Core Viewpoint - Shenzhen BGI Intelligent Manufacturing Technology Co., Ltd. reported on the management and usage of raised funds for the first half of 2025, detailing the total amount raised, its allocation, and the current balance of funds [1][3]. Fundraising Overview - The total amount raised from the initial public offering (IPO) was approximately RMB 3.60 billion, with a net amount of RMB 3.31 billion after deducting issuance costs [1][3]. - As of December 31, 2024, the balance of the raised funds was RMB 1.82 billion, which decreased to RMB 1.67 billion by June 30, 2025, after accounting for usage and interest income [1][2]. Fund Usage and Management - The company has established a fundraising management system to ensure proper storage and usage of the funds, adhering to relevant regulations [1][3]. - The company signed tripartite and quadripartite agreements with its sponsor and banks to regulate the management of the raised funds [1][3]. Fund Allocation - The actual usage of the raised funds for the reporting period was RMB 39.11 million, with a cumulative total of RMB 1.57 billion used to date [3][4]. - There were no instances of using idle funds for temporary working capital or for repaying bank loans during the reporting period [3][4]. Project Status and Adjustments - The company completed the investment projects "BGI Intelligent Manufacturing Information System Construction" and "BGI Intelligent Manufacturing Marketing Service Center Construction," leading to a decision to permanently supplement working capital with the remaining funds [3][4]. - The timeline for the "BGI Intelligent Manufacturing and R&D Base Project" has been extended to March 2026 due to construction delays [3][4]. Financial Management - The company has engaged in cash management for idle funds, investing in high-security and liquid financial products, with a total of RMB 868 million allocated to various structured deposits [2][4]. - The company reported an investment income of RMB 16.28 million from these financial products, which has been returned to the fundraising account [4][6].

Summary of Key Points Core Viewpoint - The report outlines the fundraising activities and management of funds by Lianyun Technology (Hangzhou) Co., Ltd., detailing the amount raised, its usage, and the management of idle funds. Group 1: Fundraising Overview - The total amount raised through the IPO was RMB 1,066,125,000, with a net amount of RMB 1,033,365,759.76 after deducting issuance costs [1][2] - As of June 30, 2025, the company has utilized RMB 257,169,087.56 of the raised funds, leaving a balance of RMB 779,716,231.84 [1][3] Group 2: Fund Management - The company has established a dedicated fund management system in compliance with regulatory requirements, including a tripartite supervision agreement with its underwriter and banks [1][2] - As of June 30, 2025, the balance in the special fund account was RMB 379,716,231.84 after accounting for temporarily idle funds [1][3] Group 3: Cash Management of Idle Funds - The company has approved the use of up to RMB 850 million of idle funds for cash management, investing in low-risk financial products [2][3] - As of June 30, 2025, RMB 400 million of idle funds were allocated for cash management, primarily in structured deposits [3][4] Group 4: Fund Usage and Project Status - The company has not used idle funds to temporarily supplement working capital or for any other non-project purposes [3][4] - The report indicates that there have been no changes in the use of funds for investment projects, and all funds are being managed according to the approved plans [3][4]

Fundraising Overview - The company raised a total of RMB 199,990,563.40 through a non-public offering of 21,604,938 shares at an issue price of RMB 9.72 per share, with the funds fully received on November 2, 2022 [1][2] - The net amount raised after deducting underwriting and sponsorship fees was confirmed by an audit report [1] Fund Utilization - The company used RMB 10,673,814.78 of its own funds for preliminary investments in fundraising projects, which was later replaced by RMB 1,067.38 million from the raised funds [2][5] - As of June 30, 2025, the remaining balance of the raised funds was RMB 40,188,847.59, with RMB 36,149,356.30 in one account and RMB 4,039,491.29 in another [3][6] Fund Management - The company established a management system for the use and storage of raised funds, ensuring compliance with relevant regulations [3][4] - A tripartite supervision agreement was signed with the sponsor and the bank to oversee the use of the raised funds [3] Project Adjustments - The company decided to adjust the investment total for the smart streetlight manufacturing project to RMB 15,138.02 million, terminating the construction of an office building and some equipment [6][7] - The timeline for the smart streetlight project was extended to August 31, 2025, due to delays in construction and the need for equipment upgrades [6][7] Financial Performance - The total amount of funds utilized in the current year was RMB 2,371.17 million, with a cumulative investment of RMB 11,122.64 million [6] - The proportion of funds that have been repurposed is 28.27% of the total raised [6]

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the usage of raised funds by Hunan Xinwufeng Co., Ltd. for the first half of 2025, detailing the amounts raised, their allocation, and the management of these funds. Fundraising Overview - The company raised a total of RMB 102,999.00 million by issuing 152,365,383 shares at RMB 6.76 per share, with a net amount of RMB 102,219.44 million after deducting fees [1]. - A subsequent fundraising round raised RMB 155,057.94 million by issuing 184,812,797 shares at RMB 8.39 per share, resulting in a net amount of RMB 152,764.89 million after fees [1]. Fund Usage and Balance - For the first fundraising, the net amount was RMB 102,219.44 million, with RMB 96,365.16 million allocated to projects and RMB 445.24 million in interest income, leading to a remaining balance of RMB 4,957.42 million [2]. - For the second fundraising, the net amount was RMB 152,764.89 million, with RMB 98,866.29 million allocated to projects and RMB 626.10 million in interest income, resulting in a remaining balance of RMB 50,416.81 million [2]. Fund Management - The company has established a management system for the raised funds in compliance with relevant laws and regulations to enhance efficiency and protect investor rights [3]. - Multiple tripartite and quadripartite agreements have been signed with banks and sponsors to ensure proper management and usage of the funds [4][5]. Project Adjustments - Due to delays in construction at some pig breeding sites, the company has made adjustments to the allocation of raised funds, reallocating funds from the original projects to new initiatives [7][9]. - The company terminated the "Shinou Township 3,600 Head Breeding Farm Project" due to unfavorable market conditions and redirected the remaining funds to supplement working capital [8]. Financial Performance - The company has reported that the investment projects have not encountered any significant issues, and the usage of funds has been disclosed appropriately [11][12].

Core Points - The company has raised a total of RMB 39,802.88 million through the issuance of convertible bonds, with net proceeds after expenses amounting to RMB 39,802.88 million [1][2] - As of June 30, 2025, the company has utilized RMB 39,153.78 million of the raised funds, resulting in a remaining balance of RMB 1,721.51 million [2][4] - The company has established a dedicated account for the management of raised funds, ensuring compliance with regulatory requirements [2][3] Fund Usage and Balance - The total amount of raised funds is RMB 39,802.88 million, with RMB 39,241.07 million utilized by the end of the reporting period [7] - The company has not used any idle funds for temporary working capital, nor has it used any excess funds for permanent working capital or loan repayment [5][9] - The company has approved the use of up to RMB 15 million of idle funds for cash management, with the current balance of such investments being RMB 15 million [5][8] Project Funding and Adjustments - The company has replaced RMB 47.87 million of self-raised funds with raised funds for specific projects, including RMB 45.65 million for the borosilicate glass production project [4][7] - There are no changes in the funding usage for the projects, and the company has not encountered any issues with the execution of the three-party supervision agreement for fund management [6][3] - The completion date for the borosilicate glass production project has been extended to June 30, 2024, due to delays in equipment supply and installation [7]

Fundraising Overview - The company raised a total of RMB 1,268,352,723.15 through a non-public offering of 100 million shares at RMB 12.80 per share, approved by the China Securities Regulatory Commission [1] - As of June 30, 2025, the company has invested RMB 327,656,254.14 in fundraising projects, with RMB 61,156,697.46 specifically allocated to fundraising projects [1][3] Fund Management - The company has established a fundraising management method in compliance with relevant laws and regulations to protect investor rights [1] - As of August 21, 2023, the company signed tripartite supervision agreements with several banks to manage the fundraising [1] Actual Use of Funds - The company has temporarily supplemented working capital with RMB 40 million of idle funds, which has not yet been repaid as of June 30, 2025 [2][4] - The company has also engaged in cash management for idle funds, with an amount of RMB 40 million not yet recovered [4] Changes in Fundraising Projects - The company approved a change in the use of part of the fundraising for the "Automobile and Green Energy Aluminum Industry Park Project" instead of the original "Annual Production of 250,000 Tons of New Energy Battery Materials Project" [1][4] - The change was approved during the second extraordinary general meeting of shareholders on December 17, 2024, with a focus on maximizing fund efficiency [4]

Fundraising Overview - The company raised a total of RMB 1,670.09 million through the issuance of 46,245,200 shares at a price of RMB 36.00 per share, with net proceeds after expenses amounting to RMB 1,670.09 million [1][2] - The total planned investment for the fundraising projects is RMB 1,000.06 million, with the company utilizing RMB 1,097.02 million of the raised funds as of June 30, 2025 [1][2] Fund Utilization - As of June 30, 2025, the company has used RMB 1,097.01 million of the raised funds, with a remaining balance of RMB 257.32 million in the special account [1][2] - The company has generated RMB 75.48 million in interest income from the special account, net of fees [1][2] Project Investment Details - The company has invested in several projects, including: - Artificial Intelligence Algorithm Platform Upgrade Project: Actual investment of RMB 120.25 million, exceeding the commitment by RMB 13.56 million [2][3] - Artificial Intelligence Innovation Application R&D Project: Actual investment of RMB 98.56 million, exceeding the commitment by RMB 0.40 million [2][3] - Marketing Service System Upgrade Project: Actual investment of RMB 76.14 million, exceeding the commitment by RMB 0.40 million [2][3] - Multi-modal Large Model Technology and Application R&D Project: Actual investment of RMB 301.87 million, slightly exceeding the commitment by RMB 0.19 million [2][3] Surplus Fund Management - The company has utilized surplus funds of RMB 402.00 million for permanent working capital supplementation as of June 30, 2025 [3][4] - The company has also approved the use of surplus funds for cash management, with a limit of RMB 600 million for temporary idle funds [3][4] Regulatory Compliance - The company has established a fundraising management system in compliance with relevant laws and regulations, ensuring proper storage and usage of the raised funds [1][2] - The company has signed tripartite supervision agreements with the sponsor, subsidiaries, and banks to ensure compliance with fundraising regulations [1][2]

Meeting Details - The third meeting of the ninth board of directors was held on August 21, 2025, with eight out of nine directors present, and the meeting was chaired by Chairman Cai Liyong [1] - The meeting followed all legal and regulatory procedures as well as the company's articles of association [1] Resolutions Passed - The board approved the cash dividend plan for the first half of 2025, which will be submitted to the shareholders' meeting for review [2] - The construction period for the "annual production of 220 million meters of high-end zipper expansion project" has been extended by two years due to municipal planning adjustments and market environment changes [2] - A special report on the management and use of raised funds for the first half of 2025 was approved by the board's audit committee [2] Financial Report - The company's 2025 half-year financial report and its summary were approved by the board's audit committee [3] - A total profit distribution of 285 million yuan was decided for seven wholly-owned subsidiaries, which will increase the parent company's reported profit without affecting the consolidated financial statements [3]

Core Points - The company held its 22nd meeting of the 5th Supervisory Board on August 22, 2025, where all three attending supervisors approved the 2025 semi-annual report and its summary, confirming compliance with legal and regulatory requirements [1] - The Supervisory Board also approved the 2025 semi-annual special report on the storage and use of raised funds, affirming that the report accurately reflects the company's fundraising activities and complies with relevant regulations [2] Summary by Sections - **Meeting Details** - The meeting was convened on August 22, 2025, with all three supervisors present, meeting the legal requirements for quorum [1] - **2025 Semi-Annual Report** - The report was approved unanimously, with the Supervisory Board confirming that the preparation and review processes adhered to legal and regulatory standards, and the content accurately reflects the company's situation without any misleading statements [1] - **Special Report on Fund Usage** - The special report on the storage and use of raised funds was also unanimously approved, with the Supervisory Board stating that it accurately reflects the company's fundraising activities and complies with relevant regulations, ensuring no violations of laws or shareholder interests [2]

Fundraising Overview - The company raised a total of RMB 52,907.59 million from its initial public offering (IPO) by issuing 74.8 million shares at RMB 7.07 per share, with the funds deposited into a regulatory account on June 1, 2020 [1] - In a subsequent private placement, the company raised RMB 98,999.99 million by issuing 36,330,275 shares at RMB 27.25 per share, with net proceeds of RMB 97,292.58 million after deducting underwriting fees [1][2] Fund Utilization and Balance - As of June 30, 2025, the actual usage and balance of the raised funds are as follows: - For the IPO: Net proceeds of RMB 49,890.55 million, with RMB 47,861.87 million used for investment projects and RMB 4,466.53 million remaining [1] - For the private placement: Net proceeds of RMB 97,292.58 million, with RMB 85,989.82 million used for investment projects and RMB 13,976.80 million remaining [1][3] Fund Management Practices - The company has established a dedicated fund management system in compliance with relevant laws and regulations, including the establishment of special bank accounts for fund storage and management [1][3] - The company signed tripartite and quadripartite supervision agreements with banks and sponsors to ensure proper management of the raised funds [2][4] Cash Management of Idle Funds - The company has approved the use of temporarily idle funds for cash management, allowing for investments in low-risk, liquid financial products, with a maximum of RMB 60,000 million allocated for such purposes [3][5] - As of June 30, 2025, the balance of idle funds used for cash management was zero, indicating effective utilization of the raised funds [5] Project Implementation and Adjustments - The company has not reported any early investments or replacements of funds for investment projects during the reporting period [3][6] - There have been no changes in the use of raised funds for ongoing or new projects, nor any transfer or replacement of investment projects [7][8] Compliance and Disclosure - The company has adhered to the regulatory requirements for the management and use of raised funds, ensuring timely and accurate disclosure of fund storage and usage [7][8]