Fundraising Overview - The company raised a total of RMB 1,223.5 million from its initial public offering (IPO) on March 22, 2019, with a share price of RMB 24.47 per share, after deducting underwriting fees and other expenses [1][2] - In 2023, the company issued an additional 31,486,146 shares at RMB 15.88 per share, raising approximately RMB 500 million, netting RMB 488.2 million after expenses [2][3] Fund Management and Usage - As of June 30, 2025, the balance of the fundraising account from the IPO was RMB 406.4 million, after direct investments and cash management activities [3][5] - The company has established special accounts for managing the raised funds, ensuring compliance with relevant regulations and protecting investor interests [4][6] Cash Management - The company utilized RMB 465 million of idle fundraising for cash management, investing in low-risk, liquid financial products [5][9] - The cash management activities included structured deposits with various banks, with specific products maturing in 2025 [10][12] Project Funding and Adjustments - The company has pre-invested RMB 59.6 million of its own funds into fundraising projects before the funds were officially raised [7][8] - Several projects, including the "Caffeine Series Product Energy Saving and Emission Reduction Technology Upgrade Project," have been terminated, with remaining funds repurposed for working capital [13] Regulatory Compliance - The company adheres to the regulations set forth by the China Securities Regulatory Commission and the Shenzhen Stock Exchange regarding the management and usage of raised funds [6][7] - Regular audits and internal checks are conducted to ensure compliance and proper usage of the funds [5][6]