Zheng Quan Zhi Xing·2025-08-15 09:18Core Viewpoint - The company intends to continue using part of the idle raised funds to temporarily supplement its working capital, following the approval of its board and independent directors, to improve fund utilization efficiency and reduce financial costs [6][9][10]. Fundraising Overview - The company raised a total of RMB 950 million through the issuance of convertible bonds, with a net amount of RMB 935.78 million after deducting underwriting and other issuance costs [1]. - In 2021, the company raised RMB 620.40 million through a private placement, with a net amount of RMB 610.79 million after costs [2]. Fund Usage Status - As of August 14, 2025, the company has utilized RMB 582.47 million of the convertible bond funds, leaving a balance of RMB 380.16 million [4]. - The company has utilized RMB 537.54 million of the private placement funds, leaving a balance of RMB 73.40 million [5]. - The unutilized funds are primarily allocated for pig farming projects, which have been delayed due to the downturn in the pig cycle and other market factors [6]. Previous Fund Usage for Working Capital - The company previously approved the use of up to RMB 494.80 million of idle funds for working capital, with specific amounts allocated from both convertible bonds and private placements [6][7]. Current Fund Usage Plan - The company plans to use up to RMB 380 million of idle funds for working capital, with RMB 73 million from private placement funds [8]. - This usage is expected to save approximately RMB 15 million in financial costs while ensuring the normal progress of investment projects [8]. Approval Process and Opinions - The board and independent directors have approved the plan to use idle funds for working capital, emphasizing that it will not affect the normal investment projects or harm shareholder interests [9][10]. - The company is required to return the funds to the special account within twelve months [8]. Sponsor's Verification Opinion - The sponsor has verified that the process for using idle funds complies with relevant laws and regulations, and there are no changes to the intended use of the funds that would harm shareholder interests [10][11].