BHCC(SH:600800) Zheng Quan Zhi Xing·2025-08-26 16:19Core Viewpoint - The report provides an audit of Tianjin Bohai Chemical Co., Ltd.'s fundraising activities and the actual use of raised funds for the first half of 2025, confirming compliance with regulations and accurate reporting of fund usage [1][2]. Fundraising Overview - The company raised a total of RMB 706,018,058.90 through a non-public offering of 183,381,314 shares at RMB 3.85 per share, with net proceeds amounting to RMB 69,895.79 million after deducting issuance costs [2][3]. - The funds are managed under a specific management plan to ensure proper usage and efficiency, with dedicated accounts for storage [2][3]. Fund Storage and Usage - As of June 30, 2025, the total balance of the raised funds was RMB 25,677.51 million after accounting for various expenditures, including RMB 20,000 million temporarily used for working capital and RMB 28,154.60 million invested in projects [2][3]. - The company has established a four-party supervision agreement for the management of the raised funds, ensuring compliance with regulatory requirements [2][3]. Project Investment and Changes - The company has changed the investment focus from the "Propane Dehydrogenation Unit Technical Transformation Project" to the "Acrylic Ester and Super Absorbent Resin New Material Project" due to market conditions affecting the feasibility of the original project [2][3][5]. - The new project is currently being implemented as planned, with no significant changes in feasibility reported [5][6]. Idle Fund Management - The company has not engaged in cash management activities for idle funds during the reporting period, and no permanent use of excess funds for working capital or loan repayment has occurred [4][6]. - A temporary use of up to RMB 20,000 million of idle funds for working capital was approved, with a commitment to return the funds to the dedicated account as needed [4][6].