Core Viewpoint - The fundraising situation of Yidian Tianxia raises significant questions, particularly regarding the nearly 900 million yuan allocated for the programmatic advertising platform upgrade project, which has not converted into intangible or fixed assets, leaving the flow of funds unclear [1][2] Financial Performance - In the first half of 2025, Yidian Tianxia reported explosive revenue growth, achieving 1.737 billion yuan in revenue, a year-on-year increase of 59.95%, and a net profit attributable to shareholders of 144 million yuan, up 8.81% [1] - The company has utilized a total of 1.214 billion yuan of the raised funds, with nearly 900 million yuan fully invested in the programmatic advertising platform upgrade project [1] Fund Allocation Concerns - The programmatic advertising platform upgrade project, which has a total planned investment of 892.08 million yuan, has not resulted in any fixed or intangible assets, with fixed assets reported at only 8 million yuan and intangible assets at 56 million yuan at the end of the reporting period [2] - The project’s funding is heavily focused on personnel costs, with 70% of the budget directed towards this area, raising concerns about the alignment of employee compensation and productivity [3][6] Employee Productivity Issues - Despite significant revenue growth, the company has experienced a decline in per capita revenue, dropping from over 4 million yuan before the IPO to around 2.8 million yuan afterward [5][6] - The number of employees has increased significantly, yet the cash compensation paid to employees has not risen correspondingly, leading to questions about the authenticity of the reported data [6] Accounts Receivable and Financial Pressure - The company has a high accounts receivable ratio, with over 54% of revenue coming from receivables in the first half of the year, indicating potential financial strain [7] - As of mid-2025, other receivables stood at 1.473 billion yuan, primarily from advertising sales agency services, suggesting a possible funding pressure [8] Regulatory Environment - Regulatory scrutiny on the use of raised funds has intensified, with over 40 companies penalized for violations related to fundraising and information disclosure [8] - The recent amendments to regulations emphasize that controlling shareholders and related parties must not occupy raised funds, necessitating proactive disclosure from companies [8]

Fundraising Overview - The company raised a total of RMB 254,056.47 million by issuing 63.53 million shares at a price of RMB 39.99 per share, with a net amount of RMB 237,483.71 million after deducting issuance costs of RMB 16,572.76 million [1] - As of June 30, 2025, the company has invested RMB 90,667.58 million in projects and used RMB 75,060.61 million for permanent working capital, with a remaining balance of RMB 77,046.39 million [2][7] Fund Usage and Management - The company has implemented a special account storage system for the management of raised funds, in compliance with relevant laws and regulations [2][3] - The total amount of funds stored in special accounts as of June 30, 2025, includes various bank accounts with specific balances, ensuring proper oversight [3] Project Investment and Changes - The overall investment progress of the raised funds reached 71.49% as of August 28, 2025 [4] - The company has changed the project from "Testing Center Construction Project" to "Chip Testing Industrial Park Construction Project," with a total investment of RMB 144,250.24 million, divided into two phases [4][5] Financial Management of Idle Funds - The company has approved the use of idle funds for cash management, allowing up to RMB 12 billion to be invested in safe and liquid financial products, with a maximum investment period of 12 months [6][7] - As of June 30, 2025, the balance of temporarily idle funds used for cash management was RMB 6,000.00 million [7] Project Benefits and Performance - The "Testing Center Construction Project" is expected to enhance the company's R&D capabilities, although it does not generate direct economic benefits [9] - The projects funded by the raised capital are anticipated to improve the company's financial structure and cash flow, indirectly enhancing overall performance [9] Compliance and Reporting - The actual use of raised funds aligns with previously disclosed information, with no discrepancies noted in the company's periodic reports [10]

Core Points - The report provides an assurance on the use of previously raised funds by Wuxi Xinhongye Cable Technology Co., Ltd. as of June 30, 2025, confirming compliance with regulatory guidelines [1][2][3] - The total amount raised from the public offering was RMB 1,633,201,816, with a net amount of RMB 1,497,369,235 after deducting issuance costs [2][3] - As of June 30, 2025, the company has utilized RMB 1,401,593,426.27 of the raised funds, with a remaining balance of RMB 130,309,936.95, accounting for 8.70% of the net amount raised [5][6] Fundraising and Utilization - The company issued 24,274,700 shares at a price of RMB 67.28 per share on May 26, 2023, with the funds fully received by May 30, 2023 [2][3] - Prior to the funds being raised, the company used its own funds amounting to RMB 537,704,512.56 for project investments [2][4] - The company has opened dedicated bank accounts for the storage of raised funds, with a balance of RMB 30,302,686.60 in the special account as of June 30, 2025 [2][5] Project Investment and Returns - The company has invested in several projects, including the New Energy Special Cable Intelligent Manufacturing Center and the New Energy Special Cable R&D Center, with significant amounts allocated to each [3][4][6] - The total investment in these projects has yielded a cumulative return of RMB 43,713,167.21 over the last three years [8] - The company has also approved the use of idle funds for cash management, with a total of RMB 190,000,000 allocated for this purpose [3][4] Changes and Adjustments - There have been no changes to the previously raised funds, and the company has not reported any inability to achieve promised returns [3][4] - The company has approved the permanent use of surplus funds amounting to RMB 30,000,000 to supplement working capital [5][6] - As of June 30, 2025, the company has also decided to permanently supplement working capital with surplus funds from completed projects, totaling RMB 10,035,670 [6][7]

Meeting Details - The 31st meeting of the 9th Supervisory Board of Shanghai Aisxu New Energy Co., Ltd. was held on September 4, 2025, via communication, with all 3 attending supervisors present [1] - The meeting was convened in accordance with relevant laws and regulations, ensuring the legality and validity of the resolutions made [1] Resolutions Passed - The Supervisory Board approved the proposal to temporarily use part of the idle raised funds to supplement working capital, with a unanimous vote of 3 in favor [2] - The decision to use 315 million yuan of idle raised funds for this purpose is aimed at improving the efficiency of fund utilization and reducing financial expenses, aligning with the interests of all shareholders [2] - The temporary use of idle funds does not alter the intended use of the raised funds or harm shareholder interests, complying with regulatory guidelines [2]

Core Viewpoint - The company plans to use up to RMB 110 million of idle raised funds to temporarily supplement its working capital for a period not exceeding 12 months, approved by the board on September 4, 2025 [1][4][6]. Summary of Fundraising Situation - The company raised a total of RMB 3,999,999,988.44 through a non-public stock issuance, with a net amount of RMB 3,994,750,464.69 after deducting issuance costs [1]. - The company issued up to 177,147,918 new shares as approved by the China Securities Regulatory Commission [1]. Investment Project Overview - The raised funds will be allocated to pig breeding projects and to supplement working capital. As of June 30, 2025, the usage of raised funds includes various breeding projects and working capital [2][4]. - Specific projects include breeding facilities with capacities of 13,500 pigs and a project for 300,000 market pigs [2]. Previous Use of Idle Funds - The company previously used RMB 110 million of idle raised funds for working capital, which has since been fully returned to the designated account [4][6]. Current Plan for Idle Funds - The company aims to use idle funds to enhance capital efficiency and reduce financial costs, estimating a savings of approximately RMB 1.65 million in financial expenses [6]. - The funds will strictly be used for operations related to the main business and will not alter the intended use of the raised funds [5][6]. Compliance and Approval - The board and supervisory committee have approved the use of idle funds, confirming compliance with relevant regulations and ensuring no harm to shareholder interests [7][8]. - The sponsor institution has also expressed no objections to the plan, affirming that it meets regulatory requirements [8].

Group 1 - The core viewpoint of the report is that the underwriting institution, Industrial Securities, is responsible for the continuous supervision of Shenzhen Zecheng Electronics Co., Ltd. and has issued a tracking report for the first half of 2025 [1][2] - The continuous supervision work includes timely review of the company's information disclosure documents, ensuring compliance with the new Company Law, and establishing sound governance and internal control systems [1][2] - The underwriting institution has conducted on-site verification of the use of raised funds and the progress of investment projects, ensuring effective execution of governance systems during the supervision period [2] Group 2 - No significant issues were found during the supervision period, indicating that the company and its shareholders have fulfilled their commitments well without any violations [2] - The report highlights various risks faced by the company, including intensified market competition, reliance on a single major customer, fluctuations in raw material prices, and potential loss of professional talent [2]

Core Viewpoint - The company intends to use part of its idle raised funds to temporarily supplement its working capital, ensuring that this does not affect the progress of its investment projects [1][5][6]. Summary of Fundraising Situation - The company raised a total of approximately 3.999 billion RMB through a non-public offering of up to 177,147,918 shares, with a net amount of about 3.995 billion RMB after deducting issuance costs [1]. - As of June 30, 2025, the company has utilized approximately 388.66 million RMB of the raised funds for various projects, including pig breeding and working capital supplementation [2]. Previous Use of Idle Funds - The company previously approved the temporary use of up to 110 million RMB of idle raised funds for working capital, with a usage period not exceeding 12 months [3][4]. Current Plan for Idle Funds - The company plans to use up to 110 million RMB of idle raised funds to temporarily supplement working capital, with the same 12-month usage period [4][5]. - The funds will only be used for operations related to the company's main business and will not affect the normal progress of investment projects [5][6]. Internal Decision-Making Process - The company held board and supervisory meetings on September 4, 2025, to approve the use of idle funds, ensuring compliance with relevant regulations [5][6]. Financial Efficiency and Cost Savings - By using idle funds for working capital, the company expects to save approximately 1.65 million RMB in financial costs, reducing reliance on bank loans [6].

Summary of Key Points Core Viewpoint The report outlines the usage of previously raised funds by Zhongcheng Import and Export Co., Ltd. as of June 30, 2025, detailing the total amount raised, its allocation, and the financial implications of these actions. Group 1: Fundraising Overview - The company raised a total of RMB 244,499,997.12 through a private placement of 41,390,728 shares at a price of RMB 6.04 per share, after deducting underwriting fees [1][2]. - The net amount raised after fees was RMB 243,456,114.36, which was transferred to a designated fund account [1][2]. Group 2: Fund Management - The funds were stored in a dedicated account at the Industrial and Commercial Bank of China, with a balance of RMB 54,765.13 as of August 16, 2021, after the funds were used to repay bank loans and cover issuance costs [1][2]. - The company completed the necessary procedures to close the fund account on August 17, 2021, after all funds were utilized as planned [1][2]. Group 3: Fund Utilization - The funds were used to replace self-raised funds that had been used to repay bank loans totaling RMB 251,544,200 and to cover issuance costs of RMB 1,436,515 [2]. - As of June 30, 2025, there were no changes in the investment projects funded by the previous fundraising, and all funds had been fully utilized [2][3]. Group 4: Economic Benefits - The funds were primarily used for debt repayment, which is expected to optimize the company's financial structure and reduce financial costs, thereby enhancing repayment capacity [2]. - The report indicates that the funds did not generate direct measurable benefits since they were used for debt repayment rather than new investments [2].

江苏常青树新材料科技股份有限公司 关于前次要集资金使用情况的报告 根据中国证券监督管理委员会印发的 《监管规则适用指引— 发行类第 7号 》,江 苏常青树新材 " " 料科技股份有限公司 (以 下简称 公司 ),编 制了截至 ⒛25年 6月 30日 前次募集资金使用情况 的报告。 一、前次要集资全的要集及存放情况 根据中国证监会核发的《关于同意江苏常青树新材料科技股份有限公司首次公开发行股票注册的 批复》(证 监许可【 交易所主板上市。公司通过上海证券交易所发行 A股 4,814万 股 ,面 值为每股人民币 1元 ,发 行 价格为每股人民币 2⒌ 98元 ,共 计募集资金人民币 1251067.72万 元 。扣除承销费 (不 含增值税 ) 后的募集资金人民币 115,687.64万 元 ,己 由主承销商光大证券股份有限公司于 ⒛23年 4月 3日 汇 入公司募集资金监管账户。另减除保荐费、律师费、审计费、法定信息披露等其他发行费用 (不 含税 )2,464.83万 元后 ,公 司募集资金净额 113,222.81万 元 。上述资金到位情况经上会会计师事 务所 (特 殊普通合伙 )进 行了审验 ,并 于 2吃 ...

中信建投证券股份有限公司 关于贵州振华新材料股份有限公司 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作为贵 州振华新材料股份有限公司（以下简称"振华新材"、 （一）保荐机构：中信建投证券股份有限公司 （二）保荐代表人：赵龙、萧大成 （三）现场检查时间：2025 年 8 月 28 日-2025 年 8 月 29 日 （四）现场检查人员：萧大成 "公司"）2022 年度向特定 对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》以及 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法规规 定，于 2025 年 8 月 28 日-2025 年 8 月 29 日对公司进行了现场检查。现将本次现 场检查情况报告如下： 一、现场检查基本情况 （五）现场检查内容：公司治理和内部控制情况；信息披露情况；公司的独 立性以及与控股股东、实际控制人及其他关联方资金往来情况；募集资金使用情 况；关联交易、对外担保、重大对外投资情况；经营情况等 （六）现场检查手段： 料； 情况； 二、现场检查的具体事项及意见 （一）公司治理和内部控制情况 现场检查人员查阅了公司最新的公司章程，公 ...