Core Viewpoint - The company has faced multiple delays in its fundraising project due to various market and economic factors, leading to a cautious approach in capital investment and project implementation [1][2][3] Group 1: Fundraising Project Delays - The company raised a net amount of 184 million RMB from a non-public stock issuance in 2020, intended for an 800,000 square meter smart interconnected high-precision circuit board project, which has been delayed multiple times, now expected to complete by December 2025 [1] - The project has seen a total investment of 23 million RMB in 2024, with 65 million RMB of the raised funds still unreturned as of May 2024 [1] - The company’s monetary funds and long-term borrowings totaled 518 million RMB by the end of 2024 [1] Group 2: Market Environment and Business Development - The consumer electronics market saw a decline of 2.37% in 2023, with a projected compound annual growth rate (CAGR) of only 2.25% from 2023 to 2028, significantly lower than the global electronics CAGR of 5.7% [2] - The company’s products are primarily used in consumer electronics and renewable energy sectors, facing intense competition and longer product certification cycles [2][3] - The company has been cautious in capital investments since Q4 2021, slowing down project implementation to mitigate adverse impacts on performance due to market conditions [3] Group 3: Financial Performance - The company reported a revenue of 234.72 million RMB in 2024, down 3.30% year-on-year, with a net loss of 15.44 million RMB, a significant decline of 325.20% compared to the previous year [5] - The company’s performance has been under pressure due to macroeconomic factors, leading to a cautious approach in project funding and execution [5][6] Group 4: Fund Utilization and Compliance - The company has utilized part of the raised funds for temporary working capital, with a total of 160 million RMB returned to the special account by the end of 2023 [10][12] - The company has ensured that the use of funds complies with regulations, with no evidence of misappropriation or violation of fund usage rules [14]

Core Viewpoint - The company has decided to postpone the completion date of certain fundraising projects due to construction delays and challenges, while ensuring that the investment content and total amount remain unchanged [5][7][8] Fundraising Overview - The company raised a total of RMB 1,851,262,700.00 through its initial public offering, with a net amount of RMB 1,731,926,758.55 after deducting issuance costs, which was verified by PwC [1][2] Fundraising Project Status - As of June 29, 2025, the company has specific fundraising projects with allocated amounts and has made cumulative investments, with a total investment of RMB 173,192.68 million and a remaining balance of RMB 9,166.71 million [3][4] Delay Details - The company plans to adjust the timeline for certain projects to reach their intended operational status without changing the investment purpose or scale [5][6] - The headquarters building project, originally scheduled for completion by June 2025, has been delayed due to the complexity of the construction involving multiple parties and external factors such as adverse weather [5][6] Future Plans and Measures - The company aims to ensure efficient resource utilization and project completion, with ongoing construction of the headquarters building, which has seen the main structure completed [5][6] - Measures will be taken to ensure compliance and effective use of fundraising, including strict supervision of project progress [6] Impact of Delay - The delay is a cautious decision based on actual project conditions and does not materially affect the company's normal operations or shareholder interests [7][8] Review Procedures - The Audit Committee and Board of Directors have reviewed and approved the postponement of the project completion date to June 2026, confirming that it falls within their authority and does not require shareholder approval [7][8]

Group 1 - The company announced a change in the use of part of the raised funds and a delay in investment projects, specifically reducing the investment amount for the "Konjac Deep Processing Intelligent Manufacturing Production Line Expansion and Renovation Project" from 101.05 million yuan to 91.36 million yuan, reallocating 26 million yuan for the construction of the Hydrophilic Colloid Industrial Park Renovation and Digital Transformation Project (Phase I) [2] - The "Konjac Deep Processing Intelligent Manufacturing Production Line Expansion and Renovation Project" was initially planned in 2022 based on market conditions and company circumstances, and the company has adhered to regulations regarding the use of raised funds while ensuring the project's smooth implementation [2] - As of May 31, 2025, the basic construction of the project, including civil works and equipment, has been completed [2] Group 2 - The company plans to extend the "Konjac Deep Processing Intelligent Manufacturing Production Line Expansion and Renovation Project" deadline to December 2025, utilizing working capital during the extension period to purchase raw materials needed for production [3] - The total planned investment for the "Hydrophilic Colloid Industrial Park Renovation and Digital Transformation Project (Phase I)" is 56.04 million yuan, with 26 million yuan sourced from the original raised funds, while the remaining amount will be financed through the company's own or self-raised funds [3] - The completion of the project is expected to enhance the company's production capacity for hydrophilic colloids, meet market demand, and improve the company's market competitiveness and profitability, thereby expanding future development opportunities [3]

Group 1 - The company announced a delay in the "Annual Production of 15,000 Tons of Electronic Functional Powder Material Construction Project," adjusting the expected completion date to September 2025, which is a delay of no more than three months [2] - The company received approval from the China Securities Regulatory Commission on July 26, 2022, to issue 17,610,850 A-shares, raising a total of approximately RMB 950.99 million, with a net amount of approximately RMB 929.80 million after deducting issuance costs [2] - The raised funds are primarily allocated for the "Annual Production of 15,000 Tons of Electronic Functional Powder Material Construction Project," "Annual Production of 20,000 Tons of Lithium Battery Coating Barium Stone Construction Project," "Technology Research and Development Center Construction Project," and to supplement working capital [2] Group 2 - The delay in the fundraising project only involves changes in project progress and does not alter the investment content, total investment amount, or implementing entity, thus not having a substantial impact on the project's implementation [3] - The delay does not change or indirectly change the direction of the raised funds or harm shareholder interests, and it will not have a significant adverse effect on the company's normal operations [3]

Fundraising Overview - The company has been approved to publicly issue 23,508,800 shares at a price of RMB 50.31 per share, raising a total of RMB 1,182,727,728, with excess funds amounting to RMB 693,369,702.40 after deducting issuance costs [1][2]. Fund Utilization - The company has outlined its fundraising projects and usage plans, with specific investment amounts and progress reported as of May 31, 2025 [2][3]. Project Delay Reasons - The company has decided to postpone certain fundraising projects due to market conditions and overall project progress, ensuring that the project implementation entities, investment purposes, and scales remain unchanged [3][4]. Impact of Project Delay - The delay in fundraising projects is a cautious decision based on actual progress, and it does not affect the company's current operations significantly. The investment total, project content, and implementation entities remain unchanged, ensuring no harm to shareholder interests [4][5]. Approval Procedures - The company's board of directors and supervisory board have approved the project delays, confirming that necessary procedures were followed and that the delays do not alter the intended use of funds [5]. Sponsor's Verification - The sponsor has verified that the project delays have been approved by the board and supervisory board, and there are no changes to the intended use of funds, complying with relevant regulations [5].

Core Viewpoint - The company has decided to terminate part of its fundraising projects and delay others, based on a careful assessment of the current market conditions and project progress, ensuring that these decisions align with the long-term interests of the company and its shareholders [1][10]. Fundraising Overview - The company raised a net amount of RMB 1,002,572,682.71 through its initial public offering, verified by an accounting firm [1]. - The company has established a management system for the use of raised funds, ensuring that funds are stored in dedicated accounts and used strictly for their intended purposes [2]. Termination of Fundraising Projects - The project "Zihang Medical Device Component Intelligent Manufacturing and Expansion Project" will be terminated, with the total investment amount reduced from RMB 282.84 million to RMB 143.47 million, and the fundraising investment amount decreased from RMB 282.84 million to RMB 135.77 million [3]. - The termination is influenced by changes in market demand and increased competition, leading to a reassessment of the project's viability [6][7]. Reasons for Project Termination - The implementation of centralized procurement policies has created volatility in market demand, affecting the sales cycle and capacity planning for the project [6]. - The existing production capacity is deemed sufficient to meet current demand, and further investment could lead to idle capacity risks [7]. Impact of Project Termination - The termination is expected to enhance the efficiency of fundraising usage and will not adversely affect the company's normal operations or shareholder interests [8]. - The remaining funds from the terminated project will be retained in dedicated accounts for future investment opportunities [8]. Delay of Fundraising Projects - The "Weike Medical Minimally Invasive Surgical New Product Project" will be delayed, with the expected completion date pushed from June 30, 2025, to December 31, 2027 [9]. - The delay is attributed to changes in market conditions and the need for further product development to meet diverse customer needs [9]. Reasons for Project Delay - The company is adapting to market changes and enhancing product features through increased R&D investment, which has necessitated a phased approach to project implementation [9]. - The execution of procurement policies has affected the expected market release timeline for the company's products [9]. Impact of Project Delay - The delay is a strategic decision that does not involve changes to the project’s implementation structure or total investment, ensuring that it aligns with the company's long-term development goals [9][10].

Core Viewpoint - The company has decided to postpone the expected completion dates for its fundraising projects, specifically the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" and the "R&D Center Construction Project," to June 2026 due to various factors affecting project timelines [2][3][4]. Fundraising Overview - The company raised a total of RMB 262.35 million through its initial public offering, with a net amount of RMB 195.80 million after deducting issuance costs [2]. - The cumulative investment in the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" is RMB 135.52 million, representing 69.22% of the planned investment [2]. Project Delay Details - The delay for the "Nanyang Intelligent Electrical Industrial Park Construction Project (Phase I)" is attributed to ongoing construction and the need for equipment installation and debugging, which has not yet reached a fully usable state [3]. - The "R&D Center Construction Project" requires an extension due to the optimization and upgrading of original R&D plans, which involves more complex processes and equipment selection [3]. Measures for Completion - The company will monitor the progress of the fundraising projects in real-time, develop implementation plans, optimize resource allocation, and ensure orderly advancement of subsequent construction [3]. Impact of Delay - The postponement of the fundraising projects is a prudent decision based on the current implementation status and does not alter the project subjects, methods, or intended use of funds, ensuring no significant adverse impact on the company's operations [4]. Approval Process - The board of directors and the supervisory board have approved the postponement of the project completion dates, and this matter does not require further shareholder meeting approval [4]. Sponsor's Review Opinion - The sponsor has confirmed that the postponement of the fundraising projects has been duly approved by the company's board and does not involve any changes to the intended use of funds, ensuring the protection of shareholder interests [4].

Core Viewpoint - The company, Hunan Hengguang Technology Co., Ltd., has decided to postpone certain fundraising projects due to actual progress and market conditions, ensuring that the adjustments do not affect the overall investment direction or shareholder interests [7][12]. Fundraising Overview - The company raised a total of RMB 605.41 million through its initial public offering, with a net amount of RMB 540.81 million after deducting related issuance costs [1][2]. Fund Usage Status - As of May 31, 2025, the company has invested RMB 343.30 million, which is 60.57% of the total planned investment of RMB 566.81 million for the first phase of the fine chemical new materials production base [4]. Project Postponement Details - The company has postponed the completion date of the "5.5 million tons fine chemical new materials production line construction project" from June 30, 2025, to December 31, 2026, due to technical optimizations and market uncertainties [9][11]. Reasons for Postponement - The postponement is attributed to the need for technical adjustments in the "5,000 tons 2-ethyl anthraquinone production line" and the decision to delay investment in the "50,000 tons sodium chlorite production line" to protect shareholder interests amid a complex market environment [9][10]. Impact of Postponement - The postponement will not change the project content, implementation subject, or total investment amount, and is expected to have no adverse effects on the company's current operations [10][12]. Approval Process - The postponement was approved through necessary procedures by the independent directors, board of directors, and supervisory board, confirming compliance with relevant regulations and ensuring no harm to shareholder interests [10][11][12].

Group 1 - The company held its 15th meeting of the third supervisory board on June 9, with all three supervisors present, confirming compliance with legal and regulatory requirements [1][2] - The supervisory board approved the proposal to conclude certain fundraising projects and permanently supplement working capital with surplus funds, emphasizing improved fund utilization and reduced financial costs [1][2] - The board's decision on the proposal to extend and change the implementation location of certain fundraising projects was also approved, stating that it aligns with the company's operational situation and long-term interests [1][2] Group 2 - The voting results for both proposals were unanimous, with all three votes in favor and no opposition or abstentions [2] - The proposals will be submitted for review at the company's upcoming shareholders' meeting [2] - Relevant documents, including the resolutions from the supervisory board meeting, are available for reference [2]

Group 1 - The company held its 11th meeting of the 5th Supervisory Board on June 20, 2025, with all three supervisors present, including two via remote voting [1] - The Supervisory Board approved the proposal to postpone certain fundraising projects with a unanimous vote, stating that the postponement does not change the purpose or direction of the raised funds and will not materially affect the company's operations [1][2] - The board also reviewed a proposal to amend the remuneration management measures for directors, supervisors, and senior management, with all supervisors abstaining from the vote, which will be submitted to the shareholders' meeting for approval [2][3] Group 2 - The Supervisory Board approved adjustments to the repurchase price of the 2024 restricted stock incentive plan with a majority vote, confirming that the adjustments comply with relevant regulations and do not harm shareholder interests [2][3]