Group 1 - The board of directors of Jiangsu Zerun New Energy Technology Co., Ltd. held its 20th meeting on August 26, 2025, with all 9 directors present, confirming the legality and validity of the meeting [1] - The board approved the 2025 semi-annual report, stating it accurately reflects the company's operations, management, and financial status without any false records or omissions [1][2] - The company proposed a cash dividend distribution plan, offering a cash dividend of RMB 5 per 10 shares, based on a total share capital of 63,867,823 shares, subject to adjustments if share capital changes before implementation [2] Group 2 - The board approved changes to the internal investment structure and project locations for fundraising projects, including the expansion of photovoltaic components and the construction of a research and development center [3] - The company plans to provide loans to its wholly-owned subsidiary, Hubei Zerun New Energy Technology Co., Ltd., to facilitate the implementation of the new energy vehicle auxiliary power battery box project [3][4] - The board agreed on the establishment of a special account for fundraising and authorized management to handle related agreements, ensuring compliance with relevant laws and regulations regarding the use of raised funds [4]

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. is making adjustments to its fundraising project implementation locations, investment amounts, internal investment structure, and plans to lend funds to its wholly-owned subsidiary to ensure the smooth execution of its projects [1][7][10] Fundraising Overview - The company has received approval from the China Securities Regulatory Commission for its initial public offering, issuing 15,966,956 shares at a price of 33.06 RMB per share, raising a total of approximately 527.87 million RMB, with a net amount of about 462.17 million RMB after deducting issuance costs [1][7] - The funds have been deposited into a designated account, and a verification report has been issued confirming the funds' arrival [1][7] Changes in Project Implementation Change of Project Locations - The company plans to change the implementation locations for the "Photovoltaic Module General and Intelligent Junction Box Expansion Project" and the "R&D Center Construction Project" to improve operational efficiency [1][7] Adjustment of Investment Amounts - Due to the actual net fundraising amount being lower than initially planned, the company will adjust the investment amounts for the projects while ensuring that the overall funding purpose remains unchanged [2][5][7] Internal Investment Structure Adjustments - The internal investment structure for the "Photovoltaic Module General and Intelligent Junction Box Expansion Project" and the "R&D Center Construction Project" will be adjusted to enhance the efficiency of fund usage, while the total investment amounts for these projects will remain unchanged [5][6][7] Lending to Wholly-Owned Subsidiary - The company intends to provide up to 130 million RMB in interest-free loans to its wholly-owned subsidiary, Hubei Zerun New Energy Technology Co., Ltd., for the implementation of the "New Energy Vehicle Auxiliary Power Battery Box Construction Project" [6][7] Reasons for Changes and Impact - The adjustments are based on the actual fundraising situation and the company's operational needs, ensuring that the interests of shareholders are not harmed and that the projects can proceed smoothly [7][8] - The company will cover any funding shortfalls through its own or self-raised funds, which will not adversely affect the normal construction of the fundraising projects [7][8] Review Procedures Board of Directors' Review - The Board of Directors has approved the changes to the project locations and internal investment structures, emphasizing the need for effective fundraising management [8][9] Supervisory Board's Review - The Supervisory Board has also approved the changes, confirming that they align with the company's operational needs and do not harm shareholder interests [8][9] Sponsor's Verification Opinion - The sponsor has verified that the changes have been approved by the Board and Supervisory Board, and they comply with relevant regulations and the company's articles of association [10]

Core Viewpoint - Jiangsu Zerun New Energy Technology Co., Ltd. plans to utilize part of its idle raised funds and self-owned funds for cash management, not exceeding RMB 650 million, to enhance fund efficiency while ensuring that it does not affect the construction of investment projects and normal operations [1][2][8] Fundraising Overview - The company successfully raised a total of RMB 527.87 million through its initial public offering, with a net amount of RMB 462.17 million after deducting issuance costs [1] - The raised funds will be allocated to projects including photovoltaic component expansion and new energy vehicle auxiliary power battery box construction, with a total investment of RMB 727.68 million [2] Cash Management Plan - The cash management aims to improve the efficiency of idle funds, with a total investment limit of RMB 650 million, including up to RMB 350 million from idle raised funds and RMB 300 million from self-owned funds [4][5] - The investment period for these funds is valid for 12 months from the date of approval by the shareholders' meeting, allowing for rolling use within this limit [4] Investment Products - The company will invest in low-risk, highly liquid financial products such as structured deposits, time deposits, and treasury reverse repurchase agreements, ensuring that the investment products do not exceed a 12-month term [4][5] - The investment will not include high-risk products as defined by relevant regulations [5] Decision-Making Process - The board of directors and the supervisory board have approved the cash management plan, which will be submitted for approval at the upcoming annual shareholders' meeting [7][8] - The company will maintain strict compliance with regulations regarding the management and use of raised funds, ensuring transparency and accountability [6][8]

Core Viewpoint - The article discusses the recent performance of newly listed stocks, particularly focusing on Zairun New Energy, which experienced a significant initial surge followed by a rapid decline, highlighting the volatility and risks associated with new stock listings [3][10]. Company Overview - Zairun New Energy was initially priced at 33.06 yuan per share and raised a total of 5.28 billion yuan, falling short of its target by 2 billion yuan [6]. - The company planned to use the raised funds for various projects, including the expansion of photovoltaic components and the construction of battery boxes for electric vehicles [6]. Initial Performance - On its first trading day, Zairun New Energy opened at 65.5 yuan, nearly doubling its issue price, and reached a peak of 74.18 yuan, resulting in a 99.52% increase by the end of the day [8][12]. - Despite the initial excitement, the stock closed at 65.96 yuan, indicating a potential risk for investors who bought at the peak [8]. Subsequent Decline - The day after its debut, Zairun New Energy experienced a sharp drop, opening significantly lower and hitting a low of 57.61 yuan, marking a decline of over 12% [10]. - By May 20, the stock price further decreased to 57.7 yuan, reflecting a total drop from its peak of 74.18 yuan within just three trading days [12]. Market Sentiment - The article emphasizes the importance of caution for investors in newly listed stocks, as many tend to reach their highest prices on the first day, making it challenging for investors to recover losses if they buy at inflated prices [12].

Group 1 - The core viewpoint of the articles highlights the successful IPO of Zairun New Energy Technology Co., Ltd., which reflects the capital market's recognition of the new energy sector amid the ongoing "dual carbon" goals in China [1][5][7] - Zairun New Energy's stock price surged by 98% on its first trading day, indicating strong market vitality and investor confidence in the company's future development [3][5] - The company specializes in the research and manufacturing of photovoltaic junction boxes and new energy electrical connection protection systems, achieving steady market share growth since its establishment in 2017 [3][5] Group 2 - The IPO proceeds will be primarily allocated to expanding production capacity for general and intelligent junction boxes for photovoltaic components and constructing auxiliary power battery boxes for new energy vehicles [5][7] - The listing is seen as a significant milestone for the new energy industry, signaling a trend towards more specialized and refined development within the industry [7] - Zairun New Energy plans to leverage its public company status to enhance its competitiveness through technological innovation and capacity expansion, while also exploring international markets [7]