JHM(SH:603078) Zheng Quan Zhi Xing·2025-08-22 10:18Summary of Key Points Core Viewpoint The report details the fundraising activities and the utilization of proceeds by Jiangyin Jianghua Microelectronics Materials Co., Ltd., highlighting the amounts raised, the management of funds, and the economic benefits derived from the investment projects. Group 1: Fundraising Overview - The company raised a total of RMB 279,124,562.67 from a private placement of 8,787,878 shares at RMB 33.00 per share as approved by the China Securities Regulatory Commission [1] - In a subsequent fundraising round, the company raised RMB 646,210,313.32 from the issuance of 41,880,124 shares at RMB 15.43 per share, with a net amount of RMB 638,569,168.27 after deducting issuance costs [2] Group 2: Fund Management - The company established special accounts for the management of the raised funds in compliance with regulations, with a total balance of RMB 927,410,287.32 as of June 30, 2025 [3] - The company has utilized part of the idle funds for cash management, with a maximum of RMB 200 million authorized for investment in financial products [7] Group 3: Fund Utilization - The total amount of funds used from the 2020 fundraising was RMB 28,279.48 million, exceeding the total raised by RMB 367.02 million, primarily due to returns from cash management [4] - For the 2021 fundraising, the total amount used was RMB 64,412.20 million, with no changes in the intended use of funds [5] Group 4: Economic Benefits - The investment projects funded by the previous fundraising rounds have not yet achieved the expected economic benefits due to market demand fluctuations in the downstream industries [6] - The company reported that the projects are still in the ramp-up phase and have not yet reached their full production capacity [6] Group 5: Idle Funds and Cash Management - The company has engaged in cash management with idle funds, ensuring that the balance does not exceed the authorized limits set by the board [8] - As of February 28, 2023, the company approved the use of surplus funds from the 2020 fundraising for permanent working capital, amounting to RMB 16.6056 million [9]