Summary of Key Points Core Viewpoint The report provides an overview of the fundraising activities and the utilization of raised funds by Hainan Huluwa Pharmaceutical Group Co., Ltd. for the first half of 2025, highlighting the total amount raised, expenses incurred, and the allocation of funds to various projects. Fundraising Basic Situation - The company raised a total of RMB 208,119,000.00 by issuing 40,100,000 shares at RMB 5.19 per share, with net proceeds amounting to RMB 173,119,000.00 after deducting underwriting fees of RMB 35,000,000.00 [1][2]. - The funds were deposited into a regulatory account managed by the lead underwriter, CITIC Securities Co., Ltd. [1]. Fundraising Usage and Balance - As of June 30, 2025, the total amount of raised funds was RMB 208,119,000.00, with total expenses of RMB 57,079,347.77, resulting in a net amount of RMB 151,039,652.23 [2]. - The remaining balance of the raised funds at the end of the period was RMB 11,878,482.50 after accounting for various expenditures and interest income [2][4]. Fund Management and Storage - The company established a dedicated account for the management of raised funds, adhering to relevant regulations and guidelines to ensure proper usage and protection of investor interests [2][3]. - A tripartite supervision agreement was signed with the banks and the underwriter to clarify the rights and obligations of all parties involved [2][3]. Project Adjustments and Fund Allocation - The company adjusted the implementation of the "Marketing System Construction and Brand Promotion Project" to be managed by its wholly-owned subsidiary, Hainan Huluwa Pharmaceutical Co., Ltd. [3]. - The company decided to reallocate funds from the "Pediatric Drug Research Project" to other urgent drug research projects due to delays in the original project [10][11]. Financial Performance and Future Outlook - The company reported that the fundraising projects do not directly generate economic benefits, making it challenging to assess their individual performance [6][11]. - The long-term benefits of the drug research projects are expected to enhance the company's core competitiveness and market presence [6][7]. Compliance and Disclosure - The company confirmed compliance with all relevant laws and regulations regarding the use of raised funds and timely disclosure of information [12][13]. - There were no violations in the use of raised funds, and all disclosed information accurately reflects the company's financial activities [12].

Meeting Overview - The second meeting of the Supervisory Board of Jiangsu Hengshang Energy Saving Technology Co., Ltd. was held on August 28, 2025, with all three supervisors present, complying with legal and regulatory requirements [1][2]. Financial Report Review - The Supervisory Board approved the 2025 Half-Year Report and its summary, confirming that it accurately reflects the company's financial status and operational results [1][2]. Fund Utilization Report - The Supervisory Board approved the special report on the storage and actual use of raised funds for the first half of 2025, with unanimous support from all supervisors [2][3]. Investment Structure Adjustment - The Supervisory Board approved the adjustment of the internal investment structure for certain fundraising projects, stating that the decision was made prudently based on the implementation status of the projects and the company's operational development, ensuring no harm to shareholder interests [2][3].

Core Viewpoint - The company has approved an adjustment to the internal investment structure of its fundraising project for the "Semiconductor Testing Equipment Intelligent Manufacturing and Innovation R&D Center Phase I" without changing the total investment amount or the direction of the raised funds [1][4]. Fundraising Basic Situation - The company raised a total of RMB 878.7 million by issuing 15 million shares at a price of RMB 58.58 per share in February 2023, with the funds received after deducting issuance costs [1]. - The funds are stored in a dedicated account, and a regulatory agreement has been signed with the bank and sponsor [1]. Fundraising Usage Situation - As of June 30, 2025, the cumulative investment in the semiconductor testing equipment project was RMB 74.68 million, with RMB 49.53 million already utilized [2]. - The project for producing 1,000 sets of semiconductor testing sorting machines has been terminated due to slower-than-expected progress influenced by external economic factors [3]. Adjustment of Internal Investment Structure - The adjustment is based on the evolving needs of the company as it continues to upgrade its products and respond to industry trends, ensuring efficient use of raised funds [4][5]. - The total investment amount for the project remains unchanged, with a focus on optimizing resource allocation [5]. Impact of the Adjustment - The adjustment is seen as a prudent decision that will not affect the normal implementation of the fundraising project and aligns with the company's long-term interests [5][6]. - The company aims to enhance the efficiency of fund usage and ensure the successful implementation of the investment project [5]. Review Procedures and Opinions - The adjustment has been reviewed and approved by the company's board and supervisory committee, following necessary approval procedures [6]. - The supervisory committee and sponsor have expressed no objections to the adjustment, confirming compliance with relevant regulations [6].

Group 1 - The company announced the termination of the "Tianyuan Logistics Warehouse Construction Project" due to delays in fundraising and changes in the macro and market environment [1] - The company has re-evaluated the necessity and feasibility of its fundraising projects, leading to the modification of the "Huzhou Tianyuan Technology Upgrade Project" and "Hangzhou Hongwang Production Base Construction Project" to the "Tianyuan Pet Vietnam Pet Cage Project" [1] - These changes have impacted the progress of fundraising utilization, and the company will actively coordinate resources to improve the efficiency of fundraising usage and ensure the smooth implementation of subsequent projects [1] Group 2 - The company plans to manage idle fundraising through cash management to enhance cash asset returns while ensuring the safety of the funds and meeting project funding needs [1] - This approach aims to effectively reduce financial costs and improve the overall efficiency of capital utilization [1]

Core Viewpoint - Guokai Co., Ltd. (688103.SH) announced a significant adjustment in its fundraising project for the production of wind-solar storage and flexible direct current transmission and distribution contactors, reducing the planned investment from 200 million yuan to 57.5 million yuan due to changes in market conditions [1] Company Summary - The project has not yet received any of the planned fundraising, with 0 million yuan invested so far, representing 0% of the total planned investment [1] - The remaining 142.5 million yuan of the fundraising will be redirected to a new project focused on the expansion of high-end electronic vacuum devices and integrated system intelligent manufacturing [1] Industry Summary - The primary reason for the adjustment is the lower-than-expected growth in demand for upstream photovoltaic supporting equipment, coupled with intensified competition in the industry, which has led to continuous pressure on the pricing and gross margin of the company's contactor products [1]

Summary of Key Points Core Viewpoint The company, Xi'an Aike Saibo Electric Co., Ltd., has adjusted the investment amounts and timelines for certain fundraising projects, which is deemed necessary and feasible based on actual construction needs and aligns with the company's strategic development plan. Group 1: Fundraising and Project Overview - The company issued 20.62 million shares at a price of 69.98 RMB per share, raising a total of approximately 1.32 billion RMB [2][3] - The funds raised have been stored in a dedicated account, and the company has signed relevant regulatory agreements with the sponsoring institution and the bank [2] Group 2: Adjustments to Investment Amounts - The investment for the "Precision Special Power Supply Industrialization Project" was originally planned at 120 million RMB, but has been reduced by 34.35 million RMB to 85.65 million RMB [4][5] - The "New Precision Testing Power Supply Expansion Project" had an original investment of 100 million RMB, which has been reduced by 62.24 million RMB to 37.76 million RMB [6] Group 3: Increased Investment in New Projects - The investment for the "Aike Saibo R&D Innovation Headquarters and Advanced Manufacturing Base" project has been increased from 508.58 million RMB to 666.57 million RMB, reflecting an increase of 104.23 million RMB [7] Group 4: Impact of Adjustments - The adjustments are based on actual construction needs and are expected to enhance the company's competitive strength and align with future strategic goals [8] - The adjustments do not harm shareholder interests and comply with relevant regulations [8] Group 5: Project Delays - The timelines for the "Precision Special Power Supply Industrialization Project" and the "New Precision Testing Power Supply Expansion Project" have been postponed to September 28, 2027, due to changes in market conditions and company strategy [20][21] - The company will optimize resource allocation and strengthen project supervision to ensure timely completion [20][21] Group 6: Approval Process - The adjustments were approved by the company's board and supervisory committee, and will be submitted for shareholder approval [21][22] - The supervisory committee confirmed that the adjustments align with the interests of the company and its shareholders [21]

Core Points - The report details the fundraising and usage status of Hubei Huqiang Technology Co., Ltd. for the first half of 2025, ensuring compliance with regulatory requirements [1][5] - The total amount raised through the public offering was approximately RMB 3.02 billion, with a net amount of RMB 2.81 billion after deducting issuance costs [1][3] - As of June 30, 2025, the company has utilized RMB 1.51 billion of the raised funds, with a remaining balance of RMB 1.44 billion [1][4] Fundraising Overview - The company issued 86,206,200 shares at a price of RMB 35.09 per share, resulting in total fundraising of RMB 3,024,975,558.00 [1] - The funds were received on December 1, 2021, and have been audited by Da Xin Accounting Firm [1][2] Fund Usage - Cumulative usage of the raised funds as of June 30, 2025, was RMB 1,507,281,356.38, with RMB 264,318,264.54 used in the current year [1][4] - The remaining balance in the special account for the raised funds was RMB 1,435,171,906.68 [1][4] Fund Management - The company has established a management system for the raised funds, ensuring they are stored in a special account and used according to regulations [1][3] - A tripartite supervision agreement was signed with banks and the sponsor, ensuring compliance with fund management [1][3] Cash Management - The company has utilized part of the temporarily idle raised funds for cash management, with an amount of RMB 1,287,623,759.08 invested in structured deposits and other financial products [3][4] - The maximum amount for cash management is capped at RMB 2 billion, with a focus on low-risk financial products [3][4] Project Adjustments - The company has adjusted the implementation plans for several fundraising projects, including reducing the investment for the "New Nuclear Biological Emergency Rescue Protective Equipment Industrialization Production Base Project" from RMB 772 million to RMB 387.54 million [5][6] - New projects have been added, such as the "New Drug Delivery Device and Packaging Materials R&D and Industrialization Project," with a total investment of RMB 397.53 million [5][6] Compliance and Reporting - The company has confirmed that there are no discrepancies between the disclosed fundraising usage and the actual usage, ensuring timely and accurate reporting [5][6] - There are no instances of using raised funds for non-compliant purposes or for repaying bank loans [5][6]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 12, 2025, at 14:00 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 to 15:00 on the day of the meeting [1][4] Voting Procedures - Shareholders can vote through the trading system or the internet voting platform, with specific time slots for each method [2][4] - There are no related shareholders that need to abstain from voting [3] Agenda Items - The meeting will review a proposal to terminate certain fundraising projects and allocate remaining funds to new projects, which has been approved by the company's audit committee and board of directors [2][3] Attendance Requirements - Shareholders registered by the close of trading on September 5, 2025, are eligible to attend the meeting [4] - Attendance can be in person or by proxy, with specific documentation required for registration [5] Contact Information - The company is located at 190 Huayang Road, Lujia Town, Kunshan City, Jiangsu Province, and can be contacted via phone or email for further inquiries [5]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating challenges in its operational performance and market conditions [1][5]. Financial Performance - Revenue for the reporting period was CNY 84,520,979.06, a decrease of 30.12% from CNY 120,951,285.65 in the previous year [1]. - Net profit attributable to shareholders was CNY 30,125,099.61, down 35.60% from CNY 46,777,325.54 [1]. - The net profit after deducting non-recurring gains and losses was not specified but reflects a similar downward trend [1]. - Basic earnings per share decreased to CNY 0.0941 from CNY 0.1462, a decline of 35.64% [1]. - The weighted average return on equity was 3.24%, down from 5.27%, a decrease of 2.03 percentage points [1]. Asset and Equity Position - Total assets at the end of the reporting period were CNY 1,023,547,320.08, an increase of 3.52% from CNY 988,740,505.62 at the end of the previous year [2]. - Net assets attributable to shareholders rose to CNY 931,919,803.87, reflecting a growth of 1.99% from CNY 913,705,104.26 [2]. Shareholder Information - The largest shareholder, Xi'an Electric Power Research Institute, holds 39.55% of the shares, amounting to 126,574,080 shares [2]. - Other significant shareholders include Shaanxi Science and Technology Holdings with 2.79% and Xi'an Jinhe Investment with 0.85% [2]. Important Events - The company received a notice from the High-tech Zone Management Committee regarding the need to change the land for its original fundraising project, which has been approved [4]. - The company is in the process of revising its feasibility study report due to changes in the industry and macroeconomic environment since the original report was drafted [5]. - As of the end of the reporting period, significant construction milestones have been achieved in the fundraising project, including the completion of the main structure for several facilities [5]. Project Adjustments - The company plans to cancel certain construction components of the second phase of its fundraising project due to increased competition in the SiC market and high initial investment costs [6].

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. is making adjustments to its fundraising project implementation locations, investment amounts, internal investment structure, and plans to lend funds to its wholly-owned subsidiary to ensure the smooth execution of its projects [1][7][10] Fundraising Overview - The company has received approval from the China Securities Regulatory Commission for its initial public offering, issuing 15,966,956 shares at a price of 33.06 RMB per share, raising a total of approximately 527.87 million RMB, with a net amount of about 462.17 million RMB after deducting issuance costs [1][7] - The funds have been deposited into a designated account, and a verification report has been issued confirming the funds' arrival [1][7] Changes in Project Implementation Change of Project Locations - The company plans to change the implementation locations for the "Photovoltaic Module General and Intelligent Junction Box Expansion Project" and the "R&D Center Construction Project" to improve operational efficiency [1][7] Adjustment of Investment Amounts - Due to the actual net fundraising amount being lower than initially planned, the company will adjust the investment amounts for the projects while ensuring that the overall funding purpose remains unchanged [2][5][7] Internal Investment Structure Adjustments - The internal investment structure for the "Photovoltaic Module General and Intelligent Junction Box Expansion Project" and the "R&D Center Construction Project" will be adjusted to enhance the efficiency of fund usage, while the total investment amounts for these projects will remain unchanged [5][6][7] Lending to Wholly-Owned Subsidiary - The company intends to provide up to 130 million RMB in interest-free loans to its wholly-owned subsidiary, Hubei Zerun New Energy Technology Co., Ltd., for the implementation of the "New Energy Vehicle Auxiliary Power Battery Box Construction Project" [6][7] Reasons for Changes and Impact - The adjustments are based on the actual fundraising situation and the company's operational needs, ensuring that the interests of shareholders are not harmed and that the projects can proceed smoothly [7][8] - The company will cover any funding shortfalls through its own or self-raised funds, which will not adversely affect the normal construction of the fundraising projects [7][8] Review Procedures Board of Directors' Review - The Board of Directors has approved the changes to the project locations and internal investment structures, emphasizing the need for effective fundraising management [8][9] Supervisory Board's Review - The Supervisory Board has also approved the changes, confirming that they align with the company's operational needs and do not harm shareholder interests [8][9] Sponsor's Verification Opinion - The sponsor has verified that the changes have been approved by the Board and Supervisory Board, and they comply with relevant regulations and the company's articles of association [10]