Zheng Quan Zhi Xing·2025-06-25 16:59Core Viewpoint - The company is utilizing temporarily idle raised funds for cash management to enhance fund efficiency and generate investment returns without affecting normal operations and maintaining risk control [1][2][10]. Summary by Sections Cash Management Overview - The purpose of cash management is to maximize the use of temporarily idle raised funds while ensuring normal operations and risk control [2]. - The funds used for cash management are sourced entirely from temporarily idle raised funds, specifically from the 2014 non-public stock issuance and the 2018 asset acquisition fundraising [2][3]. Fundraising Details - The total amount raised from the 2014 non-public stock issuance was 62,865 million, with a remaining balance of 30,956,300 as of June 25, 2025 [5]. - The 2018 asset acquisition fundraising had a total investment of 100 million, with a remaining balance of 133,800 as of June 25, 2025 [5][6]. Cash Management Products - The company has engaged China Minsheng Bank to manage cash through structured deposits, with two products totaling 2,488 million [4][5]. - The first product has an expected annual yield of 0.9%-1.6% and a term of 32 days, while the second product has an expected yield of 0.95%-1.65% and a term of 61 days [5][7]. Risk Control Measures - The company has established internal controls to ensure the safety of funds during cash management, including separation of decision-making, execution, and supervision [8]. - The cash management products are low-risk, with a commitment to capital protection, and the company will maintain close contact with the bank to monitor the investment [8][9]. Financial Impact - The cash management initiative is expected to improve fund efficiency and generate returns without adversely affecting the company's main business or fundraising projects [10]. - As of March 31, 2025, the company's cash management payments totaled 2,488 million, representing 2.88% of the total cash [10][11]. Recent Cash Management Performance - In the last 12 months, the company invested 45,138 million in cash management products, with actual returns of 264.88 million [13]. - The highest single-day investment in the last year was 10,470 million, which is 3.61% of the net assets [13].