Luster(SH:688400) Zheng Quan Zhi Xing·2025-08-29 17:24Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the utilization of raised funds by Lingyun Technology Co., Ltd. for the first half of 2025, ensuring compliance with regulatory requirements and transparency in financial management. Fundraising Overview - The total amount raised through the initial public offering (IPO) was RMB 197,370 million, with a net amount of RMB 180,528.33 million after deducting issuance costs [1] - An additional RMB 27,526.23 million was raised through the full exercise of the over-allotment option, bringing the total net fundraising to RMB 208,054.56 million [1] Fund Utilization and Balance - As of June 30, 2025, the company had utilized RMB 104,206.47 million for project investments and had a net interest income of RMB 9,103.51 million [2] - The remaining balance of the raised funds was RMB 46,163.01 million, with no discrepancies reported between the expected and actual balances [2][3] Fund Management Practices - The company has established a dedicated fund management system, including the opening of special accounts for fundraising and signing tripartite agreements with banks and sponsors to ensure proper fund storage and usage [2] - As of June 30, 2025, the company maintained nine fundraising special accounts and three fixed deposit accounts, with a total balance of RMB 461,630,108.09 [2] Project Funding Status - The report indicates that there were no instances of using raised funds to replace pre-invested project funds or to supplement working capital during the reporting period [3] - The company has approved the use of temporarily idle funds for cash management, allowing for investments in safe and liquid financial products up to RMB 120,000 million [2][3] Changes in Funded Projects - There were no changes in the fundraising projects or their implementation during the reporting period, and no projects were transferred or replaced [3] - The company has extended the timeline for certain projects without altering their investment purposes or scales, particularly for the "Industrial AI Algorithm and Software Platform R&D Project" [3][4]