Hefei Jingsong Intelligent Technology (SH:688251) Zheng Quan Zhi Xing·2025-08-25 16:30Summary of Key Points Core Viewpoint The report outlines the fundraising and usage status of Hefei Jingsong Intelligent Technology Co., Ltd. for the first half of 2025, detailing the total amount raised, expenditures, and management of the funds, as well as changes in investment projects. Fundraising Basic Situation - The company raised a total of RMB 52,921.05 million through the issuance of 14,857,116 shares at a price of RMB 35.62 per share, with the net amount received being RMB 46,684.64 million after deducting fees [1][2]. - As of June 30, 2025, the remaining balance of the raised funds is RMB 24,063.22 million [1][2]. Fund Usage and Balance - Total funds used by June 30, 2025, amounted to RMB 17,952.27 million, with no pre-investment using self-raised funds or temporary use of idle funds for working capital [2][3]. - The company has invested in various projects, including RMB 12,002.80 million for working capital and RMB 3,503.80 million for the construction of a research center [1][2]. Fund Management Situation - The company has established a special account for fundraising management, adhering to regulations to protect investor rights and ensure efficient fund management [1][2]. - A tripartite supervision agreement was signed with the underwriter and banks to manage the funds [1][2]. Changes in Investment Projects - The company decided to terminate the "Intelligent Logistics System Production Base Technical Transformation Project" and redirect the remaining funds to the "Annual Production of 10,000 Sets of Intelligent Logistics Equipment Production Line Phase I Project" [2][3]. - This change was approved in meetings held on May 16, 2025, and June 3, 2025, with the new project being implemented by the wholly-owned subsidiary Hefei Jingsong Robot Co., Ltd. [2][3]. Cash Management of Idle Funds - The company has approved the use of up to RMB 32,000 million of temporarily idle funds for cash management, including purchasing structured deposits and large certificates of deposit [2][3]. - As of June 30, 2025, the company has invested RMB 3,000 million in structured deposits and income certificates [2][3].