amazon, and Newegg, as well as offline dealer channels, and its product sales have ranked among the top in the industry, and its brand reputation has continued to improve.

(3) Industrial-grade storage

The company's industrial-grade storage includes SSD modules, memory modules, memory cards and other product categories, mainly for various market segments, and is used in communication base stations, smart cars, rail transit, smart cities, industrial Internet, high-end medical equipment, smart finance and other fields. Industrial-grade customers have strict standards for product stability, safety, durability, and durability, and put forward extremely high requirements for memory manufacturers' technical research and development strength, customization capabilities, production processes, and stable supply. The company has developed many technical solutions for applications in different fields, which are divided into three levels: industrial standard, industrial and automotive, to meet the application needs of different scenarios.

The company conducts characteristic research and screening of storage media through self-developed equipment and algorithms, and can adapt the best storage media for different applications to meet the wide temperature needs of customers; Through the development of core firmware algorithms, the read and write performance of the product is more stable, and it has data error correction, life monitoring, abnormal power failure protection, data encryption,

End-to-end data protection, power monitoring and control; Through hierarchical material control and manufacturing control, the product has higher reliability and continuous work stability; Through advanced packaging technology, the small-size, multi-chip heterogeneous integrated packaging of products is realized; Through self-developed test equipment and test algorithms, the high quality and high reliability of products are guaranteed.

(4) Advanced packaging and testing

The company uses its subsidiary, Tailai Technology (formerly known as Huizhou BIWIN), as an advanced packaging and testing and memory manufacturing base. Teller specializes in memory packaging and testing and SiP packaging and testing, and currently mainly serves the packaging and testing needs of the parent company and strategic partners. The packaging process of Tailai Technology is leading in China, and currently has the mass production capacity of advanced processes such as 16-layer stacked die, 30~40μm ultra-thin die, and multi-chip heterogeneous integration, reaching the world-class level. At the same time, the company has independently developed a series of memory chip test equipment and test algorithms, and has a one-stop memory chip test solution. With the continuous expansion of production capacity, Taylor Technology has provided foundry services to wafer manufacturers, IC design companies, and memory manufacturers, forming a new business growth point. At present, Taylor Technology can provide foundry services in the form of HybridBGA (WB+FC), WB BGA, FC BGA, FC CSP, LGA, QFN and other packaging forms.

(3) The issuer's main operating and financial data and indicators

1. Main data of the consolidated balance sheet

Unit: 10,000 yuan

Project June 30, 2024 End of 2023 End of 2022 End of 2021

Total assets 688,937.95 633,240.07 441,119.98 280,954.57

Total liabilities 448,357.14 441,127.82 198,964.23 99,018.87

Total shareholders' equity 240,580.81 192,112.26 242,155.75 181,935.70

Attributable to parent company 242,346.23 192,829.59 242,155.75 181,935.70

Total shareholders' equity

2. The main data of the consolidated income statement

Unit: 10,000 yuan

Project 2024 1-6 2023 2022 2021

month

Operating income 344,078.03 359,075.22 298,569.27 260,904.57

Operating profit 34,402.52 -74,303.34 6,700.94 12,373.50

Total profit 34,368.14 -74,202.84 6,700.43 11,762.99

Net profit 27,288.00 -63,086.75 7,121.87 11,657.26

Net profit attributable to shareholders of the parent company 28,336.09 -62,435.89 7,121.87 11,657.26

moistening

Attributable after deducting non-recurring gains and losses 28,424.75 -64,175.79 6,578.26 11,825.40

Net profit to owners of the parent company

3. Main data of the consolidated cash flow statement

Unit: 10,000 yuan

Project January-June 2024 2023 2022 2021

64,991.03 -196,643.54 -69,259.12 -48,820.46 from operating activities

Net cash flow

-26,740.15 -45,388.31 -28,151.80 -29,779.87 from investment activities

Net cash flow

-2,944.64 185,853.38 149,279.71 80,198.34

Net cash flow

Cash and cash equivalents 36,242.67 -55,793.57 48,597.12 875.66

Net increase in goods

4. Main financial indicators

Project 2024.6.30/ 2023.12.31/ 2022.12.31/ 2021.12.31/

January-June 2024 2023 2022 2021

Current ratio (times) 1.35 1.25 2.20 2.55

Quick ratio (times) 0.45 0.34 0.98 0.67

Debt-to-asset ratio (consolidated) 65.08% 69.66% 45.10% 35.24%

Debt-to-asset ratio (parent company) 56.08% 60.71% 37.44% 18.46%

Accounts receivable turnover ratio (times) 10.70 6.21 8.54 13.27

Inventory turnover ratio (times) 1.35 1.20 1.35 1.68

Net cash flow from operating activities per share (RMB 1.40 -4.57 -1.61 -1.26

/share)

Net cash flow per share (RMB/share) 0.78 -1.30 1.13 0.02

Note 1: Except for the asset-liability ratio of the parent company, the above indicators are calculated based on the consolidated financial statements.

Note 2: The specific calculation method for each indicator is as follows:

(1) Current ratio = current assets/current liabilities;

(2) Quick Ratio = (Current Assets - Inventories) / Current Liabilities;

(3) Asset-liability ratio = total liabilities at the end of the period / total assets at the end of the period;

(4) Accounts receivable turnover ratio = operating income / average balance of accounts receivable, the data from January to June 2024 is simple annualized; (5) Inventory turnover ratio = operating cost / average inventory balance, the data from January to June 2024 is simple annualized;

(6) Net cash flow from operating activities per share = net cash flow from operating activities / total share capital at the end of the period;

(7) Net cash flow per share = net increase in cash and cash equivalents / total share capital at the end of the period.

(4) The main risks of the issuer

When evaluating the issuance of shares to specific targets, investors should pay special attention to the following risks in addition to the risk factors related to the offering and other information provided in the prospectus:

1. Changes in the macroeconomic environment

With the change of the macroeconomic situation, the supply of upstream raw materials for semiconductor memory and the market prosperity of downstream application fields may be unstable. Especially in the context of changes in the international trade situation and Sino-US trade frictions, the momentum of anti-globalization is rising, and the global economic development is facing new uncertainties. If the international trade situation deteriorates and the Sino-US trade friction intensifies in the future, it may affect the issuer's wafer supply and adversely affect the operating results. On the sales side, the company's main products are embedded storage, consumer-grade storage, and industrial-grade storage, and the application fields cover mobile intelligent terminals, PCs, industry terminals, data centers, smart cars, mobile storage and other fields. If the global macroeconomic environment deteriorates in the future, the demand of downstream storage customers may decline, which will adversely affect the company's operating results.

2. The risk of gross profit margin and performance fluctuations caused by price fluctuations of memory products

The price of memory products fluctuates with the market supply and demand, resulting in fluctuations in the company's gross profit margin, which in turn affects

Profitability of the company. From 2021 to January to June 2024, the company's comprehensive gross profit margin was 17.55%,

13.73%, 1.76% and 25.55%, showing volatility. Factors such as upstream wafer supply, technology iteration, market competition pattern, as well as changes in downstream market demand and regulatory policies are all factors that fluctuate the price of memory products

important factors. From 2021 to January to June 2024, the company's operating income was 260,904.57 million yuan,

2985.6927 million yuan, 3590.7522 million yuan and 3440.7803 million yuan, and the net profit attributable to the parent company was 116.5726 million yuan, 71.2187 million yuan, -624.3589 million yuan and 283.3609 million yuan respectively, and the performance showed certain fluctuations. In the future, if the company's product structure cannot be continuously optimized, the supply and demand of the memory market fluctuates significantly, and the market price of memory products decreases sharply due to increasingly fierce market competition, the company may experience significant fluctuations in performance and a decline in profitability.

The company's products are mainly used in mobile intelligent terminals, PCs, industry terminals, data centers, smart cars, mobile storage and other fields. Since 2022, affected by macroeconomic fluctuations and other factors, downstream demand for mobile phones, tablets and PCs has declined. If the demand of the downstream industry to which the company's products belong continues to decline in the future, and the company fails to be timely

Seizing market share through technology research and development, product competitiveness and continuous expansion of downstream industries will lead to unfavorable situations such as lower product prices and lower sales volumes, and there is a risk of decline in future operating performance.

3. The amount of inventory is large and the risk of inventory price decline

At the end of the reporting period, the book value of the company's inventory was 1595.4854 million yuan, 1954.0876 million yuan, 3552.2193 million yuan and 3573.7791 million yuan respectively, accounting for 56.79%, 44.30%, 56.10% and 51.87% of the company's total assets respectively. The company's inventory is mainly composed of raw materials and inventory commodities, and the scale at the end of each period is large and accounts for a high proportion of total assets at the end of the period, mainly due to the company's different stocking strategies, downstream customer structure and demand changes. The large scale of inventory occupies the company's working capital to a certain extent, which may lead to certain operational risks.

Since the fourth quarter of 2023, after two quarters of rapid growth of memory wafers, the price growth rate has slowed down, and the price of some wafer models has declined. Although the company has made full provision for inventory price decline, if the memory industry market changes drastically in the future, and the storage wafer market will decline sharply, it cannot be ruled out that the company will further make provision for inventory price decline and thus affect the overall performance.

4. Risk of raw material price fluctuations

The company's core raw materials are NAND Flash wafers and DRAM wafers, and the purchase price of storage wafers

Changes have a significant impact on the company's cost structure. The manufacturing requirements of memory wafers are extremely high, the investment is huge, there are few global manufacturers, the expansion cycle is long, and the production capacity is mainly concentrated in several major wafer manufacturing plants such as Samsung, Micron, SK hynix, Kioxia, and Western Digital, resulting in relatively rigid wafer production capacity; In the downstream market of memory wafers, the demand for electronic products changes rapidly, resulting in temporary or structural shortages or surpluses in the supply and demand of memory wafers, resulting in the price of memory wafers in a constantly changing process. The rise in the price of memory wafers may lead to the increase in the purchase volume of downstream customers in the short term, and the decline in wafer prices may cause downstream customers to reduce the purchase volume in the short term, which will have an impact on the supply and demand of memory, resulting in the fluctuation of the market price of memory in the same direction as the market price of upstream memory wafers.

After the price of memory wafers bottomed out in the third quarter of 2023, with the supply reduction of upstream manufacturers, the release of inventory pressure, and the continuous expansion of downstream application fields such as AI computing power, Internet of Things, smart cars, and industrial robots, the price of related memory wafers has entered an upward channel. After experiencing rapid growth in memory wafer prices in the fourth quarter of 2023 and the first quarter of 2024, the growth rate of related raw material prices slowed down in the second quarter, and the prices of some types of wafers declined. If the price of storage wafers is large in the future

fluctuations will lead to large fluctuations in the profit margin of storage products, and may even need to make a large provision for the decline in the price of the company's inventory and other assets, thereby greatly reducing the company's profits, and in extreme cases, it may lead to a decline in the company's operating profits, or even losses.

5. Risk of declining performance

From January to June 2021, 2022, 2023 and 2024, the company's operating income was respectively

2609.0457 million yuan, 2985.6927 million yuan, 3590.7522 million yuan and 3440.7803 million yuan, compared with the previous year

The changes in the same period were 58.92%, 14.44%, 20.27% and 199.64%, and the net profit attributable to the parent company was 116.5726 million yuan, 71.2187 million yuan, -624.3589 million yuan and 283.3609 million yuan respectively, which was the same period last year

325.69%, -38.91%, -976.68% and 195.58%, the company's operating income from January to June 2024 and attributable to

The net profit attributable to the parent company increased significantly year-on-year. If there are adverse changes in the international situation, intensified market competition and fluctuations in the industry cycle, or if the scale of income cannot be formed quickly after increasing R&D investment and team size, or the gross profit margin declines, or the storage wafer market situation has an unexpected sharp downturn, the company needs to make further provisions for inventory price decline, or the issuer's cash flow from operating activities is poor, and it needs to maintain a large amount of short-term borrowings in order to meet the liquidity needs, resulting in high financial expenses, or the company is unable to effectively control operating costs and expenses, etc., It may lead to a decline in the company's performance.

6. The risk of intensifying international trade disputes and restrictions on the import of semiconductor equipment

The company's wafer-level advanced packaging and testing manufacturing project to build a packaging production line involves wafer processing-related flip, lithography, thin film, wet process and other processes, need to purchase corresponding semiconductor equipment, the main equipment suppliers for the United States, Japan and other foreign manufacturers and have signed a supply contract with the company, equipment delivery is in accordance with the plan, is expected to enter the factory installation stage in June 2025, related equipment is currently not involved in international export control rules. If international trade disputes further intensify in the future, it is not ruled out that the United States, Japan and other countries will further tighten the restrictions on the export of semiconductor equipment to Chinese mainland, which may affect the implementation progress and expected benefits of the project, thereby adversely affecting the company's overall production and operation status and business development.

7. Risks related to brand licensing business

Since November 2016, the company has successively obtained from Hewlett-Packard Co., Ltd. for SSD products (including aftermarket market).

internal SSD products and external portable SSD products), aftermarket SDRAM products and aftermarket storage

The Hewlett-Packard (HP) trademark for card storage products is conditionally and exclusively licensed in 79 countries or regions around the world, and the authorization period is until

On December 31, 2024, five countries authorized China, India, Mexico, Chile, and Peru

Extended to 31 December 2025; In July 2020, the company's subsidiary, Hong Kong BIWIN, acquired Acer shares

About DRAM, Internal SSD, USB Flash Drive, Portable SSD, Portable HDD, SD Card,

Exclusive worldwide licensing of Acer and Predator trademarks for MicroSD card and CF card products; During the reporting period, the company effectively expanded its sales channels in the global consumer market with the help of HP, Acer and Predator brands, and the sales of licensed brand SSDs, memory modules and other products were good. In the future, if the company fails to reach an agreement with HP and Acer on the continuation of cooperation before the expiration of the above-mentioned brand licensing period, or the company is reduced in the licensing area and changes the licensing type, it may have a certain adverse impact on the company's overall revenue scale and profitability. In addition, according to the relevant agreements, the company is required to pay the minimum license royalties to HP and Acer, and there is a risk that the sales revenue of the relevant products will not meet the expected requirements and still pay the license royalties to HP and Acer according to the lower threshold.

8. Risks related to fundraising and investment projects

(1) The risk that the fundraising project cannot be implemented and the expected benefits cannot be achieved

Although the company's fundraising project has been fully demonstrated, unpredictable risk factors may still occur during the implementation of the project, such as the failure of the raised funds to be in place in time, the postponement of the implementation of the project, the sudden change in the market environment, the intensification of industry competition, and policy changes, which may lead to the failure of the fundraising project to be put into operation or unable to be implemented on schedule.

In addition, although the market space for the products and packaging and testing services of this fundraising project is broad, and the company has made corresponding talents, technologies and market reserves for this fundraising project, if there are major adverse changes in the market environment, such as the impact of uncertain or uncontrollable factors such as slowing down in industry growth, intensified market competition, loss of core personnel, technology iteration and update, and fluctuations in raw material prices, there is a risk that the raised funds investment project will not be able to fully achieve the expected goals or benefits.

(2) Fundraising and investment project management risks

After the completion of the issuance of shares to specific objects, the company's business scale will be further expanded, which will put forward greater challenges and higher requirements for the implementation of the company's strategic planning, resource integration, market development, personnel management, sales management, financial management, etc. If the company cannot continue to effectively improve its operation and management capabilities, resulting in the organization construction and management system can not fully adapt to the expansion of business scale, it will weaken the company's market competitiveness and adversely affect the company's operating results and profitability.

(3) The risk of depreciation of fixed assets and amortization of intangible assets

The proceeds from the issuance of shares to specific targets will be used for the "Huizhou BIWIN Advanced Packaging and Testing and Memory Manufacturing Base Expansion Construction Project" and "Wafer-level Advanced Packaging and Testing Manufacturing Project". After the completion and operation of the above-mentioned fund-raising projects, the scale of the company's fixed assets and intangible assets will increase significantly, but because it takes a certain amount of time for the project to fully reach production, and the fixed cost expenses such as depreciation of fixed assets and amortization of intangible assets will start when they reach the expected usable state or intended use, the annual new depreciation and amortization amount is expected to be between 97.3381 million yuan and 155.6791 million yuan after the two fund-raising projects are put into operation at the same time. If the future fundraising projects cannot achieve the expected returns and the company cannot maintain the growth of the profit level, the company has the risk of declining operating performance due to the increase in depreciation of fixed assets and amortization of intangible assets.

9. Solvency risk

At the end of the reporting period, the company's current ratios were 2.55 times, 2.20 times, 1.25 times and 1.35 times, respectively.

The quick ratios are 0.67 times, 0.98 times, 0.34 times and 0.45 times, respectively, and the consolidated asset-liability ratios are respectively

35.24%, 45.10%, 69.66% and 65.08% respectively. At the same time, during the reporting period, the company's business development was rapid and the demand for funds was large, while the company's equity financing was relatively small, mainly based on debt financing, so the asset-liability ratio was relatively high. If there is a material adverse impact on external macro policies and the operating environment in the future, or the Company's financial condition and operating results fluctuate and the relevant debts cannot be repaid in a timely manner, the Company may have a significant debt repayment risk and adversely affect its ability to operate sustainably.

10. Risk of unstable control

As of September 30, 2024, Sun Chengsi, the controlling shareholder and actual controller of the company, directly held the company

81,136,000 shares, representing 18.8146% of the company's total share capital. The company's shareholders Xu Jianfeng (shareholding ratio of 1.3934%), Sun Jing (shareholding ratio of 1.1594%), Sun Liang (shareholding ratio of 0.9276%) and employee shareholding platform Shenzhen Baitai (shareholding ratio of 1.8551%), Shenzhen Fangtailai (shareholding ratio of 1.2058%), Shenzhen Taidesheng (shareholding ratio of 0.6493%), Shenzhen Baisheng (shareholding ratio of 0.4638%) respectively signed the "Concerted Action Agreement" with the actual controller of the company Sun Chengsi It is agreed that shareholders Sun Jing, Sun Liang, Xu Jianfeng, Shenzhen Baitai, Shenzhen Fangtailai, Shenzhen Taidesheng, Shenzhen Baisheng and Sun Chengsi shall act in unison and take Sun Chengsi's opinions when exercising the corresponding rights of shareholders to propose and vote, and such agreements shall be valid until the date on which the company has been listed on the stock exchange for 36 months. In addition, the company's shareholder Sun

Rixin (shareholding ratio of 0.0021%) is a relative of Sun Chengsi, the chairman of the board of directors and the actual controller of the company, and according to the provisions of the Administrative Measures for the Acquisition of Listed Companies, Sun Rixin is also a person acting in concert with Sun Chengsi. Accordingly, Sun Chengsi controls a total of 26.4690% of the voting rights of the company's shares through direct shareholding and concerted action, and Sun Chengsi is the controlling shareholder and actual controller of the company.

After the completion of the issuance, the proportion of shares actually controlled by Mr. Sun Chengsi in the company was further reduced. Under the conditions of the current equity structure, it is not excluded that the change in the shareholding ratio of major shareholders after the issuance and listing will have an adverse impact on the company's personnel management, business development and operating performance, and the reduction of the shareholding ratio of the actual controller also has the risk of change of control, and if there is a lack of appropriate measures at that time, it may have an adverse impact on the company's long-term stable development.

2. The issuer's issuance

(1) The type and par value of the shares to be issued

The types of shares to be issued are domestically listed RMB ordinary shares (A shares) with a par value of RMB 1.00 per share.

(2) The method and time of issuance

The issuance will be carried out entirely by issuing A shares to specific targets, and the timing of this issuance

March 28, 2025 (T Day).

(3) Issuance objects and subscription methods

1. Issuance object

According to the principle of determining the issuance object, the issue price and the number of allotted shares in the "Subscription Invitation", the issuance object will be given priority according to (1) the subscription price; (2) Priority of subscription amount; (3) The principle of time priority for receiving the "Subscription Quotation" is determined.

A total of 24 people were finally allocated to the issuance of this issue, and the issue price was 63.28 yuan per share

The number of shares was 30,025,284 shares, and the total amount of funds raised was 1,899,999,971.52 yuan. The final issuance objects, the number of allotted shares and the allotted amount are as follows:

Preface Name of Subscriber Number of Shares Allotted Amount Allocated

No. (Shares) (RMB)

1 UBSAG 1,327,433 83,999,960.24

Preface Name of Subscriber Number of Shares Allotted Amount Allocated

No. (Shares) (RMB)

2 Caitong Fund Management Co., Ltd. 3,429,203 216,999,965.84

3 GF Securities Co., Ltd. 347,667 22,000,367.76

4 Guotai Fund Management Co., Ltd. 1,074,589 67,999,991.92

5 Guotai Haitong Securities Co., Ltd. 1,121,997 70,999,970.16

6 He Wei 790,139 49,999,995.92

7 Hubei High-tech Investment Holding Investment Co., Ltd. 790,139 49,999,995.92

8 Hunan Light Salt Venture Capital Management Co., Ltd. - Light Salt Zhixuan No. 40 948,166 59,999,944.48

Private securities investment funds

9 Valin Jinshan (Tianjin) Industrial Investment Fund Partnership (Co., Ltd. 790,139 49,999,995.92

Partnership)

10 Huatai Asset Management Co., Ltd. (on behalf of "Huatai Preferred No. 3 Stock 790,139 49,999,995.92

Pension Products - Industrial and Commercial Bank of China Co., Ltd.)

11 Huatai Asset Management Co., Ltd. (on behalf of "Huatai Asset Management - ICBC - 790,139 49,999,995.92

Huatai Asset Management Product of New Opportunities for Private Placement")

12 Huatai Asset Management Co., Ltd. (on behalf of "Zhonghui Life Insurance Co., Ltd. 790,139 49,999,995.92

Ltd. - Huatai Multi-Asset Portfolio")

13 China Asset Management Co., Ltd. 995,575 62,999,986.00

14 Jiang Mihong 790,139 49,999,995.92

15 Lu Wei 948,166 59,999,944.48

16 NORD Fund Management Co., Ltd. 3,413,400 215,999,952.00

17 Qianhai CSSC (Shenzhen) Smart Ocean Private Equity Fund Partnership 790,139 49,999,995.92

Business (Limited Partnership)

18 Qingdao Guoxin Science and Technology Industry Investment Fund Partnership (Limited 1,264,222 79,999,968.16

Gang)

19 Shanghai Shenchuang Industry City Private Equity Fund Partnership (Limited Partnership) 1,580,278 99,999,991.84

20 Shanghai Shenchuang Shenhui Private Equity Fund Partnership (Limited Partnership) 1,580,278 99,999,991.84

21 Wu Xiufang 790,139 49,999,995.92

22 Smart Interconnection Telecom Ark (Shenzhen) Venture Capital Fund Partnership 3,160,556 199,999,983.68

Business (Limited Partnership)

23 CITIC Securities Asset Management Co., Ltd. 932,364 58,999,993.92

24 Zhou Zhengxian 790,139 49,999,995.92

Total 30,025,284 1,899,999,971.52

Note: Guotai Junan Securities Co., Ltd. will complete the market of the company's name, registered capital and other matters on April 3, 2025

The registration procedures for the change of the entity have now been changed to Guotai Haitong Securities Co., Ltd.

2. The relationship between the issuer and the company

The issuance objects do not include the controlling shareholders, actual controllers, directors, supervisors, senior management personnel of the issuer and the lead underwriter and their related parties controlled or exerting significant influence. issuer and its controlling shareholder,

The actual controller and major shareholders have not made a commitment to guarantee the minimum return or the disguised guaranteed return to the issuer, nor have they harmed the interests of the company directly or through the provision of financial assistance or other compensation to the issuer by the interested parties.

3. Source of subscription funds

The subscribers of this offering promise that they "do not accept the guaranteed income or disguised guaranteed return commitments made by the issuer and its controlling shareholders, actual controllers and major shareholders, and do not accept the financial assistance or other compensation provided by the aforementioned entities directly or through stakeholders".

(4) The pricing reference date, issue price and pricing principles

The issuance of shares to specific targets will be issued by auction, and the pricing benchmark date will be the first day of the issuance period

(March 26, 2025) at a price not less than 20 trading days prior to the pricing reference date

80% of the average transaction price, with the pricing reference date being the first day of the issuance period. The calculation formula of the above average price is: the average stock trading price of the 20 trading days before the pricing reference date = the total stock trading volume of the 20 trading days before the pricing reference date / the total stock trading volume of the 20 trading days before the pricing reference date, that is, not less than 60.19 yuan per share.

AllBright Law Offices witnessed the whole process of investors' subscription invitation and subscription quotation. The issuer and the lead underwriter determined that the issue price is 63.28 yuan per share, which is not less than 80% of the average stock trading price in the 20 trading days before the pricing reference date, in accordance with the procedures and principles for determining the issuance price, the issuance object and the number of allotted shares stipulated in the invitation for Shenzhen BIWIN Storage Technology Co., Ltd. to issue A shares to specific targets and be listed on the Science and Technology Innovation Board (hereinafter referred to as the "Subscription Invitation").

(5) The number of issuances

According to the "Shenzhen BIWIN Storage Technology Co., Ltd. Issuance of A Shares to Specific Targets and Listing on the Science and Technology Innovation Board (hereinafter referred to as the "Issuance Plan"), the number of shares issued this time does not exceed 15% of the total share capital of the company (431,240,342) before the issuance, that is, 64,686,051 shares (including the number of shares), and the number of shares issued this time does not exceed the number of shares calculated by "the total amount of funds raised this time divided by the reserve price of this offering", that is, it does not exceed 31,566,705 shares (the amount of funds to be raised in this offering divided by the floor price of this offering).

According to the investors' subscription quotations, the actual number of shares issued to specific targets is 30,025,284 shares, which does not exceed the approval of the company's board of directors and shareholders' general meeting and the approval of the China Securities Regulatory Commission

The maximum number of shares to be issued does not exceed the upper limit of the number of shares to be issued (no more than 31,566,705 shares) specified in the issuance plan, and the number of shares to be issued exceeds 70% of the upper limit of the number of shares to be issued as specified in the issuance plan, in line with the resolutions of the company's board of directors, the general meeting of shareholders and the relevant regulations of the China Securities Regulatory Commission.

(6) Restricted period

After the completion of this issuance, the shares subscribed by the issuer for this issuance to a specific target shall not be transferred within 6 months from the date of the end of the issuance.

After the completion of the issuance to the date of expiration of the restriction period, the shares obtained by the issuer from the company to the specific object due to the company's distribution of stock dividends, capital reserve conversion and other circumstances shall also comply with the above-mentioned restriction arrangement.

(7) The direction of the raised funds

The total amount of funds raised by the issuance of shares to specific targets does not exceed 190,000.00 yuan (including the principal amount), and the net amount after deducting the issuance expenses is intended to be invested in the following projects:

Unit: 10,000 yuan

Serial No. Project Name Total amount to be invested The amount of funds to be raised

1 Huizhou BIWIN Advanced Packaging and Testing and Memory Manufacturing Base 88,947.41 88,000.00

Expansion construction projects

2 Wafer-level advanced packaging and testing manufacturing projects 129,246.09 102,000.00

Total 218,193.50 190,000.00

Before the funds raised in this issuance are in place, the company can invest in advance with self-raised funds according to the actual progress of the proposed investment project of the raised funds, and replace them in accordance with the procedures stipulated in relevant laws and regulations after the raised funds are in place.

After the issuance of funds in place, if the actual net amount of funds raised after deducting the issuance costs is less than the total amount of funds to be invested in the above-mentioned projects, the board of directors of the company or its authorized persons will be based on the actual net amount of funds raised, within the scope of the above-mentioned raised funds investment projects, according to the progress of the raised funds investment projects and the actual situation such as capital needs, adjust the priority order of the raised funds and the specific investment amount of each project, and the insufficient part of the raised funds shall be solved by the company with its own funds or self-raised.

If the total amount of funds raised from this issuance to specific targets is adjusted due to changes in regulatory policies or the requirements of the issuance of registration documents, it will be adjusted accordingly.

(8) The place where the stock is listed

The shares will be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.

(9) Arrangements for the rollover of undistributed profits before the issuance

After the completion of the issuance, the undistributed profits accumulated by the company before the issuance shall be shared by the new and old shareholders of the company in accordance with the proportion of shares after the issuance.

(10) The validity period of the issuance resolution

The resolutions relating to the Offering are valid until November 27, 2025.

3. The staff of the sponsor and the practice and contact information of the sponsor's business

(1) Sponsor representatives

The sponsor representatives who are specifically responsible for recommending this time are Wang Tianqi and Liu Xiaodong. Its sponsorship practice is as follows:

Mr. Wang Tianqi: currently the director of the advanced manufacturing industry department of the investment banking business line of Huatai United Securities Co., Ltd., the sponsor representative, and the non-practicing member of the Chinese Institute of Certified Public Accountants, as the sponsor representative, sponsored the issuance of shares by BIWIN Storage to specific objects, the IPO project of Greenlink Technology GEM, and was responsible for the implementation of the IPO of Dali Cap GEM, the IPO of Flextron Electric Science and Technology Innovation Board, the public issuance of convertible bonds by Del Future, the non-public offering of Shengyang shares, and the non-public issuance of gold securities shares. As the financial advisor, sponsor/co-organizer, he has completed the restructuring project of Nanshan Holdings' B-share project of issuing shares for shares and absorbing and merging Shenzhen Base, the project of Huazhong CNC issuing shares to purchase assets, and the cross-border acquisition of Novochem B.V. in the Netherlands by Fubon Co., Ltd.

Mr. Liu Xiaodong: He is currently the director of the advanced manufacturing industry department of the investment banking business line of Huatai United Securities Co., Ltd., the sponsor representative, and a non-practicing member of the Chinese Institute of Certified Public Accountants

Tyco IPO, Darui Electronics IPO, Zhongshu Zhihui IPO, Weisaibo IPO, Haichen Energy Storage Hong Kong Stock IPO, Bai

Weishu non-public offering, Guanghong Technology non-public offering, Shengyang shares non-public offering, Zhongjin Lingnan non-public offering, Wushan Zhongtuo non-public offering, Zhangjiajie non-public offering, Zhangjiajie convertible bonds, Wushan Zhongda major asset restructuring and Wushan Group overall listing project, Wushan Zhongda corporate bonds and other projects.

(2) Project co-organizers

The co-organizer of this project is Liang Kai, whose sponsorship practice is as follows:

Mr. Liang Kai, Sponsor Representative, Master of Economics, is currently the deputy director of the investment banking business line of Huatai United Securities, mainly responsible for or participated in the initial public offering of Hexing shares, the initial public offering of Weisaibo, the issuance of shares and the payment of cash to purchase assets, and the issuance of shares and payment of cash to purchase assets.

(3) Other members of the project team

Other project team members who participated in the sponsorship work include: Gao Bo, Zhang Yanheng, Huang Tao, Fan Qijia, Chang Yi, Wang Zechuan, and Liu Yang.

(4) Contact information

Office address: 27th Floor, Fund Building, No. 5999 Yitian Road, Lianhua Street, Futian District, Shenzhen

Phone: 0755-82492010

4. A description of whether there is an affiliated relationship between the sponsor and its affiliates and the issuer and its affiliates

Huatai United Securities, as the listing sponsor of the issuer, as of the date of signing of this listing sponsorship:

(1) As of June 30, 2024, according to the inquiry settlement of China Securities Depository and Clearing Corporation Limited

As a result, Huatai Pinebridge Fund Management Co., Ltd., a related party of the sponsor, held a small number of shares of the issuer in the form of securities investment funds for business needs. The above-mentioned entities' holding of the issuer's shares follows the principle of marketization and the shareholding ratio is small, which will not affect the fair performance of sponsor duties by the sponsor and the sponsor representative.

In addition to the above, the sponsor or its controlling shareholder, actual controller or significant related party does not hold shares of the issuer or its significant related parties.

(2) The issuer or its controlling shareholder, actual controller, or important related party does not hold shares of the sponsor or its controlling shareholder, actual controller, or important related party.

(3) The sponsor's sponsor representative and his or her spouse, directors, supervisors, and senior management personnel do not hold shares of the issuer or its controlling shareholders, actual controllers, and important related parties, as well as in the issuer or

the position of its controlling shareholder, actual controller and important related parties;

(4) The controlling shareholder, actual controller, or important related party of the sponsor and the controlling shareholder, actual controller, or important related party of the issuer have not provided mutual guarantees or financing, etc.;

(5) There is no other related relationship between the sponsor and the issuer.

5. Sponsor commitments

(1) The sponsor undertakes to conduct due diligence and prudent verification of the issuer and its controlling shareholders and actual controllers in accordance with laws and regulations and the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange, fully understand the issuer's operating conditions and the risks and problems it faces, and perform the corresponding internal audit procedures.

(2) The sponsor agrees to recommend BIWIN Storage Technology Co., Ltd. to issue A-shares to specific targets in 2023 and list them on the Science and Technology Innovation Board, and the relevant conclusions are supported by the corresponding sponsor working papers.

(3) The sponsor undertakes that it will comply with laws, administrative regulations and the regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange on the listing of recommended securities, and voluntarily accept the self-discipline management of the Shanghai Stock Exchange.

6. The sponsor's explanation on whether the issuer has fulfilled the decision-making procedures stipulated by the Company Law, the Securities Law and the China Securities Regulatory Commission and the Shanghai Stock Exchange for the issuance and listing of securities

Matters related to the issuance of shares to specific targets have been deliberated and approved by the 10th meeting of the 3rd board of directors, the 18th meeting of the 3rd board of directors of the company, and the 4th extraordinary general meeting of shareholders in 2023. The application for the issuance of shares to specific targets has been approved by the Shanghai Stock Exchange and has been approved by the China Securities Regulatory Commission for registration.

In accordance with the provisions of the Company Law, the Securities Law, the Administrative Measures for the Registration of Securities Issuance of Listed Companies and other laws and regulations, as well as the provisions of the Issuer's Articles of Association, the issuer has fulfilled a complete internal decision-making procedure for applying for the issuance of shares to specific targets and listing on the STAR Market.

7. Explanation on the application for the issuance and listing of securities in accordance with the listing conditions

In accordance with the requirements of the Rules for the Review of Securities Issuance and Listing of Listed Companies on the Shanghai Stock Exchange, the issuance of sponsors, listing sponsors, legal opinions and other documents issued by sponsors, law firms and other securities service institutions

In this case, clear opinions were expressed on whether the application for the issuance and listing of securities met the issuance conditions and listing conditions, and there were sufficient reasons and basis.

8. The specific arrangements of the sponsor for the continuous supervision of the issuer's securities after listing

Specific arrangements for continuous supervision

1. The continuous supervision period shall be issued for the remainder of the year in which the stock is listed and within the next 2 full fiscal years

Pedestrians provide continuous supervision.

1. Assist and supervise listed companies to establish corresponding internal systems and decision-making procedures

internal control mechanisms to comply with the requirements of laws, regulations and the Listing Rules;

2. Supervise the establishment of listed companies and 2. Ensure that listed companies and their controlling shareholders, actual controllers, directors and supervisors

Implement information disclosure, standardize operations, and make senior managers and core technical personnel aware of their obligations;

3. Urge listed companies to actively return investors, and establish a sound and effective implementation of the symbol

and other systems in line with the company's development stage of cash dividends and share repurchase system;

4. Continue to pay attention to the listed company's information disclosure, standardized operation, commitment fulfillment,

The implementation of the dividend return system.

1. Continue to pay attention to the operation of listed companies, and fully understand the listed companies and their businesses

3. Identify and supervise listed companies;

2. Disclose the company's ability to continue operations, pay attention to whether there are material adverse changes in the supply of major raw materials or product sales

strength, core competencies or control; Pay attention to the stability of core technical personnel; Pay attention to the licensing of core intellectual property rights, franchise rights that have a significant adverse impact on the stability of the franchise or core technology; Pay attention to the progress of major product research and development; Pay attention to risks or negative issues, concurrency The maintenance of core competitiveness and the competition of other competitors;

3. Pay attention to the listed companies held by the controlling shareholder, the actual controller and the persons acting in concert with them

the company's equity is pledged or frozen;

4. Verify whether the material risk disclosure of the listed company is true, accurate and complete.

4. Pay attention to the stock trading of listed companies 1. Through daily communication, regular return visits, access to information, attendance at shareholders' meetings, etc., which are prone to abnormal fluctuations, supervise the way, pay attention to the daily operation and stock trading of listed companies, and effectively identify listed companies in accordance with the provisions of the listing rules and urge listed companies to disclose major risks or major negative matters;

2. Pay attention to the stock trading of listed companies, and if there are abnormal fluctuations, supervise them

Listed companies are urged to fulfill their obligations such as verification and information disclosure in accordance with the provisions of the exchange.

1. If a listed company has any of the following circumstances, it knows or should know about it

Special on-site verification shall be conducted within 15 days from the date: (1) There is material financial fraud

5. Suspicion of listed companies; (2) The controlling shareholder, actual controller, director, supervisor or senior executive is suspected of misappropriating the interests of the listed company or investment management personnel who can seriously influence the company; (3) Carry out special guarantees for matters that may have the lawful rights and interests of major violators; (4) There are major abnormalities in capital transactions or cash flows; (5) Submit the items for verification, and issue other matters that the on-site verification office or the sponsor deems necessary for on-site verification;

Report 2, on the verification situation, issues brought to the attention of listed companies and investors, this time

An on-site verification report shall be issued for matters such as on-site verification conclusions, and the on-site verification shall be completed

Disclosed within 15 trading days.

1. 15 transactions from the date of disclosure of the annual report and semi-annual report of the listed company

Disclose the continuous supervision and follow-up report within the day;

6. Regularly issue and disclose continuous 2. The listed company has not realized profits, its performance has turned from profit to loss, and its operating income has been the same as that of the previous year

Supervision and follow-up report If it decreases by more than 50% over the same period or other major financial indicators are abnormal, it is in hold

Continue to supervise and publish in a prominent position in the follow-up report on whether the listed company has significant risks

Concluding observations.

10 days from the date of disclosure of the listed company's annual report after the completion of the continuous supervision work

7. Issue a sponsorship summary report within trading days in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange

The China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE) submit and disclose the sponsorship summary report.

9. Other explanatory matters

Not.

10. The sponsor's sponsorship conclusion on the issuer's stock listing

The sponsor, Huatai United Securities, believes that BIWIN Storage Technology Co., Ltd.'s application for issuing A-shares to specific targets in 2023 and listing on the Science and Technology Innovation Board complies with the relevant provisions of laws and regulations such as the Company Law, the Securities Law, the Administrative Measures for the Registration of Securities Issuance of Listed Companies, and the Rules for the Review of Securities Issuance and Listing of Listed Companies on the Shanghai Stock Exchange, and the issuer's securities meet the conditions for listing on the Shanghai Stock Exchange. Huatai United Securities is willing to sponsor the listing and trading of the issuer's securities and assume the relevant sponsorship responsibilities. (No text below)

(There is no text on this page, it is the signature page of the "Listing Sponsorship Letter of Huatai United Securities Co., Ltd. on Shenzhen BIWIN Storage Technology Co., Ltd.'s Issuance of A Shares to Specific Targets and Listing on the Science and Technology Innovation Board in 2023")

Project Co-Organizers:

Liang Kai

Sponsor Representative:

Wang Tianqi and Liu Xiaodong

Kernel Lead:

Ping Changchun

Head of Sponsor Business:

Tang Songhua

legal representative

(or an authorized representative):

Jiang Yu

Sponsor: Huatai United Securities Co., Ltd

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