Hyea Aromas(SZ:300886) Zheng Quan Zhi Xing·2025-06-24 19:18Core Viewpoint - The report provides an overview of the fundraising and usage of funds by Anhui Huaye Fragrance Co., Ltd., confirming that the funds raised have been fully utilized as per the commitments made during the initial public offering [1][2][3]. Fundraising Overview - The company raised a total of RMB 266.77 million through the issuance of 14.35 million shares at a price of RMB 18.59 per share, with a net amount of RMB 222.62 million after deducting issuance costs [3][4]. - All raised funds were confirmed to be in place by September 10, 2020, as verified by an audit report [3]. Fund Usage and Balance - As of December 31, 2024, the company invested a total of RMB 227.64 million from the raised funds, with prior self-funding of RMB 113.76 million [3][4]. - The company has fully utilized the raised funds by the end of the reporting period [3][4]. Project Investment Details - The company committed to three projects: the annual production of 3,000 tons of butyrolactone series synthetic fragrances, the establishment of a fragrance engineering technology research center, and the marketing network construction project [4][5]. - Changes in project implementation locations and timelines were made, including the relocation of the research center and adjustments to the expected completion dates of various projects [5][6]. Financial Management of Idle Funds - The company has approved the use of idle funds for cash management, allowing up to RMB 80 million to be temporarily invested in safe and liquid financial products [6][7][8]. - As of December 31, 2024, the balance of cash management from idle funds was zero [9]. Project Performance and Benefits - The actual investment in the annual production of 3,000 tons of butyrolactone series synthetic fragrances exceeded the committed amount due to interest and investment income from the fundraising account [11]. - The project has not yet achieved the expected economic benefits, with the cumulative realized benefits falling below the promised returns by over 20% [12].