Fundraising Overview - The company raised a total of RMB 5,560,621,023.10 from its initial public offering in 2019, after deducting underwriting and advisory fees, resulting in a net amount of RMB 5,279,993,815.60 [1] - In 2023, the company raised RMB 5,918,968,112.35 from a targeted issuance of A-shares, with a net amount of RMB 5,914,724,993.63 after deducting related fees [2] Fund Utilization and Balance - For the 2019 IPO, the net amount raised was RMB 529,407.39 million, with total project investments amounting to RMB 542,500.59 million, resulting in a balance of RMB 15,411.90 million as of the end of the reporting period [3] - In 2023, the net amount raised was RMB 591,750.40 million, with total project investments reaching RMB 592,079.80 million, indicating a balance of RMB 329.40 million [3] Fund Management Practices - The company has established a dedicated management system for the raised funds, adhering to relevant laws and regulations, and has implemented a special account storage system for the funds [6][10] - The company signed multiple tripartite supervision agreements with banks and underwriters to ensure proper management and usage of the raised funds [7][10] Fund Storage Status - As of June 30, 2025, the special accounts for the 2019 IPO have been fully utilized and closed [10] - The special accounts for the 2023 targeted issuance are also set to be closed following the completion of the relevant projects [11] Actual Use of Funds - The company has reported that the funds raised have been utilized in accordance with the planned investment projects, with detailed usage outlined in attached tables [12][15] - Any surplus funds from the projects have been permanently allocated to supplement working capital for daily operations [12][15]

Group 1 - The establishment of Guotou Biological Manufacturing Innovation Research Institute (Wuxi) Co., Ltd. has been announced, with a registered capital of 30 million yuan [1] - The company's business scope includes research and development of bio-based materials technology, production process of biomass liquid fuels, bio-chemical products technology, and artificial intelligence theory and algorithm software development [1] - The company is jointly held by the wholly-owned subsidiary of China National Development Investment Corporation and Wuxi Life Science Industry Development Co., Ltd. [1]

Core Insights - The Ministry of Industry and Information Technology has announced the first batch of typical applications of artificial intelligence (AI) in the field of biomanufacturing, with 16 companies' cases selected nationwide [1] - The selected cases cover various scenarios including intelligent control of bioreaction processes, construction and optimization of cell factories, design and construction of high-performance protein components, and design and optimization of metabolic pathways [1] - The cases are categorized into "excellent" and "typical" levels, with 5 cases rated as excellent and 11 as typical [1] Group 1: Excellent Cases - One of the excellent cases is from Beijing Chengyitong Control Technology Group Co., Ltd., which utilizes SemDB database technology for precise process control and AI big data analysis in large-scale biomanufacturing [1] - The company addresses challenges such as process black-boxing and data lag through big data analysis of process parameters, AI model predictions, and machine learning algorithms, leading to improved production stability and efficient raw material utilization [1] - The company aims to continue deepening the application of AI, big data, and industrial internet in the biomanufacturing sector, promoting digital, networked, and intelligent upgrades in the biomanufacturing process [1] Group 2: Typical Cases - A typical case from the Tianjin Institute of Industrial Biotechnology, Chinese Academy of Sciences, focuses on data-driven design and construction of aromatic compound cell factories, utilizing high-throughput microfluidic technology for efficient synthesis of aromatic chemicals [2]

Domestic News - The National Data Bureau aims to accelerate the construction of high-quality data sets in key areas such as embodied intelligence, low-altitude economy, and biomanufacturing [2] - Jiangsu Province will waive towing and crane fees for highway vehicle rescue services starting from September 2025 [3] - Beijing's Mayor Yin Yong emphasized the importance of the automotive industry, particularly in the context of the transition to new energy and intelligent vehicles, during a visit to promote the development of the new energy vehicle industry [4] International News - The Canadian government announced an investment of over 25 million CAD (approximately 130 million RMB) to support 33 projects aimed at expanding electric vehicle charging infrastructure, primarily in Quebec [5] - Sony and Honda's joint venture Afeela has initiated pre-production of its first electric vehicle, expected to launch in mid-2026 in Japan and California [6] Automotive Industry Performance - In July 2025, Vietnam's hybrid vehicle sales surged by 72% year-on-year, with total sales reaching 31,739 units, marking a 1% month-on-month decline [7] - Gentex Corp reported a 12% increase in net profit for Q2, reaching 96 million USD, with core operating profit growing by 8% to 123.8 million USD [8] Company News - Geely Auto reported a record revenue of 150.3 billion RMB for the first half of 2025, a 27% year-on-year increase, with a core net profit of 6.66 billion RMB, up 102% [10] - SAIC-GM-Wuling is set to upgrade its collaboration with Huawei, potentially adopting the Hi model for its Baojun brand [11] - Dongfeng Motor and JD Group signed a strategic cooperation agreement to build a new digital supply chain ecosystem [12] - GAC Group launched a city recruitment plan for its Huawang Automotive brand, focusing on 40 cities [13] - BMW established its first IT R&D center in China, which is also the largest IT R&D base in Asia [14] - Zeekr Technology reported a total revenue of 27.43 billion RMB for Q2 2025, with a gross margin of 20.6%, marking a historical high [15] - Sailun Tire announced plans to invest 291 million USD in Egypt to establish a project with an annual production capacity of 3.6 million radial tires [16]

Group 1 - The core viewpoint of the news is that during the "14th Five-Year Plan" period, China's digital infrastructure has achieved world-leading status in terms of scale and technology, significantly contributing to the development of the digital economy and data circulation [1][2][3] - As of June 2023, the total number of high-quality data sets built in China exceeds 35,000, with a total volume of over 400PB, which is approximately 140 times the digital resource volume of the National Library of China [4][5] - By the end of 2023, the number of data circulation node cities in China is expected to expand to around 50, covering 80% of provinces, laying a foundation for large-scale cross-domain data circulation [3][5] Group 2 - The National Data Bureau has introduced over 10 new systems, including data property rights, as part of a comprehensive policy approach to promote the market-oriented allocation of data elements [2] - The number of 5G base stations is projected to increase fivefold by June 2025 compared to 2020, reaching 4.55 million, while the number of gigabit broadband users is expected to grow 34 times to 226 million [2] - The digital economy is expected to see software revenue grow by 80% by the end of 2024 compared to 2020, and the added value of the electronic information manufacturing industry is projected to increase by over 70% [2] Group 3 - The National Data Bureau has established data infrastructure guidelines and technical specifications to support the construction and operation of data infrastructure, with over 2,000 entities connected to the infrastructure [3] - The "data corpus equity investment" model is being piloted to encourage enterprises to convert high-quality data sets into equity investments [5] - The National Data Bureau plans to continue promoting the construction of high-quality data sets and enhance the recognition of data element value across society [5]

Group 1: Economic and Industry Developments - The National Bureau of Statistics reported that as of June 2023, China has built over 35,000 high-quality data sets, totaling over 400PB, with plans to accelerate the development of key areas such as embodied intelligence, low-altitude economy, and biomanufacturing [1] - Hainan Province has introduced policies to support the high-quality development of the biopharmaceutical industry, including funding rewards ranging from 400,000 to 10 million yuan for various stages of product development [2] - Guizhou Province has launched a three-year action plan for the low-altitude economy, aiming for significant development by 2027, including infrastructure completion and the establishment of innovative platforms [3] Group 2: Company Financial Performance - JD Group reported a revenue of 356.7 billion yuan for Q2, a year-on-year increase of 22.4%, but incurred an operating loss of 900 million yuan due to increased strategic investments [5] - China Telecom's revenue for the first half of the year was 269.4 billion yuan, a 1.3% increase year-on-year, with a net profit of 23.02 billion yuan, up 5.5% [5] - NetEase reported Q2 revenue of 27.9 billion yuan, a 9.4% increase, with a net profit of 8.6 billion yuan [5] Group 3: Corporate Actions and Market Movements - China Heavy Industries announced the voluntary termination of its A-share listing as part of a merger with China Shipbuilding, which has been approved by the China Securities Regulatory Commission [7] - Tianpu Co. announced a potential change in control, leading to a temporary suspension of its stock trading [6] - Giant Power announced plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on marine technology, aiming to enhance sustainable development capabilities [8] Group 4: Market Trends and Recommendations - Research from Galaxy Securities suggests focusing on the AI sector, particularly on core areas such as domestic computing power, high-end chips, and AI application leaders in various industries [9] - CITIC Securities highlights the ongoing growth in the computing power sector driven by AI, recommending companies with sustained high growth and those benefiting from external demand [9]

为更好地推进数据流通，基础设施建设必不可少。国家数据局副局长夏冰表示，面向"十五五"规划，国 家数据局将进一步聚焦高质量的标准构建、大规模的设施部署、市场化的生态运营，持续打造便捷高 效、自主安全、世界领先的国家级数据基础设施，有效支撑数字经济发展、科技创新和全国统一大市场 建设。 作为人工智能发展的三大核心要素之一，数据在推动"人工智能+"过程中发挥着关键作用，特别是高质 量数据集的建设至关重要。 本报记者 杜雨萌 "我国数据产业处于快速发展阶段，市场空间大，已成为数字经济发展的新增长点。"8月14日，国家发 展改革委党组成员、国家数据局局长刘烈宏在国新办举行的"高质量完成'十四五'规划"系列主题新闻发 布会上表示，据国家数据发展研究院研究，2024年，全国数据企业数量超过40万家，数据产业规模达 5.86万亿元，较"十三五"规划末增长117%，预计未来几年仍将保持较高的增长水平。 数据产业主要包括数据采集汇聚、计算存储、流通交易、开发利用、安全治理和数据基础设施建设及服 务等业态，是促进数据要素市场化价值化的新兴产业。近年来，不仅数据产业规模快速增长，数据产业 链亦加速形成。 刘烈宏称，当前，数据技术正从 ...

Core Insights - The recent bio-manufacturing forum in Suzhou focuses on cutting-edge technologies and aims to facilitate technology transfer and industrial collaboration in the bio-manufacturing sector [1] - Bio-manufacturing is seen as a key driver of the "Fourth Industrial Revolution" and is crucial for developing new productive forces across various fields such as pharmaceuticals, agriculture, and food [1] - Suzhou Industrial Park is actively positioning itself in the bio-manufacturing sector, leveraging its strong industrial foundation and complete supply chain to seize development opportunities [1] Industry Development Plans - In March, Suzhou Industrial Park announced a three-year action plan to accelerate the development of the bio-manufacturing industry, focusing on synthetic biology, biopharmaceuticals, food, bio-based materials, and bio-manufacturing equipment [1][2] - The plan aims to enhance innovation capabilities, achieve scale effects, and improve the industrial ecosystem by 2027, with specific support in R&D, platform construction, innovation incubation, and collaborative development [2] Company Highlights - Suzhou has over 40 companies related to synthetic biology technology, accounting for nearly 60% of the total in the city [2] - Jinweizhi Biotechnology Co., Ltd. specializes in genomic research and technology applications, collaborating with 80% of the top 20 global pharmaceutical companies and serving multiple regions including China, North America, Europe, Southeast Asia, and Australia [2] - Jima Gene Co., Ltd. is a leading provider of RNA drug technology services in China, focusing on small nucleic acid technology and has established a pilot platform for nucleic acid drug research in collaboration with the National Biopharmaceutical Technology Innovation Center [3] Collaborative Models - The collaboration between national research centers and leading enterprises in Suzhou accelerates the overall industrial process of bio-manufacturing through a "national team + enterprise group" model [3] - The park plans to establish common technology platforms and resource libraries, including a microbial strain preservation library, to support high-throughput, intelligent, and automated pilot platforms [3]

Core Viewpoint - The Chinese government is accelerating the release of data value through the establishment of over 10 new systems, including data property rights, and plans to expand data circulation nodes to around 50 cities by the end of the year, enhancing the value of data elements across various industries [1][2]. Group 1: Data Empowerment in Various Sectors - In agriculture, companies utilizing data for smart fertilization have increased yield by 5.5% [1]. - In the industrial sector, firms leveraging massive well logging data have improved drilling decision-making efficiency by 15 times [1]. - In the service industry, companies using road freight data have enhanced vehicle operation efficiency by over 30% through real-time matching of drivers and cargo [1]. Group 2: Data Production and Infrastructure - By 2024, China's data production is expected to reach 41.06 zettabytes, equivalent to the total data resources of 15.64 million Chinese National Libraries [1]. - As of now, China has established data infrastructure in 25 cities, including major ones like Beijing, Shanghai, and Shenzhen, and has completed interconnectivity across 16 provinces [2]. - The number of data circulation nodes is projected to expand to around 50 cities by the end of the year, covering 80% of provinces, laying the foundation for large-scale cross-regional data circulation [2]. Group 3: Role of Data in AI Development - Data plays a crucial role in the advancement of "Artificial Intelligence+" with the daily average Token consumption in China exceeding 30 trillion, reflecting a growth of over 300 times in a year and a half [2]. - New models such as "data corpus as equity" are being piloted in cities like Shanghai, Tianjin, and Anhui, encouraging companies to convert high-quality data sets into equity investments [2].

他表示，我国持续推进高质量数据集建设工作。截至今年6月底，我国已经建设高质量数据集超过3.5万 个，总体量超过了400PB（1PB可存储约5亿张2MB大小的高清照片，400PB的总量相当于中国国家图书 馆数字资源总量的140倍左右）。 据介绍，人工智能模型的训练也推动了我国数据交易需求的攀升，截至今年6月底，各地高质量数据集 累计交易额近40亿元，数据交易机构挂牌的高质量数据集总规模达到了246PB。 总的来看，我国人工智能综合实力实现整体性、系统性跃升，人工智能专利数量占全球总量的60%，人 形机器人、智能终端等领域不断突破。 8月14日，国新办举行高质量完成"十四五"规划系列主题新闻发布会。国家数据局有关负责人介绍了"十 四五"时期数字中国建设发展成就。据介绍，我国算力总规模位居全球第二。国家数据局今年将推出数 据产权等10余项制度，并计划部署一批数据产业集聚区建设试点，年底前将数据流通节点城市扩至50个 左右，加速释放数据要素价值。下一步，将通过体系化布局持续推进高质量数据集建设，加快打造具身 智能、低空经济、生物制造等重点领域数据高地。 人工智能专利数量占全球60% 国家发展改革委党组成员、国家数据局 ...