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].

Fundraising Overview - Jiangsu Evergreen New Materials Technology Co., Ltd. raised a total of RMB 1,251,067.72 million through the issuance of 48.14 million A-shares at a price of RMB 25.98 per share, with a net amount of RMB 1,132,228.81 million after deducting underwriting and other fees [1][2][3] - As of June 30, 2025, the company has used RMB 78927.92 million of the raised funds, leaving a balance of RMB 34294.89 million, which accounts for 30.29% of the net amount raised [3][4] Fund Allocation - The funds were allocated primarily to the project for manufacturing special polymer additives and electronic materials, with an actual investment of RMB 54705.11 million in this project [2][3] - The company also used RMB 24222.81 million of the excess funds to permanently supplement working capital, which is 29.14% of the total excess funds [1][2] Cash Management - The company has utilized RMB 14800.00 million of idle funds for cash management, with expected returns from various bank products [1][3] - The cash management strategy aims to ensure the safety of the raised funds while not affecting the normal operation of investment plans [2][3] Adjustments to Fund Usage - On August 16, 2024, the company adjusted the implementation content of the fundraising investment project, reducing the investment in certain facilities while increasing others, which is expected to decrease the total investment by approximately 3.53% [2][4] - The adjustments were made based on external market conditions and project implementation needs, aligning with the company's development strategy [2][4] Project Status - The project for manufacturing special polymer additives and electronic materials is expected to be completed by June 2025, currently in the construction and trial production phase [2][3] - The company plans to convert some of the remaining project materials for general use to improve efficiency and avoid waste [3][4]

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 ...

Core Viewpoint - The report details the usage of previously raised funds by Fujian Wancheng Biotechnology Group Co., Ltd., highlighting the financial management and adjustments made to investment projects to enhance operational efficiency and market competitiveness [2][12][14]. Fundraising Overview - The company raised a net amount of RMB 228.60 million from its initial public offering (IPO) after deducting issuance costs [2]. - In a subsequent issuance to specific investors, the company raised RMB 200 million, with a net amount of RMB 193.60 million after expenses [3]. Fund Usage and Management - As of June 30, 2025, the company had utilized RMB 162.59 million from the IPO funds and RMB 142.49 million from the specific issuance funds [4][5]. - The company established special accounts for managing the raised funds, ensuring compliance with regulatory requirements and protecting investor interests [9][10]. Project Adjustments - The company changed the investment project from "Annual Production of 21,000 Tons of Shimeji Mushroom" to "Annual Production of 53,000 Tons of Enoki Mushroom," aiming to improve market competitiveness and reduce production costs [12][14]. - The adjusted investment amount for the new project is RMB 100 million, with a total planned investment of RMB 470.57 million [14]. Financial Performance - As of June 30, 2025, the project for producing 53,000 tons of Enoki mushrooms reported a cumulative loss of RMB 51.39 million, indicating challenges in the edible mushroom business due to market conditions [16].

Summary of Key Points Core Viewpoint The report provides an overview of the fundraising activities and the utilization of funds by Zhejiang Fulai New Materials Co., Ltd. as of June 30, 2025, confirming compliance with regulatory requirements and detailing the financial status of previous fundraising efforts. Group 1: Fundraising Overview - The company raised a total of RMB 612.90 million from its initial public offering (IPO) in 2021, with a net amount of RMB 530.63 million after deducting underwriting fees and other expenses [4][5]. - In 2023, the company issued convertible bonds, raising RMB 429.02 million, with a net amount of RMB 415.95 million after expenses [6][9]. Group 2: Fund Utilization - As of June 30, 2025, the company has utilized RMB 504.07 million of the raised funds, with RMB 12.65 million remaining in bank accounts [5][10]. - The company temporarily used RMB 50 million of idle funds to supplement working capital [20][24]. Group 3: Changes in Fund Allocation - The company approved changes to the allocation of funds for the "Functional Coating Composite Material Production Base and R&D Center Headquarters" project, reallocating 37.69% of the total funds raised [11]. - The company also transferred assets and liabilities from its subsidiary to optimize its organizational structure and improve operational efficiency [12]. Group 4: Financial Performance and Returns - The company reported a total interest income and returns from structured deposits amounting to RMB 2.47 million from the IPO funds [5][10]. - The actual investment in the "New Environmental Pre-coating Functional Material Construction Project" was RMB 31.23 million, which is lower than the committed amount due to market conditions and project delays [15][18]. Group 5: Idle Fund Management - The company has engaged in cash management by investing idle funds in low-risk, short-term financial products, achieving returns of RMB 1.06 million in 2021 and RMB 0.166 million in 2022 [20][22]. - As of June 30, 2025, all structured deposit products purchased with idle funds have been redeemed [25].

Fundraising and Storage Situation - The company raised a total of RMB 61,290.00 million from its initial public offering (IPO) in 2021, with a net amount of RMB 53,063.13 million after deducting fees [1][2] - As of June 30, 2025, the remaining balance of the previous fundraising is RMB 126.49 million, with RMB 5,000.00 million used for working capital [1][2] - The company raised RMB 42,901.80 million from the issuance of convertible bonds in 2023, with a net amount of RMB 41,589.49 million after deducting fees [1][2] Fund Usage - The company has utilized RMB 50,406.72 million of the funds raised from the 2021 IPO, with a remaining balance of RMB 5,126.49 million, accounting for 9.66% of the net amount [1][12] - The company plans to continue using the remaining funds for investment projects [12] - The company has used RMB 31,225.80 million of the funds raised from the 2023 convertible bond issuance, with a remaining balance of RMB 11,747.47 million, accounting for 28.25% of the net amount [12] Changes in Fund Usage - The company has approved a change in the use of RMB 20,000.00 million from the 2021 IPO funds to invest in a new materials project in Yantai, which represents 37.69% of the total funds raised [1][2] - The company has also approved changes to the implementation location and extended the deadline for the "New Environmental Pre-coating Functional Materials Construction Project" funded by the 2023 convertible bonds [1][2] Investment Efficiency and Returns - The actual investment amount for the "Functional Coating Composite Material Production Base and R&D Center Headquarters" project is RMB 50,406.72 million, with a shortfall of RMB 2,656.41 million compared to the committed amount due to interest income and bank fees [5] - The "New Environmental Pre-coating Functional Materials Construction Project" has an actual investment of RMB 31,225.80 million, with a shortfall of RMB 10,363.69 million as the project is still under construction [5] Idle Fund Management - The company has used idle funds from the 2021 IPO to temporarily supplement working capital, amounting to RMB 5,000 million [7][10] - The company has also engaged in financial management of idle funds, purchasing low-risk, short-term financial products, with a total of RMB 53,500.00 million in structured deposits and RMB 1,064.91 million in returns in 2021 [8][9]

Core Viewpoint - The company intends to temporarily use part of its idle raised funds, not exceeding RMB 200 million, to supplement its working capital, ensuring that this does not affect the progress of its investment projects or normal operations [1][4][5] Fundraising Basic Situation - The company completed its initial public offering on August 30, 2023, issuing 40,010,000 shares at a total price of RMB 118.604 million, resulting in a net fundraising amount of RMB 805.627 million [1][2] Fundraising Investment Projects - The total investment for the projects is RMB 892.686 million, with RMB 759.733 million planned to be funded by the raised funds [2] Previous Use of Idle Funds - The company previously used idle funds to supplement working capital, with a board meeting held on September 2, 2024, approving the use of up to RMB 200 million for this purpose, with a repayment deadline of 12 months [2][3] Current Plan for Using Idle Funds - The company plans to use up to RMB 200 million of idle funds for working capital, with a usage period not exceeding 12 months from the board's approval date [3][4] Board and Supervisory Committee Opinions - The board and supervisory committee have approved the use of idle funds, confirming that it aligns with legal regulations and will enhance the efficiency of fund usage while safeguarding the interests of shareholders [4][5] Sponsor's Verification Opinion - The sponsor has verified that the company's plan to use idle funds complies with relevant regulations and does not alter the intended use of the raised funds, ensuring that the investment plan remains unaffected [5]

| 一、关于本次募投项目…………………………………………… 第 | 1—26 | 页 | | --- | --- | --- | | 二、关于经营情况…………………………………………………第 | 26—42 | 页 | | 三、关于交易性金融资产…………………………………………第 | 42—53 | 页 | | 四、关于其他——与关联方共同投资建设办公楼………………第 | 53—55 | 页 | | 五、关于其他——存货及结构化主体……………………………第 | 55—61 | 页 | | 六、附件……………………………………………………………第 | 62—66 | 页 | | 62 （一）本所营业执照复印件………………………………………第 | | 页 | | 63 （二）本所执业证书复印件………………………………………第 | | 页 | | （三）本所从事证券服务业务备案完备证明材料………………第 64 | | 页 | | （四）本所签字注册会计师执业证书复印件………………第 65—66 | | 页 | | 关于南华期货股份有限公司 | | | | 向不特定对象发行可转债审核问询函中 | | | | 有关财务 ...