Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the management of raised funds by Kewell Technology Co., Ltd., including the amounts raised, their usage, and the status of various projects funded by these resources. Fundraising Overview - The company raised a total of RMB 75,880.00 million through its initial public offering (IPO) in August 2020, with a net amount of RMB 68,955.19 million after deducting issuance costs of RMB 6,924.81 million [1] - In November 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, resulting in a net amount of RMB 18,342.53 million after deducting issuance costs of RMB 487.74 million [2] Fund Usage and Management - As of June 30, 2025, the company had invested RMB 1,587.80 million from the raised funds into projects, with additional bank interest and investment income of RMB 957.73 million [2] - The remaining balance of the raised funds was RMB 25,001.86 million, which includes RMB 6,001.86 million in the special account for raised funds [2] - The company has established a management system for the raised funds to ensure compliance with regulations and efficient usage [3] Project Investment and Adjustments - The company has invested RMB 2,568.79 million in projects from the raised funds, with bank interest and investment income of RMB 173.77 million [3] - The company has not made any early investments or replacements for the fundraising projects during the reporting period [5] - The company has approved the use of temporarily idle funds for cash management, with a maximum amount of RMB 33,500.00 million allocated for such purposes [5] Project Status and Changes - The semiconductor testing and intelligent manufacturing equipment industrial park project has a total investment of RMB 45,000.00 million, with RMB 30,000.00 million sourced from over-raised funds [6] - The project timeline has been extended to September 2025 due to various delays [6][10] - The company has made adjustments to the investment amounts for certain projects, increasing the budget for the testing technology center from RMB 4,478.19 million to RMB 6,978.19 million [6] Compliance and Disclosure - The company has adhered to legal and regulatory requirements in disclosing the status of the raised funds, with no violations reported [6] - The company has provided timely and accurate disclosures regarding the management and usage of the raised funds [6]

Core Viewpoint - The company has decided to conclude the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park Project" and permanently supplement its working capital with the remaining raised funds, including interest and financial income [1][9][10]. Fundraising Overview - The company raised a total of RMB 758.8 million from its initial public offering, with a net amount of RMB 689.55 million after deducting issuance costs [1][2]. - The company established a special account for managing the raised funds, ensuring compliance with regulatory requirements [2]. Investment Project Details - The company initially planned to invest RMB 276.46 million in various projects, but the actual net amount raised was RMB 689.55 million, resulting in excess funds of RMB 413.09 million [2][3]. - The company allocated part of the excess funds, amounting to RMB 120 million, for permanent working capital, which is approximately 29.05% of the total excess funds [4]. Project Completion and Fund Usage - As of July 31, 2025, the main construction and acceptance of the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park Project" have been completed, leading to the decision to conclude the project [6][9]. - The total investment for the project was estimated, and the remaining funds after project completion amounted to RMB 168.27 million, which will be used to permanently supplement working capital [8][9]. Reasons for Fund Surplus - The surplus funds resulted from a cautious investment strategy due to changes in the macroeconomic environment and industry conditions, leading to a slowdown in project implementation and equipment procurement [8][9]. - The company effectively managed costs and generated some income from cash management of idle funds, contributing to the surplus [8][9]. Future Fund Usage Plan - The company plans to use the surplus funds for daily operational activities, enhancing the efficiency of fund utilization [9][10]. - The decision to conclude the project and reallocate surplus funds aligns with the company's operational needs and long-term development strategy [9][10]. Approval Process - The board of directors approved the proposal to conclude the project and reallocate surplus funds, which will be submitted for shareholder approval [10][11]. - The sponsor institution has no objections to the decision, confirming compliance with relevant regulations [10][11].

Core Viewpoint - The company has completed the investment project of the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park" and plans to permanently supplement its working capital with the remaining raised funds, following the completion of the project and the approval of the board and shareholders [6][9][10]. Fundraising Overview - The company raised a total of RMB 758.8 million from its initial public offering, with a net amount of RMB 689.55 million after deducting issuance costs [1]. - The company established a special account for the management and use of the raised funds, ensuring compliance with regulatory requirements [2]. Investment Project Details - The company committed to invest RMB 276.46 million in the "High-Precision Small Power Testing Power Supply and Fuel Cell, Power Semiconductor Testing Equipment Production Base Construction Project" [2]. - The actual net amount raised was RMB 689.55 million, resulting in an excess of RMB 413.09 million after the planned investment [3]. Use of Excess Funds - The company decided to use RMB 120 million of the excess funds to permanently supplement working capital, which constitutes approximately 29.05% of the total excess funds [3][4]. - The remaining excess funds will be allocated to the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park Project," with a total investment of RMB 450 million, of which RMB 300 million will come from excess funds [4][5]. Project Completion and Surplus Funds - As of July 31, 2025, the project has completed its main construction and acceptance work, leading to the decision to conclude the project [6]. - The expected surplus funds amount to RMB 168.27 million, which includes interest and investment income, and will be used to permanently supplement working capital [8][9]. Impact on Company Operations - The decision to conclude the project and use surplus funds for working capital is aligned with the company's operational needs and long-term development strategy, enhancing cash flow and resource allocation [9][10]. - The company will maintain the special account for raised funds until all pending payments are settled, ensuring compliance with regulatory requirements [9]. Approval Process - The board of directors approved the proposal to conclude the investment project and use surplus funds on August 22, 2025, which will also require shareholder approval [10]. - The sponsor institution has confirmed that the decision complies with relevant regulations and is in the best interest of all shareholders [10][11].