Core Viewpoint - The company, Shanghai New Power Automotive Technology Co., Ltd. (referred to as "New Power"), announced a significant adjustment to the use of funds raised in 2021, terminating the "Next-Generation Intelligent Heavy Truck" project and reallocating remaining funds to enhance liquidity and develop new projects [1][11]. Fundraising Purpose Adjustment History - New Power raised a net amount of 19.809788 billion yuan in October 2021, initially planned for the "Smart Factory" and "Next-Generation Intelligent Heavy Truck" projects. This marks the third major adjustment to the fundraising purpose after two previous changes in 2022 and 2024 [4][5]. Specific Adjustments - The board approved three core adjustments: - Termination of the "Next-Generation Intelligent Heavy Truck" project, which was allocated 9.497766 billion yuan, with only 1326.27 million yuan utilized by June 2025. The remaining 37.51522 million yuan will be permanently allocated to enhance liquidity [7]. - The conclusion of three diesel engine projects, resulting in surplus funds of 16.72357 million yuan, with 7.71802 million yuan directed towards the development of the "20VK Power Station Product Development Project" [8]. - The remaining 9.00555 million yuan will be used to supplement the company's liquidity for daily operations [10]. New Project Development - The "20VK Power Station Product Development Project" will focus on high-power power generation units, with a total investment of 7.71802 million yuan, a construction period of 45 months, and an expected completion date in August 2029. The project aims to fill a market gap for 3000 kW power generation units [9][11]. Background and Market Impact - The adjustments are driven by the restructuring of the subsidiary, SAIC Hongyan, which will no longer be included in the consolidated scope, and a strategic shift towards the high-power engine sector. The new project aligns with market demands for data centers and new infrastructure [11]. As of June 30, 2025, 10.67 billion yuan of the raised funds had been utilized, accounting for 53.86% of the total [11]. The company's stock price has decreased by 18.7% over the past six months, with a current market value of 4.53 billion yuan [11].

Core Viewpoint - The company plans to temporarily lease out part of the idle space from its marketing service network upgrade project to improve operational efficiency and generate additional revenue, pending approval from the shareholders' meeting [1][3]. Group 1: Fundraising Overview - The company raised a total of 713.27 million yuan from its initial public offering (IPO) by issuing 23.34 million shares at a price of 30.56 yuan per share, with a net amount of 639.95 million yuan after deducting issuance costs of 73.32 million yuan [1][2]. - The funds raised have been fully received and verified by Zhonghui Certified Public Accountants [2]. Group 2: Fund Utilization - The fundraising plan includes a project focused on the application development of a tumor companion diagnostic technology platform, with a total investment of 491.65 million yuan allocated for this purpose [2]. - The marketing service network upgrade project has been completed and is now in use, but due to a slowdown in domestic economic growth and increased competition, some space has become temporarily idle [2][3]. Group 3: Impact of Temporary Adjustment - The decision to lease out the idle space is based on the company's current operational needs and is not expected to adversely affect normal operations or harm shareholder interests [3][4]. - This adjustment is in compliance with relevant regulations and is aimed at enhancing the efficiency of the space and stabilizing the company's operations [3][4][5]. Group 4: Review Procedures - The board of directors and the supervisory board have both approved the proposal to lease the idle space, confirming that it aligns with the company's actual situation and does not harm shareholder interests [4][5]. - The sponsor institution has also reviewed the matter and found it compliant with regulatory requirements, supporting the decision to temporarily adjust the use of the idle space [4][5].

Core Viewpoint - The company plans to temporarily adjust the use of idle space from its fundraising investment project to enhance operational efficiency and generate additional income, while ensuring compliance with relevant regulations [1][3][4]. Group 1: Fundraising Overview - The company raised a net amount of RMB 639.9455 million after deducting issuance costs of RMB 73.3249 million during its initial public offering [1]. - The total amount allocated for the application development project based on tumor companion diagnostic technology is RMB 491.65 million, with RMB 453.62 million planned for use [2]. Group 2: Adjustment of Idle Space - Due to changes in the international environment and domestic economic slowdown, the company anticipates that some areas of its marketing service network upgrade project will be temporarily idle [2]. - The company intends to lease out the idle space to improve utilization efficiency and meet operational needs, which is expected to stabilize its business operations [3][4]. Group 3: Impact of the Adjustment - The decision to temporarily adjust the use of idle space is based on the company's actual operational situation and does not harm the interests of the company or its shareholders [3][4]. - The adjustment is in compliance with relevant regulations and is expected to enhance operational income without adversely affecting normal business operations [4]. Group 4: Review Procedures - The board of directors and the supervisory board have approved the proposal to temporarily lease out the idle space, confirming that the decision-making process was legal and effective [4].

Core Points - The company plans to cancel the supervisory board and amend its articles of association, with the audit committee of the board taking over the supervisory functions [9][10][11] - The company will hold its second extraordinary general meeting on August 11, 2025, at 10:00 AM in Yichang City [1][2] - Various proposals will be discussed, including the revision of management systems and the election of the second board of directors [1][28][32] Meeting Details - The meeting will be held at 188-9 Yangjiang Avenue, Room 3209, Yichang City [1] - The meeting will be hosted by the chairman, Li Shaoping, and will include a network voting system for shareholders [1][2] - Participants must sign in and present valid identification to attend the meeting [5][6] Agenda Items - Proposal to cancel the supervisory board and amend the articles of association [9] - Proposal to revise the shareholder meeting rules [10] - Proposal to revise the board meeting rules [11] - Proposal to revise the independent director work system [13] - Proposal to revise the related party transaction management system [15] - Proposal to revise the investment management system [19] - Proposal to revise the financing decision-making system [20] - Proposal to revise the management of raised funds [21] - Proposal to appoint an accounting firm for the 2025 financial report [25] - Proposal to terminate the use of raised funds for certain projects and adjust investment amounts [28] - Proposal for the election of the second board of directors, including both non-independent and independent directors [29][32]

Group 1 - The core point of the announcement is the approval of adjustments and optimization of certain fundraising project contents and construction progress by the company's supervisory board [1][2] - The supervisory board believes that the adjustments align with the company's actual operating conditions and future development priorities, which will enhance product diversification and improve the efficiency of fundraising [1] - The adjustments comply with relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the management of fundraising by listed companies, ensuring no violation of fundraising usage or harm to shareholder interests, especially minority shareholders [1] Group 2 - The meeting was held on June 27, 2025, with all three supervisory board members present, and the decision-making process was in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] - The voting results were unanimous, with 3 votes in favor, 0 against, and 0 abstentions [2]