Fundraising Overview - The company raised a total of RMB 2,696,305,657.50 through a non-public offering of 460,906,950 shares at a price of RMB 5.85 per share, with the net amount after fees being RMB 2,674,131,517.90 [1][2] - The funds were deposited into the company's account on October 26, 2022, and verified by KPMG [1][2] Fund Utilization - As of June 30, 2025, the balance of the raised funds was RMB 1,141,392.66 after accounting for interest income and various expenditures [1][2] - The company has utilized RMB 1,748,550,244.53 for project investments and RMB 784,407,235.31 for permanent working capital [1][2] Fund Management - The company has established a three-party supervision agreement for fund management with several banks to ensure the funds are used appropriately [1][2] - The funds are managed in designated accounts to maintain transparency and accountability [1][2] Project Investment and Adjustments - The company approved the use of RMB 85,768.96 million of the raised funds to replace pre-invested self-raised funds for various projects [1][2] - Adjustments were made to the investment amounts for certain projects due to the actual net amount raised being lower than initially planned [1][2] Financial Performance of Projects - The projects funded by the raised capital have reported net losses, including RMB 514.13 million for the 200MW agricultural photovoltaic project and RMB 352.07 million for the 100MW fishing photovoltaic project [3][4] - The underperformance is attributed to regional power restrictions and changes in electricity market pricing mechanisms [3][4]