Overview - The report outlines the continuous supervision work conducted by Minsheng Securities on Xuchang Intelligent Relay Co., Ltd. for the first half of 2025, confirming compliance with relevant regulations and effective execution of governance systems [1][2]. Group 1: Continuous Supervision Work - The company has effectively implemented governance rules during the supervision period [1]. - Minsheng Securities regularly reviewed the company's fundraising account statements and verified the usage of raised funds, confirming compliance with regulations [1]. - No significant violations were found during the supervision, and the company maintained compliance in various aspects [1]. Group 2: Issues Identified and Measures Taken - No issues were identified regarding external investments, risk investments, entrusted financial management, or financial assistance [2]. - The company and its shareholders have fulfilled their commitments, with no reasons for non-fulfillment reported [2]. Group 3: Market Risks - The company faces increased competition as it operates primarily in central and eastern regions, with the transition to new power systems and microgrids creating new market opportunities [2]. - The loss of core technical personnel poses risks to product quality, technological development, and responsiveness to market changes [3]. Group 4: Technological and Material Risks - The company must invest adequately in technology development and innovation to keep pace with rapid industry changes and diverse user demands [5]. - Fluctuations in raw material prices, such as circuit breakers and metal components, can directly impact procurement costs and profit margins [5]. Group 5: Shareholder and Management Control - The main founder and actual controllers of the company hold significant influence over operational decisions, which could potentially harm the interests of minority shareholders if mismanaged [5]. - As of June 30, 2025, there were no pledges or freezes on shares held by the controlling shareholders or senior management [5].