Core Points - The company, Ningbo Taiping Bird Fashion Co., Ltd., has reported its half-year financial results and fundraising activities for 2025, ensuring the accuracy and completeness of the information provided [5][18][25] - The company raised a total of 800 million yuan through the issuance of convertible bonds, with a net amount of approximately 793.66 million yuan after deducting underwriting fees [5][6] - As of June 30, 2025, the company has utilized approximately 302.87 million yuan of the raised funds, leaving a balance of about 534.57 million yuan [6][10] Financial Data - The company reported a total of 65,228,129.93 yuan in impairment provisions for the first half of 2025, which includes 77,362,314.49 yuan for inventory write-downs and a reversal of 12,134,184.56 yuan for bad debt provisions [19][20][21] - The financial report for the first half of 2025 was approved by the board of directors, with all members present during the meeting [25][26] Fundraising Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure the effective use of raised funds [7] - A tripartite supervision agreement for the management of raised funds was signed with relevant financial institutions to ensure proper oversight [8] Project Investment - The company has invested in several projects, including a digital transformation initiative aimed at enhancing operational efficiency and consumer engagement, although these projects do not directly generate profits [11] - There are no instances of idle funds being temporarily used to supplement working capital, and the company has not used excess funds for new projects or to repay bank loans [13][16]

Fundraising Overview - The company raised a total of 800 million yuan through the issuance of 8 million convertible bonds, with a net amount received of approximately 793.66 million yuan after deducting underwriting fees [1][2] - As of June 30, 2025, the company has utilized approximately 302.87 million yuan of the raised funds, leaving a balance of about 534.57 million yuan [1][2] Fund Management - The company has established a fundraising management system in compliance with relevant laws and regulations to ensure the effective use of raised funds [1][2] - A tripartite supervision agreement for the special account of raised funds has been signed with banks, ensuring proper oversight [1][2] Fund Utilization - The funds have been allocated to various projects, including a digital transformation project aimed at enhancing operational efficiency and consumer engagement, although it does not directly generate profits [2][3] - The company has also allocated funds for working capital to support its rapid business growth, which does not yield direct economic benefits [2][3] Cash Management - The company has engaged in cash management by investing idle funds in structured deposits, with a total investment of 94,000 yuan across various products, yielding annualized returns between 0.65% and 2.49% [3][6] - There are no instances of using idle funds to temporarily supplement working capital [2][3] Project Adjustments - The company has made adjustments to its fundraising projects, reallocating funds from the digital transformation project to the establishment of a global fashion R&D center, reflecting changes in strategic direction and market conditions [5][8] - The digital transformation project has been impacted by significant changes in the internal operating environment and technological advancements, leading to a reassessment of its feasibility [5][8]