Core Viewpoint - The company is reallocating 179.4 million yuan of raised funds from the "Integrated Cloud Platform Project for Basic Education Management and Services" to the "Integrated Platform Project for University Operations and Services" due to changes in market conditions and the growing demand for smart campus services [1][2][3] Fund Reallocation - The company plans to provide a loan of up to 179.4 million yuan to its subsidiary, Nipton, at an annual interest rate of 8% for the new project [2] - The loan is specifically for the implementation of the "Integrated Platform Project for University Operations and Services" and cannot be used for other purposes [2] - The original project for basic education has not yet achieved expected benefits, leading to a more cautious investment approach [2][3] Project Delays and Adjustments - The implementation of the basic education project has been postponed to December 25, 2026, due to delays in fund arrival and external market uncertainties [2] - As of June 30, 2025, 224.6 million yuan of the raised funds for the basic education project remains unused [3] Market Context and Demand - The basic education project was initiated to align with national strategies for educational modernization and digitalization, but market changes have hindered its execution [3] - The university operations project is expected to benefit from the increasing investment in campus logistics and services due to the growing number of universities and students [4] Financial Projections - The total investment for the university operations project is 199.4 million yuan, with an 18-month construction period [5] - The internal rate of return for the air conditioning sub-project is projected at 14.54%, while the hot water management system is expected to yield an 18% return [5]

Group 1 - The company, Zhengyuan Wisdom, has issued convertible bonds totaling RMB 35,073 million, with a net amount of RMB 34,227.42 million after deducting issuance costs [22][23]. - The convertible bonds are set to mature in six years, with an annual interest rate starting at 0.20% in the first year and increasing to 0.40% in the second year [4][6]. - The initial conversion price for the bonds is set at RMB 32.85 per share, which is based on the average trading price of the company's stock prior to the announcement [7][8]. Group 2 - The funds raised will primarily be used for the "Integrated Cloud Platform Project for Basic Education Management and Services," with a total investment of RMB 44,673 million [22][24]. - The project aims to enhance educational services through technology, including IoT and AI applications, to provide comprehensive management solutions for schools [25][27]. - Due to market changes, the project timeline has been extended to December 25, 2026, to ensure better implementation and alignment with company interests [24][25]. Group 3 - The company plans to redirect some of the raised funds to a new project focused on "Integrated Platform for University Operations and Services," which aligns with its strategic goals [28][29]. - The market for university services is expanding, with a steady increase in the number of universities and students, indicating a growing demand for operational support [28][29]. - The subsidiary, Nipton Technology, will manage this new project, leveraging its expertise in campus services and established client relationships [29][30].

Core Viewpoint - The company has decided to change the use of part of the raised funds from the "Basic Education Management and Service Integration Cloud Platform Project" to provide interest-bearing loans to its subsidiary, Zhejiang Nipton Technology Co., Ltd., for the "Higher Education Operation and Service Integration Platform Project" to enhance the efficiency of fund utilization and optimize resource allocation [1][4][25]. Fundraising Overview - The company issued 3,507,300 convertible bonds, raising a total of RMB 346.23 million, with a net amount of RMB 342.27 million after deducting related issuance costs [1][2]. - The total investment for the "Basic Education Management and Service Integration Cloud Platform Project" is RMB 446.73 million, with RMB 342.27 million planned to be raised [2][5]. Change in Fund Usage - The company plans to use up to RMB 179.4 million of the raised funds as a loan to Nipton for the "Higher Education Operation and Service Integration Platform Project," with an annual interest rate of 8% [3][11]. - The project aims to provide integrated services for higher education institutions, including the purchase of IoT air conditioning and intelligent hot water management systems [11][15]. Project Background and Rationale - The "Basic Education Management and Service Integration Cloud Platform Project" has faced delays and challenges due to changes in the external market environment and restrictions on funding usage by educational departments [6][25]. - The "Higher Education Operation and Service Integration Platform Project" aligns with the company's strategic planning and aims to address the growing demand for efficient campus management services as the number of higher education institutions and students continues to rise [7][17]. Market Potential - The continuous growth of higher education institutions and student enrollment in China has led to increased investment in campus logistics and services, creating a significant market opportunity for the company's services [7][17]. - The project is expected to enhance the company's competitive edge in the smart campus service sector, leveraging its established customer base and marketing network [8][9]. Project Implementation and Management - Nipton, as a subsidiary, has a strong management team with extensive experience in the education logistics sector, which will support the successful execution of the project [9][10]. - The project is designed to be completed within 18 months, with a total investment of RMB 199.4 million, of which RMB 179.4 million will come from the raised funds [11][13]. Regulatory Compliance - The change in fund usage has been approved by the company's board and supervisory committee and will be submitted for approval at the upcoming shareholder and bondholder meetings [26][27]. - The company will adhere to relevant regulations and guidelines to ensure the legal and efficient use of the raised funds [25][26].

Core Insights - The third Shenzhen Enterprise Administrative Logistics Procurement Expo will take place from November 28 to 30, 2025, attracting over 800 exhibitors including major tech companies like Huawei and Tencent, and is expected to draw more than 50,000 professional visitors [1] - The theme of the expo is "Smart Logistics, Cost Reduction and Efficiency Improvement," with claims that the platform can achieve a remarkable 28% reduction in procurement costs [1] Group 1: Technology Empowerment - Huawei showcased its "Smart Logistics Procurement Brain" system, which utilizes cloud and big data technology to analyze historical procurement data and generate optimal procurement strategies, resulting in a 31% reduction in office supplies costs and a 45% increase in inventory turnover [2] - Tencent presented its "Enterprise Procurement Communication" platform, leveraging blockchain for supplier transparency and AI for real-time price comparisons from over 200 suppliers [2] - A local Shenzhen company demonstrated an "Intelligent Warehouse Robot System" that can reduce traditional administrative logistics labor costs by over 60% through automation [2] - The adoption rate of smart logistics systems among Shenzhen enterprises reached 43% in 2024, nearly tripling since 2020, which supports the 28% cost reduction goal [2] Group 2: Scale Effects - The expo featured a "Greater Bay Area Joint Procurement Zone," where procurement alliances from nine cities aim to enhance bargaining power by over 40% through centralized purchasing [2] - Over 300 million yuan in collective procurement intentions were reached on the first day, including a framework agreement for 8,000 office computers [2] Group 3: Sustainable Procurement - A "Green Logistics Innovation Zone" was established, showcasing a rental service for office furniture that can lower total procurement costs by 35% and reduce solid waste by 80% [3] - Tencent's cafeteria introduced a "Smart Dining Plate System" that reduces food waste by 42% and saves over 6 million yuan in procurement costs annually [3] Group 4: Direct Supply and Pricing Transparency - The "Supplier Transparent Quotation Hall" allowed for clear visibility of production costs, enabling procurement managers to negotiate prices down by 15%-20% [4] - Huawei's global sourcing plan expanded procurement for cleaning services to Southeast Asia, achieving a 27% reduction in spending while maintaining quality [4] Group 5: Policy Support - Shenzhen's Commerce Bureau announced measures to support cost reduction in logistics procurement, including a 30% subsidy for companies adopting smart logistics systems and logistics cost assistance for small and medium enterprises participating in joint procurement [5] - The expo will host over 20 professional forums discussing topics like "Resilient Procurement Strategies in the Post-Pandemic Era," indicating a shift in logistics procurement from a cost center to a value center [5] - Companies have broken down the 28% cost reduction target into actionable plans: 15% from technological innovation, 8% from supply chain optimization, and 5% from management improvements [5]