SINOLINK SECURITIES(SH:600109) Zheng Quan Zhi Xing·2025-08-15 16:14Summary of Key Points Core Viewpoint The company intends to utilize part of its idle raised funds for cash management to enhance fund efficiency and returns while ensuring that it does not affect the ongoing investment projects and normal business operations [1][14]. Group 1: Fundraising and Allocation - The company raised a total of RMB 161,834.49 million from its initial public offering, with a net amount of RMB 147,855.79 million after deducting issuance costs [1][2]. - The raised funds will be allocated to three main projects: 1. Automotive electronic software platform construction: RMB 23,008.33 million 2. Intelligent connected vehicle testing and simulation platform: RMB 11,007.55 million 3. Intelligent connected vehicle software R&D center: RMB 4,715.98 million The total investment for these projects is RMB 38,731.86 million [4][5]. Group 2: Project Progress and Adjustments - Due to macroeconomic fluctuations and delays in obtaining construction permits, the progress of the investment projects has been slower than planned, leading to a resolution to postpone the projects by twelve months [5][6]. - The company has approved adjustments to the internal investment structure of the projects while maintaining the original investment amounts and purposes [6]. Group 3: Use of Excess Funds - The company has utilized part of the excess raised funds for working capital, with RMB 20,000 million (18.33% of total excess funds) approved for permanent use [7]. - Additional approvals were granted for using RMB 12,000 million and RMB 8,316.38 million for working capital and project investments, respectively [7][8]. Group 4: Cash Management Strategy - The company plans to use up to RMB 9 billion of idle raised funds for cash management, with a validity period of 12 months, allowing for rolling use of funds [10][11]. - The cash management will involve low-risk, high-liquidity investment products such as structured deposits and term deposits, ensuring that these funds do not affect ongoing projects [11][12]. Group 5: Governance and Oversight - The board of directors and the supervisory board have approved the cash management plan, ensuring compliance with relevant laws and regulations [13][14]. - The company will ensure that the cash management does not alter the intended use of the raised funds and will return the funds to the designated accounts upon maturity [14].