Core Viewpoint - Shenzhen Zhongke Feimeasure Technology Co., Ltd. announced the approval of using self-owned funds and bank credit funds to pay for part of the fundraising projects, with plans to later replace these with the raised funds, aiming to improve fund utilization efficiency and ensure smooth project advancement [1][5]. Fundraising Basic Situation - The company completed a private placement of A-shares on August 2025, issuing 28.571428 million shares at a price of 87.50 yuan per share, raising a total of 2.5 billion yuan. After deducting issuance costs of 19.2326 million yuan (excluding VAT), the actual net fundraising amount was 2.4807674 billion yuan, which has been deposited in a special account for raised funds [2]. Fund Allocation After Adjustment - The net fundraising will be allocated to four major projects, with adjustments made to the amounts for some projects. The details are as follows: 1. Shanghai High-end Semiconductor Quality Control Equipment Industrialization Project: Total investment 845.7298 million yuan, adjusted amount 714.7674 million yuan 2. Shanghai High-end Semiconductor Quality Control Equipment R&D Testing Center Project: Total investment 635.1633 million yuan, adjusted amount 446 million yuan 3. Headquarters Base and R&D Center Upgrade Project: Total investment 670.9743 million yuan, adjusted amount 620 million yuan 4. Supplementing Working Capital: Total investment 700 million yuan, unchanged at 700 million yuan - Total investment: 2.8518674 billion yuan, adjusted total amount: 2.4807674 billion yuan [3]. Reasons and Process for Replacement - The company stated that the use of self-owned and bank credit funds for initial payments is based on three reasons: 1. Employee salaries and social security payments must be made from basic deposit accounts, not directly from the special fundraising account 2. To improve fund utilization efficiency and reduce financial costs, allowing for flexible payment methods 3. For equipment or raw material purchases involving foreign exchange settlements, self-owned funds are required for initial payments [3]. Operational Process - The company will execute the process in four steps: 1. Project management department submits payment requests and follows approval procedures 2. Finance department establishes a payment detail ledger and summarizes payment status monthly 3. Monthly initiation of fundraising replacement applications, with funds transferred from the special account to the self-owned account after approval 4. The sponsor conducts supervision through on-site inspections and written inquiries [4]. No Adverse Impact on Operations - Zhongke Feimeasure emphasized that this operation complies with regulations and will not affect the normal implementation of fundraising projects. The board and supervisory board have approved the proposal without needing to submit it to the shareholders' meeting. The supervisory board noted that this matter is beneficial for improving fundraising efficiency and aligns with the overall interests of the company and shareholders [5].

Core Insights - China has made significant breakthroughs in the high-end scientific instrument sector, particularly with the launch of the new generation of ultra-high-speed real-time oscilloscopes by Shenzhen Wanliyan Technology Co., Ltd, which features a bandwidth of 90GHz and a sampling rate of 200 billion samples per second [1][2]. Industry Developments - The oscilloscope is an essential tool for semiconductor and integrated circuit research, and the international high-end oscilloscope market has been dominated by a few foreign companies, which has hindered China's technological development [2]. - Wanliyan's oscilloscope can accurately capture ultra-high-speed signals ranging from 112Gbps to 224Gbps, significantly enhancing domestic companies' testing capabilities in advanced technologies such as high-speed SerDes and next-generation optical communications [2][3]. - The introduction of the "Smart Eye" architecture by Wanliyan allows for T-level real-time data acquisition and intelligent data processing, achieving a data processing capability of 3.2Tbps and drastically reducing testing time from days to minutes [3]. Market Growth - The semiconductor and integrated circuit industry in Shenzhen is projected to continue rapid growth, reaching a scale of 142.4 billion yuan with a year-on-year increase of 16.9% [4]. - The semiconductor equipment market in mainland China has seen substantial growth, with the market size increasing from $6.46 billion in 2016 to $36.6 billion in 2023, reflecting a compound annual growth rate of 28.11% [5]. Equipment and Technology Advancements - New products showcased by companies like Xinkailai include critical semiconductor manufacturing equipment, indicating a comprehensive upgrade in the semiconductor equipment industry [5][6]. - The domestic market for semiconductor detection and measurement equipment is expected to grow at a compound annual growth rate of 27.73% from 2020 to 2024, with the global market projected to reach $14.35 billion in 2024 [8][9]. Domestic Production and Standardization - The innovation in ultra-high-speed real-time oscilloscopes is expected to promote the adoption of "Chinese standards" in various fields, including semiconductors and 6G communications [3]. - Companies like Chipone Microelectronics and others are leading the charge in domestic production of high-end chips, contributing to the industry's growth and the establishment of a robust "Shenzhen chip" ecosystem [4].

Core Viewpoint - The report outlines the ongoing supervision and compliance of Shenzhen Zhongke Feice Technology Co., Ltd. (hereinafter referred to as "the Company") by Guotai Junan Securities Co., Ltd. following its initial public offering on the Sci-Tech Innovation Board, emphasizing the importance of adherence to regulations and the establishment of effective governance and internal control systems [1][2][3]. Group 1: Continuous Supervision Work - The Company has established and effectively executed a continuous supervision work system, with specific work plans tailored to the supervision requirements [1]. - A continuous supervision agreement has been signed between the sponsor and the Company, clarifying the rights and obligations of both parties during the supervision period [1][2]. - The sponsor conducts regular communication, visits, on-site inspections, and due diligence to monitor the Company's business situation [1][2][3]. Group 2: Compliance and Governance - The sponsor supervises the Company's compliance with laws, regulations, and business rules, ensuring that commitments made by the Company are fulfilled [3][4]. - The Company has been urged to establish and effectively implement internal control systems, including financial management and auditing procedures [3][4]. - The sponsor ensures that the Company adheres to information disclosure requirements, reviewing documents to confirm their accuracy and completeness [5][6]. Group 3: Financial Performance - For the first half of 2025, the Company's operating revenue reached 702.17 million yuan, a year-on-year increase of 51.39%, driven by technological advancements and increased market recognition [13][15]. - The net loss attributable to shareholders was 18.35 million yuan, showing a narrowing of losses compared to the previous year, attributed to revenue growth and a decrease in the proportion of R&D expenses relative to revenue [15]. - The net cash flow from operating activities was -442.36 million yuan, reflecting increased procurement costs and high R&D investments [15]. Group 4: R&D and Competitive Position - The Company focuses on high-end semiconductor quality control, providing comprehensive yield management solutions through equipment and intelligent software [16][17]. - Significant R&D investments have been made to enhance product offerings and maintain technological leadership, with over 600 patents held as of June 2025 [17]. - The Company has established a strong customer base across various semiconductor sectors, ensuring a diverse product portfolio [16][17]. Group 5: Risk Factors - The Company faces risks related to core competitiveness, operational challenges, financial uncertainties, and industry volatility, which could impact future performance [11][12][13]. - The semiconductor industry is subject to cyclical fluctuations, and any downturn could adversely affect the Company's demand and revenue [11]. - Potential changes in government policies and market conditions may also pose risks to the Company's operations and financial stability [12][13].

Core Viewpoint - The company Shenzhen Zhongke Feice Technology Co., Ltd. plans to raise up to RMB 250 million through a private placement of shares to specific investors, with the funds allocated for high-end semiconductor quality control equipment projects, headquarters upgrades, and working capital [1][4]. Group 1: Fundraising Details - The total amount to be raised is RMB 250 million, which will be net of issuance costs [1]. - The issuance will be directed towards three main projects: - Shanghai high-end semiconductor quality control equipment R&D and industrialization project with an investment of RMB 734 million [2]. - Shanghai high-end semiconductor quality control equipment R&D testing center project with an investment of RMB 446 million [3]. - Headquarters and R&D center upgrade project with an investment of RMB 620 million [3]. - Additional working capital of RMB 700 million [3]. Group 2: Issuance Structure - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors [4]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [4]. - The total number of shares to be issued will not exceed 96 million, representing 30% of the company's total share capital prior to the issuance [4][5]. Group 3: Control and Management - The actual controllers of the company, Chen Lu and Ha Chengshu, hold a combined 22.91% of the shares, and their control will not change post-issuance [5]. - The company’s main underwriter for this issuance is Guotai Junan Securities Co., Ltd. [6].