Core Viewpoint - The company has approved the use of idle raised funds and its own funds for cash management, aiming to enhance fund utilization efficiency and asset returns while ensuring the safety of the principal [1][4]. Fundraising Basic Situation - The company raised a total of 1.2 billion RMB through a public offering of convertible bonds in March 2019, with a net amount of approximately 1.187 billion RMB after deducting issuance costs [1][2]. Financial Products Overview - The company plans to invest up to 250 million RMB of idle funds in principal-protected financial products and up to 2.5 billion RMB of its own funds in both principal-protected and non-principal-protected financial products, trust products, and entrusted loans [1][4]. - The expected annualized yield for the structured deposit products is between 0.4% and 2.15% [1][2]. Investment Risk and Control Measures - The company will adhere to prudent investment principles, selecting reputable financial institutions with robust risk control measures for cash management [2]. - Regular analysis and tracking of the financial products will be conducted to ensure the safety of funds [2]. Impact on the Company - The use of idle funds for cash management will not affect the normal operation of the company's fundraising projects and is expected to create greater returns for shareholders [2][4]. Previous Financial Product Purchases - In the past twelve months, the company has utilized 200 million RMB of idle funds for cash management, with various financial products yielding between 0.4% and 2.71% annually [3][4].

Core Viewpoint - The company has established a long-term mechanism to prevent the controlling shareholder and related parties from occupying its funds, ensuring compliance with relevant laws and regulations [2][3][4]. Group 1: General Principles - The purpose of the system is to prevent fund occupation by the controlling shareholder or actual controller and related parties, ensuring the safety of the company's funds [2]. - The company’s directors and senior management have a legal obligation to maintain the safety of the company's funds [2]. Group 2: Fund Occupation by Controlling Shareholders - The company prohibits the controlling shareholder and related parties from occupying company funds through various means, including operational and non-operational fund occupations [3][4]. - The company must not provide funds or resources to the controlling shareholder and related parties through prepayments or other means [3][4]. Group 3: External Guarantees - Any external guarantees provided by the company must be approved by the shareholders' meeting if they exceed certain thresholds, such as 30% of the latest audited total assets [4][5]. - The company must ensure that any guarantees provided to the controlling shareholder or related parties are accompanied by counter-guarantees [8]. Group 4: Responsibilities and Accountability - The board of directors and senior management are responsible for preventing fund occupation and must take effective measures if such situations occur [6][8]. - The company must take legal action against the controlling shareholder and related parties if they refuse to correct any fund occupation [6][8]. Group 5: Asset Settlement - Funds occupied by the controlling shareholder and related parties should ideally be repaid in cash, with strict controls on non-cash asset settlements [7]. - Any asset used for debt settlement must belong to the same business system and must not be unutilized or lack clear book value [7]. Group 6: Penalties and Legal Consequences - Directors and senior management who assist or condone fund occupation will face disciplinary actions, and serious cases may lead to dismissal [8][9]. - The company will pursue legal responsibility for any losses caused to investors due to violations of this system [9].

Core Viewpoint - The company has established a fundraising management system to ensure the safety and efficiency of the use of raised funds, in compliance with relevant laws and regulations [2][3]. Group 1: Fundraising Management - The funds raised refer to the money obtained through the issuance of stocks or other equity-like securities for specific purposes, excluding funds raised for equity incentive plans [2]. - The company must use the raised funds specifically for their intended purposes, aligning with national industrial policies and legal regulations, and should not engage in financial investments or trading of securities [2][3]. - The company is required to disclose the actual use of raised funds accurately and completely, and any significant issues affecting the normal investment plan must be announced promptly [3][4]. Group 2: Fund Storage and Usage - The company must open a special account for the raised funds, which should be managed and used exclusively for the intended purposes [4][5]. - If the company has multiple financings, separate special accounts must be established for each fundraising [4]. - The company can use temporarily idle raised funds for cash management, provided it does not affect the normal investment plan [9][10]. Group 3: Project Management and Adjustments - If a fundraising project cannot be completed within the original timeframe, the company must seek board approval for an extension and disclose the reasons for the delay [12]. - Any changes in the use of raised funds must be approved by the board and disclosed to shareholders [15][16]. - The company must conduct feasibility analyses for any new projects or changes in investment plans to ensure they enhance competitiveness and innovation [27][28]. Group 4: Supervision and Reporting - The financial department is responsible for maintaining a detailed record of the use of raised funds, and internal audits must be conducted at least biannually [31][32]. - The board must continuously monitor the management and use of raised funds, and a special report on the status of these funds must be prepared and disclosed [35][36]. - Any violations of the fundraising management system that result in losses to the company will lead to disciplinary actions against responsible individuals [38].

Core Viewpoint - The company intends to utilize part of its idle raised funds and self-owned funds for cash management to enhance fund efficiency and generate returns, while ensuring that it does not affect the ongoing investment projects or normal operations [1][5][9] Fundraising Overview - The company successfully issued 20,614,089 shares at a price of RMB 57.88 per share, raising a total of RMB 1,193,143,471.32, with a net amount of RMB 1,076,315,840.57 after deducting issuance costs [1][2] - The excess funds raised amount to RMB 418,051,340.57, which will be utilized for cash management [2] Cash Management Plan - The company plans to use up to RMB 45,000,000 for cash management, with a maximum of RMB 30,000,000 from idle raised funds and RMB 15,000,000 from self-owned funds, for a period of 12 months [3][8] - The cash management will involve low-risk, high-liquidity investment products, ensuring that these funds are not used for high-risk investments [5][6] Implementation and Oversight - The board of directors has approved the cash management plan, ensuring it does not impact the ongoing investment projects or normal operations [7][8] - The company will disclose the progress of the cash management activities in accordance with relevant regulations [6][9] Impact on the Company - The cash management initiative is expected to improve fund efficiency and generate additional returns for the company and its shareholders, without altering the intended use of the raised funds [5][9]

Core Viewpoint - The company is convening its fourth extraordinary general meeting of shareholders in 2025 to discuss the proposal for storing the balance of raised funds through agreement deposits and notice deposits, aiming to enhance fund utilization efficiency and protect shareholder interests [4][5][6]. Meeting Details - The meeting is scheduled for July 21, 2025, at 14:00, combining on-site and online voting methods [1][2][3]. - Participants include shareholders, company directors, supervisors, senior management, and legal representatives [1][2]. Proposal Overview - The proposal involves storing the balance of raised funds through agreement deposits and notice deposits for a period of 12 months following the approval of the shareholders' meeting [4][6]. - The company has raised a total of RMB 2,834,758,430.19 through a specific stock issuance, with a net amount verified by an accounting firm [4][5]. Fund Management - The company has established a special account for managing raised funds, ensuring compliance with regulatory requirements and protecting investor interests [5][7]. - The funds will be allocated for debt repayment and working capital, with RMB 1,347,511,100 designated for debt repayment and RMB 1,505,416,900 for working capital [5]. Risk Control Measures - The company will implement strict risk control measures for the deposits, ensuring high safety and liquidity, and will not allow the pledged use of these funds [6][7]. - Independent directors and the supervisory board will oversee the use of funds, with the option to hire professional institutions for audits if necessary [7][8]. Impact on the Company - The proposed storage method is expected to enhance the efficiency of fund utilization and increase deposit income, ultimately benefiting the company and its shareholders [6][8].

Summary of Key Points Core Viewpoint The company, Nantong Xingqiu Graphite Co., Ltd., is changing the investment project for the funds raised from the issuance of convertible bonds due to unfavorable market conditions for its original project, which involves the production of graphite anodes for lithium batteries. The new project focuses on the production of silicon carbide and carbon-based composite anti-corrosion equipment, which aligns better with current market demands and the company's strategic goals. Group 1: Fundraising and Investment Changes - The company raised a total of RMB 620 million through the issuance of convertible bonds, with a net amount of RMB 612.99 million after deducting issuance costs [1][2] - As of June 30, 2025, the company has invested RMB 103.89 million in the fundraising projects, with RMB 536.91 million remaining uninvested [2] - The company plans to change the allocation of RMB 195 million from the original project to the new project, which constitutes 31.81% of the net amount raised [4][5] Group 2: Reasons for Change - The original project faced challenges due to a decline in market prices for graphite anodes and increased competition, leading to a potential risk of not achieving expected benefits [5][6] - The new project aims to meet the growing demand for high-end anti-corrosion equipment in the chemical industry, enhancing the company's core competitiveness and profitability [6][9] Group 3: Project Details and Feasibility - The new project has a total investment of RMB 195.73 million, with an expected internal rate of return of 14.65% and a payback period of 8.90 years [8] - The project will enable the company to scale production and integrate systems, significantly reducing manufacturing costs and delivery times [8][9] - The new project aligns with industry trends towards efficiency, safety, and low carbon emissions, addressing the limitations of traditional equipment [9][10] Group 4: Approval and Oversight - The change in investment project has been approved by the company's board of directors and requires further approval from the shareholders' meeting and bondholders' meeting [13][14] - The supervisory board supports the change, emphasizing its alignment with the company's long-term strategy and market conditions [13][14]

Core Viewpoint - The company is convening the first bondholders' meeting for its convertible bonds, focusing on the proposed change in the use of raised funds to enhance operational efficiency and align with market demands [1][4][16] Meeting Information - The bondholders' meeting is scheduled for July 29, 2025, at 14:30, in Jiangsu Province, Nantong City [2][3] - The agenda includes participant registration, announcement of attendees, reading of meeting guidelines, election of vote counters, and discussion of the proposal to change the investment project [2][3][4] Fundraising Overview - The company raised a total of RMB 617.1 million from the issuance of convertible bonds, with net proceeds amounting to RMB 610.1 million after deducting issuance costs of RMB 7 million [4][5] - As of June 30, 2025, RMB 103.89 million has been invested in projects, with RMB 536.91 million remaining uninvested [5][6] Proposed Change in Investment Project - The company plans to reallocate RMB 195 million (31.81% of net proceeds) from the original project focused on lithium battery anode materials to a new project involving silicon carbide and carbon-based composite anti-corrosion equipment [6][8] - The original project faced challenges due to market conditions, including declining prices and increased competition, prompting the company to slow its implementation [7][8] New Project Details - The new project aims to produce high-performance anti-corrosion equipment for the chemical, energy, and environmental sectors, enhancing the company's product offerings and market competitiveness [8][10] - The project is expected to generate a net profit of RMB 33.27 million, with an internal rate of return of 14.65% and a payback period of 8.9 years [10][11] Strategic Rationale - The shift to the new project aligns with industry trends towards high-efficiency, low-carbon solutions, addressing the limitations of traditional materials in harsh environments [11][12] - The company leverages its strong brand reputation and customer base to support the new project's market entry, ensuring a solid foundation for sales [12][13] Technical and Team Capabilities - The company possesses robust R&D capabilities and a skilled workforce, which are critical for the successful implementation of the new project [13][14] - Continuous innovation and a focus on customer needs position the company to effectively meet market demands and enhance its competitive edge [14][15]

保险公司长周期考核进一步加强。 7月11日，财政部印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》 （财金〔2025〕62号，下称《通知》），自印发之日起施行。 此次考核方式的变化主要体现在三个方面：一是考核周期进一步拉长，新增5年周期指标考核。二是当年指标 在考核中所占权重降低、长周期指标所占权重更大，当年度指标权重从50%降至30%，而5年和3年指标所占权 重合计达到70%。三是在对"净资产收益率"长周期考核的同时，对"国有资本保值增值率"也同样实施长周期考 核。 据券商中国记者了解，继2023年首次对国有商业保险公司经营效益采取长短结合的考核方式后，财政部在对行 业征求意见的基础上，进一步加强长周期考核，受到保险机构欢迎。 三大变化：考核周期更长、当年权重降低、"国有资本保值增值率"也长期考核 本次财政部《通知》的核心内容，是将国有商业保险公司经营效益类绩效评价指标"国有资本保值增值 率"和"净资产收益率"，调整为"5年周期+3年周期+当年度"相结合的考核方式。其中，5年、3年、当年指标所 占的权重分别为20%、50%、30%。 长期以来，长期负债特性与短期考核，成为掣肘 ...

Core Viewpoint - The company has established a comprehensive system for the management and use of raised funds to enhance efficiency and protect investors' rights, in compliance with relevant laws and regulations [1][2][3]. Fund Management - The raised funds refer to money obtained through the issuance of stocks or other equity-like securities for specific purposes, excluding funds raised for equity incentive plans [2]. - The board of directors is responsible for continuously monitoring the storage, management, and use of raised funds to prevent risks and improve efficiency [3]. - Raised funds must be stored in a special account approved by the board, and cannot be used for non-designated purposes [4][5]. Fund Usage - The use of raised funds must strictly adhere to the promised investment projects, ensuring that funds are used specifically for their intended purposes [11]. - The company must disclose the actual use of raised funds accurately and completely, and any significant deviations from the planned use must be announced promptly [12][13]. - Funds cannot be used for financial investments or to provide benefits to controlling shareholders or related parties [14][15]. Changes in Fund Usage - Any changes in the use of raised funds require board approval, and if the changes are significant, they must also be submitted for shareholder approval [27][28]. - The company must provide detailed reasons for any changes in the investment projects and ensure that new projects align with the company's main business [30][31]. Oversight and Reporting - The financial center is responsible for overseeing the use of raised funds and maintaining detailed records of expenditures [33][34]. - An internal audit department must conduct semi-annual checks on the management and use of raised funds, reporting findings to the audit committee [35][36]. - A special report on the management and use of raised funds must be submitted to the stock exchange within two trading days after board approval [37][38].

Core Viewpoint - The Ministry of Finance has issued a notification to enhance the long-cycle assessment mechanism for state-owned commercial insurance companies, emphasizing the establishment of a three-year assessment framework to promote stable long-term investments [1][10][11]. Group 1: Long-Cycle Assessment Mechanism - The new assessment mechanism increases the weight of long-cycle evaluations for net asset return rate and capital preservation and appreciation rate to 70% over three and five years [1][11]. - The assessment will now include a combination of annual, three-year, and five-year indicators for net asset return rate, with respective weights of 30%, 50%, and 20% [11][12]. - The adjustment aims to reduce the impact of market volatility on annual performance evaluations, encouraging long-term, value-oriented, and stable investments [11][12]. Group 2: Impact on Investment Behavior - The long-cycle assessment is expected to shift investment decisions from short-term profit-seeking to long-term stable layouts, enhancing rationality and coherence in investment behavior [13]. - It is anticipated that the new mechanism will increase the proportion of equity investments by insurance funds, optimizing the structure of capital market investors and reducing speculative behavior [13][14]. - The focus on long-term investments will direct insurance funds towards industries aligned with national strategies, providing stable funding for technological innovation and industrial upgrades [13][14]. Group 3: Industry Response and Future Outlook - Major state-owned insurance companies have expressed support for the notification, indicating it will help them leverage their long-term capital advantages and increase equity investment ratios [14][18]. - The insurance sector is expected to see a significant increase in A-share investment ratios, with predictions suggesting it could rise to over 15% by 2025, potentially injecting substantial liquidity into the market [16][17]. - The notification encourages insurance companies to adopt a long-term perspective in asset appreciation and return, aligning with the industry's high-quality development trends [17][18].