Core Viewpoint - The company plans to utilize up to RMB 710 million of temporarily idle raised funds for cash management, investing in principal-protected cash management products such as time deposits [1] Group 1 - The board of directors will hold the 31st meeting of the 9th session on November 11, 2025, to review the cash management proposal [1] - The approved cash management amount is valid for 12 months from the date of board approval, allowing for rolling use within the limit [1] - The company assures that this decision will not affect the progress of the investment projects funded by the raised capital or the normal production and operation of the company [1]

Core Viewpoint - The company is engaging in cash management to generate investment returns, thereby providing greater investment returns for the company and its shareholders [2] Summary by Relevant Categories - **Company Strategy** - The company is focused on cash management as a means to achieve investment income [2] - **Investment Returns** - The initiative aims to enhance investment returns for both the company and its shareholders [2]

Core Viewpoint - The company has made significant governance changes, including the cancellation of the supervisory board, amendments to its articles of association, and a capital increase, which are aimed at enhancing operational efficiency and aligning with its new status as a publicly listed company [2][43]. Group 1: Board Meeting and Resolutions - The first board meeting of the company was held on November 10, 2025, with all five directors present, confirming the legality of the meeting [1][4]. - The board approved the cancellation of the supervisory board and the amendment of various governance documents, which will take effect upon shareholder approval of the new board election [2][44]. - The board also approved a capital increase from RMB 384.529321 million to RMB 437.029321 million, changing the company type to "publicly listed company" [7][45]. Group 2: Governance Changes - The company confirmed the cancellation of the supervisory board, with its functions being transferred to the audit committee of the board [46]. - Amendments to the articles of association and other governance documents were approved, which will take effect after the election of the new board [48][49]. Group 3: Board Elections - The board proposed candidates for the second board, including three non-independent directors and two independent directors, pending shareholder approval [9][14]. - The voting results for the nominations were unanimous in favor, with no objections [10][16]. Group 4: Financial Management - The company plans to use RMB 274.45 million of raised funds to replace pre-invested self-raised funds in projects and RMB 8.75 million for issuance costs, complying with regulations [21][34]. - The total amount raised from the public offering was RMB 896.7 million, with a net amount of RMB 803.16 million after deducting issuance costs [34][44]. Group 5: Capital Expenditure and Projects - The board approved a capital expenditure plan of RMB 300 million for the period until December 31, 2026, focusing on fixed asset procurement and improvements [28]. - The company will invest in an AI computing high-end printed circuit board expansion project, with the authority to manage the project delegated to the general manager [25].

Core Viewpoint - The company plans to utilize idle self-owned funds for cash management, with a total amount not exceeding 600 million RMB, approved by the board and shareholders, to enhance fund efficiency and generate returns without affecting daily operations [2][4][15]. Investment Overview - **Investment Purpose**: The company aims to effectively utilize temporarily idle self-owned funds to increase fund efficiency and returns while ensuring normal operational cash flow and risk control [4]. - **Investment Amount**: The cash management investment amount is set at 70 million RMB [5]. - **Source of Funds**: The funds for this cash management initiative will come from the company's idle self-owned funds [6]. - **Investment Method and Duration**: The company will purchase structured deposits from Zheshang Bank with a term of 182 days, within the authorized limit [7]. Review Procedures - The company held meetings on April 25, 2025, and a shareholder meeting on May 19, 2025, to approve the cash management proposal, allowing for a maximum of 600 million RMB to be used for this purpose [8][9]. Investment Risk Analysis and Control Measures - **Risk Analysis**: Despite thorough evaluations of financial products, market fluctuations and macroeconomic factors may impact investment returns [10][11]. - **Risk Control Measures**: The company will not use idle funds for securities investments or purchase unsecured bond products, adhering to prudent investment principles and selecting reputable financial institutions [12][13]. Independent directors and the audit committee will oversee fund usage [13]. Impact on the Company - The cash management amount represents 19.93% of the company's cash at the end of the most recent period, which is expected to enhance fund efficiency without affecting daily operations or the development of core business [15]. The management of cash will comply with new financial instrument standards, potentially impacting financial statements [15].

Financial Data and Key Metrics Changes - Sales for Q3 2025 were $374 million, a decrease of approximately 6% compared to the prior year, primarily due to softer demand in chemical intermediates and nylon end markets [8][9] - Adjusted EBITDA was $25 million, down $28 million from last year, with an adjusted EBITDA margin of 6.6% [8][9] - Free cash flow for the trailing 12 months through Q3 2025 is approximately break-even, with a target for positive free cash flow for the full year of 2025 [14][15] Business Line Data and Key Metrics Changes - Plant nutrients showed strong performance, with a year-over-year pricing increase in the fall fill program, while nylon solutions faced pressure with moderated production rates [10][11] - Granular ammonium sulfate volume was up 20% year-over-year, contributing to record revenue for the segment in Q3 [28] - Acetone pricing moderated from multi-year highs, impacting overall chemical intermediates performance [10][12] Market Data and Key Metrics Changes - The agricultural and fertilizer market continues to grow, with sulfur nutrition demand expected to increase by 3-4% per year [11] - The building construction market remains stable, while the plastics sector faces broader macro softness [12] - Demand in the semiconductor space is anticipated to improve sequentially into Q4 and 2026 [12] Company Strategy and Development Direction - The company is focused on optimizing operational performance and cash management, with a disciplined approach to capital investment [6][16] - Strategic initiatives include leveraging a low-cost position in vertically integrated production and enhancing capabilities in ammonium sulfate growth [16][17] - The company is positioned to navigate cycles and capitalize on emerging opportunities, with a focus on long-term value creation [16][52] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging industry dynamics and the need to moderate production rates due to demand softness [4][5] - The company expects strong free cash flow in Q4, supported by working capital tailwinds [14] - There is confidence in capturing significant benefits from the 45Q carbon capture tax credits, although timing may shift to 2026 due to government processes [33][34] Other Important Information - A site-wide electrical outage at the Chesterfield nylon plant had minimal impact on Q3 results but is expected to affect Q4 EBITDA by $7-$9 million [5] - The company successfully completed a planned plant turnaround at the Hopewell facility [5] - Two new members were added to the board of directors, enhancing corporate governance and strategic growth priorities [7] Q&A Session Summary Question: Insights on the chemical intermediates market and pricing environment - Management indicated that acetone represents roughly 50% of sales in chemical intermediates, with subdued phenol demand impacting overall results [21][22] Question: Update on ammonium sulfate results - The company reported the highest third-quarter revenue for ammonium sulfate, driven by increased granular volume and favorable pricing [27][28] Question: Raw material cost trends and purchasing strategies - Management noted that they typically do not execute hedges on raw materials, with natural gas prices increasing significantly year-over-year [30][31] Question: Update on Section 45Q carbon capture credits - The company expects to receive credits in 2026 due to delays from the government shutdown, with a cumulative benefit anticipated across the program's life [33][34] Question: Impact of bonus depreciation on financial results - Bonus depreciation primarily affects the cash tax rate, with significant benefits expected in future years as more projects qualify [35][36] Question: Cost reduction initiatives for 2026 - Management highlighted a focus on productivity and addressing non-manpower fixed costs as part of their cost reduction strategy [41][42] Question: Nature of the settlement regarding intellectual property - The settlement included a monetary component and established a customer base that respects the company's intellectual property rights [45][46]

Core Viewpoint - Haohai Biological Technology (06826) announced plans to enhance the efficiency of raised funds by utilizing a portion of temporarily idle funds for cash management, aiming to increase company income and shareholder returns [1] Fund Utilization - The company plans to use no more than RMB 300 million (including the principal) of temporarily idle raised funds for cash management [1] - The usage period for these funds is effective for 12 months from the date of board approval [1] - Within the specified limit and timeframe, the funds can be used in a rolling manner [1]

Core Viewpoint - The financial performance of Songlin Technology (603992) has shown significant declines in revenue and net profit for the first three quarters of 2025, prompting the company to implement cash management strategies and foreign exchange hedging to mitigate risks [4][5][7]. Trading Information Summary - On October 31, 2025, Songlin Technology's stock closed at 28.97 yuan, up 0.73%, with a turnover rate of 0.31% and a trading volume of 13,100 shares, amounting to a transaction value of 38.03 million yuan [1]. - The net outflow of main funds was 374.98 thousand yuan, accounting for 9.86% of the total transaction value, while retail investors saw a net inflow of 354.55 thousand yuan, representing 9.32% of the total [2]. Shareholder Changes Summary - As of September 30, 2025, the number of shareholders increased to 9,084, up by 2,371, a growth of 35.32%. The average number of shares held per account decreased from 64,500 to 47,700, with an average market value of 1.484 million yuan [3]. Financial Performance Summary - For the first three quarters of 2025, the main revenue was 1.852 billion yuan, a year-on-year decrease of 15.49%. The net profit attributable to shareholders was 158.65 million yuan, down 50.53%, and the net profit excluding non-recurring items was 126 million yuan, down 57.31% [4][5]. - In Q3 2025, the single-quarter main revenue was 712 million yuan, a decline of 4.33%, with a net profit of 65.56 million yuan, down 34.1% [4][5]. Company Announcements Summary - The board of directors approved the use of up to 1.5 billion yuan of idle funds for cash management, focusing on safe and liquid financial products with a maturity of no more than 12 months [6]. - The company plans to engage in foreign exchange hedging activities totaling up to 200 million USD to mitigate exchange rate risks, with a focus on normal operational needs rather than speculative trading [7].

Core Viewpoint - The stock price of Songlin Technology (603992) has shown a slight increase, with a current market capitalization of 12.541 billion yuan, ranking 10th in the home goods sector and 1524th in the A-share market [1] Shareholder Changes - As of September 30, 2025, the number of shareholders for Songlin Technology reached 9,084, an increase of 2,371, representing a growth of 35.32% since June 30, 2025. The average number of shares held per account decreased from 64,500 to 47,700, with an average holding value of 1.484 million yuan [2][6] Performance Disclosure Highlights - In the third quarter of 2025, Songlin Technology reported a main revenue of 1.852 billion yuan, a year-on-year decrease of 15.49%. The net profit attributable to shareholders was 159 million yuan, down 50.53% year-on-year. The net profit after deducting non-recurring gains and losses was 126 million yuan, a decline of 57.31%. For Q3 alone, the main revenue was 712 million yuan, down 4.33%, with a net profit of approximately 65.56 million yuan, a decrease of 34.1% [3] Company Announcements Summary - From October 9 to October 29, 2025, the stock price of Songlin Technology remained above 130% of the conversion price of "Songlin Convertible Bonds," triggering conditional redemption clauses. However, the company decided not to exercise the early redemption rights and will not do so even if the redemption conditions are met in the next three months. The board will reconsider after January 29, 2026, if the conditions are triggered again [4][6] - The company approved the use of up to 1.5 billion yuan of idle self-owned funds for cash management in safe and liquid financial products with a term not exceeding 12 months, and up to 220 million yuan of idle raised funds for similar purposes [4][5]

Core Viewpoint - Lehui International (603076) has shown mixed financial performance in Q3 2025, with a slight increase in revenue but a significant decline in net profit, while also planning to manage idle funds for cash management purposes [3][4]. Stockholder Changes - As of September 30, 2025, the number of shareholders for Lehui International is 13,000, a decrease of 496 from June 30, 2025, representing a reduction of 3.67%. The average number of shares held per account increased from 8,937 to 9,278, with an average holding value of 229,700 yuan [2][5]. Performance Disclosure Highlights - For the first three quarters of 2025, Lehui International reported a main revenue of 950 million yuan, a year-on-year increase of 0.28%. The net profit attributable to shareholders was 33.6 million yuan, down 17.1% year-on-year. The net profit excluding non-recurring items was 16.79 million yuan, up 17.58% year-on-year. In Q3 alone, the main revenue was 334 million yuan, a year-on-year increase of 20.89%, while the net profit attributable to shareholders was 7.96 million yuan, down 56.51% year-on-year [3][5]. Company Announcements Summary - Lehui International plans to use no more than 160 million yuan of idle raised funds for cash management, investing in low-risk financial products with high safety and liquidity, with a maturity of no more than one year. This decision has been approved by the board and is not expected to affect the normal progress of the fundraising projects [4][5].

Core Viewpoint - The company has released its third-quarter financial report, ensuring the accuracy and completeness of the information disclosed, with no significant omissions or misleading statements [2][3]. Financial Data Summary - The company reported a 100% increase in trading financial assets compared to the beginning of the year, attributed to the purchase of structured deposits during the reporting period [4]. - Accounts receivable increased by 36% year-on-year, driven by higher sales volume and revenue [4]. - The company’s prepayments rose by 96% compared to the beginning of the year, due to increased advance payments for goods [5]. - The company’s investment income decreased by 268% year-on-year, primarily due to the recognition of discount interest from bill discounting as investment income [5]. - The company’s tax expenses increased by 40% year-on-year, reflecting a rise in pre-tax profits [5]. Shareholder Information - The company held meetings on July 10 and August 15, 2025, to approve the use of idle funds for wealth management and cash management, with limits set at RMB 400 million and RMB 60 million respectively [6][7][8]. - The company has increased the limit for using idle self-owned funds for cash management from RMB 400 million to RMB 600 million, effective from July 1, 2025 [8]. Other Important Matters - No significant events as defined by the relevant securities laws were reported during the period [8].