Group 1 - The company has established a special account for the storage of raised funds and signed a tripartite supervision agreement with the sponsor and the bank [2][3] - The total amount raised from the initial public offering (IPO) was RMB 326 million, with a net amount of RMB 303.7 million after deducting issuance costs [2] - The special account will be used exclusively for the storage and use of over-raised funds, ensuring compliance with relevant regulations [3][4] Group 2 - The tripartite supervision agreement was signed on November 3, 2025, to regulate the management and use of raised funds [3][5] - The agreement stipulates that the sponsor has the right to supervise the use of funds and can conduct on-site investigations [5][6] - The bank is required to provide monthly account statements and notify the sponsor of any significant withdrawals from the special account [6][7]

Core Viewpoint - Zhejiang Airo Network Energy Technology Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau due to multiple violations in fundraising management, involving inaccurate project progress disclosures, untimely changes in project implementation locations, and failure to disclose legal actions affecting fundraising accounts [1][2]. Group 1: Violations in Fundraising Management - The company inaccurately disclosed the operational status of the "Energy Storage Battery and Inverter Expansion Project," stating it was operational by June 2022, while it actually began operations in December 2023 [2]. - The company delayed disclosing the change of location for the "Smart Energy R&D Center" project, which was initially reported to be in Fuyang District but was actually in Xihu District, with the change announced only on July 1, 2025 [2]. - Airo Energy failed to disclose that its Agricultural Bank fundraising account was frozen for 3.32 million yuan due to legal actions, which was only resolved in October 2024 [2]. Group 2: Company Performance and Market Reaction - Airo Energy's performance has significantly declined since its IPO on January 3, 2024, with a reported revenue of 3.028 billion yuan for the first three quarters of 2025, a year-on-year increase of 25.80%, but a net profit of 150 million yuan, down 6.32% [4]. - The net cash flow from operating activities plummeted by 85.90% to 96.86 million yuan, indicating severe cash flow issues [4]. - In the third quarter alone, revenue increased by 48.33% to 1.22 billion yuan, but net profit fell dramatically by 85.10% to only 8.55 million yuan [4]. - Shareholders are planning to reduce their holdings, with the sixth-largest shareholder intending to sell up to 820,000 shares, representing 0.5125% of the total share capital [5]. Group 3: Company Background - Airo Energy, established in 2012 and led by Li Xinf, specializes in photovoltaic energy storage systems and products, primarily targeting overseas markets [6].

Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue 21,374,181 convertible bonds, with a total fundraising amount not exceeding RMB 2,137,418,100 [2] - After deducting underwriting and sponsorship fees, the actual amount received is RMB 2,120,498,457.70, and the net amount after all expenses is RMB 2,116,023,100.01 [2] Fund Allocation Adjustments - The company has approved adjustments to the fundraising projects, including a reduction in the investment for the "Tianxin Manufacturing Center Construction Project" from RMB 471.82 million to RMB 165 million [3] - The "Pinghu Manufacturing Center Construction Project" has been renamed and its location changed, while the investment for the "Carbon Fiber and Heat Dissipation Precision Parts R&D Project" has increased from RMB 266.33 million to RMB 743.15 million [3] - A new project for "Key Components and Complete Machine Upgrading for Humanoid Robots" has been added with an investment of RMB 50 million [3] Fund Management and Supervision - The company has established a special account for the temporary supplementary working capital of the fundraising, in compliance with relevant regulations [4] - A tripartite supervision agreement has been signed with the bank and the sponsor to ensure proper management and usage of the raised funds [5][6] - The agreement stipulates that the special account can only be used for the designated fundraising projects and outlines the responsibilities of all parties involved in monitoring fund usage [6][7] Compliance and Reporting - The bank is required to provide monthly statements to the company and the sponsor, ensuring transparency in fund management [7] - Any significant withdrawals from the special account must be reported to the sponsor immediately [7] - The agreement will remain effective until all funds are fully utilized and the supervision period concludes [7][8]

Core Viewpoint - The company has established a temporary special account for the use of idle raised funds to supplement its working capital, ensuring compliance with regulatory requirements and protecting investor interests [1][2]. Summary by Sections Fundraising Overview - The company raised a total of RMB 116,800 million from its initial public offering (IPO) by issuing 100 million shares at a price of RMB 11.68 per share, with a net amount of RMB 107,104.44 million after deducting issuance costs [1]. Establishment of Special Account - On October 24, 2025, the company’s board approved the opening of a temporary special account for the purpose of supplementing working capital, and authorized the management to handle the account setup and regulatory agreement [2][3]. Regulatory Agreement Details - The agreement involves three parties: the company, China Construction Bank, and Tianfeng Securities. It aims to regulate the management of raised funds and protect the rights of small investors [3][4]. - The special account has been opened with a balance of RMB 0 as of October 31, 2025, and is strictly designated for temporary working capital purposes [4]. Responsibilities and Oversight - Tianfeng Securities will supervise the use of the raised funds, conducting semi-annual inspections and ensuring compliance with relevant regulations [5][6]. - The bank is required to provide monthly statements to the company and Tianfeng Securities, ensuring transparency in fund management [5][6]. Conditions for Fund Withdrawal - If the company withdraws more than RMB 50 million or 20% of the net raised funds within a twelve-month period, the bank must notify Tianfeng Securities promptly [6]. - The agreement can be terminated if the bank fails to provide timely statements or cooperate with investigations [6]. Agreement Validity - The agreement is effective upon signing and will remain in force until all funds are utilized and the account is closed [6][7].

Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. has been issued an administrative regulatory decision by the Guangdong Securities Regulatory Commission due to irregularities in financial accounting, fundraising management, and disclosure practices [2][4][6]. Financial Accounting Irregularities - The company has been found to have inaccurate revenue accounting, failing to estimate return rates based on actual sales returns and including non-actual sales orders in revenue [4]. - There were inaccuracies in the accounting of construction in progress, with the company not timely estimating unbilled construction payments and failing to transfer assets to fixed assets upon completion [4]. - Errors in accounting classifications were noted, such as misreporting funds held in third-party payment platforms as accounts receivable and misclassifying unrelated consulting fees as research and development expenses [4]. Fundraising Management and Disclosure Issues - The company improperly used fundraising and self-owned funds for the construction of its headquarters without separating the accounting for fundraising projects from non-fundraising projects [5]. - Adjustments to fundraising projects were not timely reviewed and disclosed, leading to discrepancies between reported project progress and actual status [5]. - The company failed to disclose relevant information regarding cash management of fundraising, including returns on financial products and investment details [5]. Regulatory Actions - The chairman, board secretary, and financial director of the company have been held primarily responsible for the violations and have received warning letters from the regulatory authority [6]. Financial Statement Corrections - The company announced corrections to its financial statements for the first half of 2025, revealing inflated figures in various financial metrics, including an increase in operating income by 4.5468 million and net profit by 11.3297 million [7][10]. - The corrected balance sheet showed an overstatement of construction in progress by 568 million and underreported fixed assets and investment properties by 375 million and 183 million, respectively [10]. Recent Financial Performance - For the third quarter of 2025, the company reported operating revenue of 2.45 billion, a year-on-year increase of 25.5%, while net profit attributable to shareholders was 244 million, up 2.1% year-on-year [10].

Core Points - Chengdu Jiachi Electronic Technology Co., Ltd. has completed the use of raised funds for the project "Supplementary Working Capital" and has decided to cancel the corresponding special account for these funds [2][4]. Fundraising Overview - The company successfully issued 40.01 million shares of ordinary stock, raising a total of RMB 1,083.47 million, with a net amount of RMB 1,002.76 million after deducting issuance costs of RMB 80.71 million [3]. Fund Management and Usage - The company established a management system for the raised funds to ensure compliance with relevant laws and regulations, including the establishment of special accounts for fund storage and signing of supervisory agreements with banks and sponsors [4]. - The company has adhered to strict approval procedures for the use of raised funds, ensuring transparency and compliance in the management and usage of these funds [4]. Cancellation of Special Account - The special account related to the "Supplementary Working Capital" project has been fully utilized, leading to the decision to cancel the account to reduce management costs and facilitate account management [4].

Core Viewpoint - Zhejiang Dongya Pharmaceutical Co., Ltd. has received a corrective order from the Zhejiang Securities Regulatory Bureau, requiring the company to rectify issues related to the use of raised funds and information disclosure [8][10]. Financial Data - The third-quarter financial report for 2025 has not been audited [3]. - The company reported that the net amount raised from its initial public offering (IPO) was approximately RMB 782.44 million after deducting various fees [37]. Rectification Measures - The company plans to permanently adjust the use of funds from the R&D center construction project to an administrative complex, while maintaining the existing R&D areas [11][44]. - The company has organized training for relevant personnel to enhance compliance awareness and prevent future issues related to fund management [13][14]. Board and Supervisory Meetings - The 11th meeting of the 4th Board of Directors and the 10th meeting of the 4th Supervisory Board were held on October 30, 2025, to discuss and approve the third-quarter report and the adjustment of the R&D center project [19][29]. - Both meetings confirmed that the adjustments to the project would not negatively impact the company's economic benefits or the implementation of the IPO fundraising projects [33][45]. Compliance and Governance - The company emphasizes the importance of improving internal controls and compliance with securities laws following the corrective order [15]. - The company aims to enhance its governance and operational standards to protect the interests of shareholders and investors [15].

Core Viewpoint - The company has announced its third-quarter report for 2025, confirming the authenticity and completeness of the financial information presented, and has made decisions regarding its employee stock ownership plan and the use of surplus funds from a previous bond issuance [8][14][45]. Financial Data - The third-quarter financial report for 2025 has not been audited [3]. - The company reported a surplus of 254.44 million yuan from its 2020 convertible bond issuance, which is approximately 17.07% of the net amount raised [45][46]. Shareholder Information - The company will hold its second extraordinary general meeting of 2025 on November 20, 2025, using a combination of on-site and online voting methods [25][26]. - The meeting will address several key proposals, including the approval of the employee stock ownership plan and the use of surplus funds [19][20]. Employee Stock Ownership Plan - The board has approved the draft of the 2025 employee stock ownership plan, which aims to enhance the alignment of interests between shareholders and key employees [15][17]. - The plan requires approval from the upcoming extraordinary general meeting [16][21]. Use of Surplus Funds - The company plans to permanently supplement its working capital with the surplus funds from the 2020 convertible bond issuance, which will improve the efficiency of fund utilization [45][52]. - The decision to use surplus funds has been reviewed and approved by the board and its audit committee, ensuring compliance with relevant regulations [53].

Group 1 - The company has announced the completion of the 2GWh sodium-ion battery project and plans to permanently supplement its working capital with the remaining raised funds amounting to 23.83 million yuan [10][11][19] - The total investment for the sodium-ion battery project was 682.11 million yuan, with 200 million yuan allocated from the raised funds for equipment purchase and installation [11][12] - The board of directors approved the project completion and fund allocation without requiring shareholder approval, in compliance with relevant regulations [10][22] Group 2 - The company’s subsidiary, Shenzhen Lurun Energy Co., Ltd., is set to engage in a financing lease with related party Donghai Financing Lease Co., Ltd., for 32 million yuan at an internal rate of return (IRR) of 5.1% over 24 months [27][29] - This financing lease is aimed at expanding funding channels and ensuring the normal operation of the company and its projects [29][48] - The transaction has been approved by the board and does not constitute a major asset restructuring as per regulatory definitions [27][28][32] Group 3 - The company will hold a performance briefing on November 21, 2025, to discuss the third-quarter results and address investor inquiries [55][56] - The meeting will be conducted online, allowing investors to submit questions in advance [56][58] - This initiative aims to enhance transparency and communication with investors regarding the company's financial performance [55][57]

Core Viewpoint - The company has announced the completion of certain fundraising projects and the permanent allocation of surplus funds to supplement working capital, along with the cancellation of related fundraising accounts [8][9][12]. Financial Data - The company reported that the total amount raised from the public offering was approximately RMB 547.67 million, with net proceeds after deducting issuance costs amounting to approximately RMB 500.82 million [8]. - The company has stated that the fundraising project "Mineralized Collagen/Polyester Artificial Bone and Collagen Sponge R&D Project" has been completed, and the surplus funds will be used to permanently supplement working capital [9][12]. Fundraising Project Details - The company has decided to conclude the aforementioned fundraising project and will cancel the related fundraising accounts, which will not affect the normal operation of the fundraising project [13]. - The surplus funds amount to approximately RMB 523,800, including interest income, which will be used for daily operational activities [12]. Opinions from Supervisory and Sponsoring Institutions - The supervisory board believes that the decision to conclude certain fundraising projects and allocate surplus funds is beneficial for improving the efficiency of fund usage and reducing financial costs, aligning with the interests of all shareholders [14]. - The sponsoring institution, Huatai United Securities, has confirmed that the decision-making process was properly followed and supports the allocation of surplus funds as a prudent decision that optimizes resource allocation [15].