Core Points - The report details the fundraising activities and management of Xingtong Shipping Co., Ltd., including the total amount raised, expenses, and the net amount available for investment [1][2][3] - The company raised a total of RMB 1,076 million from its initial public offering (IPO) in 2022, with a net amount of RMB 990 million after deducting expenses [1][2] - In 2023, the company raised RMB 642.6 million through a private placement, resulting in a net amount of RMB 632.77 million after expenses [1][2] - The report outlines the management of the raised funds, including the establishment of special accounts and regulatory agreements to ensure proper usage [2][4] - As of June 30, 2025, the company has invested RMB 911.52 million from the IPO funds and has generated RMB 11.69 million in interest income [1][2] - The company has also engaged in cash management for temporarily idle funds, allowing for investment in financial products while ensuring project funding remains unaffected [5][6] Fundraising Overview - The company issued 50 million shares at RMB 21.52 per share in its IPO, raising a total of RMB 1,076 million [1] - After deducting issuance costs of RMB 85.73 million, the net proceeds amounted to RMB 990.27 million [1] - In 2023, the company issued 45 million shares at RMB 14.28 per share, raising RMB 642.6 million, with net proceeds of RMB 632.77 million after expenses [1][2] Fund Management - The company has established a fundraising management system to ensure compliance with regulations and proper fund usage [2][4] - Multiple banks have signed tripartite agreements to oversee the management of the raised funds [2][4] - As of June 30, 2025, the company has utilized all funds from certain special accounts, which have since been closed [4][5] Investment and Usage of Funds - The company has invested RMB 911.52 million from the IPO funds into various projects, with specific allocations detailed in the report [1][2][14] - The company has also approved the use of idle funds for cash management, with a limit of RMB 90 million for investment in financial products [5][6] - The report indicates that there are no instances of using idle funds to temporarily supplement working capital [5][7] Changes in Fund Allocation - The company has made adjustments to the allocation of funds raised, including reallocating funds from completed projects to new initiatives [10][12] - Specific projects have been completed, and surplus funds have been permanently reallocated to enhance liquidity [17][18] - The company has reported that the effectiveness of the projects funded has met expectations, with some variations due to market conditions [19]

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the actual usage of funds by Xingtong Shipping Co., Ltd. for the year 2024, highlighting the total amount raised, expenses incurred, and the management of the funds. Fundraising Basic Information - The company raised a total of RMB 1,076 million by issuing 50 million shares at RMB 21.52 per share, with a net amount of RMB 990.27 million after deducting various fees [1]. - The funds were fully received by March 21, 2022, and have been managed in a dedicated account [1]. Fund Usage and Surplus Situation - As of December 31, 2024, the total amount of funds raised was RMB 1,076 million, with a net amount of RMB 990.27 million after deducting issuance costs of RMB 85.73 million [2]. - The cumulative amount invested from the raised funds was RMB 846.74 million, with an additional interest income of RMB 11.34 million [2]. - The company has not used any idle funds to temporarily supplement working capital during the year [3]. Fund Management Situation - The company has established a management system for the raised funds, ensuring compliance with relevant regulations and maintaining transparency [2]. - The company signed tripartite supervision agreements with several banks to ensure proper management of the funds [2]. Actual Use of Funds - The actual investment from the raised funds amounted to RMB 846.74 million, with no prior investments or replacements reported for the year [2][3]. - The company has not reported any idle funds being used for cash management during the year [3]. Changes in Fund Investment Projects - The company has made changes to the investment projects, including reallocating surplus funds from completed projects to enhance operational efficiency [6][10]. - The "Digital Shipping R&D Center Project" has been delayed until 2026 due to challenges in finding suitable office space and recruiting personnel [9]. Surplus Fund Usage - Surplus funds from completed projects have been permanently supplemented into working capital, totaling RMB 43.81 million, which includes bank interest [9][10]. - The company has not reported any over-raised funds or their use for repaying bank loans [5][9]. Compliance and Verification - The company has adhered to all legal and regulatory requirements regarding the use of raised funds, with no violations reported [8]. - The sponsor has issued verification opinions confirming that the company's fund management practices comply with relevant regulations [8].