Summary of Key Points Core Viewpoint The company, Jiahe Intelligent Technology Co., Ltd., is changing the use of raised funds from its convertible bond issuance to acquire all partnership interests in beyerdynamic GmbH & Co. KG, a well-known high-end audio equipment manufacturer, due to the current macroeconomic environment and market uncertainties affecting its original investment projects. Group 1: Fundraising and Investment Projects - The company raised a total of RMB 1,004 million through the issuance of 10,040,000 convertible bonds, with a net amount of RMB 993.91 million after deducting issuance costs [1][4][6] - The original investment projects included the production of 5 million bone conduction headphones, 9 million smartwatches, and 4.5 million smart glasses, which were initially planned to be operational by January 10, 2026 [4][9] - Due to changes in the macroeconomic environment and uncertainties in international trade, the company has postponed the operational date of these projects to January 10, 2028 [4][9] Group 2: Change in Fund Usage - The company plans to use RMB 70.4 million of the uninvested raised funds and its interest income to acquire all partnership interests in beyerdynamic GmbH & Co. KG [6][8] - The acquisition is expected to enhance the company's market competitiveness in the high-end audio sector and align with its strategic goals of high-end manufacturing and brand operation [12][14] Group 3: Financial Impact and Projections - The acquisition is projected to generate RMB 892 million in revenue for the company in 2026, with a gross margin exceeding 50% and a net margin over 10% [12][31] - The transaction is anticipated to significantly improve the company's financial metrics compared to the original investment projects, which had lower expected profitability [12][31] Group 4: Strategic Rationale - The acquisition of beyerdynamic is seen as a strategic move to accelerate the company's transition towards high-end, branded products, enhancing its global market presence [13][30] - The integration of beyerdynamic's established brand and technology is expected to complement the company's existing product lines and manufacturing capabilities, fostering innovation and market expansion [15][32][33]

Core Viewpoint - Jiahe Intelligent plans to change the use of part of its raised funds to acquire all limited partnership interests of beyerdynamic GmbH & Co. KG, enhancing its competitiveness in the high-end audio sector [1] Group 1: Fund Usage Change - Jiahe Intelligent intends to use 704 million yuan of unutilized raised funds and its interest income and investment returns for the acquisition of BD KG [1] - The funds were originally allocated for projects including the production of 5 million bone conduction headphones, 9 million smartwatches, and 4.5 million smart glasses [1] Group 2: Strategic Rationale - BD KG is a globally recognized high-end audio equipment brand and manufacturer, aligning with Jiahe Intelligent's business in the electroacoustic industry [1] - The acquisition is expected to significantly enhance Jiahe Intelligent's market competitiveness in the high-end audio field and improve overall profitability [1] Group 3: Financial Efficiency - The change in fund usage is projected to improve the efficiency of raised fund utilization and increase the overall capital utilization rate for the company [1] - This strategic move is deemed beneficial for the company and all shareholders [1]

此外，鸿达兴业通过虚增营业收入以及虚减营业成本、费用等方式虚增利润总额，导致2020年至 2022年年度报告、2023年半年度报告涉嫌存在虚假记载。上述期间虚增利润总额分别占公司当期披露利 润总额（绝对值）高达94.11%、94.42%、618.70%和12.84%。涉案期间虚增营业收入合计35.05亿元， 虚增利润总额合计40.78亿元。 已从深市退市一年的鸿达兴业股份有限公司（简称"鸿达兴业"，NQ400207）拟被重罚。江苏证监 局日前发出的《行政处罚事先告知书》显示，因涉嫌擅自改变可转债募集资金用途、多年财务造假、重 大诉讼、仲裁未依法披露等事项，江苏证监局拟对鸿达兴业、实控人及7名董监高人员开出合计5800万 元罚单。其中，公司拟被罚1850万元；实控人、董事长兼总经理周奕丰拟被罚2200万元，终身证券市场 禁入；财务总监林桂生拟被罚600万元，10年证券市场禁入。 对于擅自改变可转债募集资金用途、财务造假等严重违法行为，监管部门对鸿达兴业及周奕丰均拟 实施顶格处罚。监管部门认为，周奕丰组织、指使公司在相关定期报告中编造、篡改重要财务数据，严 重扰乱证券市场秩序，组织、指使公司擅自变更募集资金用途； ...

Core Viewpoint - The company is adjusting the use of part of the raised funds to better align with market demands and internal development needs, specifically by reallocating funds from a gummy production line to a liquid production line, which reflects the industry's trend towards diversification and new product forms [5][8]. Summary by Sections Fundraising Overview - The company raised a total of RMB 3,125.35 million by issuing 119,288,209 shares at a price of RMB 26.20 per share in April 2021, with a net amount after expenses being confirmed by an auditing firm [1][2]. Project Change Details - The "Zhuhai Production Base Phase IV Expansion and Upgrade Project" originally planned to optimize existing facilities for dietary supplements, with a total investment of RMB 437.52 million, fully funded by the raised capital. As of June 30, 2025, RMB 82.31 million has been utilized, generating economic benefits of RMB 90.93 million [2][5]. Reasons for Change - The shift in product lifecycle and market demand has led to a strategic decision to pause the gummy production line and introduce a liquid production line, reallocating RMB 11.92 million from the gummy line to the new liquid line. This change represents 0.39% of the actual net raised funds [5][6]. Economic Benefit Analysis - The project is expected to generate annual revenue of RMB 1,248.41 million and a post-tax profit of RMB 148.65 million upon reaching full production capacity [5][6]. Approval Process - The project has received necessary approvals from relevant authorities, including the Zhuhai Development and Reform Bureau, and will continue to follow regulatory procedures as required [6][7]. Impact of Fund Use Change - The adjustment in fund usage is deemed reasonable and beneficial for improving fund efficiency and resource allocation, aligning with the company's operational needs without adversely affecting normal business operations [7][8]. Review Opinions - The board of directors, audit committee, and supervisory committee have all approved the changes, affirming that the adjustments are necessary for the company's strategic development and do not harm shareholder interests [7][8]. Sponsor's Verification - The sponsor, CITIC Securities, has confirmed that the changes comply with relevant regulations and have undergone the necessary review processes, pending shareholder approval for implementation [8][9].

Group 1 - The company held its fifth board meeting of 2025, where all members ensured the accuracy and completeness of the disclosed information [1] - The board approved a proposal to change the use of part of the raised funds from the 2022 stock issuance, reallocating 365.8654 million yuan to a new project focused on green low-carbon technology for data centers [1][2] - The total investment for the new project is 413.9781 million yuan, with the company planning to use 365.8654 million yuan from the raised funds [2] Group 2 - The board agreed to amend certain provisions of the company's articles of association to comply with legal regulations and improve business operations [3][4] - The board also approved revisions to the rules governing shareholder meetings to enhance order and efficiency [3] - The board's decisions, including the amendments to governance structures, will be submitted for approval at the upcoming second extraordinary general meeting of shareholders in 2025 [5]

Core Viewpoint - The company, Diou Home (002798.SZ), plans to adjust the use of funds raised from its convertible bonds, reallocating approximately 477 million yuan to permanently supplement its working capital due to changes in market conditions and operational needs [2][3][4]. Fund Allocation Changes - Diou Home has decided to change the funding purpose of its previously planned projects, specifically the "Oushinou Eight Group Annual Production of 50 Million Square Meters High-End Wall and Floor Tile Intelligent Production Line (Energy Saving and Emission Reduction, Water Saving) Project Phase II" and the "Two Groups Annual Production of 13 Million Square Meters High-End Ceramic Floor Tile Intelligent Production Line Project" [2][3]. - The company had initially raised 1.5 billion yuan through convertible bonds in 2021, with a net amount of approximately 1.482 billion yuan after deducting issuance costs [4]. Operational Adjustments - The decision to repurpose the remaining funds is based on the current market environment and competition, which have significantly changed since the original project plans were made [5][6]. - The company has already utilized 400 million yuan of idle funds to temporarily supplement working capital, which has not yet been repaid [4]. Production Capacity - Diou Home asserts that its current production capacity meets demand, and the new ceramic production lines and technological upgrades have sufficiently addressed the company's needs [5][6]. - The company completed a large-scale high-performance ceramic production line in November 2021, which significantly enhanced its capacity for large-format ceramic slabs [5]. Future Considerations - The company emphasizes the importance of maintaining liquidity to manage potential risks in an uncertain market environment, hence the decision to allocate funds to working capital rather than continuing with the original investment projects [4][5].

Group 1 - The company held its sixth board meeting on July 23, 2025, with all 8 directors present, confirming compliance with legal and regulatory requirements [1] - The board approved a resolution to change the use of raised funds from the public offering of convertible bonds, reallocating surplus funds of 476.5843 million yuan to permanently supplement working capital [2][3] - The board's decision to change the use of funds has been reviewed and approved by the audit and strategy committees and will be submitted for approval at the upcoming shareholder and bondholder meetings scheduled for August 8, 2025 [2][4] Group 2 - The company will terminate the special account for the raised funds after reallocating the remaining funds, and the tripartite supervision agreement with the bank and sponsor will also be terminated [2] - The upcoming shareholder meeting will take place at 14:30 on August 8, 2025, at the company's headquarters in Chengdu, with both in-person and online participation [3][4] - The first bondholder meeting is also scheduled for August 8, 2025, at 15:00, at the same location [4][5]

Core Viewpoint - The company plans to change the use of raised funds from its convertible bond issuance and permanently supplement its working capital with the remaining funds due to changes in market conditions and internal operational needs [5][8][9]. Fundraising Overview - The company raised a total of 1.5 billion RMB through the issuance of 15 million convertible bonds, with a maturity of 6 years [1]. - The net amount raised after expenses was 1.48 billion RMB, with specific projects outlined for investment [2]. Investment Project Details - The main projects funded include the "High-end Wall and Floor Tile Intelligent Production Line" with a total investment of 1.64 billion RMB, and the "High-end Ceramic Tile Intelligent Production Line" with a total investment of 366 million RMB [2][4]. - As of July 20, 2025, the cumulative investment in the first project was approximately 517.83 million RMB, representing 72.78% of the planned investment [4]. Change in Fund Usage - The company intends to change the use of funds due to a significant decline in demand in the construction ceramics industry, which has led to a reduction in effective market demand [5][8]. - The decision to repurpose the funds is aimed at optimizing resource allocation and reducing investment risks, as the original projects are unlikely to yield the expected returns under current market conditions [8][9]. Financial Strategy - The company has temporarily used 400 million RMB of idle funds to supplement working capital, with a total remaining balance of approximately 476.58 million RMB after accounting for interest income [2][3]. - The board of directors has approved the change in fund usage, which will enhance the company's financial structure and reduce financing costs [9][10]. Approval Process - The change in fund usage has been reviewed and approved by the company's board and will be submitted for further approval from shareholders and bondholders [9][10].

Core Viewpoint - The company has decided to change the use of raised funds and permanently supplement its working capital due to changes in market and policy environments affecting its original investment projects [4][9]. Summary by Sections Fundraising Overview - The company raised a total of RMB 368.17 million by issuing 36.8 million shares at RMB 11.45 per share in July 2021 [1]. - The net amount raised after expenses was RMB 368.17 million, verified by Tianjian Accounting Firm [2]. Proposed Changes to Fund Usage - The company's board and supervisory board approved a proposal to change part of the fundraising usage to new projects and permanently supplement working capital [2]. - As of July 10, 2025, the total amount of funds used was RMB 224.65 million, with RMB 74.11 million already utilized and RMB 149.35 million remaining [2]. Reasons for Changing Fund Usage - The original project aimed at "developing general contracting business" has seen slow progress due to market and policy changes, leading to a decision to halt further investment [3][4]. - The company has only utilized RMB 3.76 million of the planned RMB 153.11 million for the original project, with a completion rate of 2.45% [3]. Impact of Fund Usage Change - The decision to use the remaining funds for working capital is expected to alleviate liquidity issues, as the company reported a negative cash flow of RMB 82.97 million in Q1 2025 and has upcoming loan repayments of RMB 125 million [5]. - The change is anticipated to enhance the efficiency of fund usage and support the company's strategic initiatives in urban renewal, rural revitalization, and other sectors [5][6]. Approval Process - The board of directors and the supervisory board have both approved the proposal, which will also be submitted for shareholder approval [6][8]. - The company plans to transfer the remaining funds to its general settlement account and terminate the special fund storage agreement [6][10].

Summary of Key Points Core Viewpoint The company is adjusting the use of part of its raised funds and adding new investment projects to enhance the efficiency of fund utilization and align with its strategic development needs [1][17]. Group 1: Fundraising and Usage - The company raised a total of RMB 638 million by issuing 20 million shares at RMB 31.90 per share, with a net amount of RMB 563.82 million after deducting issuance costs [1][2]. - As of June 30, 2025, the cumulative amount used from the raised funds is RMB 432.69 million, with RMB 55.31 million of the excess funds used to supplement working capital [2][5]. - The company plans to change the use of RMB 60 million from the "Tension Wheel Expansion Project" to the "Intelligent Chassis Thermal Control System Production Base (Phase I) Project" due to market conditions and project progress [3][5]. Group 2: Project Adjustments - The original "Tension Wheel Expansion Project" had a total investment of RMB 84.94 million, with an expected internal rate of return of 30.06% and a payback period of 4.96 years [5][6]. - The company has decided to terminate the "Jiaxing Auto Parts Production Base Project" and redirect the funds to the new project, which has a total investment of RMB 600.79 million [7][9]. - The new project will require additional funding, which the company plans to cover through self-funding or other financing methods [7][9]. Group 3: Market and Economic Analysis - The global automotive parts rubber molding market is projected to grow from RMB 229.3 billion in 2023 to RMB 292.9 billion by 2030, with a compound annual growth rate (CAGR) of approximately 3.5% [10]. - The thermal management market in the automotive sector is expected to expand from RMB 408.8 billion in 2023 to RMB 532.4 billion by 2030, driven by increasing demand for efficient thermal management systems [10]. - The company has established itself as a qualified supplier for major automotive manufacturers, enhancing its market position and customer loyalty [11][12]. Group 4: Decision-Making and Oversight - The board of directors and the supervisory board have approved the changes in fund usage and new investment projects, ensuring compliance with relevant regulations [16][17]. - The company will implement a three-party supervision agreement for the management of the raised funds to ensure legal and effective usage [2][3]. - The adjustments are expected to optimize investment operations without adversely affecting the company's financial status or shareholder interests [17][18].