Core Viewpoint - Yushen Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its financial status, business operations, and fundraising projects, providing detailed insights into its performance and future plans [1][5]. Financial Performance and Business Operations - In Q1 2025, Yushen Co., Ltd. reported a revenue of 259.60 million yuan, a year-on-year increase of 22.74%, while the net profit attributable to shareholders was 7.84 million yuan, a decline of 46.93%. This decline was primarily due to losses in the Guinea land transportation business, which had a gross margin of -135.71% due to poor local traffic conditions and insufficient capacity [2]. - By H1 2025, the company saw an increase in revenue to 661.80 million yuan, a 49.12% year-on-year growth, with net profit rising to 40.81 million yuan, an increase of 3.18% compared to the previous year. The transportation business revenue decreased, while the warehousing business revenue increased [2]. - The company is addressing the declining gross margin in the transportation business through quality optimization and procurement platform adjustments. The provision for bad debts and the aging structure of accounts receivable are comparable to industry peers, indicating that debtors have the capacity to fulfill their obligations [2]. Previous Fundraising Project Analysis - In 2021, the company raised 433 million yuan, with 25.98% of the projects undergoing changes in use. Some projects, such as the Yushen Zhudong Land Port and Qinzhou Port Logistics Park, reached operational status but did not meet expected returns due to cost control and strategic adjustments [3]. - The company has implemented measures to enhance customer cooperation and optimize operational efficiency for projects that did not achieve expected benefits [3]. Current Fundraising Project Interpretation - The company plans to raise up to 380 million yuan, with 266 million yuan allocated for the Yushen Guinea transshipment project and 114 million yuan for working capital and bank loan repayment. The transshipment project is an extension of the company's transportation business and aligns with its core operations [4]. - Despite initial losses in the Guinea land transportation service, the company has taken proactive measures to improve the situation, including appointing management personnel and establishing internal control systems [4]. - The company has signed contracts with suppliers for vessel purchases, reducing uncertainty. Although new fixed asset depreciation will impact financial data, the expected benefits from the project are anticipated to offset this [4]. - A professional transshipment team has been formed, and third-party vessel management companies will be engaged for operations and maintenance. The company has secured cooperation agreements with clients, covering 45.37% of overall transshipment capacity, indicating strong market demand and potential for capacity absorption [4].

Core Viewpoint - The company, Fule New Materials (605488.SH), is initiating its third financing round to raise 710 million yuan for expansion and liquidity support, amidst concerns over its previous fundraising efforts and declining profitability [1][2]. Financing and Investment - Fule New Materials plans to issue up to 84,062,775 shares to raise no more than 710 million yuan for projects including label printing material expansion, electronic-grade functional material upgrades, R&D center upgrades, and working capital [2]. - This marks the company's third financing since its IPO in May 2021, which raised 613 million yuan, and a convertible bond issuance in December 2022 that raised 429 million yuan [2][4]. - The company has faced challenges with its IPO projects, achieving only 2.4273 million yuan in cumulative benefits against promised returns, primarily due to slower construction progress and intense market competition [2][4]. Financial Performance - The company has experienced a continuous decline in net profit for three and a half years, with a significant drop in its non-recurring net profit from 112 million yuan in its IPO year to 46 million yuan in 2024 [8]. - In the first half of 2025, the company reported a revenue of 1.334 billion yuan, a year-on-year increase of 15.4%, but a net profit decline of 19.58% to 51 million yuan, indicating a situation of increasing revenue without corresponding profit growth [8]. - The company's liquidity remains under pressure, with cash and cash equivalents of 280 million yuan and short-term borrowings of 491 million yuan as of mid-2025 [4]. Corporate Strategy and Challenges - Fule New Materials is transitioning from a single coating material provider to an integrated solution provider, including flexible sensors and robotic electronic skin applications [6]. - The company has introduced a new equity incentive plan for 103 core members, with performance targets set at 60 million, 80 million, and 100 million yuan for the next three years, which is significantly lower than previous targets [5][8]. - The company has had to repurchase and cancel 1,808,506 restricted shares due to underperformance against its previous incentive plan targets [8][9].

Group 1 - The company held a semi-annual performance briefing for 2025 on September 2, focusing on stock performance, market value management, business layout, and fundraising project progress [1] - The company acknowledged that stock prices are influenced by macroeconomic factors and industry policies, and plans to stabilize stock prices through improved operational quality, increased cash dividends, and effective investor relations management [1] - The company has temporarily postponed some fundraising projects due to market conditions, with a focus on enhancing capital efficiency in future project arrangements [1] Group 2 - The new Chengdu Aerospace Molding Nanjing Co., Ltd. automotive interior and exterior production project has begun trial operations, with planned production in September and an expected annual output of 1.2137 million sets, generating an estimated average annual revenue of 380 million yuan [1] - The company aims to build a world-class aerospace intelligent equipment manufacturing enterprise under its "1334" development strategy, with military product revenue of 673,380 yuan in the first half of 2025, accounting for 0.16% of total revenue, reflecting a year-on-year growth of 6.96% [1] - The automotive parts business collaborates with major manufacturers like Geely and Changan, while the oil and gas equipment business maintains long-term partnerships with companies such as PetroChina [1]

Core Viewpoint - The article discusses the recent performance and funding adjustments of Shenzhen Jialichuang Technology Group Co., Ltd. (Jialichuang), highlighting its position in the electronic industry and the impact of U.S. restrictions on EDA software on the domestic market [1][21]. Funding and Financial Adjustments - Jialichuang initially planned to raise 667 million yuan but later revised this figure down to 420 million yuan, a reduction of 247 million yuan [1][10]. - The funding cuts affect several projects, including the high-layer printed circuit board production line and the PCBA smart production line, indicating a significant decrease in required capital across all project categories [3][4]. Project Details - The revised funding allocation includes: - High-layer printed circuit board production line: 120 million yuan - PCBA smart production line: 115 million yuan - R&D center and information technology upgrade: 48 million yuan - Intelligent electronic components center: 74 million yuan - Mechanical industry chain production line: 63 million yuan - Total: 420 million yuan [10][4]. Cash Dividend and Financial Management - Jialichuang distributed cash dividends of 27 million yuan in 2021 and 40 million yuan in 2022, raising questions about the necessity and rationale behind these distributions in light of the funding cuts [5][8]. - The company has faced scrutiny regarding its financial internal controls, particularly concerning related-party transactions and cash flow management [11][12]. Market Position and Customer Base - Jialichuang claims to serve millions of global customers with a focus on fast delivery, high quality, and customization in small-batch production [1][21]. - The company emphasizes a diverse customer base with a high repurchase rate, although it acknowledges the challenges posed by a fragmented customer distribution [22][24]. Operational Challenges - The company has been questioned about its online sales model, which accounts for over 90% of its revenue, and the implications of using third-party payment platforms [14][19]. - Jialichuang has implemented various internal control measures to ensure the accuracy and legitimacy of its sales transactions, aiming to mitigate risks associated with potential fraudulent activities [20][24].

Core Viewpoint - The report details the fundraising activities and the usage of raised funds by Suzhou Mingzhi Technology Co., Ltd. as of June 30, 2025, highlighting the total amount raised, the allocation of funds, and the management practices in place to ensure compliance with regulations [1][2][4]. Fundraising Overview - The company raised a total of RMB 543,090,500.00 through the issuance of 30.77 million shares at a price of RMB 17.65 per share, with a net amount of RMB 489,365,155.48 after deducting fees [1][2]. - All raised funds have been deposited into a special account approved by the board, and a tripartite supervision agreement has been signed with the sponsor and the bank [2]. Fund Usage and Balance - As of June 30, 2025, the company utilized RMB 1,351,374.49 in the current year and a cumulative total of RMB 375,596,072.08 from the raised funds [2][5]. - The company earned RMB 279,043.43 from idle funds in the current year, with a cumulative earning of RMB 32,555,536.76 [2][5]. - The remaining balance of the raised funds as of June 30, 2025, is zero, indicating that all funds have been allocated or utilized [2][5]. Fund Management Practices - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure proper management and usage of the funds [2][4]. - A tripartite supervision agreement is in place to protect investor interests and ensure the proper storage of funds in designated accounts [2][4]. Project Completion and Fund Allocation - All fundraising projects have been completed as of June 30, 2025, with no idle funds requiring cash management [5][6]. - The company has permanently supplemented its working capital with surplus funds from completed projects, totaling RMB 51,155,155.92 [2][5][6]. Changes in Fund Usage - There have been no changes in the fundraising investment projects as of June 30, 2025, and no funds have been transferred or replaced [6][7].

Group 1 - The company plans to reappoint Tianjian Accounting Firm (Special General Partnership) as the auditor for the year 2025, pending approval at the second extraordinary general meeting of shareholders in 2025 [2][10][11] - The audit fee for 2025 is set at RMB 770,000, which is a decrease from the previous year's fee [8] - Tianjian Accounting Firm has a good investor protection capability, with a cumulative risk fund and professional insurance compensation limit exceeding RMB 200 million as of the end of 2024 [3] Group 2 - The audit committee and board of directors have both approved the proposal to reappoint Tianjian Accounting Firm, citing its ability to perform audits diligently and independently [9][10] - The firm has faced administrative penalties and self-regulatory measures in the past three years, but these do not affect its ability to perform audits for the company [7] - The project partner and signing registered accountants have relevant experience, with the lead partner having signed or reviewed 12 audit reports in the last three years [4][6] Group 3 - The company has announced the cancellation of 234,360 restricted stock options from the 2023 incentive plan, due to various reasons including the departure of employees and failure to meet performance targets [32][37] - The company has adjusted the internal investment structure of certain fundraising projects without changing the investment content or total amount, ensuring no adverse impact on project implementation [43][46] - The company will hold a second extraordinary general meeting of shareholders on September 15, 2025, to discuss various proposals including the reappointment of the auditor [53][54]

Core Viewpoint - Su Keng Agricultural Development (601952.SH) reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of poor performance from 2023 and 2024 due to pressure on agricultural product prices and high costs [1][2] Financial Performance - In the first half of 2025, the company achieved revenue of 4.588 billion yuan, a year-on-year decrease of 9.26%, compared to a 4.37% decline in the same period last year [2] - The net profit attributable to shareholders was 213.2 million yuan, down 27.71% year-on-year, contrasting with a 4.84% increase in the previous year [2] - The company's main business revenue was 4.533 billion yuan, a decline of 9.13% year-on-year, with only three out of nine major products showing revenue growth [3] Product Sales - Key products such as agricultural inputs, edible oil, and rice saw significant revenue declines of 30.73%, 17.9%, and 30.72% respectively, with their contributions to total revenue being 21.52%, 20.36%, and 12.12% [3] - The overall gross margin decreased from 13.11% to 12.03%, while the net profit margin fell from 6.05% to 4.87% due to relatively stable operating expenses [3] Subsidiary Performance - Six major subsidiaries reported significant profit declines, with net profits dropping by 46.95% to 73.83% year-on-year [4] Investment Projects - The company has two ongoing fundraising projects aimed at enhancing seed and rice production capacity, but both have faced delays and uncertainties regarding their impact on future performance [5][6] - The "Dahua Seed Industry Group Expansion Project" is expected to be completed by December 2025, while the "Su Keng Rice Industry Group Expansion Project" has been adjusted to include fewer new production lines and is now set for completion by July 2026 [7] - The overall market environment has changed significantly since the initiation of these projects, with rice business revenues declining by 3.69% and 30.72% in 2024 and the first half of 2025 respectively [7]

Fundraising Overview - The company raised a total of RMB 48,357.00 million from its initial public offering (IPO) by issuing 27 million shares at RMB 17.91 per share, with a net amount of RMB 42,555.16 million after deducting fees [1][2] - The company also issued convertible bonds totaling RMB 38,000.00 million, with a net amount of RMB 37,109.25 million after fees [2][3] Fund Utilization - As of June 30, 2025, the company has invested RMB 20,256.22 million from the IPO funds and RMB 9,026.00 million from the convertible bond funds [2][3][18] - The company has generated RMB 2,617.23 million in investment income from financial products related to the IPO funds [2][3] - The remaining balance of the IPO funds is RMB 12,862.84 million, while the convertible bond funds have a remaining balance of RMB 29,340.36 million [2][3] Fund Management - The company has established a dedicated account for fundraising and signed tripartite agreements with banks to ensure proper management and usage of the funds [5][7] - The company has not experienced any abnormal situations regarding the utilization of the fundraising projects [9] Project Status - The company’s fundraising projects, including the "R&D Center and Headquarters Construction Project," are ongoing, with no significant deviations reported [9][18] - The company has not made any changes to the fundraising project implementation or transferred any projects externally [9][18] Cash Management - The company has utilized idle fundraising funds for cash management, with a total of RMB 12,700.00 million in structured deposits and RMB 29,000.00 million in various financial products [9][11] - The company has not used idle funds to temporarily supplement working capital during the reporting period [9][18] Compliance and Reporting - The company has complied with all relevant laws and regulations regarding the use of fundraising and has disclosed the usage accurately and timely [9][18] - The company has not encountered any issues related to the use and disclosure of fundraising [9][18]

Fundraising Overview - The company raised a total of RMB 2,002,412,490.32 through its initial public offering, with a net amount of RMB 1,910,616,719.65 after deducting related expenses [1][2] - As of June 30, 2025, the company has invested RMB 116,085.45 million of the raised funds, with RMB 102,895.06 million used in previous years and RMB 13,190.38 million in 2025 [2][6] Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure effective use and protection of investor rights [2][3] - A tripartite supervision agreement was signed with the underwriter and the bank to manage the raised funds [3][4] Fund Usage and Balance - As of June 30, 2025, the remaining balance of the raised funds is RMB 85,704.81 million, with RMB 80,000.00 million in fixed deposits and RMB 5,704.81 million in the special account [2][6] - The company has not used idle funds to temporarily supplement working capital in the first half of 2025 [7][21] Cash Management - The company has approved the use of idle funds for cash management, allowing investments in safe and liquid products with a maximum limit of RMB 100,000 million for idle raised funds and RMB 30,000 million for idle self-owned funds [8][22] - As of June 30, 2025, the company achieved cash management income of RMB 232.45 million [23] Project Investment and Adjustments - The company has made adjustments to the investment structure of its projects, extending the construction period for the R&D technology center to December 2025 and relocating the electronic information equipment production base project to Nanjing, with a new completion date of December 2026 [21][24] - The company has used RMB 355.47 million of raised funds to replace self-owned funds used for project personnel costs in the first half of 2025 [21][25] Compliance and Reporting - The company adheres to the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the management and disclosure of raised funds, ensuring timely and accurate reporting [19][20]

Core Viewpoint - The company held an online performance briefing on August 26, 2025, to discuss its financial results and operational updates with investors [1] Group 1: Financial Performance - For the first half of 2025, the company achieved operating revenue of 863,112,643.06 yuan and a net profit attributable to shareholders of 229,656,927.58 yuan [1] - The second quarter of 2025 saw a significant revenue increase of 86.68% compared to the first quarter, indicating a recovery trend in performance [1] - The revenue composition for the first half of 2025 was 72.39% from cosmetics (62,481.77 million yuan) and 27.61% from medical devices (23,829.45 million yuan) [1] Group 2: Product and Market Updates - As of June 30, 2025, the company has obtained three Class II medical device registration certificates, including products like medical sodium hyaluronate repair patches and solutions [1] - The company reported a positive growth trend in offline sales for the first half of 2025, attributed to sales channel optimization and product price adjustments [1] - Sales on the JD platform showed significant year-on-year growth in the first half of 2025, with enhanced cooperation and product variety [1] Group 3: Corporate Structure and Future Plans - The company currently has two wholly-owned subsidiaries: Harbin Futejia Trading Co., Ltd. and Shanghai Fuirjia Technology Development Co., Ltd. [1] - The company has sufficient self-funding reserves and currently has no financing plans [1] - There are no share reductions by major shareholders or company executives at this time, with 77,529,400 shares (14.91% of total shares) being unrestricted [1]