Core Viewpoint - Jing Shi Measurement and Control has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and Puhui International as joint sponsors [2] Group 1: Financial Information and Fundraising - The company plans to raise funds for capacity expansion, R&D enhancement, sales and marketing activities, potential acquisitions, strategic investments, working capital, and general corporate purposes [3] - The expected fundraising amount is approximately 700 million RMB [8] - Financial discrepancies exist between the company's two IPO applications, with a significant difference of 233 million RMB in total liabilities and a 23.07 percentage point difference in asset-liability ratios [9][21] Group 2: Shareholder Dynamics - Prior to the IPO application, major shareholder Blue Lake Capital sold its 9.01% stake at a price significantly lower than the last financing round valuation, raising questions about the company's valuation [4][9] - CICC, as a major external investor holding 11.85% of the company, is also a joint sponsor for the IPO, leading to concerns about potential conflicts of interest [11] - The founder and largest shareholder, Wang Lei, holds 30.27% of the company, indicating a lack of a clear controlling shareholder status [11] Group 3: Business Performance - The company has experienced fluctuations in revenue, with total revenue projected to grow from 568 million RMB in 2022 to 863 million RMB in 2024, reflecting a compound annual growth rate of 23.3% [15] - However, in the first half of 2025, total revenue dropped by 29.93% year-on-year to 203 million RMB, with adjusted EBITDA turning negative at -116 million RMB [15] - The primary revenue source, online testing equipment, has shown a declining trend, with revenues decreasing by 33.40% and 40.02% in 2023 and the first half of 2025, respectively [17]

Core Viewpoint - Zhuhai Jingzhi Measurement and Control Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC and浦银国际 as joint sponsors [1] Company Overview - Jingzhi Measurement and Control is a provider of flexible manufacturing solutions that integrates measurement, control, and AI technology, focusing on industrial and consumer applications [3] - The company has over ten years of experience in measurement and control technology, with capabilities spanning from sensor data acquisition to algorithm analysis and equipment integration [3] - It is the second-largest provider of PCBA functional and performance testing equipment and services in the domestic consumer electronics sector, and ranks among the top ten comprehensive solution providers for intelligent measurement and control equipment in China under the ODM model [3] Business Expansion - The company is actively expanding its applications in the consumer sector to create a second growth curve, aiming to build an intelligent flexible manufacturing technology platform for end consumers [4] - It plans to leverage third-party business and technology partnerships to enhance consumer experiences through personalized and participatory offerings [4] - The company has established six R&D centers and five manufacturing bases globally, covering approximately 20 countries and regions [4] Financial Performance - The company reported revenues of approximately RMB 567.74 million, RMB 698.19 million, RMB 862.95 million, and RMB 289.70 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [5][6] - The net profit/loss for the same periods was approximately RMB 71.37 million, RMB 18.07 million, RMB 59.58 million, and a loss of RMB 118.42 million for the first half of 2025 [5][6]

Fund Management - The company has established a fund management system to regulate the management and use of raised funds, ensuring efficiency and protecting investor interests [1] - As of June 30, 2025, the company has five dedicated fund accounts, with a total of 711.3089 million RMB allocated to various projects [2] Fund Utilization - The actual investment in fundraising projects and the use of excess funds for working capital and share repurchase amounted to 711.3089 million RMB, covering projects such as the "Intelligent Measurement and Control Equipment Production Base Project" and "Research and Development Center Project" [2] - There were no instances of early investment or replacement of fundraising projects during the reporting period [3] Idle Funds Management - The company approved the use of up to 800 million RMB of temporarily idle funds for cash management, investing in safe and liquid financial products [5][6] - As of June 30, 2025, the balance of idle funds used for cash management was 228 million RMB [6] Share Repurchase - The company approved a share repurchase plan using excess funds, with a total repurchase amount between 30 million and 50 million RMB [7] - By February 24, 2025, the company had repurchased 543,996 shares, accounting for 0.92% of the total share capital, at a total cost of approximately 30.01 million RMB [8] Project Adjustments - The company announced a delay in the expected completion dates for certain fundraising projects due to various uncontrollable factors affecting construction progress [21][22] - The adjustments do not change the project scope, funding usage, or investment amounts, ensuring no adverse impact on the company's operations [24] Organizational Changes - The company has decided to eliminate the supervisory board, transferring its responsibilities to the audit committee of the board of directors to enhance operational efficiency [31][32] Independent Director Appointment - The company plans to increase the number of board members from five to seven, including three independent directors, to improve governance and decision-making [34][35] Financial Performance - The company reported a decline in revenue and net profit for the first half of 2025, attributed to a slowdown in the new energy sector and reduced order intake [66] - The net cash flow from operating activities improved due to increased efforts in collecting receivables [66]

Core Points - The company Zhejiang Shuangyuan Technology Co., Ltd. has announced the use of its own foreign exchange to pay for fundraising projects and will replace it with raised funds in an equal amount [1][4][6] - The company raised a total of RMB 186,122.39 million through the issuance of 14,785,700 shares at a price of RMB 125.88 per share, with a net amount of RMB 166,635.87 million after deducting issuance costs [1][2][3] - The board of directors and the supervisory board have approved the plan, and it does not require submission to the shareholders' meeting [1][5] Fundraising Overview - The net amount raised by the company is RMB 166,635.87 million, which will be allocated to various investment projects [2][3] - The investment projects include a smart measurement and control equipment production base, a research and development center, and a marketing network and technical support center [3] Use of Funds - The company plans to use its own foreign exchange for payments related to overseas procurement during the implementation of fundraising projects, which will enhance the efficiency of fund usage [4][5] - The process involves prior approval for payments, followed by a replacement of the funds from the fundraising account to the company's own account [5] Impact on the Company - This approach is expected to improve the efficiency of fund usage and overall operational management, aligning with the interests of the company and its shareholders [4][6] - The company assures that this will not affect the normal implementation of fundraising projects or change the intended use of the raised funds [4][6] Review Process - The decision was made during the board and supervisory board meetings held on August 25, 2025, and has followed the necessary approval procedures [5][6] - Both the supervisory board and the sponsoring institution have expressed their agreement with the plan, confirming its compliance with relevant regulations [6][7]

Core Viewpoint - The company has decided to postpone the expected completion dates for certain fundraising projects while maintaining the original investment purposes and project scales, ensuring no substantial impact on the implementation of these projects [1][4][5] Fundraising Overview - The company raised a total of RMB 186,122.39 million by issuing 14,785,700 shares at a price of RMB 125.88 per share, with a net amount of RMB 166,635.87 million after deducting issuance costs of RMB 19,486.52 million [1][2] - As of June 30, 2025, the cumulative investment in the fundraising projects is RMB 71,130.89 million, representing 42.69% of the total planned investment [2] Postponement Details - The postponement affects the "Intelligent Measurement and Control Equipment Production Base Project" and the "Research and Development Center Project," with adjustments made to the expected completion dates while keeping the project details unchanged [3][4] - The delays are attributed to various uncontrollable factors such as renovation progress, procurement of production and research equipment, and project timelines [3] Measures for Completion - The company will adhere to relevant regulations and enhance supervision over the use of raised funds to ensure legal and effective utilization [4] - The company plans to monitor project progress closely, optimize resource allocation, and manage the subsequent construction of the projects to ensure timely completion [4] Impact of Postponement - The postponement is a cautious decision based on the actual implementation status of the projects and does not alter the investment purposes or project scales, thus not significantly affecting the company's normal operations [4][5] - The supervisory board and the sponsoring institution have both agreed that the postponement will not harm shareholder interests or violate any regulations [5][6]

Core Points - The company plans to use part of the excess raised funds, amounting to RMB 30,400.00 million, to permanently supplement its working capital, which represents 29.96% of the total excess funds [1][4][6] - The company commits that the cumulative use of excess funds for working capital or repaying bank loans will not exceed 30% of the total excess funds within any 12-month period [5][6] - The decision to use excess funds requires approval from the shareholders' meeting after being passed by the board of directors and the supervisory board [5][6] Fundraising Overview - The company raised a total of RMB 186,122.39 million by issuing 1,478.57 million shares at a price of RMB 125.88 per share, with a net amount of RMB 166,635.87 million after deducting issuance costs [2] - The funds raised are managed in a dedicated account, and a tripartite supervision agreement has been signed with the sponsor and the bank [2] Investment Project Details - The net amount of raised funds is planned to be allocated as follows: RMB 14,815.13 million for the intelligent measurement and control equipment production base, RMB 14,000.00 million for working capital, and RMB 101,478.09 million for other projects [2][3] - As of June 30, 2025, a total of RMB 71,130.89 million has been invested in the projects [2] Impact and Compliance - The use of excess funds for working capital is aimed at improving fund efficiency, reducing financial costs, and enhancing profitability without affecting the ongoing investment projects [4][6] - The company assures that the use of funds complies with relevant regulations and does not change the intended use of the raised funds [4][6]

Core Points - The article discusses the approval and verification of Zhejiang Shuangyuan Technology Co., Ltd.'s use of its own foreign exchange to pay for investment projects and subsequently replace it with raised funds [1][4][6] Group 1: Fundraising Overview - The company was approved to publicly issue 14.7857 million shares at a price of RMB 125.88 per share, raising a total of RMB 1,861.22 million, with a net amount of RMB 1,666.36 million after deducting issuance costs [1][2] - The funds raised will be allocated to various investment projects, with a planned usage of RMB 651.58 million and excess funds of RMB 1,014.78 million [2][3] Group 2: Investment Project Details - The investment projects include the Intelligent Measurement and Control Equipment Production Base, R&D Center, Marketing Network and Technical Support Center, and working capital supplementation [2][3] - As of June 30, 2025, the total investment in these projects is expected to reach RMB 711.31 million [3] Group 3: Use of Own Foreign Exchange - The company plans to use its own foreign exchange for payments related to overseas procurement during the implementation of investment projects, aiming to enhance the efficiency of fund usage [4][5] - The process involves prior approval for payments, followed by a replacement of the amount with raised funds from the dedicated account [4][5] Group 4: Impact and Approval Process - This approach is expected to improve overall operational efficiency and is deemed beneficial for the company and its shareholders [5][6] - The board and supervisory committee have approved the plan, confirming that it does not alter the intended use of raised funds or harm shareholder interests [5][6][7]

Group 1 - The core viewpoint of the article is that Zhejiang Shuangyuan Technology Co., Ltd. has decided to postpone the expected completion dates of certain fundraising projects while maintaining the original investment purposes and amounts [1][4][5] - The total amount of funds raised by the company is RMB 1,478.57 million, with a net amount of RMB 1,666.36 million allocated for investment projects [2][4] - The company plans to adjust the expected completion dates for the "Intelligent Measurement and Control Equipment Production Base Project" and the "Research and Development Center Project" due to delays caused by various uncontrollable factors [2][4] Group 2 - The company will adhere to relevant regulations and strengthen the supervision and management of the use of raised funds to ensure their legal and effective use [3][4] - The postponement of the fundraising projects is a cautious decision that does not change the project implementation subjects, methods, or investment purposes, and will not have a significant adverse impact on the company's normal operations [4][5] - The board of directors and the supervisory board have approved the postponement of the projects, and this decision does not require submission to the shareholders' meeting for approval [5][6]

Core Viewpoint - The report outlines the continuous supervision and compliance status of Zhejiang Shuangyuan Technology Co., Ltd. by Minsheng Securities, emphasizing the company's adherence to regulations and the absence of significant violations during the supervision period [1][2][4]. Continuous Supervision Work Status - Minsheng Securities has established and effectively implemented a continuous supervision system for Shuangyuan Technology, including a work plan [2]. - A continuous supervision agreement was signed with Shuangyuan Technology, clarifying the rights and obligations of both parties during the supervision period [2]. - The supervision activities included regular communication, site inspections, and due diligence to ensure compliance with laws and regulations [2][3]. - No violations or breaches of commitments were reported by Shuangyuan Technology during the first half of 2025 [2][4]. Financial Performance - For the first half of 2025, Shuangyuan Technology reported a revenue of 161.50 million yuan, a decrease of 9.39% compared to the previous period [5]. - The net profit attributable to shareholders decreased by 27.91% to 6.20 million yuan per share [5]. - The company's total assets as of June 30, 2025, were 2.61 billion yuan, down 2.19% from the end of 2024 [5]. Core Competitiveness - The company maintains a strong focus on technology research and development, with R&D expenses accounting for 12.17% of revenue, an increase of 1.25 percentage points year-on-year [5][14]. - Shuangyuan Technology has developed a range of core technologies in online automation measurement and control systems, enhancing its competitive edge in various industries [9][10]. - The company has established stable partnerships with leading enterprises in the new energy battery sector, contributing to its robust customer base [12]. Use of Raised Funds - As of June 30, 2025, Shuangyuan Technology has utilized 71.13 million yuan of the raised funds for various projects, including the establishment of an intelligent measurement and control equipment production base [15]. - The remaining balance of the raised funds was 102.84 million yuan, which includes interest income [15][16]. - The company has complied with regulations regarding the use of raised funds, ensuring proper storage and usage in accordance with legal requirements [20].

Core Viewpoint - The company plans to use part of the excess raised funds, amounting to RMB 30,400.00 million, to permanently supplement its working capital, ensuring that this does not affect the normal operation of the fundraising investment projects [4][6][7] Fundraising Basic Situation - The company was approved to publicly issue 14,785,700 shares at a price of RMB 125.88 per share, raising a total of RMB 186,122.39 million, with a net amount of RMB 166,635.87 million after deducting issuance costs [1][2] Investment Project Overview - The net amount raised is planned to be allocated as follows: - Intelligent Measurement and Control Equipment Production Base Project: RMB 31,728.35 million - R&D Center Project: RMB 14,815.13 million - Working Capital Supplement: RMB 14,000.00 million - Excess Funds: RMB 101,478.09 million - Total: RMB 166,635.87 million [3][4] Plan for Using Excess Funds - The company intends to use 29.96% of the total excess funds (RMB 30,400.00 million) for working capital, ensuring that the investment projects remain funded and operational [4][5] Impact and Commitments - The use of excess funds for working capital is aimed at improving efficiency, reducing financial costs, and enhancing profitability without altering the intended use of the raised funds [5][6] Approval Process - The proposal to use excess funds was approved by the company's board and supervisory committee and will be submitted for shareholder approval [6][7] Sponsor's Verification Opinion - The sponsor has no objections to the company's plan to use RMB 30,400.00 million of excess funds for working capital, confirming compliance with relevant regulations and that it will not harm shareholder interests [7]