SINOSTEEL LNMTC(SH:688119) Zheng Quan Zhi Xing·2025-08-27 09:20Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the management of the raised funds by Zhonggang Luonai Technology Co., Ltd. It outlines the total amount raised, the usage of the funds, and the remaining balance as of June 30, 2025, while also addressing the management protocols in place to ensure compliance with regulatory requirements. Fundraising Overview - The company raised a total of RMB 1,138,500,000 through the issuance of 22.5 million shares at RMB 5.06 per share, with a net amount of RMB 1,072,459,905.66 after deducting underwriting fees and other expenses [1]. - As of June 30, 2025, the remaining balance of the raised funds is RMB 764,283,999.71, which includes RMB 214,283,999.71 in current accounts and RMB 550,000,000 in bank large deposits [1][2]. Fund Usage and Management - The company has utilized RMB 329,485,476.98 of the raised funds for investment projects, with additional amounts used to replace self-funded expenses [1][2]. - The company has established a dedicated fund management system in compliance with relevant laws and regulations, ensuring that funds are stored in special accounts and managed according to a three-party supervision agreement [1][3]. Project Status and Adjustments - Four investment projects have been postponed, including the annual production of 90,000 tons of new refractory materials and the new materials research center [3][6]. - The company has terminated two sub-projects related to the annual production of 30,000 tons of high-temperature magnesium-based new refractory materials and 20,000 tons of high-temperature aluminum-based new refractory materials due to changes in market conditions [3][4]. Compliance and Reporting - The company has adhered to the regulatory requirements for fundraising and has effectively disclosed information regarding the management and usage of the raised funds, with no violations reported [3][6].