Group 1 - The core viewpoint of the article is that Guosen Securities has conducted a review and approved Shenzhen Ruihua Tai Film Technology Co., Ltd. to continue using part of the raised funds to provide loans to its wholly-owned subsidiary, Jiaxing Ruihua Tai Film Technology Co., Ltd., for the implementation of fundraising projects [1][7][8] Group 2 - The total amount of convertible bonds issued by the company is 4.3 million units, with a face value of RMB 100 each, raising a total of RMB 43 million [1] - The funds raised will be allocated to the following projects: Jiaxing High-Performance Polyimide Film Project (RMB 33 million) and supplementing working capital and repaying bank loans (RMB 9.26 million) [2][3] - The company plans to provide a loan of up to RMB 33 million to Jiaxing Ruihua Tai, specifically for the Jiaxing High-Performance Polyimide Film Project, with a loan term of 3 years [3][4] Group 3 - The previous loan from raised funds has been nearly fully utilized, and the project is currently in the capacity ramp-up phase, with production efficiency gradually improving [4] - The financial data for Jiaxing Ruihua Tai shows total assets of RMB 173.84 million and a net loss of RMB 2.38 million for the first half of 2025 [5][6] - The company has established a special account for the raised funds and signed a supervision agreement with the sponsor and the bank [6][7] Group 4 - The board of directors approved the proposal to continue using part of the raised funds for the loan on August 21, 2025, ensuring compliance with relevant regulations [7][8] - The sponsor has confirmed that the use of funds aligns with the original fundraising plan and does not harm the interests of the company and its shareholders [8]

Core Viewpoint - Shenzhen Ruihua Tai Film Technology Co., Ltd. plans to continue using part of the raised funds to provide loans to its wholly-owned subsidiary, Jiaxing Ruihua Tai Film Technology Co., Ltd., for the implementation of the "Jiaxing High-Performance Polyimide Film Project" [1][2][8] Fundraising Overview - The company issued 4.3 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 430 million, with a net amount of RMB 422.5844 million after deducting issuance costs of RMB 7.4156 million [1][2] - The funds are allocated as follows: RMB 330 million for the Jiaxing High-Performance Polyimide Film Project and RMB 92.5844 million for working capital and bank loan repayment [2] Loan Details - The company intends to provide a loan of up to RMB 330 million to Jiaxing Ruihua Tai, with a loan term of 3 years, which can be repaid early or extended [1][3] - The interest rate for the loan will be the actual interest rate of the convertible bonds issued, and if the bonds convert to common stock, the corresponding loan interest will cease [1][4] Project Status - The Jiaxing High-Performance Polyimide Film Project is currently in the capacity ramp-up phase, with production efficiency gradually improving, but it has not yet achieved profitability [3][4] Financial Data of Jiaxing Ruihua Tai - As of June 30, 2025, Jiaxing Ruihua Tai reported total assets of RMB 1.738 billion and net assets of RMB 440.352 million, with a net loss of RMB 23.8357 million for the first half of 2025 [5] Purpose and Impact of the Loan - The loan aims to ensure the smooth implementation of the fundraising project, aligning with the fundraising plan and not altering the intended use of funds [6] - The company maintains control over Jiaxing Ruihua Tai, making the financial risk of the loan manageable [6] Fund Management - The raised funds will be stored in a dedicated account, with a tripartite/four-party supervision agreement signed among the company, Jiaxing Ruihua Tai, the sponsor, and the bank [6][8] Approval Process - The board of directors approved the loan proposal on August 21, 2025, confirming compliance with necessary procedures [6][8]

Group 1 - The company has elected Mr. Yuan Shunqi as the employee representative director for the third board of directors during a recent employee representative meeting [1] - The third board of directors consists of 8 members, with 7 being non-employee representative directors elected by the shareholders' meeting [1] - The term of the employee representative director aligns with the term of the third board of directors [1] Group 2 - Mr. Yuan Shunqi holds 425,400 shares of the company indirectly through Shanghai Taiju Yaokun Enterprise Management Partnership (Limited Partnership) [2] - There are no related party relationships between Mr. Yuan and the company's directors, senior management, or shareholders holding more than 5% of shares [2] - Mr. Yuan meets all legal requirements to serve as a director and has not faced any administrative penalties or sanctions from the China Securities Regulatory Commission [2]

Summary of Key Points Core Viewpoint The report provides an overview of the fundraising activities and the management of the raised funds by Shenzhen Ruihua Tai Film Technology Co., Ltd., detailing the amount raised, its usage, and compliance with regulations. Group 1: Fundraising Overview - The total amount raised through the issuance of convertible bonds is RMB 422.58 million, with a net amount of RMB 422.58 million after deducting issuance costs of RMB 7.42 million [1]. - As of June 30, 2025, the company has utilized RMB 426.05 million of the raised funds, including RMB 11.16 million used in the current year [1]. Group 2: Fund Usage and Management - The funds were primarily allocated to the Jiaxing high-performance polyimide film project (RMB 332.90 million) and to supplement working capital and repay bank loans (RMB 93.14 million) [1]. - The company has established a dedicated account for managing the raised funds, ensuring compliance with relevant laws and regulations [1]. Group 3: Financial Performance of Projects - The Jiaxing high-performance polyimide film project has generated revenue of RMB 94.93 million in the first half of 2025, but reported a net loss of RMB 23.84 million, indicating that the project is still in the ramp-up phase with relatively high unit costs [6]. - The project has completed construction and is gradually increasing production efficiency, with four production lines starting operations in September 2023 [5][6].

Group 1 - The company reported a revenue of 181,931,302.33 yuan for the first half of 2025, representing a year-on-year growth of 37.86% [1] - The net profit attributable to shareholders of the listed company was -33,734,236.57 yuan [1]

Core Viewpoint - Ruihua Tai announced the election of Yuan Shunqi as the employee representative director of the company's third board of directors during a recent employee representative meeting [1] Group 1 - The employee representative meeting was attended by all employee representatives who voted to elect Yuan Shunqi [1] - The newly elected employee representative director will serve alongside non-employee representative directors elected at the 2024 annual general meeting, forming the third board of directors [1] - The term of the employee representative director aligns with that of the third board of directors [1]

Core Viewpoint - The company has approved the use of part of the raised funds to provide a loan to its wholly-owned subsidiary for a specific investment project [1] Group 1 - The company announced on August 22 that it will provide a loan of up to 330 million yuan to its subsidiary, Jiaxing Ruihuatai Film Technology Co., Ltd. [1] - The loan is intended for the "Jiaxing High-Performance Polyimide Film Project," which is part of the fundraising project from the issuance of convertible bonds in 2022 [1] - The loan term is set for three years from the actual borrowing date, with options for early repayment or extension after maturity [1] Group 2 - The interest rate for the loan will be the actual rate of the convertible bonds issued [1] - If the convertible bonds are converted into common stock, the company will no longer charge interest on the loan to Jiaxing Ruihuatai [1]

Core Viewpoint - The company reported a significant increase in revenue driven by the recovery in the smartphone and consumer electronics market, despite continuing losses in net profit [2][3]. Financial Performance - The company achieved operating revenue of 181.93 million yuan, a year-on-year increase of 37.86% [3]. - The net profit attributable to the parent company was a loss of 33.73 million yuan, a reduction in loss of 2.39 million yuan compared to the previous year [2][3]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was a loss of 34.08 million yuan, a reduction in loss of 2.70 million yuan year-on-year [2][3]. - The net cash flow from operating activities was 93.86 million yuan, an increase of 164.65% compared to the previous year [3]. Production Capacity and Projects - The company has achieved mass production on 9 production lines in Shenzhen, with the CPI pilot line undergoing process optimization [3]. - The construction of the 1,600-ton fundraising project in Jiaxing has been completed, with 4 production lines starting production in September 2023 [3]. - The company is developing various special functional polyimide films for 5G/6G applications, electric vehicles, and high-performance packaging materials [4]. Product Development - The company is working on new products such as TPI films that break foreign patent barriers, with increasing order volumes [4]. - Ongoing research includes low dielectric, flexible optoelectronic materials, high thermal conductivity, and fluorine-free special polyimide films [4]. - The company aims to enhance production efficiency and expand its product offerings in response to market demands [4].

Core Insights - The company reported a revenue of 182 million yuan for the first half of 2025, representing a year-on-year increase of 37.86% [1] - The net profit attributable to shareholders was -33.73 million yuan, with a year-on-year increase of 6.64% [1] - The basic earnings per share for the reporting period was -0.19 yuan [1] Financial Performance - The gross margin for the first half of 2025 was 20.87%, an increase of 3.47 percentage points year-on-year [1] - The net margin was -18.54%, which improved by 8.84 percentage points compared to the same period last year [1] - In Q2 2025, the gross margin was 21.01%, up 6.97 percentage points year-on-year and 0.34 percentage points quarter-on-quarter [1] - The net margin for Q2 2025 was -14.92%, showing an increase of 10.39 percentage points year-on-year and 8.31 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the first half of 2025 were 74.52 million yuan, an increase of 15.07 million yuan compared to the same period last year [2] - The expense ratio was 40.96%, a decrease of 4.09 percentage points year-on-year [2] - Sales expenses increased by 1.96%, management expenses rose by 22.57%, R&D expenses grew by 1.53%, and financial expenses surged by 58.13% [2] Company Overview - Shenzhen Ruihuatai Film Technology Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on December 17, 2004 [2] - The company was listed on April 28, 2021, and its main business involves the research, production, and sales of high-performance PI films [2] - The revenue composition is as follows: high-performance PI films 97.93%, other PI films and processing 1.21%, and other (supplementary) 0.85% [2] - The company belongs to the basic chemicals-plastics-film materials industry and is associated with concepts such as commercial aerospace, small-cap, flexible electronics, specialized and innovative, and new materials [2]

国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为深圳 瑞华泰薄膜科技股份有限公司（以下简称"瑞华泰"或"公司"）首次公开发行 股票并在科创板上市和向不特定对象发行可转换公司债券的保荐机构，根据《证 券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对瑞华泰继续 使用部分募集资金向全资子公司嘉兴瑞华泰薄膜技术有限公司（以下简称"嘉兴 瑞华泰"）提供借款以实施募投项目的事项进行了核查，具体情况如下： 一、募集资金基本情况 国信证券股份有限公司 关于深圳瑞华泰薄膜科技股份有限公司继续使用部分募集 资金向全资子公司提供借款以实施募投项目的核查意见 根据中国证券监督管理委员会于 2022 年 7 月 18 日印发的《关于同意深圳瑞 华泰薄膜科技股份有限公司向不特定对象发行可转换公司债券注册的批复》（证 监许可〔2022〕1546 号），同意深圳瑞华泰薄膜科技股份有限公司（以下简称"瑞 华泰"或"公司"）向不特定对象发行可转换公司债券（以下简称"可转债"）的注 册申请。公司向不特定对象发行可转债 430 万张，每张面值为人 ...