Good afternoon, thank you for joining us today.

My name is Samuel Chao and I am a partner at Welkin. Before joining Welkin last year, I had over 12
years of experience in advanced manufacturing. I served as a member of the Board and senior
executive at Novel Optics, an industry leader in China. During that time, I led the pre-IPO corporate
restructuring, and the eventual IPO of the company on the Main Board of Shanghai Stock Exchange
in 2018. I was also a member of the executive committee of the Company that led Business
Development, Government Relations among other operational duties and roles. I am currently still
service as Vice-Chairman of the Board of Novel Optics.

As Johnny has mentioned earlier, Chinese PE has entered a new era. With new policy directions,
shifting economic priorities, and heightened geopolitical tension, investing in China in general
requires a completely different set of skills, research capabilities, relationships for deal sourcing and
method to value add as opposed to the customary practice in past decade.

One common investment theme that we have been hearing from both government reports and
media outlets that will drive the economic growth in China in next ten years is Advanced
Manufacturing. As we all know, China’s days of relying on cheap and low-end manufacturing to
support its economy growth is long gone. We at Welkin have identified Advanced Manufacturing as
one of the key sectors that will benefit from domestication and import replacement of supply chains,
and advanced manufacturing has always been one of the pillars of our investment strategy.
Companies in this sector have a few common traits – they have strong R&D capability, state-of-the-
art automated manufacturing infrastructure, highly digitalized management systems. Leading
companies in these sectors are also supported by the government in the form of financial subsidies
and other forms of policy support.

As of September this year, 8,997 companies have been named “Little Giants 小巨人” or
“Technological Advanced Enterprises 專精特新“ by the government across the country. All these
companies could be categorized as leading players in Advanced Manufacturing. These companies all
operate in their own niche sector. Identifying the right investment opportunities is not as simple as
flipping through the government issued list of companies with these titles. Secondly, as a lot of these
companies are cashflow-positive, or even quite profitable, they tend to select real strategic partners
that could bring in real value to their company growth when it comes down to fundraising. Hence,
investors who are equipped with the right supply chain resources and strategic value would have an
upper hand in researching, sourcing, investing, and creating value to these companies.

So, we are going to discuss advanced manufacturing, and what these companies would look for in
investors. Joining us today are two senior executives from two successful advanced manufacturing
companies in China: First, we have David Mao from Novel Optics. David is the Deputy Head of R&D
at Novel and has seen first-hand the development of the company and the favorable policies and
subsidies Novel has benefitted from. Prior to joining Novel, David was an early-stage member and
team leader at Shanghai MicroPort MedBot Group, a subsidiary of MicroPort Scientific Corporation,
both listed on HKSE.

Jerry Luo, Chairman of DXC New Material Technology, is joining us as well. Jerry is a member of the
prestigious National Thousand Talent Program. Jerry is a serial entrepreneur. He founded DXC
Material in 2009. DXC has since became the leading manufacturer in of diffusion film, reflection film
and other films that successfully penetrated the sector that was once dominated by foreign players
in China. Since 2019, Jerry has founded and operating 4 other companies on top of DXC. Jerry is also
seasoned investor that has invested in tens of companies in advanced manufacturing and other
industries.

The following panel will be conduct in Chinese. We will start off with David.

David, 您可以简单介绍一下永新光学吗？

谢谢。永新处于光学行业。不知道目前光学行业的大概情况如何？您看到的公司上下游、生态
圈企业发展情况如何？

永新属于先进制造企业，更是细分行业的龙头企业，拥有国家单项冠军示范企业等多个头衔，
先后承接了两个国家重大专项。从公司运营过程中，您看到国家有哪些政策和支持是扶持永新
这类企业的？

永新光学总部位处宁波，而宁波作为老牌的制造大城，更是全国拥有最多单项冠军的城市，更
有体量庞大的专精特新、小巨人企业作为经济支撑。您认为这类先进制造领先企业在融资的时
候会首选哪类型的投资人？除了资金以外，这类型企业在选择投资人时会有什么其他考量？

永新光学是 2018 年 9 月在上海主板上市的。当时永新为何在上海交易所主板申报上市，而没

有选择香港或其他海外资本市场？永新有部分股东有港资背景，是否影响境内上市？

最后，看到您是微创医疗机器人初创团队之一，也经历了公司从 30 人成长到超过 800 人规模

的上市公司，而您在微创医疗机器人里也是技术团队的主要负责人之一。请问您当时为何毅然
决定离开微创加入永新？

谢谢 David。接下来有请 Jerry。

Jerry，可以请您介绍一下您的首个创业项目东旭成吗？当年为何会选择离开英国回国创业？

进口替代 – 东旭成的介绍里提到公司生产的产品填补了国内的空白，做到了真正的进口替代。
可以简单介绍一下公司所在市场在国内的情况吗？（重点：历史情况，研发和产品水平，进口
替代的情况）

就您的实际经营经验来看，内地政府现在对专精特新、小巨人类企业加大了政策支持和扶持的
力度？具体在哪些领域呈现？（2019 前、2019 后）
您 2019 年开始二次创业，目前同时管理多家公司，可以简单介绍一下这些公司吗？当时为何
会选择这些赛道去进行创业？您是如何分配时间去管理那么多企业的？

除了自己经营的企业以外，罗总您也是一个投资人，前后投资了几十家企业。从自己的投资经
验，您认为专精特新、小巨人类企业在融资时，除了资金以外，还会对投资人还会有什么样·
的考量？（价值赋能）