Summary of Key Points Core Viewpoint - The report outlines the fundraising and usage status of Baoxiniar Holdings Co., Ltd. for the first half of 2025, detailing the total amount raised, expenditures, and management of the funds [1][2]. Fundraising Basic Situation - The company raised a total of RMB 723,778,141.83 through the issuance of 241,721,855 shares at a price of RMB 4,000,000.00, net of fees [1]. - The funds were deposited into a dedicated account and have been audited by a certified public accountant [1]. Fund Usage and Management - Total funds used during the reporting period amounted to RMB 8,457,301.81 for project investments and RMB 279,000,000.00 for purchasing financial products [1]. - The company received RMB 151,000,000.00 from matured financial products and earned investment income of RMB 785,739.77 and interest income of RMB 113,560.88 during the period [1]. Fund Storage and Management - The company has established dedicated accounts for fundraising management, complying with relevant regulations [1]. - As of June 30, 2025, the balance in the fundraising accounts was RMB 13,194,497.44 [1]. Actual Fund Usage - The company did not change the implementation location or method for fundraising projects during the reporting period [2]. - There were no instances of using idle funds to temporarily supplement working capital [2]. Cash Management - The board approved the use of up to RMB 1.4 billion of idle funds for purchasing safe financial products such as structured deposits and large certificates of deposit [2]. - The company rolled over RMB 279 million in structured deposits and recovered RMB 151 million during the reporting period [2]. Project Adjustments - The company decided to postpone the "Digital Transformation Project" and "R&D Center Expansion Project" without changing the project scale or funding usage [3]. - The expected completion dates for these projects were adjusted to May 2027 and May 2026, respectively [3]. Other Fund Usage Situations - There were no issues or other situations regarding the usage and disclosure of fundraising [4].