Group 1 - The company reported a total of RMB 75,880.00 million raised from its initial public offering (IPO) with a net amount of RMB 68,955.19 million after deducting issuance costs [5][32] - As of June 30, 2025, the company has utilized RMB 1,587.80 million from the IPO funds directly for investment projects and earned RMB 957.73 million in net interest and investment income [3][4] - The remaining balance of the IPO funds is RMB 25,001.86 million, which includes RMB 6,001.86 million in the special account and RMB 19,000.00 million in idle funds [3][4] Group 2 - In 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, with a net amount of RMB 18,342.53 million after deducting issuance costs [5][33] - By June 30, 2025, the company has used RMB 2,568.79 million from the targeted issuance for investment projects and earned RMB 173.77 million in net interest and investment income [5][6] - The remaining balance from the targeted issuance is RMB 6,651.10 million, including RMB 3,651.10 million in the special account and RMB 3,000.00 million in idle funds [5][6] Group 3 - The company has established a management system for the raised funds to ensure compliance with relevant regulations and to enhance the efficiency of fund usage [6][8] - The company has signed tripartite supervision agreements with its underwriters and banks to regulate the responsibilities and obligations of all parties involved in the management of the raised funds [7][10] - The company has not experienced any significant changes in its operational status or any major events that would impact its financial situation during the reporting period [3][12] Group 4 - The company plans to use up to RMB 23,000 million of temporarily idle raised funds for cash management, ensuring that it does not affect the progress of investment projects [31][39] - The cash management will involve investing in safe, liquid, and guaranteed-return financial products, including structured deposits and certificates of deposit [39][41] - The company has received no objections from its underwriter regarding the cash management plan, confirming that it complies with relevant regulations [47][48]

Meeting Information - The shareholder meeting is scheduled for September 9, 2025, at 14:30 [1] - The meeting will be held at Kewell Technology Co., Ltd., located at No. 8, Dalongshan Road, High-tech Zone, Hefei City [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's network voting system [1] Voting Procedures - The network voting will be available from 9:15 to 15:00 on the day of the meeting [1] - Shareholders can vote via the trading system or the internet voting platform [2] - The voting process must be completed for all proposals before submission [4] Agenda Items - The main agenda item for the meeting is the proposal regarding the conclusion of over-raised funds investment projects and the permanent replenishment of surplus raised funds into working capital [2] - This proposal has already been approved by the second meeting of the third board of directors [2] Attendance and Registration - Shareholders registered with China Securities Depository and Clearing Corporation Limited as of September 3, 2025, are eligible to attend [4] - Registration for the meeting must be completed by September 5, 2025, with specific documentation required [5] Additional Information - Attendees are advised to arrive at least 30 minutes early for check-in [6] - Contact information for the company is provided for any inquiries related to the meeting [6]

Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the management of raised funds by Kewell Technology Co., Ltd., including the amounts raised, their usage, and the status of various projects funded by these resources. Fundraising Overview - The company raised a total of RMB 75,880.00 million through its initial public offering (IPO) in August 2020, with a net amount of RMB 68,955.19 million after deducting issuance costs of RMB 6,924.81 million [1] - In November 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, resulting in a net amount of RMB 18,342.53 million after deducting issuance costs of RMB 487.74 million [2] Fund Usage and Management - As of June 30, 2025, the company had invested RMB 1,587.80 million from the raised funds into projects, with additional bank interest and investment income of RMB 957.73 million [2] - The remaining balance of the raised funds was RMB 25,001.86 million, which includes RMB 6,001.86 million in the special account for raised funds [2] - The company has established a management system for the raised funds to ensure compliance with regulations and efficient usage [3] Project Investment and Adjustments - The company has invested RMB 2,568.79 million in projects from the raised funds, with bank interest and investment income of RMB 173.77 million [3] - The company has not made any early investments or replacements for the fundraising projects during the reporting period [5] - The company has approved the use of temporarily idle funds for cash management, with a maximum amount of RMB 33,500.00 million allocated for such purposes [5] Project Status and Changes - The semiconductor testing and intelligent manufacturing equipment industrial park project has a total investment of RMB 45,000.00 million, with RMB 30,000.00 million sourced from over-raised funds [6] - The project timeline has been extended to September 2025 due to various delays [6][10] - The company has made adjustments to the investment amounts for certain projects, increasing the budget for the testing technology center from RMB 4,478.19 million to RMB 6,978.19 million [6] Compliance and Disclosure - The company has adhered to legal and regulatory requirements in disclosing the status of the raised funds, with no violations reported [6] - The company has provided timely and accurate disclosures regarding the management and usage of the raised funds [6]

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025 to boost operational efficiency and investor confidence while ensuring shareholder interests are protected [1][8]. Group 1: Operational Efficiency - The company is focusing on enhancing operational efficiency by optimizing processes, controlling costs, and improving internal capabilities amidst a challenging market environment [1]. - The overall profit margin is under pressure due to cautious capital expenditure and intensified industry competition [1]. Group 2: Research and Development - The company recognizes the strategic importance of R&D for long-term growth, investing CNY 37.58 million, which is 16.74% of its revenue, to enhance its technological capabilities and product offerings [2]. - During the reporting period, the company filed 42 new patent applications and received 49 new patent grants, totaling 430 authorized patents [2]. Group 3: Investor Returns - The company has a strong commitment to providing stable returns to investors, having distributed a total of CNY 147.30 million in cash dividends since its listing [3]. - The 2024 profit distribution plan includes a cash dividend of CNY 33.30 million, representing 67.90% of the net profit attributable to shareholders [3]. Group 4: Share Buyback - The company approved a share buyback plan with a budget between CNY 20 million and CNY 30 million to enhance investor confidence [4]. - As of June 30, 2025, the company has repurchased 841,042 shares, accounting for 1.0004% of its total share capital, with a total expenditure of CNY 22.95 million [5]. Group 5: Investor Relations Management - The company emphasizes effective investor relations management, ensuring timely and accurate information disclosure and maintaining communication through various channels [6]. - The company has achieved a 100% response rate to investor inquiries during performance briefings [6]. Group 6: Corporate Governance - The company has restructured its governance framework by abolishing the supervisory board and transferring its functions to the audit committee [7]. - The company has revised 21 internal management systems to align with the latest regulatory requirements, ensuring efficient governance [7]. Group 7: Compliance and Risk Management - The company prioritizes compliance and risk management among its key personnel, ensuring adherence to laws and regulations [8]. - Continuous training and updates on regulatory changes are provided to enhance the professional capabilities of the management team [8].

Core Viewpoint - The company has decided to conclude the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park Project" and permanently supplement its working capital with the remaining raised funds, including interest and financial income [1][9][10]. Fundraising Overview - The company raised a total of RMB 758.8 million from its initial public offering, with a net amount of RMB 689.55 million after deducting issuance costs [1][2]. - The company established a special account for managing the raised funds, ensuring compliance with regulatory requirements [2]. Investment Project Details - The company initially planned to invest RMB 276.46 million in various projects, but the actual net amount raised was RMB 689.55 million, resulting in excess funds of RMB 413.09 million [2][3]. - The company allocated part of the excess funds, amounting to RMB 120 million, for permanent working capital, which is approximately 29.05% of the total excess funds [4]. Project Completion and Fund Usage - As of July 31, 2025, the main construction and acceptance of the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park Project" have been completed, leading to the decision to conclude the project [6][9]. - The total investment for the project was estimated, and the remaining funds after project completion amounted to RMB 168.27 million, which will be used to permanently supplement working capital [8][9]. Reasons for Fund Surplus - The surplus funds resulted from a cautious investment strategy due to changes in the macroeconomic environment and industry conditions, leading to a slowdown in project implementation and equipment procurement [8][9]. - The company effectively managed costs and generated some income from cash management of idle funds, contributing to the surplus [8][9]. Future Fund Usage Plan - The company plans to use the surplus funds for daily operational activities, enhancing the efficiency of fund utilization [9][10]. - The decision to conclude the project and reallocate surplus funds aligns with the company's operational needs and long-term development strategy [9][10]. Approval Process - The board of directors approved the proposal to conclude the project and reallocate surplus funds, which will be submitted for shareholder approval [10][11]. - The sponsor institution has no objections to the decision, confirming compliance with relevant regulations [10][11].

Investment Overview - The company plans to use a maximum of RMB 450 million of temporarily idle self-owned funds for entrusted wealth management to improve fund utilization efficiency and increase cash asset returns for the company and its shareholders [2][4] - The investment will be in low-risk financial products with high safety and good liquidity, including but not limited to structured deposits, time deposits, notice deposits, large time deposits, and broker profit certificates [2][4] - The authorized period for this investment is 12 months from the date of the board meeting approval, and the amount can be rolled over within this authorization [2][3] Approval Process - The board of directors approved the proposal for using idle funds for entrusted wealth management during the second meeting of the third board on August 22, 2025, and this matter does not require shareholder meeting approval [2][3] Risk Management - The company will select financial products with high safety and good liquidity while controlling risks effectively, although these products are subject to macroeconomic policies [4] - The company will conduct comprehensive evaluations of investment products and ensure that the entrusted wealth management does not affect normal operations or financial stability [4] Impact on the Company - The use of idle self-owned funds for wealth management will not affect the company's normal cash flow or future business development, and it is expected to enhance the efficiency of fund utilization and generate investment returns [4]

Core Viewpoint - The company plans to utilize a maximum of RMB 230 million of temporarily idle raised funds for cash management, ensuring that it does not affect the normal progress of investment projects and the safety of the raised funds [1][6][9] Summary by Sections 1. Basic Situation of Raised Funds - The company raised a total of RMB 758.8 million from its initial public offering (IPO) in 2020, with a net amount of RMB 689.55 million after deducting issuance costs [2][3] - In 2023, the company raised RMB 188.3 million through a targeted issuance, with a net amount of RMB 183.43 million after costs [2][3] 2. Investment Projects of Raised Funds - The company has planned to use RMB 276.46 million from the IPO for various projects, with excess funds amounting to RMB 413.09 million [3][4] - The 2023 targeted issuance has a total investment plan of RMB 207.33 million, with the raised funds amounting to RMB 188.3 million [4] 3. Cash Management of Idle Funds - The company will use up to RMB 230 million of temporarily idle raised funds for cash management, with RMB 200 million from the IPO and RMB 30 million from the 2023 issuance [6][7] - The cash management products will include safe, liquid, and guaranteed principal investments such as structured deposits and time deposits [6][7] 4. Authorization and Implementation - The board of directors has authorized the management to make investment decisions and sign relevant documents within the specified limits and timeframe [2][6] - The finance department is responsible for organizing the implementation of cash management [2][6] 5. Impact on the Company - The cash management plan is designed to enhance the efficiency of fund usage and increase returns for the company and its shareholders without affecting the progress of investment projects [7][9] - The company will ensure compliance with relevant regulations and maintain transparency in fund usage [7][9]

Core Viewpoint - Kewell Technology Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, attributed to increased market competition and pricing pressures, despite a strong order acquisition momentum in its testing power business [13][14]. Company Overview and Financial Indicators - Kewell Technology Co., Ltd. is a comprehensive testing equipment supplier focusing on testing power, hydrogen testing, and power semiconductor testing [3][5]. - The company reported operating income of approximately 224.47 million yuan, a decrease of 11.62% compared to the same period last year [13]. - The net profit attributable to shareholders was approximately 31.01 million yuan, down 25.92% year-on-year [13]. - R&D investment accounted for 16.74% of operating income, reflecting the company's commitment to innovation [13]. Business Segments - The company operates three main business divisions: testing power, hydrogen testing, and power semiconductor testing, with products applied in various industries including new energy generation, electric vehicles, and power semiconductors [5][14]. - The testing power segment has seen a steady increase in order numbers, driven by the global new energy industry [13]. - The hydrogen testing segment faced challenges due to cautious investment in the hydrogen industry, leading to a decline in new orders [14]. Industry Context - Kewell is positioned in the high-end testing equipment sector, focusing on strategic emerging industries such as new energy and power semiconductors [8][10]. - The testing equipment industry is characterized by high technological intensity and long development cycles, with domestic companies rapidly closing the gap with international giants [8][9]. - The hydrogen energy market is experiencing growth, with increasing demand for testing equipment as the industry transitions to large-scale commercial applications [10][11]. Competitive Advantages - Kewell has established a strong market position through continuous innovation and a comprehensive product line, enabling it to meet diverse customer needs [16][18]. - The company emphasizes a dual strategy of horizontal technology generalization and vertical scenario deepening to enhance its competitive edge [16]. - Kewell's R&D capabilities are supported by a stable team and a commitment to market-driven innovation, resulting in significant advancements in product performance [17][18].

Core Viewpoint - Kewell Technology Co., Ltd. reported a decline in key financial metrics for the first half of 2025, indicating challenges in revenue generation and profitability compared to the previous year [1]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 1,718,001,295.60, a slight increase of 0.38% from CNY 1,711,537,350.58 at the end of the previous year [1]. - Net assets attributable to shareholders decreased by 0.93% to CNY 1,289,231,576.98 from CNY 1,301,294,675.18 [1]. - Operating revenue for the reporting period was CNY 224,472,512.97, down 11.62% from CNY 253,988,663.21 in the same period last year [1]. - Total profit decreased by 31.78% to CNY 28,304,891.30 from CNY 41,490,755.17 [1]. - Net profit attributable to shareholders fell by 25.92% to CNY 31,005,557.58 from CNY 41,853,912.47 [1]. - The net cash flow from operating activities was CNY 44,903,139.86, showing a significant change from a negative cash flow of CNY -35,411,828.81 [1]. - The weighted average return on net assets decreased by 0.79 percentage points to 2.37% from 3.16% [1]. - Basic and diluted earnings per share were both CNY 0.37, a decrease of 26.00% from CNY 0.50 [1]. - Research and development expenses accounted for 16.74% of operating revenue, an increase of 0.81 percentage points from 15.93% [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 5,661 [1]. - The largest shareholder, Fu Shitao, holds 26.69% of the shares, amounting to 22,437,272 shares [3]. - Other significant shareholders include Jiang Jiaping with 13.73% (11,539,091 shares) and Ren Yi with 7.13% (5,995,928 shares) [3]. - The report indicates that there are relationships among certain shareholders, particularly those associated with employee stock ownership platforms [3].

Core Viewpoint - Kewell (688551) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in the testing equipment industry [1] Financial Performance - In the first half of 2025, Kewell achieved a revenue of approximately 224 million yuan, representing a year-on-year decrease of 11.62% [1] - The company's net profit attributable to shareholders was about 31.01 million yuan, down 25.92% compared to the same period last year [1] Company Overview - Kewell is a comprehensive testing equipment company that provides testing systems and intelligent manufacturing equipment based on testing power products for multiple industries [1]