Summary of Key Points Core Viewpoint The report provides an overview of the fundraising activities and the utilization of the raised funds by Zhejiang Wuzhou New Spring Group Co., Ltd. It includes details on the amounts raised, the allocation of funds, and the changes in investment projects, reflecting the company's compliance with regulatory requirements. Group 1: Fundraising Overview - The company raised a total of RMB 33,000 million through the issuance of 3,300,000 convertible bonds at a face value of RMB 100 each, with a net amount of RMB 31,688.16 million after deducting related expenses [3][4]. - A subsequent non-public offering raised RMB 53,300 million, with a net amount of RMB 53,122.35 million after deducting underwriting and related fees [4][6]. Group 2: Fund Utilization and Changes - As of March 31, 2025, the company had RMB 32,158.75 million from the convertible bonds and RMB 1,676.96 million from the non-public offering in its bank accounts [5][6]. - The company decided to change the investment project from a wind turbine bearing project to a core component development project for line control systems, reflecting a strategic shift in response to market conditions [6][7]. Group 3: Investment Project Performance - The actual investment in the "Intelligent Equipment and Aerospace High-Performance Bearings" project was RMB 30,637.70 million, which is lower than the committed investment of RMB 31,688.16 million, resulting in a difference of RMB 1,050.46 million [8][11]. - The company reported that the actual investment amount completed 75.31% of the committed amount, with ongoing projects progressing as planned [11][12]. Group 4: Temporary Fund Management - The company has utilized idle fundraising for temporary liquidity support, with amounts of RMB 22,000 million and RMB 15,000 million approved for temporary use in different instances, all of which were returned within the stipulated time [15][17]. - As of March 31, 2025, there was an outstanding balance of RMB 11,500 million from the temporary use of idle funds [17]. Group 5: Financial Management - The company has engaged in cash management for idle funds, with approvals for various amounts over time, ensuring that no funds were left in cash management products that had not matured as of March 31, 2025 [20][21].

Group 1 - The company plans to cancel a total of 2,313,600 shares repurchased and reduce its registered capital accordingly, pending approval from the shareholders' meeting [1][2][3] - The repurchase of shares was initially approved in 2022, with a total expenditure of 30,000,778 RMB, and the shares represented 0.45% of the company's total equity [2][3] - After the cancellation, the total share capital will decrease from 508,940,464 shares to 506,626,864 shares, with the structure of shareholding remaining compliant with listing requirements [3][4] Group 2 - The cancellation of repurchased shares is not expected to have a substantial impact on the company's financial status or operational results, and it will not harm the interests of the company or minority investors [3][4] - The company will seek authorization from the shareholders' meeting for management to handle all related procedures for the cancellation and capital reduction [1][3]

Core Viewpoint - China Communications Construction Company plans to repurchase its A-shares to enhance shareholder value and stabilize its stock price, with a total fund allocation between RMB 5 billion and RMB 10 billion [1][3][5]. Summary by Sections Repurchase Plan Overview - The repurchase will involve ordinary shares (A-shares) and aims to reduce registered capital [1][3]. - The repurchase will be conducted through centralized bidding on the Shanghai Stock Exchange [3][4]. - The maximum repurchase price is set at RMB 13.58 per share, which is 150% of the average trading price over the previous 30 trading days [1][5]. Financial Details - The total funds allocated for the repurchase will be no less than RMB 5 billion and no more than RMB 10 billion [1][5]. - The estimated number of shares to be repurchased ranges from approximately 4.545 million shares (at the lower limit) to 9.091 million shares (at the upper limit) [5][6]. Implementation Timeline - The repurchase period will last for 12 months from the date the shareholders' meeting approves the plan [1][4]. - If the company’s stock is suspended for more than 10 consecutive trading days due to major events, the repurchase timeline will be adjusted accordingly [4]. Purpose and Impact - The primary purpose of the repurchase is to enhance investor confidence and stabilize the company's market value [3][7]. - The repurchased shares will be fully canceled, thereby reducing the company's registered capital [8]. Compliance and Governance - The repurchase plan has been approved by the board and will be submitted for shareholder approval [2][3]. - The company assures that there are no plans for stock reduction by major shareholders or executives in the next six months [1][7]. Legal and Regulatory Considerations - The repurchase will comply with relevant regulations, including the rules for share repurchase and self-regulatory guidelines from the Shanghai Stock Exchange [2][3]. - The company will notify creditors and follow legal procedures to protect their interests during the capital reduction process [8][9].