Core Viewpoint - The company has approved its 2025 semi-annual report, which reflects its operational results, financial status, and future development plans, with no cash dividends or stock bonuses planned for the reporting period [1][3][11]. Company Basic Information - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [5]. - The company has no preferred shareholders or related bond situations during the reporting period [5][6]. Important Matters - The company has completed its "Research and Development Center Construction Project" and plans to use the remaining raised funds to supplement working capital permanently [6][28]. - A new project for the construction of a "15,000 tons/year powder coating polyester resin" facility has been signed with the government of Haining City, which is currently progressing smoothly [6]. - The company plans to establish wholly-owned subsidiaries in Singapore and Hong Kong to enhance its international business layout [7]. Board and Supervisory Committee Meetings - The third board and supervisory committee meetings were held on August 26, 2025, where the semi-annual report and the special report on the use of raised funds were approved unanimously [9][16][18]. Fundraising and Usage - The company raised a total of 88,832 million RMB from its initial public offering, with a net amount of 77,325.08 million RMB after deducting various fees [22]. - As of June 30, 2025, the company has not used any temporarily idle raised funds for cash management or investment in related products [26]. - The company has permanently supplemented working capital with surplus raised funds from completed projects, amounting to 4,354.30 million RMB and 1,759.16 million RMB from different projects [28][29].